LENZ Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Corporate Highlights

Rhea-AI Summary

LENZ (Nasdaq: LENZ) reported Q4 and full-year 2025 results and commercial progress for VIZZ® (aceclidine 1.44%), launched October 2025. Q4 product revenue was $1.6 million; cash and marketable securities totaled $292.3 million as of December 31, 2025. The company reported broad prescriber uptake and submitted an MAA to the EMA in March 2026.

LENZ expanded its sales footprint to 117 territories (expected fully deployed Q2 2026), announced ex-U.S. partnerships, and reported 45,000+ paid prescriptions on pace through Q1 2026.

Positive

• Product sales $1.6M in Q4 2025 from VIZZ launch
• 45,000+ paid prescriptions on pace through Q1 2026
• $292.3M cash at December 31, 2025 to fund operations
• 6,500→10,000+ prescribers rapid uptake through Q1 2026
• EMA MAA submitted March 2026, advancing global regulatory strategy

Negative

• Net loss $82.1M for full-year 2025, indicating continued operating losses
• SG&A $91.1M for 2025, driven by commercial launch costs
• License revenue concentrated $17.5M in 2025, none in 2024 (non-recurring pattern)
• Product revenue modest $1.6M versus high SG&A, near-term profitability headwind

News Market Reaction – LENZ

-17.91% 2.9x vol

34 alerts

-17.91% News Effect

-15.0% Trough in 5 hr 24 min

-$75M Valuation Impact

$344M Market Cap

2.9x Rel. Volume

On the day this news was published, LENZ declined 17.91%, reflecting a significant negative market reaction. Argus tracked a trough of -15.0% from its starting point during tracking. Our momentum scanner triggered 34 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $75M from the company's valuation, bringing the market cap to $344M at that time. Trading volume was elevated at 2.9x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash balance: $292.3 million Product sales, net: $1.6 million License revenue: $17.5 million +5 more

8 metrics

Cash balance $292.3 million Cash, cash equivalents and marketable securities as of Dec 31, 2025

Product sales, net $1.6 million Fourth quarter and full year 2025 VIZZ product sales

License revenue $17.5 million Full year 2025 license revenue from ex-US agreements and milestones

SG&A expenses (Q4) $39.6 million Selling, general and administrative expenses in Q4 2025

SG&A expenses (FY) $91.1 million Selling, general and administrative expenses for full year 2025

R&D expenses (FY) $18.7 million Research and development expenses for full year 2025

Net loss (Q4) $35.9 million Net loss for the fourth quarter of 2025

Net loss (FY) $82.1 million Net loss for the full year 2025

Market Reality Check

Price: $9.02 Vol: Volume 1,485,395 vs 20-da...

high vol

$9.02 Last Close

Volume Volume 1,485,395 vs 20-day average 818,669, indicating elevated trading activity pre-release. high

Technical Shares at $11.00 are trading below the 200-day MA of $27.65 and 78.17% below the 52-week high.

Peers on Argus

LENZ showed a 4.96% pre-news gain while close peers were mixed: AMLX down 4.52%,...

1 Up 1 Down

LENZ showed a 4.96% pre-news gain while close peers were mixed: AMLX down 4.52%, ELVN up 5.27%, DNTH up 2.01%, TRVI down 1.82%, and TRML flat. This points to stock-specific dynamics rather than a unified biotech move.

Previous Earnings Reports

5 past events · Latest: Jan 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 07	Prelim Q4 2025 earnings	Positive	-6.6%	Preliminary Q4 launch metrics for VIZZ and early commercialization update.
Nov 05	Q3 2025 earnings	Positive	-23.5%	VIZZ approval, early launch plans, cash of about $324M and partnership milestones.
Jul 30	Q2 2025 earnings	Positive	-2.9%	PDUFA date outlined, strong cash balance and global licensing economics.
May 07	Q1 2025 earnings	Positive	+2.1%	NDA progress for LNZ100, solid cash and launch preparation spending detail.
Mar 19	FY 2024 earnings	Positive	+3.1%	Full-year 2024 results with R&D down, SG&A up, and PDUFA timeline confirmed.

Pattern Detected

Earnings-related releases have often been followed by weak price reactions, with an average move of -5.55% across the last 5 earnings events despite generally constructive operational updates.

