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Analogy 1: It's like **Warby Parker for age-related blurry vision**, but instead of selling glasses, they're developing prescription eye drops to correct it.

Analogy 2: Think of it as a **specialized biotech for eye health**, aiming to do for age-related blurry vision what **Alcon does for contact lenses and surgical eye care**.

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• LNZ100: A product candidate currently in Phase III clinical trials for the treatment of presbyopia.
• LNZ101: A product candidate currently in Phase III clinical trials for the treatment of presbyopia.

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LENZ Therapeutics (LENZ) is a biopharmaceutical company focused on developing and commercializing therapies. Its product candidates, LNZ100 and LNZ101 for presbyopia, are currently in Phase III clinical trials and are not yet approved or commercially available for sale.

Therefore, LENZ Therapeutics does not currently have major commercial customers for its products. However, once its therapies are approved and commercialized, the company is expected to sell its prescription pharmaceutical products primarily to other companies within the healthcare supply chain rather than directly to individuals. The major categories of these customers would typically include:

• Pharmaceutical Wholesalers: These companies purchase drugs in bulk from manufacturers and distribute them to pharmacies, hospitals, and other healthcare providers. Key public companies in this sector include:
  • AmerisourceBergen (NYSE: ABC)
  • Cardinal Health (NYSE: CAH)
  • McKesson (NYSE: MCK)
• Large Retail Pharmacy Chains: While often supplied by wholesalers, major pharmacy chains can also have direct purchasing agreements or significant influence in the distribution of prescription drugs. Examples of public companies include:
  • CVS Health (NYSE: CVS)
  • Walgreens Boots Alliance (NASDAQ: WBA)
• Hospitals and Integrated Delivery Networks (IDNs): These institutions purchase and administer pharmaceutical products for patient care. While often serviced by wholesalers, manufacturers also engage directly with large hospital systems for formulary inclusion and purchasing.

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Evert B. Schimmelpennink, President and Chief Executive Officer

Mr. Schimmelpennink has served as LENZ's President and Chief Executive Officer and a member of the board of directors since March 2021. He has a proven track record in successfully building and scaling public and private biopharmaceutical companies. Previously, from August 2017 to October 2020, he served as President and Chief Executive Officer and a board member of publicly listed Pfenex, Inc., a biopharmaceutical company, until its acquisition by Ligand Pharmaceuticals Inc. in late 2020. From November 2019 until its sale, Mr. Schimmelpennink also served as the acting Principal Financial Officer and Principal Accounting Officer of Pfenex Inc. From October 2015 to August 2017, he was Chief Executive Officer of Alvotech, another biopharmaceutical company. Prior to that, he held senior positions at Pfizer Inc. and Hospira, Inc.

Daniel R. Chevallard, Chief Financial Officer and Principal Accounting Officer

Mr. Chevallard joined LENZ Therapeutics in March 2024 as its Chief Financial Officer. He is a respected corporate finance and strategic executive with significant experience in the biotechnology, pharmaceutical, and diagnostic industries. Previously, Mr. Chevallard served as the Chief Operating Officer and Chief Financial Officer of Viracta Therapeutics, and before that, as Chief Financial Officer and principal financial officer at Regulus Therapeutics. He spent approximately five years in public accounting at Ernst & Young, LLP in their assurance services practice. His career also includes senior corporate finance leadership roles at Prometheus Laboratories, which was acquired by Nestlé Health Science.

Marc Odrich, M.D., Chief Medical Officer

Dr. Odrich has served as LENZ's Chief Medical Officer since July 2021. He also provided consulting services to LENZ from March 2018 to July 2021. Since June 2017, Dr. Odrich has been an Associate Professor of Ophthalmology at the University of Virginia, specializing in Refractive Surgery and Ocular Surface Disease. He also serves as a consultant to TearSolutions, Inc. and Johnson & Johnson Vision Care.

Shawn Olsson, Chief Commercial Officer

Mr. Olsson has served as LENZ's Chief Commercial Officer since April 2021. From March 2018 to April 2021, he served as Vice President of North American Marketing and Global Portfolio and Vice President of North American Marketing at Xellia Pharmaceuticals. Prior to that, from September 2015 to March 2018, Mr. Olsson was Director, Global Sterile Injectables on Market Strategy Lead and Commercial Lead, Opioids and Syringe Technology Portfolio at Pfizer.

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The key risks to LENZ Therapeutics (symbol: LENZ) primarily revolve around market penetration and competition for its recently approved presbyopia treatment, post-market product safety, and intellectual property protection.

1. Market Competition and Commercialization Challenges: Despite the FDA approval of VIZZ (LNZ100) for presbyopia, LENZ Therapeutics faces an evolving and competitive landscape. The company must compete with other pharmaceutical presbyopia therapies, including products from AbbVie (Vuity) and Tenpoint Therapeutics (Yuvezzi), which recently received FDA approval. There are also challenges in shifting consumer behavior from established alternatives such as glasses, contact lenses, and LASIK. Previous presbyopia eye drops, like Vuity, have experienced limitations in efficacy, duration, and side effects, which could influence market adoption and present a hurdle for LENZ to overcome. The stock decline following a competitor's approval underscores the market's sensitivity to competitive pressures.

2. Adverse Events and Product Safety Concerns: While LNZ100 demonstrated a favorable safety profile in Phase 3 trials, post-market adverse events remain a significant risk. For instance, a reported retinal tear in a patient using VIZZ led to a notable drop in LENZ's stock. Although LENZ indicated the patient had pre-existing risk factors and that the event did not alter their safety expectations, such reports can impact public perception, physician prescribing patterns, and overall market acceptance of the product. Ongoing monitoring of real-world safety data and managing public and medical community reactions to any adverse events are crucial.

