LENZ Therapeutics Reports $14.6 Million Net Loss in Q1 2025, Focuses on LNZ100 Commercialization

LENZ Therapeutics, Inc. reported a net loss of $14.6 million for the first quarter of 2025, a decrease from the $16.6 million loss recorded in the same period of the previous year. The company’s total operating expenses rose slightly to $16.9 million, compared to $16.1 million in the prior year, primarily driven by a significant increase in selling, general, and administrative expenses, which doubled to $11.1 million. Research and development expenses decreased by 45% to $5.8 million, reflecting the completion of the Phase 3 CLARITY trials for its lead product candidate, LNZ100. The net loss per share improved to $0.53 from $3.53, attributed to a substantial increase in the weighted average common shares outstanding following the merger with Graphite Bio, Inc.

Strategically, LENZ completed a reverse merger with Graphite Bio on March 21, 2024, which resulted in a name change and a significant capital influx. The merger provided the company with approximately $112.6 million in cash and cash equivalents, bolstering its financial position. As of March 31, 2025, LENZ reported cash, cash equivalents, and marketable securities totaling $194.1 million, which the company believes will support its operations for at least the next 12 months. The company also initiated a sales agreement with TD Securities to offer up to $150 million in common stock, enhancing its capital-raising capabilities.

Operationally, LENZ is focused on the commercialization of LNZ100, a once-daily eye drop aimed at treating presbyopia, with a New Drug Application (NDA) submitted to the FDA in August 2024. The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of August 8, 2025, for the product. The company anticipates that, if approved, LNZ100 could be launched commercially in the fourth quarter of 2025. The product has shown promising results in clinical trials, with a significant percentage of participants achieving substantial improvements in near vision.

The company’s workforce has expanded as it builds its commercial infrastructure, with a focus on marketing and sales capabilities in preparation for the potential launch of LNZ100. As of the latest report, LENZ has increased its employee headcount to support these efforts. The company is also exploring international opportunities, particularly in Greater China, through a collaboration with CORXEL Pharmaceuticals, which holds exclusive rights to develop and commercialize LNZ100 in that region.

Looking ahead, LENZ expects to continue incurring significant expenses as it advances its product candidates through regulatory processes and prepares for commercialization. The company acknowledges the inherent risks associated with drug development, including the potential for delays in regulatory approvals and the need for additional clinical trials. Despite these challenges, LENZ remains optimistic about its financial position and the prospects for LNZ100, aiming to establish itself as a leader in the presbyopia treatment market.