LENZ Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Product sales, net were $2.6 million for the three months ended September 30, 2026, compared to $0 in the same period in 2025; for the nine months ended September 30, 2026, product sales were $6.0 million compared to $0 in 2025.
• License revenue was $0.8 million for the three months ended September 30, 2026, compared to $12.5 million in 2025; for the nine months ended September 30, 2026, license revenue was $4.8 million compared to $17.5 million in 2025.
• Total revenue was $3.4 million for the three months ended September 30, 2026, compared to $12.5 million in 2025; for the nine months ended September 30, 2026, total revenue was $10.8 million compared to $17.5 million in 2025.
• Cost of sales was $0.5 million for the three months ended September 30, 2026, and $1.8 million for the nine months ended September 30, 2026; there was no cost of sales in the corresponding 2025 periods.
• Selling, general and administrative (SG&A) expenses were $35.8 million for the three months ended September 30, 2026, compared to $27.6 million in 2025; for the nine months ended September 30, 2026, SG&A expenses were $120.2 million compared to $51.5 million in 2025.
• Research and development (R&D) expenses were $0 for the three and nine months ended September 30, 2026, compared to $3.8 million and $18.7 million, respectively, in 2025.
• Net loss was $31.0 million ($0.99 per share) for the three months ended September 30, 2026, compared to $16.7 million ($0.59 per share) in 2025; for the nine months ended September 30, 2026, net loss was $104.4 million ($3.33 per share) compared to $46.2 million ($1.65 per share) in 2025.
• Cash, cash equivalents, and marketable securities totaled $197.3 million as of September 30, 2026.

Guidance and Future Outlook:

• The company expects to reduce projected 2027 annual operating expenses by more than 50%, targeting approximately $70 million to $75 million in 2027 operating expenses, excluding stock-based compensation.
• Management anticipates strong momentum continuing into Q4 2026 as consumer awareness broadens and telehealth adoption increases.
• The strategic reorganization is expected to enable the company to operate with a more focused and efficient organizational structure while retaining capabilities to support the continued commercialization of VIZZ.

Business Segments and Product Lines:

• VIZZ (aceclidine ophthalmic solution) 1.44% is the company's sole commercial product, the first and only FDA-approved aceclidine-based eye drop for the treatment of presbyopia.
• Q3 2026 product sales represented over 38,000 paid prescriptions, an increase of approximately 51% over Q2 2026.
• The telehealth prescribing option launched in July 2026 contributed more than 50% of the incremental prescriptions in Q3 2026 compared to Q2 2026.
• Over 60% of ePharmacy patients have purchased more than one monthly pack of VIZZ since launch, with an average refill rate of five packs per year for patients starting in Q4 2025 and Q1 2026.
• The company has over 15,000 unique prescribing eye care professionals (ECPs) from launch through Q3 2026, with over 75% prescribing multiple times.
• A nationwide TV advertising campaign and optimized targeted digital consumer marketing were launched in July 2026.
• Regulatory filings for VIZZ continued internationally: MAA submitted for Saudi Arabia in July 2026, and for Malaysia and Vietnam in August and September 2026, respectively.

Market and Competitive Landscape:

• Presbyopia impacts an estimated 1.8 billion people globally and 128 million people in the United States.
• VIZZ is positioned as the first and only aceclidine-based eye drop for the treatment of presbyopia.

Risks and Challenges:

• The press release notes that actual results may differ from forward-looking statements due to risks and uncertainties, including those described in the company's Form 10-Q filings.
• Cost of sales for the three and nine months ended September 30, 2026, included non-recurring events related to a manufacturing process transition unrelated to product sales.

Management Commentary and Tone:

• CEO Eef Schimmelpennink stated that Q3 results demonstrate continued progress in commercialization, citing product sales growth of 50%, increasing patient adoption, and encouraging refill rates as promising indicators of a positive trajectory.
• Schimmelpennink expressed confidence in the company's future and the ability of the incoming interim CEO, Dan Chevallard, to lead.
• Chairman Jeff George expressed gratitude for Schimmelpennink's leadership and stated full confidence in the team's ability to execute the more focused commercial strategy.
• Incoming Interim CEO Dan Chevallard emphasized priorities to drive consumer awareness, access, and adoption of VIZZ while deploying resources with discipline.

Other Key Points:

• Eef Schimmelpennink will transition from his role as President and CEO effective December 1, 2026, to devote time to other passions.
• Dan Chevallard, currently Chief Financial Officer, has been appointed Interim President and CEO effective December 1, 2026.
• Schimmelpennink will continue to serve as a strategic advisor to the Company into 2027.
• The strategic reorganization is expected to result in an estimated $5 million in one-time net restructuring charges, with substantially all activities anticipated to be completed during Q4 2026.
• License revenue in the nine months ended September 30, 2026, included a $2.5 million regulatory milestone under the Théa license agreement, $1.25 million in sublicense revenue from Everest Medicines' acquisition of VIZZ rights in Greater China, and the upfront payment under the Lunatus exclusive distribution agreement.
• License revenue in the three months ended September 30, 2025, included the upfront payment under the Théa license agreement and two regulatory milestones under the Everest license agreement.