3. Intellectual Property and Patent Infringement: LENZ Therapeutics operates in the highly litigious biopharmaceutical industry, where intellectual property is paramount. The company faces significant risks related to potential patent infringement, which can be challenging to identify due to the complexity of patent searches and databases. Competitors with substantial resources could hold patents that may prevent or limit the commercialization of LENZ's products, potentially leading to costly legal disputes, licensing obligations, or delays in market entry.

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The clear emerging threat for LENZ Therapeutics is the rapidly intensifying competition within the pharmaceutical market for presbyopia treatments. Several companies are developing or have recently launched eye drop solutions for presbyopia, creating a crowded and competitive landscape. Notably, AbbVie's Vuity is already on the market, and Novartis's Opteyes (developed by Orasis Pharmaceuticals) received FDA approval in September 2023 and is actively launching. Additionally, other companies like Visus Therapeutics have product candidates in late-stage clinical trials that could potentially launch around the same time as, or even before, LENZ's LNZ100 and LNZ101. This escalating competition poses a significant threat to LENZ's potential market share, pricing power, and commercial viability upon their products' possible approval.

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LENZ Therapeutics (symbol: LENZ) focuses on developing therapies for presbyopia. The addressable markets for its main products, LNZ100 and LNZ101, can be understood in terms of both the global and U.S. markets for presbyopia treatment.

Globally, approximately 1.8 billion people are impacted by presbyopia. The global presbyopia treatment market was valued at approximately USD 20.17 billion in 2025 and is projected to reach USD 29.54 billion by 2032. Another estimate places the presbyopia market size in the 7MM (United States, Germany, France, Italy, Spain, United Kingdom, and Japan) at around USD 17 billion in 2023.

In the United States, an estimated 128 million people suffer from presbyopia. LENZ Therapeutics identifies a U.S. market opportunity in excess of USD 3 billion for its lead candidate, LNZ100. In 2023, the U.S. presbyopia market size was approximately USD 8.039 billion, representing about 48% of the 7MM market. The U.S. myopia and presbyopia treatment market was estimated at USD 4.0 billion in 2023 and is expected to grow to USD 4.27 billion in 2024, with a projection to reach USD 6.76 billion by 2030.

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Expected Drivers of Future Revenue Growth for LENZ Therapeutics (LENZ)

Over the next 2-3 years, LENZ Therapeutics' future revenue growth is expected to be driven primarily by the following factors:

1. Commercialization and Market Penetration of VIZZ (LNZ100) in the United States: LENZ Therapeutics launched VIZZ (aceclidine ophthalmic solution), its lead product for the treatment of presbyopia, in October 2025. The company reported approximately $1.6 million in net product revenue and over 20,000 prescriptions filled in the fourth quarter of 2025, with more than 6,500 unique Eye Care Professionals (ECPs) prescribing the product. The ongoing direct-to-consumer (DTC) campaign, set to launch in Q1 2026 with spokesperson Sarah Jessica Parker, is anticipated to significantly increase consumer awareness and demand, driving substantial growth in prescription volume and market share for VIZZ over the next two to three years.
2. Revenue from International Licensing and Commercialization Agreements: LENZ Therapeutics has established multiple international partnerships for LNZ100. The company has secured licensing deals in Southeast Asia (Lotus Pharmaceutical), Canada (Laboratoires Théa), China (CORXEL), and the Middle East (Lunatus). These agreements typically include upfront payments, regulatory and commercial milestone payments, and tiered royalties on net sales. As these partners advance LNZ100 through regulatory processes and commercialize the product in their respective territories, LENZ Therapeutics will recognize revenue from these agreements. For instance, the NDA for LNZ100 in China was submitted in July 2025.
3. Growth in Prescriptions from Eye Care Professionals (ECPs): The company's strategy includes continued engagement and education of ECPs to establish VIZZ as a standard of care for presbyopia. With a dedicated sales force targeting a significant number of ECPs (15,000 as of March 2025) and early positive prescribing patterns (over 55% of prescribing ECPs prescribed multiple times in Q4 2025), sustained efforts in this area are expected to drive consistent growth in prescription volumes.
4. Potential for New International Partnerships: LENZ Therapeutics has expressed its commitment to "establish licensing partnerships internationally to provide access to VIZZ globally". Additional licensing agreements in new geographical markets could provide further revenue streams through upfront payments, milestones, and royalties, contributing to revenue diversification and overall growth in the coming years.

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Share Issuance

• In March 2024, as part of a reverse merger, LENZ Therapeutics issued 13,654,408 shares of Common Stock in exchange for outstanding shares of LENZ OpCo and an additional 3,559,565 shares to PIPE Investors.
• Warrants to purchase 164,676 shares of Common Stock were issued in connection with the conversion of existing LENZ OpCo warrants.
• Effective March 21, 2024, the company executed a 1:7 reverse stock split.

Inbound Investments

• LENZ Therapeutics entered into a licensing agreement with CORXEL Pharmaceuticals in April 2022, granting them Greater China rights for LNZ100. This agreement includes potential regulatory and sales milestones of up to $95.0 million, along with tiered royalties on net sales. The first milestone was achieved in July 2025 upon the submission of the New Drug Application for LNZ100 in China.
• As of June 30, 2025, the company reported $209.6 million in cash, cash equivalents, and marketable securities, which is anticipated to fund operations to post-launch positive cash flow.
• The company has significant institutional ownership, with 204 institutional owners holding a total of 35,342,619 shares.

Outbound Investments

• LENZ Therapeutics became a public entity through a reverse merger with Graphite Bio, which was completed on March 21, 2024.

Capital Expenditures

• LENZ Therapeutics invested $468K in capital expenditures during fiscal year 2024.
• In the third quarter of 2025, capital expenditures totaled -$0.44 million USD.