LENZ Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $5 million, attributed solely to license revenue from a recent agreement with Lotus Pharmaceutical Co., Ltd. This marks a significant increase compared to the same period in 2024, when the company reported no revenue. However, the company continues to face substantial operating losses, with a net loss of $14.9 million for the quarter, up from a loss of $10.3 million in the prior year. For the first half of 2025, LENZ's net loss totaled $29.5 million, compared to $26.9 million for the same period in 2024.
Operating expenses for the second quarter of 2025 reached $21.9 million, a 52% increase from $14.4 million in the same quarter of 2024. This rise was primarily driven by a 30% increase in research and development expenses, which totaled $9.1 million, and a 73% increase in selling, general, and administrative expenses, which amounted to $12.8 million. The increase in administrative costs reflects the company's efforts to build a commercial infrastructure in anticipation of the potential launch of its lead product candidate, LNZ100, pending FDA approval.
In terms of strategic developments, LENZ has made significant progress in its product pipeline. The company submitted a New Drug Application (NDA) for LNZ100 to the FDA in August 2024, with a target action date set for August 8, 2025. The company has also expanded its geographic reach through licensing agreements in Greater China and Southeast Asia, which could yield additional revenue from milestone payments and royalties. As of June 30, 2025, LENZ had cash, cash equivalents, and marketable securities totaling $209.6 million, which the company believes will support its operations for at least the next 12 months.
Operationally, LENZ has increased its workforce significantly, hiring 88 sales specialists to target approximately 15,000 eye care professionals in preparation for the potential commercialization of LNZ100. The company has also engaged in various licensing agreements, including the recent Théa License for commercialization in Canada, which could provide up to $70 million in milestone payments and royalties. Despite these advancements, LENZ acknowledges the risks associated with its reliance on third-party manufacturers and the uncertainties inherent in the regulatory approval process.
Looking ahead, LENZ anticipates continued operating losses as it invests in the development and commercialization of LNZ100. The company is focused on building its sales and marketing capabilities while navigating the complexities of regulatory approvals and market acceptance. The successful launch of LNZ100 is critical for LENZ's future revenue generation and overall financial health, and the company remains vigilant about the potential need for additional financing to support its growth initiatives.
About LENZ Therapeutics, Inc.
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