LENZ Therapeutics reported its third‑quarter 2025 results on November 5, 2025, posting a net loss of $16.7 million for the nine‑month period ended September 30 and a net loss of $46.2 million for the same nine‑month period. Revenue for the quarter reached $12.5 million, driven almost entirely by license revenue from partnership agreements, and the company’s cash, cash equivalents and marketable securities stood at $202.2 million as of September 30. The company’s operating expenses for the quarter rose to $31.4 million, with selling, general and administrative (SG&A) costs increasing to $27.6 million from $6.5 million a year earlier and research and development (R&D) spending falling to $3.8 million from $6.5 million, reflecting the completion of the Phase 3 CLARITY study.
The sharp rise in SG&A reflects LENZ’s aggressive commercialization push for its aceclidine‑based eye drop, VIZZ. The company expanded its sales force to 88 territories and invested heavily in marketing infrastructure, a strategy that has already translated into early market traction: more than 2,500 eye‑care practitioners prescribed VIZZ and over 5,000 prescriptions were filled in October alone. The R&D decline is a direct consequence of the Phase 3 study’s completion, allowing the company to reallocate resources toward launch activities.
Despite the continued quarterly loss, the company beat revenue expectations by nearly 80 %, with analysts forecasting $6.5 million for the quarter. The revenue surge is largely attributable to the licensing agreements that were recognized in the quarter, rather than sales of VIZZ itself, which are still in the early stages of commercial uptake. The earnings beat, however, was tempered by the large SG&A outlay, which investors view as a headwind to profitability.
LENZ did not provide explicit guidance for the fourth quarter or full‑year 2025, but analyst estimates for Q4 revenue sit at $6.95 million and full‑year revenue at $13.15 million. The company’s cash runway, bolstered by a $123.5 million at‑the‑market offering in October, is projected to sustain operations until the company achieves positive operating cash flow once VIZZ sales accelerate.
CEO Eef Schimmelpennink highlighted the enthusiasm from eye‑care professionals and the positive early patient feedback on VIZZ. He also announced a partnership with actress Sarah Jessica Parker to lead a direct‑to‑consumer campaign in Q1 2026, underscoring the company’s commitment to building brand awareness. Management emphasized disciplined cost control and a focus on scaling the sales force while maintaining a strong cash position.
The U.S. presbyopia market is estimated at over $3 billion, and VIZZ’s unique mechanism positions LENZ to capture a meaningful share of that opportunity. While the company’s early launch metrics are encouraging, investors remain cautious due to the high SG&A spend and ongoing losses, which signal that profitability will likely remain a few quarters away.
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