LENZ Therapeutics (LENZ) investor relations material

Executive summary

• Q1 2026 revenue reached $1.9 million, with $1.7 million from VIZZ product sales and $0.25 million from license revenue; over 25,000 paid prescriptions filled in Q1 and 46,000 since launch, with more than 10,000 unique prescribers.

• Commercial launch of VIZZ began in August 2025, with broad retail availability by November 2025 and a focus solely on VIZZ as the only product candidate.

• New patient adoption is growing but below target pace; actions are underway to address adoption barriers, including expanded sales force and DTC campaigns.

• International expansion progressing, with regulatory submissions in Europe and the UK, and new licensing and distribution agreements in China, Southeast Asia, Canada, and the Middle East.

• Early refill behavior is strong, with over two-thirds of ePharmacy volume now from three-month prescriptions.

Financial highlights

• Net revenue for Q1 2026 was $1.9 million, including $1.7 million in product sales and $0.25 million in license revenue, up 19% from Q4 2025.

• SG&A expenses rose to $45 million in Q1 2026 (or $40.7 million net of stock-based comp), up 305% year-over-year, driven by DTC launch investment and sales force expansion.

• Net loss for Q1 2026 was $41.5 million ($1.32 per share), up from $14.6 million ($0.53 per share) in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $258.4 million as of March 31, 2026.

• Cost of sales was $1.1 million, mainly due to non-recurring manufacturing transition charges; direct product costs were immaterial.

Outlook and guidance

• Cash reserves are expected to fund operations through to positive operating cash flow.

• Focus remains on accelerating adoption, expanding sales force, increasing ECP engagement, and driving international expansion.

• SG&A and cash burn in Q1 are higher than expected for the remainder of 2026; R&D expenses are expected to remain minimal.

• Refill rate statistics will be shared in the second half of the year as patient cohorts mature.