LENZ

MKT CAP:$295M

LENZ Therapeutics, Inc.

Market Cap

$295M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$9.15-$6.85 (-42.81%)

Apr 23, 2026

Company Details

LENZ Therapeutics, Inc., a biopharmaceutical company, focuses on developing and commercializing therapies to improve vision in the United States. Its product candidates include LNZ100 and LNZ101 which are in Phase III clinical trials for th...

CEO

Evert Schimmelpennink

IPO Date

Mar 22, 2024

Website

www.lenz-tx.com

Key Metrics TTM

Revenue

$19M

— YoY

Net Income

-$82M

EPS (Diluted)

-$2.81

Free Cash Flow

-$70M

Revenue / Share

$0.61

Gross Margin

97.2%

Operating Margin

-477.5%

Net Margin

-430.3%

FCF Margin

-366.7%

P/S

15.4x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 24, 2026

$19MEPS -$2.85

Q4 2025

Mar 24, 2026

$2MEPS -$1.16

Q3 2025

Nov 5, 2025

$13MEPS -$0.59

Q2 2025

Jul 30, 2025

$5MEPS -$0.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$2M	-$26M
Q2 22	$0	-$2M	-$27M
Q3 22	$0	-$2M	-$26M
Q4 22	$0	$0	-$9M
Q1 23	$0	$0	-$13M
Q2 23	$0	$0	-$15M
Q3 23	$0	$0	-$20M
Q4 23	$0	$0	-$25M
Q1 24	$0	$0	-$16M
Q2 24	$0	$0	-$14M
Q3 24	$0	$0	-$13M
Q4 24	$0	$0	-$15M
Q1 25	$0	$0	-$17M
Q2 25	$5M	$5M	-$17M
Q3 25	$13M	$12M	-$19M
Q4 25	$2M	$1M	-$38M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	161.4x	—
Q3 25	72.0x	—
Q4 25	24.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$21M	-$25M
Q2 22	-$22M	-$23M
Q3 22	-$22M	-$23M
Q4 22	-$7M	-$7M
Q1 23	-$13M	-$13M
Q2 23	-$5M	-$5M
Q3 23	-$13M	-$13M
Q4 23	-$21M	-$21M
Q1 24	-$24M	-$24M
Q2 24	-$16M	-$16M
Q3 24	-$11M	-$11M
Q4 24	-$9M	-$9M
Q1 25	-$16M	-$16M
Q2 25	-$12M	-$12M
Q3 25	-$9M	-$9M
Q4 25	-$33M	-$33M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$1M
Q3 22	$915.0K
Q4 22	$3.0K
Q1 23	$6.0K
Q2 23	$353.0K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$133.0K
Q3 24	$186.0K
Q4 24	$149.0K
Q1 25	$110.0K
Q2 25	$240.0K
Q3 25	$439.0K
Q4 25	$38.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+177.1%
Q2 22	—	+52.7%
Q3 22	—	+79.1%
Q4 22	—	-51.8%
Q1 23	—	-51.4%
Q2 23	—	-44.1%
Q3 23	—	-24.0%
Q4 23	—	+173.8%
Q1 24	—	+27.5%
Q2 24	—	-4.1%
Q3 24	—	-34.8%
Q4 24	—	-39.1%
Q1 25	—	+5.2%
Q2 25	—	+52.3%
Q3 25	—	+142.5%
Q4 25	—	+163.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$377.0K	—
Q1 23	$142.0K	—
Q2 23	$0	—
Q3 23	$494.0K	—
Q4 23	$518.0K	—
Q1 24	$947.0K	—
Q2 24	$2M	—
Q3 24	$2M	—
Q4 24	$2M	—
Q1 25	$3M	—
Q2 25	$3M	56.9%
Q3 25	$3M	27.8%
Q4 25	$4M	231.6%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$18M	$6M
Q2 22	$18M	$7M
Q3 22	$16M	$8M
Q4 22	$8M	$1M
Q1 23	$10M	$2M
Q2 23	$13M	$2M
Q3 23	$17M	$3M
Q4 23	$20M	$5M
Q1 24	$11M	$6M
Q2 24	$7M	$7M
Q3 24	$6M	$6M
Q4 24	$6M	$9M
Q1 25	$6M	$11M
Q2 25	$9M	$13M
Q3 25	$4M	$27M
Q4 25	—	$40M

Revenue Segments

Quarter	Reportable Segment
Q2 25	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$185M	$154M	$339M
Q2 22	$75M	$247M	$322M
Q3 22	$56M	$235M	$292M
Q4 22	$44M	$0	$44M
Q1 23	$70M	$194M	$264M
Q2 23	$129M	$118M	$247M
Q3 23	$43M	$45M	$88M
Q4 23	$35M	$31M	$66M
Q1 24	$200M	$13M	$213M
Q2 24	$84M	$112M	$196M
Q3 24	$41M	$176M	$217M
Q4 24	$20M	$189M	$209M
Q1 25	$23M	$171M	$194M
Q2 25	$38M	$172M	$210M
Q3 25	$25M	$177M	$202M
Q4 25	$25M	$267M	$292M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	8M	-6.9%	-7.0%
Q2 22	8M	+1.1%	-2.5%
Q3 22	8M	+1.2%	-4.9%
Q4 22	8M	+0.9%	-3.9%
Q1 23	8M	+0.3%	+3.4%
Q2 23	8M	+1.6%	+4.0%
Q3 23	8M	+0.9%	+3.7%
Q4 23	8M	+1.3%	+4.1%
Q1 24	5M	-43.1%	-40.9%
Q2 24	26M	+442.8%	+215.9%
Q3 24	27M	+6.1%	+232.2%
Q4 24	27M	+1.2%	+231.8%
Q1 25	28M	+0.1%	+483.5%
Q2 25	28M	+2.0%	+9.6%
Q3 25	29M	+1.6%	+5.0%
Q4 25	31M	+8.9%	+13.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	69
Q2 22	$0	69
Q3 22	$0	69
Q4 22	$0	120
Q1 23	$0	120
Q2 23	$0	120
Q3 23	$0	120
Q4 23	$0	6
Q1 24	$0	6
Q2 24	$0	6
Q3 24	$0	6
Q4 24	$0	42
Q1 25	$0	42
Q2 25	$119.0K	42
Q3 25	$297.6K	42
Q4 25	$10.4K	152

Revenue / Employee