Recent Company History

Over the past year, LENZ’s earnings updates tracked a transition from development-stage to commercial-stage. Earlier calls in 2025 focused on LNZ100’s NDA, PDUFA date of August 8, 2025, and cash levels around $194–209M. Later, earnings highlighted FDA approval of VIZZ and commercial launch preparations, including an 88-person sales force and international licensing milestones. The January 2026 preliminary Q4 results already previewed about $1.6M in product revenue and strong early prescription metrics, which today’s full-year release formalizes and expands upon.

Historical Comparison

-5.5% avg move · Across the last 5 earnings-style updates, LENZ saw an average move of -5.55%, suggesting investors h...

earnings

-5.5%

Average Historical Move earnings

Across the last 5 earnings-style updates, LENZ saw an average move of -5.55%, suggesting investors have historically reacted cautiously to financial disclosures and launch spending.

Same-tag earnings events show a clear progression from pre-approval status to FDA approval of VIZZ, then to initial U.S. launch and growing international licensing, with rising SG&A as the company built commercial infrastructure.

Market Pulse Summary

The stock dropped -17.9% in the session following this news. A negative reaction despite operational...

Analysis

The stock dropped -17.9% in the session following this news. A negative reaction despite operational progress would fit LENZ’s history, where the last 5 earnings-style events averaged -5.55%. The full-year figures highlight rising SG&A of $91.1M and a $82.1M net loss as LENZ scales its VIZZ launch. Weakness after the release would reflect ongoing sensitivity to launch spend and profitability timelines, even with cash of $292.3M and growing ex-US partnerships.

Key Terms

presbyopia, NDA, Phase 3, non-cash stock-based compensation, +2 more

6 terms

presbyopia medical

"1.44% for the treatment of presbyopia in October 2025 and generated"

Presbyopia is the gradual loss of the eye’s ability to focus on close objects as the lens stiffens with age, causing tasks like reading or using a phone to require holding things farther away or using glasses. It matters to investors because it drives steady demand for corrective products and treatments—such as reading glasses, contact lenses, surgical procedures and emerging drugs—much like an aging population consistently needs new or replacement consumer goods and services.

NDA regulatory

"Additional recent NDA submissions include Thailand and Singapore in Q1 2026"

An NDA, or nondisclosure agreement, is a legal contract that keeps certain information private between parties. It’s like a promise not to share sensitive details, helping protect business ideas, strategies, or data from being leaked or used without permission. For investors, NDAs help ensure that confidential information remains secure, enabling trust and open communication during business discussions.

Phase 3 medical

"due to the conclusion of our positive Phase 3 CLARITY study in March 2024"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

non-cash stock-based compensation financial

"Total SG&A non-cash stock-based compensation expense was $3.7 million"

Non-cash stock-based compensation is pay given to employees or directors in the form of company shares or rights to buy shares instead of cash; it shows up on financial statements as an accounting charge even though no cash leaves the company. It matters to investors because it can lower reported profits and increase the number of shares outstanding—like paying with coupons instead of cash—affecting earnings per share and ownership dilution even though the company keeps its cash.

restricted stock units financial

"14,000 restricted stock units, each representing a right to receive one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

marketable securities financial

"Cash, cash equivalents and marketable securities were $292.3 million as of"

Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.

AI-generated analysis. Not financial advice.

Launched VIZZ^® (aceclidine ophthalmic solution) 1.44% for the treatment of presbyopia in October 2025 and generated net product revenues of $1.6 million in the first quarter of launch

On pace for over 45,000 paid prescriptions filled from launch through Q1 2026, written by more than 10,000 prescribing eye care professionals

Compelling real-world performance of VIZZ, combined with broad prescriber uptake and encouraging early refill trends, reinforces confidence in its best-in-class profile and establishment of a durable new category

Management to host conference call today, March 24, 2026, at 8:30am EDT

SAN DIEGO, March 24, 2026 (GLOBE NEWSWIRE) -- LENZ Therapeutics, Inc. (Nasdaq: LENZ or “LENZ” or the “Company”), a pharmaceutical company focused on the commercialization of VIZZ^® (aceclidine ophthalmic solution) 1.44%, the first and only aceclidine-based eye drop for the treatment of presbyopia, today reported financial results for the fourth quarter and full year ended December 31, 2025 and recent corporate highlights.

“We are encouraged by the early performance of VIZZ. We undoubtedly have a product that works, with broad prescriber uptake and early signs of encouraging refill dynamics reinforcing its best-in-class profile,” said Eef Schimmelpennink, President and Chief Executive Officer of LENZ Therapeutics. “We are clearly establishing a new category, with physicians building new habits of identifying appropriate patients and incorporating VIZZ into routine discussions. To accelerate this, we are leaning in by expanding our sales force, driving focused field execution and sharpening our physician messaging, as well as activating targeted consumer campaigns to establish VIZZ as a compelling alternative to reading glasses that is effective for the majority of presbyopes.”

