LENZ Therapeutics, Inc. LENZ
We are a commercial pharmaceutical company focused on the development and commercialization of innovative therapies to improve vision. On July 31, 2025, the United States ("U.S.") Food and Drug Administration ("FDA") approved VIZZ® (aceclidine ophthalmic solution) 1.44%, formerly known as LNZ100, 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 U.S. We are commercializing VIZZ in the U.S. and continue to establish licensing and distribution partnerships internationally to provide access to VIZZ globally. We believe that a once-daily pharmacological eye drop that can effectively and safely improve near vision throughout the full workday, without the need for reading glasses, is a highly attractive commercial product with an estimated U.S. market opportunity in excess of $3 billion. It is our goal to successfully commercialize VIZZ, and we have assembled an executive team with extensive clinical and commercial experience to execute this goal and become the category leader.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $19.1M | $0 | — | — | — | — | — |
| Cost of revenue | $418.0K | $0 | — | — | — | — | — |
| Gross profit | $18.7M | $0 | — | — | — | — | — |
| R&D | $18.7M | $29.8M | $59.5M | $72.8M | $37.9M | $9.1M | — |
| SG&A | $91.1M | $28.8M | $12.9M | $32.9M | $22.5M | $4.4M | — |
| Total operating expenses | $110.2M | $58.6M | $72.4M | $105.6M | $60.4M | $13.5M | — |
| Operating income | -$91.1M | -$58.6M | -$72.4M | -$105.6M | -$60.4M | -$13.5M | — |
| Pre-tax income | -$81.6M | -$49.8M | -$70.1M | -$101.1M | -$70.8M | -$68.4M | — |
| Income tax | $502.0K | $1.0K | $179.0K | $0 | $0 | $0 | — |
| Net income | -$82.1M | -$49.8M | -$70.0M | -$101.1M | -$70.8M | -$68.4M | — |
| EPS, basic | -2.85 | -2.34 | -35.71 | -1.84 | -2.45 | — | — |
| EPS, diluted | -2.85 | -2.34 | -35.71 | -1.84 | -2.45 | -29.93 | — |
| Shares, diluted (wtd. avg.) | 28.8M | 21.3M | 2.0M | 54.9M | 28.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $25.2M | $20.2M | $35.1M | $44.4M | $377.0M | $19.8M | — |
| Short-term investments | — | — | $0 | $220.5M | $0 | — | — |
| Receivables | $329.0K | $0 | — | — | — | — | — |
| Inventory | $2.9M | $0 | — | — | — | — | — |
| Total current assets | $301.4M | $211.9M | $67.2M | $275.4M | $381.7M | $21.1M | — |
| Property, plant and equipment | $1.2M | $651.0K | $54.0K | $22.6M | $6.5M | $1.5M | — |
| Total assets | $305.9M | $215.3M | $70.4M | $321.9M | $402.0M | $22.6M | — |
| Accounts payable | $4.2M | $4.3M | $5.7M | $2.6M | $2.5M | $630.0K | — |
| Total current liabilities | $21.2M | $10.4M | $18.5M | $13.0M | $12.1M | $32.0M | — |
| Total liabilities | $21.5M | $11.2M | $19.7M | $25.6M | $17.9M | $32.4M | — |
| Retained earnings | -$227.1M | -$145.0M | -$95.2M | -$242.4M | -$141.4M | -$70.6M | — |
| Total equity | $284.3M | $204.1M | -$92.7M | -$24.2M | $384.1M | -$65.4M | -$2.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$69.2M | -$59.4M | -$60.4M | -$88.0M | -$52.9M | -$8.7M | — |
| Depreciation and amortisation | $287.0K | $58.0K | $15.0K | $2.4M | $700.0K | $100.0K | — |
| Stock-based compensation | $12.5M | $6.4M | $1.3M | $13.5M | $7.9M | $177.0K | — |
| Capital expenditure | $827.0K | $468.0K | $30.0K | $6.6M | $5.7M | $1.5M | — |
| Investing cash flow | -$75.7M | -$154.5M | -$29.6M | -$241.9M | -$5.7M | -$1.5M | — |
| Financing cash flow | $149.7M | $199.0M | $80.7M | $597.0K | $417.5M | $30.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001815776-26-000011.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $0 | $19.1M |
| Gross profit | — | — | — | — | — | $0 | $18.7M |
| Net income | — | -$68.4M | -$70.8M | -$101.1M | -$70.0M | -$49.8M | -$82.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $237.48B | 30.9x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $193.48B | 23.0x | 2.4% |
| MRNA | Moderna, Inc. | $79.89B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $40.08B | — | — |
| BIIB | BIOGEN INC. | $37.01B | 28.5x | 2.2% |
| EXEL | EXELIXIS, INC. | $15.99B | 23.2x | 7.0% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $14.51B | 30.6x | 21.4% |
| HALO | HALOZYME THERAPEUTICS, INC. | $14.26B | 49.1x | 37.6% |