LENZ Therapeutics (NASDAQ: LENZ) is a commercial-stage ophthalmic pharmaceutical company focused on treatments for presbyopia, the age-related loss of near vision. Revenue comes from net product sales of VIZZ, its FDA-approved aceclidine-based eye drop, plus license and milestone payments from ex-U.S. commercialization partners. VIZZ received FDA approval on July 31, 2025, making it the first aceclidine-based presbyopia treatment approved in the United States, and launched commercially in July 2025 with an 88-territory U.S. sales force and a direct-to-consumer marketing campaign. For the year ended December 31, 2025, the company reported a net loss of $82.1 million and cash used in operating activities of $69.2 million. Ex-U.S. rights are being monetized through license and distribution agreements covering South Korea, Southeast Asia, Canada, the Middle East, and Greater China, with a Marketing Authorization Application submitted to the European Medicines Agency in March 2026. The company is headquartered in the United States. CEO is Evert Schimmelpennink and CFO is Daniel Chevallard, as of the 10-K filed March 24, 2026.

Revenue model

Product sales (net) from U.S. commercial sales of VIZZ launched July 2025, plus license revenue from upfront payments and regulatory milestone payments under ex-U.S. agreements including the Lotus License (South Korea and Southeast Asia), Théa License (Canada), and CORXEL License (Greater China). VIZZ carries no government healthcare program or third-party payor coverage as of the filing date.

Products and services

VIZZ: an aceclidine-based prescription eye drop for presbyopia, FDA-approved July 31, 2025, and the first and only aceclidine-based product approved by the FDA for that indication. Pipeline includes additional regulatory submissions for VIZZ in Europe (MAA submitted March 2026) and other international markets.

Customers and end markets

Adult patients with presbyopia (age-related blurry near vision) seeking a pharmaceutical alternative to reading glasses. End market is the U.S. ophthalmic prescription market, with ex-U.S. markets addressed through licensing and distribution partners rather than direct sales.

Value-chain role

Pharmaceutical developer and U.S. commercial-stage seller. Maintains an 88-territory direct sales force for U.S. physician-directed selling and a direct-to-consumer marketing campaign. Ex-U.S. commercialization is outsourced to regional license and distribution partners.

Geographic exposure

Primary revenue from U.S. commercial operations (launched July 2025). Ex-U.S. rights licensed or distributed in Greater China (CORXEL License, 2022), South Korea and Southeast Asia (Lotus License, 2025), Canada (Théa License, 2025), and the Middle East (Lunatus Distribution Agreement, 2025). European MAA submitted March 2026.

Competitors

Vuity (AbbVie)

Source: SEC 10-K, filed 2026-03-24

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