Fourth Quarter 2025 and Recent Corporate Highlights

Commercial Launch

• First commercial product sale of VIZZ in October 2025, the first and only aceclidine-based eye drop for the treatment of presbyopia
• Q4 2025 product revenue of approximately $1.6 million, driven by over 20,000 filled prescriptions
• On pace for over 45,000 paid prescriptions from launch through Q1 2026
  
  

Strong Prescriber Adoption

• Broad uptake by eye care professionals (“ECPs”), with over 6,500 unique prescribers in Q4 2025, on pace to grow to over 10,000 through Q1 2026.
• Notably, over 55% of prescribing ECPs have written multiple times
  
  

Direct-to-Consumer Campaign Driving Awareness

• In January 2026, launched the “Make it VIZZable” direct-to-consumer (“DTC”) campaign featuring Sarah Jessica Parker across omni-channel digital platforms, supported by national television appearances on Good Morning America, The Today Show and Jimmy Kimmel Live.
• Strong initial consumer engagement, with VIZZ.com website traffic increasing as much as 10x following national media activations.
• The Company plans to continue its digital campaign and expand into network television advertising in select markets in early Q2 2026.
  
  

Expansion of Commercial Infrastructure

• To support growing demand and broad prescriber base, LENZ is expanding its sales organization from 88 to 117 territories, increasing the frequency and reach of ECP engagement. The expanded sales force is expected to be fully deployed in Q2 2026.
  
  

Advancing Global Regulatory Strategy and Expanding International Partnerships

• In March 2026, LENZ submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for VIZZ for the treatment of presbyopia. This submission represents the fifth ex-U.S. regulatory filing for VIZZ. Additional recent NDA submissions include Thailand and Singapore in Q1 2026, in addition to South Korea in Q4 2025 and China in Q3 2025.
• In January 2026, LENZ announced an exclusive commercialization partnership with Lunatus for the Middle East. Under the terms of the agreement, LENZ will receive upfront payments, regulatory and commercial milestones, and a significant share of regional revenue through a pre-determined minimum product supply price. This agreement represents the Company’s fourth ex-U.S. commercialization partnership for VIZZ.
  
  

Financial Results for Fourth Quarter and Year Ended December 31, 2025

Cash Position: Cash, cash equivalents and marketable securities were $292.3 million as of December 31, 2025, which is anticipated to fund operations to post-launch positive operating cash flow.

Product Sales, net: Product sales, net was $1.6 million for the fourth quarter and year ended December 31, 2025. FDA approval of VIZZ occurred in July 2025 and the first commercial product sales were initiated in October 2025.

License Revenue: License revenue was zero and $17.5 million for the fourth quarter and year ended December 31, 2025. In 2025, license revenue included upfront payments totaling $7.5 million under multiple ex-US license and commercialization agreements, in addition to the achievement of two regulatory milestones totaling $10.0 million under the development and commercialization agreement in Greater China. There were no license revenues in 2024.

Cost of Sales: Cost of sales was $0.4 million for the fourth quarter and year ended December 31, 2025 in connection with sales of VIZZ, driven primarily by indirect product costs associated with ongoing manufacturing activities. There was no cost of sales during the year ended December 31, 2024.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses were $39.6 million and $91.1 million for the fourth quarter and year ended December 31, 2025, compared to $9.4 million and $28.8 million during the same periods in 2024, respectively. The increases in our SG&A expenses were primarily driven by increases in headcount, including the hiring of our 88-territory sales force, pre-commercial and commercial marketing, advertising and sales infrastructure as we prepared for and executed the commercial launch of VIZZ and preparations to initiate the DTC marketing campaign in 2026. Total SG&A non-cash stock-based compensation expense was $3.7 million and $10.9 million for the three months and year ended December 31, 2025, compared to $1.3 million and $4.5 million during the same periods in 2024.

Research and Development (R&D) Expenses: R&D expenses decreased to zero and $18.7 million for the fourth quarter and year ended December 31, 2025, compared to $5.9 million and $29.8 million during the same periods in 2024, respectively. The decrease in our R&D expenses was primarily due to the conclusion of our positive Phase 3 CLARITY study in March 2024 and subsequent approval of VIZZ in July 2025. Total R&D non-cash stock-based compensation expense was zero and $1.6 million for the three months and year ended December 31, 2025, compared to $0.3 million and $1.9 million during the same periods in 2024.

