LENZ Therapeutics, Inc.
lenz-tx.comWhat Do They Do?
Sells prescription eye drops for age-related near-vision loss to patients, with prescriptions from eye-care professionals and access through retail pharmacies and an online pharmacy partner.
10-K for FY2025, filed Mar 24, 2026We are a commercial pharmaceutical company focused on the development and commercialization of innovative therapies to improve vision. On…View ↗
We commercially launched VIZZ in the U.S. in August 2025, with direct-to-eye care professional sales and marketing activities initiated…View ↗
The Company recognizes revenue from sales of VIZZ when the customer obtains control of the promised goods or services, which typically…View ↗
ECP-Focused Sales StrategyView ↗
How Do They Make Money?
Regional partners pay upfront fees for VIZZ rights, payments when development, regulatory or sales targets are met, and royalties on licensed-product sales. U.S. wholesalers and patients buying through the e-pharmacy partner pay for VIZZ when the product is delivered.
10-K for FY2025, filed Mar 24, 2026We enter into license arrangements with partners that typically include payment to us of one of more of the following: (i) license fees…View ↗
If a license to our intellectual property is determined to be distinct from the other performance obligations identified in the…View ↗
At the inception of each arrangement that includes milestone payments (variable consideration), we evaluate whether the milestones are…View ↗
The Company recognizes revenue from sales of VIZZ when the customer obtains control of the promised goods or services, which typically…View ↗
-
10-K for FY2025, filed Mar 24, 2026
FY2025 revenue by product or service ↗
$19.1M
-
10-K for FY2025, filed Mar 24, 2026
$19.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product sales, net
Sold outright
|
8.3% |
Product sales, net, FY2025
$1.6M Sources
|
Sold outright |
|
License revenue
Licensed
10-K for FY2025, filed Mar 24, 2026 |
92% |
License revenue, FY2025
$17.5M Sources
|
Licensed |
Who Are Their Customers?
U.S. patients buy VIZZ through an e-pharmacy partner, while wholesalers supply retail pharmacies; eye-care professionals prescribe it. Outside the U.S., license and distribution partners develop or sell VIZZ in their regions.
10-K for FY2025, filed Mar 24, 2026The Company recognizes revenue from sales of VIZZ when the customer obtains control of the promised goods or services, which typically…View ↗
We commercially launched VIZZ in the U.S. in August 2025, with direct-to-eye care professional sales and marketing activities initiated…View ↗
ECP-Focused Sales StrategyView ↗
In April 2022, we entered into the CORXEL License. Under this agreement, we granted CORXEL (i) an exclusive (even as to us)…View ↗
In May 2025, we entered into the Lotus License. Under this agreement, we granted Lotus an exclusive license to certain of the Company's IP…View ↗
In January 2026, we entered into the Lunatus Distribution Agreement. Under this agreement, we appointed Lunatus as our exclusive…View ↗
Do Revenues Turn Into Profits?
No. It lost $82.1M in FY2025.
10-K for FY2025, filed Mar 24, 2026
−$91.1MView ↗
10-K for FY2025, filed Mar 24, 2026
−$82.1MView ↗
10-K for FY2025, filed Mar 24, 2026
−$70MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
−$31.9MView ↗
- ▲ +114% (Loss)
- vs −$14.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
From gene editing to eye drops
The older report centered on a gene-editing platform and experimental therapies, including a sickle-cell candidate; the latest describes a pharmaceutical business commercializing a prescription eye drop for presbyopia and licensing it internationally.
10-K for FY2022, filed Mar 20, 2023 10-K for FY2025, filed Mar 24, 2026
Who Do They Compete With?
Competes with AbbVie, AceVision, Amneal Therapeutics, Bausch & Lomb, Eyenovia, Glaukos, Johnson & Johnson, Orasis, OSRX Pharmaceuticals, Viatris, Tenpoint Therapeutics, and Vyluma
10-K for FY2025, filed Mar 24, 2026As VIZZ is marketed for the treatment of presbyopia, we may face competition from a variety of companies developing or marketing other…View ↗
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