LENZ Therapeutics (LENZ) investor relations material

Executive summary

• Q2 2026 saw continued but modest growth, with a significant boost in July following the launch of telehealth and a national TV campaign, resulting in over 45% month-over-month prescription growth.

• Commercial launch of VIZZ, the first FDA-approved aceclidine-based eye drop for presbyopia, began in August 2025, with broad retail availability by November 2025 and telehealth access added in July 2026.

• Patient persistence is strong, with over 60% of e-pharmacy patients purchasing more than one monthly pack and mature cohorts averaging five packs annually.

• Global expansion continues, with partnerships now spanning over 20 countries and nine regulatory submissions under review, including new licensing and commercialization agreements in Australia, New Zealand, Canada, Greater China, and Saudi Arabia.

• Commercial focus is on expanding consumer awareness, simplifying patient access, and investing in initiatives that drive durable patient growth.

Financial highlights

• Q2 2026 total revenue was $5.5 million, including $1.7 million in product revenue (27,000 monthly packs sold, up 9% from Q1) and $3.8 million in license revenue from ex-U.S. partnerships.

• Net loss for Q2 2026 was $31.9 million ($1.02 per share), compared to $14.9 million ($0.53 per share) in Q2 2025; cash, equivalents, and marketable securities totaled $220 million at quarter-end.

• SG&A expenses rose to $39.4 million in Q2 2026, reflecting increased marketing and sales investments, but adjusted SG&A expenses were $34.9 million, a 14% decline from Q1.

• Gross margin for Q2 2026 was 84% with cost of sales at $0.3 million; anticipated gross margin for VIZZ is approximately 90% over time.

• Weighted-average shares outstanding for Q2 2026 were 31.4 million.

Outlook and guidance

• Q3 will focus on evaluating the impact of commercial initiatives and refining investment allocation to maximize patient growth.

• Management expects continued significant expenses and operating losses as commercialization of VIZZ ramps up, but existing cash resources are projected to fund operations for at least the next 12 months.

• Additional regulatory submissions and potential ex-U.S. approvals are expected by year-end.

• Research and development costs are expected to remain minimal following FDA approval of VIZZ.

• Capital allocation will remain disciplined, prioritizing activities with the highest potential for durable growth.