Net Loss: Net loss and basic and diluted net loss per share for the fourth quarter and year ended December 31, 2025, was $35.9 million, or $1.16 per share, and $82.1 million, or $2.85 per share, compared to a net loss of $12.7 million, or $0.46 per share, and $49.8 million, or $2.34 per share, during the same periods in 2024, respectively.

Conference Call Information
The Company will host a conference call and webcast today, Tuesday, March 24, 2026, at 8:30 a.m. EDT. To participate in the conference call via telephone, dial (800) 715-9871 (Domestic) or (646) 307-1963 (International) and enter code 5138264. The live webcast can be accessed here and on the LENZ Therapeutics website at www.LENZ-tx.com in the Investors & Media section. A replay of the webcast will be available on the Company’s website for 30 days following the event.

About Presbyopia

Presbyopia is the inevitable loss of near vision associated with aging, impacting the daily lives of nearly all people over the age of 45. As people age, the crystalline lens in their eyes gradually hardens and becomes less able to change shape. This loss of elasticity of the lens reduces the ability of the lens to focus incoming light from near objects onto the retina. Adults over 50 years of age lose, on average, 1.5 lines of near vision every six years. Although the progression of presbyopia is gradual, presbyopes often experience an abrupt change in their daily life as the symptoms become more pronounced starting in their mid-40s, when reading glasses or other corrective aids are suddenly necessary to read text or conduct close-up work. Presbyopia is typically self-diagnosed and self-managed with over-the-counter reading glasses, or managed, after evaluation by an ECP, with prescription reading or bifocal glasses or multifocal contact lenses.

About VIZZ (aceclidine ophthalmic solution) 1.44%

VIZZ (aceclidine ophthalmic solution) 1.44% is a once-daily eye drop developed to restore clear near vision for up to 10 hours. Aceclidine is the sole active ingredient in VIZZ and provides rapid and durable near vision improvement. VIZZ is preservative-free and provided in single-dose vials. VIZZ is a predominantly pupil selective miotic that interacts with the iris with minimal ciliary muscle stimulation. VIZZ causes contraction of the iris sphincter muscle, resulting in a pinhole effect that extends depth of focus to improve vision. For more information, please visit www.VIZZ.com.

VIZZ Indication and Important Safety Information

INDICATION

VIZZ (aceclidine ophthalmic solution) 1.44% is a prescription eye drop used to treat age-related blurry near vision (presbyopia) in adults.

IMPORTANT SAFETY INFORMATION

• Do not use VIZZ if allergic to any of the ingredients.
• To help avoid potential eye injury or contamination of the product, do not allow the vial tip to touch the eye or any surfaces. Discard the opened vial immediately after use.
• Contact lenses should be removed before using VIZZ. After dosing, contact lenses can be reinserted after 10 minutes.
• If using more than one topical eye medication, the medicines should be administered at least 5 minutes apart.
• Temporary dim or dark vision may be experienced after using VIZZ. Do not drive or operate machinery if vision is not clear.
• Seek immediate medical care if sudden onset of flashing lights, floaters, or vision loss is experienced.
  
  

ADVERSE REACTIONS

The most common reported adverse reactions of participants were instillation site irritation (20%), dim vision (16%), and headache (13%). Adverse reactions reported in >5% of participants were conjunctival hyperemia (8%) and ocular hyperemia (7%). The majority of adverse reactions were mild, transient, and self-resolving.

For additional information, please see the full Prescribing Information available at http://www.VIZZ.com/full-prescribing-information.pdf

