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LENZ Therapeutics, Inc.
LENZCIK 0001815776NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31
Period
FY 2025
Revenue
$19.09M
Net Income
$-82.13M
Total Assets
$305.88M
Equity
$284.34M
Shares Out
31.35M
Op. Cash Flow
$-69.17M
Business
LENZ Therapeutics, Inc. is a pre-commercial biopharmaceutical company developing and commercializing innovative ophthalmic therapies to improve near vision in presbyopia. Its main product candidates are once-daily, preservative-free single‑use eye drops, primarily LNZ100 (aceclidine) and the earlier LNZ101 (aceclidine with brimonidine), supported by clinical programs including the CLARITY Phase 3 trials. The company’s activities include drug development, regulatory submissions, intellectual property management and commercial build‑out, plus licensing collaborations. It focuses on the U.S. market with a CORXEL license for Greater China and plans direct ECP-focused, self‑pay, e‑pharmacy and 3PL distribution channels.
Summary from filing dated 2025-03-19
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenue | 19 | 0 | — | — | — | |
| Cost of sales | 418,000 | 0 | — | — | — | |
| Selling, general and administrative | 91 | 29 | 13 | — | — | |
| Research and development | 19 | 30 | 60 | 73 | 38 | |
| Total operating expenses | 110 | 59 | — | — | — | |
| Loss from operations | −91 | −59 | −72 | −106 | −60 | |
| Other (expense) income | −243,000 | 289,000 | 93,000 | 5 | 24,000 | |
| Interest income | 10 | 9 | 2 | — | — | |
| Total other income, net | 10 | 9 | 2 | 5 | −10 | |
| Net loss before income taxes | −82 | −50 | −70 | — | — | |
| Income tax expense | 502,000 | 1,000 | −179,000 | — | — | |
| Net loss | −82 | −50 | −70 | −101 | −71 | |
| Unrealized gain on marketable securities | 46,000 | 190,000 | 6,000 | −1 | 0 | |
| Comprehensive loss | −82 | −50 | −70 | — | — | |
| Net loss per share - basic (in dollars per share) | −2.85 | −2.34 | −35.71 | −1.84 | −2.45 | |
| Net loss per share - diluted (in dollars per share) | −2.85 | −2.34 | −35.71 | −1.84 | −2.45 | |
| Weighted-average common shares outstanding, basic (in shares) | 29 | 21 | 2 | 55 | 29 | |
| Weighted-average common shares outstanding, diluted (in shares) | 29 | 21 | 2 | 55 | 29 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 25 | 20 | 35 | 48 | 377 | |
| Marketable securities | 267 | 189 | 31 | — | — | |
| Accounts receivable, net | 329,000 | 0 | — | — | — | |
| Inventory | 3 | 0 | — | — | — | |
| Prepaid expenses and other current assets | 6 | 3 | 1 | 7 | 5 | |
| Restricted cash | 0 | 114,000 | 0 | — | 2 | |
| Total current assets | 301 | 212 | 67 | 275 | 382 | |
| Property and equipment, net | 1 | 651,000 | 54,000 | 23 | 7 | |
| Operating lease right-of-use asset | 734,000 | 1 | 318,000 | 6 | 12 | |
| Other assets | 3 | 1 | 21,000 | 1 | 454,000 | |
| Total assets | 306 | 215 | 70 | 322 | 402 | |
| Accounts payable | 4 | 4 | 6 | 3 | 2 | |
| Accrued liabilities | 17 | 6 | 13 | — | — | |
| Total current liabilities | 21 | 10 | 19 | 13 | 12 | |
| Operating lease liability, net | 350,000 | 814,000 | 192,000 | 2 | 6 | |
| Total liabilities | 22 | 11 | 20 | 26 | 18 | |
| Commitments and contingencies (Note 8) | — | — | — | — | — | |
| Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issues and outstanding at December 31, 2025 and 2024 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, par value of $0.00001 per share; 300,000,000 shares authorized at December 31, 2025 and 2024; 31,344,782 and 27,531,490 shares issued at December 31, 2025 and 2024, respectively; and 31,344,782 and 27,518,439 shares outstanding at December 31, 2025 and 2024, respectively | 1,000 | 1,000 | 10,000 | 1,000 | 1,000 | |
| Additional paid-in capital | 511 | 349 | 3 | 540 | 525 | |
| Accumulated deficit | −227 | −145 | −95 | −242 | −141 | |
| Accumulated other comprehensive income | 242,000 | 196,000 | 6,000 | −1 | 0 | |
| Total stockholders equity | 284 | 204 | −93 | −24 | 384 | |
| Total liabilities and stockholders equity | 306 | 215 | 70 | 322 | 402 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 287,000 | 58,000 | 15,000 | — | — | |
| Loss on disposal of property and equipment | 0 | 16,000 | 0 | — | — | |
| Loss on impairment of operating right-of-use assets and related property and equipment | 82,000 | 0 | — | — | — | |
| Accretion of discounts and amortization of premiums on marketable securities, net | −3 | −4 | −1 | −2 | 0 | |
| Loss (gain) on long-term investments, net | 197,000 | −1 | — | — | — | |
| Change in fair value of preferred stock warrants | 0 | 1 | −123,000 | — | — | |
| Share-based compensation expense | 13 | 6 | 1 | 14 | 8 | |
| Accounts receivable, net | −329,000 | 0 | — | — | — | |
| Inventory | −4 | 0 | — | — | — | |
| Prepaid expenses and other current assets | −3 | 25,000 | 761,000 | −3 | −4 | |
| Accounts payable | −90,000 | −4 | 856,000 | 194,000 | 2 | |
| Accrued liabilities | 11 | −7 | 8 | — | — | |
| Other assets | −1,000 | −41,000 | 10,000 | — | — | |
| Net cash used in operating activities | −69 | −59 | −60 | −88 | −53 | |
| Purchases of marketable securities | −281 | −242 | −52 | — | — | |
| Proceeds from maturities of marketable securities | 206 | 88 | 23 | — | — | |
| Purchases of property and equipment | −827,000 | −468,000 | −30,000 | −7 | −6 | |
| Net cash used in investing activities | −76 | −154 | −30 | −242 | −6 | |
| Proceeds from exercises of stock options | 1 | 4 | 203,000 | 20,000 | 28,000 | |
| Proceeds from issuance of common stock under employee stock purchase plan | 873,000 | 0 | 157,000 | 656,000 | 306,000 | |
| Cash, cash equivalents, and restricted cash acquired in connection with the Merger | 0 | 118 | 0 | — | — | |
| Merger transaction costs | 0 | −2 | 0 | — | — | |
| Net cash provided by financing activities | 150 | 199 | 81 | 597,000 | 417 | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 5 | −15 | −9 | −329 | 359 | |
| Reclassification of warrant liability to equity | 0 | 2 | 0 | — | — | |
| Prepaid expenses and other current assets assumed in the Merger | 0 | 1 | 0 | — | — | |
| Accounts payable and accrued liabilities assumed in the Merger | 0 | 3 | 0 | — | — | |
| Right-of-use assets assumed in the Merger in exchange for operating lease liabilities | 0 | 74,000 | 0 | — | — | |
| Right-of-use assets obtained in exchange for operating lease liabilities | 0 | 1 | 190,000 | — | — | |
| Property and equipment included in accounts payable and accrued expenses | 0 | 203,000 | 0 | — | — |
Filings
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