LENZ Therapeutics (LENZ) Q4 2025 earnings summary

Executive summary

• VIZZ (aceclidine ophthalmic solution) 1.44% launched in October 2025 for presbyopia, targeting a large U.S. market of 128 million, with strong efficacy, high refill rates, and robust early adoption.

• Over 45,000 boxes sold and more than 10,000 ECPs prescribing, with top prescribers outperforming comparable launches and over 20,000 prescriptions filled in Q4 2025.

• Early patient persistence and refill behavior are encouraging, with a focus on durable adoption through sampling, targeted marketing, and DTC campaigns.

• Commercial infrastructure expanded, including sales force growth and high-profile DTC campaigns, driving awareness and adoption.

• Regulatory filings submitted in Europe and Asia, with a new commercialization partnership in the Middle East.

Financial highlights

• Ended 2025 with $292.3 million in cash and equivalents, debt-free, and 31.3 million shares outstanding.

• Q4 net product revenue was $1.6 million, with over 20,000 paid and filled prescriptions.

• License revenue totaled $17.5 million for 2025 from ex-US partnerships.

• Q4 operating expenses were $40 million, including $4 million in non-cash stock-based compensation; net cash burn was $32 million.

• SG&A expenses rose to $39.6 million in Q4 2025 and $91.1 million for the year, up from $9.4 million and $28.8 million in 2024, driven by sales force build-out and DTC campaign launch.

• Net loss was $35.9 million ($1.16/share) for Q4 2025 and $82.1 million ($2.85/share) for the year, compared to $12.7 million ($0.46/share) and $49.8 million ($2.34/share) in 2024.

Outlook and guidance

• Expect continued allocation of 75%-80% of OpEx to sales and marketing, with flat G&A and minimal R&D spend.

• Anticipate 90% direct product gross margin going forward.

• DTC campaigns and expanded sales force expected to accelerate adoption and impact prescription trends in the second half of 2026.

• International expansion progressing, with multiple regulatory submissions and potential approvals in 2027.

• Cash position expected to fund operations to post-launch positive operating cash flow.