About LENZ Therapeutics

LENZ Therapeutics is a pharmaceutical company focused on the commercialization of VIZZ^® (aceclidine ophthalmic solution) 1.44%, the first and only FDA-approved aceclidine-based eye drop for the treatment of presbyopia, a condition impacting an estimated 1.8 billion people globally and 128 million people in the United States. LENZ is commercializing VIZZ in the United States and continues to establish licensing partnerships internationally to provide access to VIZZ globally. LENZ is headquartered in San Diego, California. For more information, visit www.VIZZ.com and www.lenz-tx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. You can identify forward-looking statements by words such as “may,” “will,” “could,” “can,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “poised,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, but not all forward-looking statements will contain these words. ” Forward-looking statements in this press release include statements regarding LENZ’s plans to expand its sales force; the ability of LENZ’s sales and marketing activities to increase commercial awareness and adoption of VIZZ; expected sales and prescription data through the first quarter of 2026; cash runway expectations; the potential market size for VIZZ; its ability to meet patient needs and become standard of care; LENZ commercialization plans, including international partnering plans and expectations under existing commercial arrangements; and the quotations of LENZ management. These statements are based on numerous assumptions concerning VIZZ, target markets and involve substantial risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievement to be materially different from the information expressed or implied by these forward-looking statements, including those risk factors described in the section titled “Risk Factors” in our Annual Report on Form 10-K to be filed for the year ended December 31, 2025 and our subsequent filings with the SEC. We cannot assure you that the forward-looking statements in this press release or the assumptions upon which they are based will prove to be accurate. The forward-looking statements in this press release are as of the date of this press release. Except as otherwise required by applicable law, LENZ disclaims any duty to update any forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Contact:
Dan Chevallard
LENZ Therapeutics
IR@LENZ-Tx.com

LENZ Therapeutics, Inc. Selected Consolidated Balance Sheets Highlights (in thousands)
	December 31,
		2025				2024
Cash and cash equivalents	$	25,179			$	20,158
Marketable securities		267,168				188,872
Total assets		305,876				215,304
Total liabilities		21,537				11,220
Total stockholders’ equity		284,339				204,084

LENZ Therapeutics, Inc. Consolidated Statement of Operations and Comprehensive Loss (in thousands, except share and per share data)
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenue:
Product sales, net	$	1,588			$	—			$	1,588			$	—
License revenue		—				—				17,500				—
Total revenue		1,588				—				19,088				—
Operating expenses:
Cost of sales		418				—				418				—
Selling, general and administrative		39,633				9,357				91,138				28,809
Research and development		—				5,868				18,670				29,801
Total operating expenses		40,051				15,225				110,226				58,610
Loss from operations		(38,463	)			(15,225	)			(91,138	)			(58,610	)
Other income:
Other (expense) income		(417	)			8				(243	)			289
Interest income		2,986				2,566				9,756				8,553
Total other income, net		2,569				2,574				9,513				8,842
Net loss before income taxes		(35,894	)			(12,651	)			(81,625	)			(49,768	)
Income tax expense		2				1				502				1
Net loss	$	(35,896	)		$	(12,652	)		$	(82,127	)		$	(49,769	)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities		15				(327	)			46				190
Comprehensive loss	$	(35,881	)		$	(12,979	)		$	(82,081	)		$	(49,579	)
Net loss per share, basic and diluted	$	(1.16	)		$	(0.46	)		$	(2.85	)		$	(2.34	)
Weighted-average common shares outstanding, basic and diluted		31,071,010				27,492,616				28,813,164				21,281,038

FAQ

How much revenue did LENZ (LENZ) generate from VIZZ in Q4 2025?

Q4 2025 product revenue from VIZZ was approximately $1.6 million. According to the company, first commercial sales began in October 2025 following FDA approval in July 2025, driving initial prescription revenue.

What is LENZ's cash runway after year-end 2025 for LENZ (LENZ)?

LENZ held $292.3 million in cash, cash equivalents and marketable securities at December 31, 2025. According to the company, this balance is anticipated to fund operations to post-launch positive operating cash flow.

How many prescriptions and prescribers has LENZ reported for VIZZ through Q1 2026 (LENZ)?

LENZ is on pace for over 45,000 paid prescriptions from launch through Q1 2026 and >10,000 prescribers. According to the company, >55% of prescribing ECPs have written multiple prescriptions.

What drove LENZ's increased SG&A expenses in 2025 for LENZ (LENZ)?

SG&A rose to $91.1 million in 2025, driven by hiring, a commercial sales force and marketing for VIZZ. According to the company, increased headcount and pre‑commercial/commercial advertising were primary contributors.

Did LENZ report any regulatory submissions for VIZZ outside the U.S. in 2026 (LENZ)?

LENZ submitted a Marketing Authorization Application (MAA) to the EMA in March 2026 and filed NDAs in Thailand and Singapore in Q1 2026. According to the company, these filings expand its ex‑U.S. regulatory strategy.

How did LENZ perform commercially after VIZZ launch and what are next commercial steps for LENZ (LENZ)?

Post‑launch, LENZ reported early uptake with rapid prescriber adoption and strong website engagement after DTC ads. According to the company, it is expanding sales territories to 117 and plans expanded TV advertising in Q2 2026.