Here are 1-2 brief analogies for LENZ Therapeutics:

• An early-stage AbbVie (formerly Allergan) focused on innovative eye drop treatments for age-related farsightedness.
• The pharmaceutical answer to Warby Parker for age-related near vision, offering eye drops instead of glasses.

• ACE-113: An investigational miotic eye drop formulation combining aceclidine with a proprietary non-opioid parasympathomimetic agent designed to treat presbyopia.
• ACE-111: An investigational miotic eye drop formulation containing aceclidine alone, also developed for the treatment of presbyopia.

LENZ Therapeutics (symbol: LENZ) is a late-stage clinical biopharmaceutical company primarily focused on developing and commercializing therapeutics for presbyopia. As the company's lead investigational products for presbyopia (LNZ100 and LNZ101) are still in clinical development, LENZ Therapeutics does not currently have commercial product sales or major direct customers for these pipeline assets.

However, LENZ Therapeutics' business model involves primarily selling to other companies, either through licensing agreements for commercialization rights or, upon product approval, selling directly to pharmaceutical distributors.

Currently, LENZ Therapeutics has an existing major customer relationship stemming from its predecessor company (Ocuphire Pharma) which merged to form LENZ Therapeutics:

• Viatris Inc. (Symbol: VTRS)

  Viatris is responsible for the commercialization of Ryzumvi™ (phentolamine ophthalmic solution), an approved product for the reversal of pharmacologically-induced mydriasis, under a licensing agreement with LENZ Therapeutics. Viatris makes various payments, including royalties and milestone payments, to LENZ Therapeutics based on the commercialization and sales of Ryzumvi™.

Should LENZ Therapeutics' lead presbyopia products (LNZ100 and LNZ101) receive regulatory approval, the company would primarily sell its pharmaceutical products to other companies, specifically major pharmaceutical wholesalers and distributors. These entities then distribute the products to pharmacies, hospitals, and clinics. Potential major customers in this category would include:

• McKesson Corporation (Symbol: MCK)
• Cencora, Inc. (Symbol: COR) (formerly AmerisourceBergen Corporation)
• Cardinal Health, Inc. (Symbol: CAH)

Evert Schimmelpennink, President and Chief Executive Officer

Evert Schimmelpennink has served as President and Chief Executive Officer of LENZ Therapeutics since March 2021. He previously led Pfenex, Inc., a publicly listed biopharmaceutical company, as President and Chief Executive Officer from August 2017 to October 2020, overseeing its acquisition by Ligand Pharmaceuticals Inc. in late 2020. Mr. Schimmelpennink also served as the acting Principal Financial Officer and Principal Accounting Officer of Pfenex Inc. until its sale. His past experience includes serving as CEO of Alvotech and holding senior positions at Pfizer Inc. and Hospira, Inc.

Dan Chevallard, Chief Financial Officer

Dan Chevallard joined LENZ Therapeutics as Chief Financial Officer in March 2024. Prior to LENZ, he was Chief Operating Officer and Chief Financial Officer of Viracta Therapeutics, which he joined in July 2019. Before Viracta, Mr. Chevallard held the Chief Financial Officer and principal financial officer role at Regulus Therapeutics. He has significant experience in corporate finance, including commercial planning, accounting, and financial reporting, and spent five years in public accounting at Ernst & Young, LLP.

Marc Odrich, M.D., Chief Medical Officer

Dr. Marc Odrich has served as LENZ Therapeutics' Chief Medical Officer since July 2021, having provided consulting services to the company since March 2018. He is also an Associate Professor of Ophthalmology at the University of Virginia, specializing in Refractive Surgery and Ocular Surface Disease. Dr. Odrich consults for TearSolutions, Inc. and Johnson & Johnson Vision Care, and is a board member of Epion Therapeutics.

Shawn Olsson, Chief Commercial Officer

Shawn Olsson has been the Chief Commercial Officer of LENZ Therapeutics since April 2021. Before joining LENZ, Mr. Olsson held positions as Vice President of North American Marketing and Global Portfolio and Vice President of North American Marketing at Xellia Pharmaceuticals from March 2018 to April 2021. He also served as Director, Global Sterile Injectables on Market Strategy Lead and Commercial Lead, Opioids and Syringe Technology Portfolio at Pfizer.

James McCollum, M.D., Co-founder

Dr. James McCollum co-founded LENZ Therapeutics and has been a member of its board of directors since July 2013. He served as LENZ's President and Chief Executive Officer from September 2016 to March 2021. Additionally, Dr. McCollum co-founded Eye Therapies, LLC, an ocular pharmaceutical company, where he served as President and Chief Executive Officer from September 2014 to September 2016.

The key risks to LENZ Therapeutics (symbol: LENZ) are primarily centered around the successful commercialization of its lead product, financial viability, and market competition.

1. Heavy Reliance on LNZ100 (Vizz) and Associated Risks: LENZ Therapeutics' business is substantially dependent on the successful development, regulatory approval, and commercialization of its sole lead product candidate, LNZ100 (marketed as Vizz) for presbyopia. Any failure to obtain necessary marketing approvals, achieve market acceptance, or manage adverse events could significantly impact the company. A recent report of a retinal tear in a patient using Vizz, even though the patient had pre-existing retinal conditions and a causal link to the drug is uncertain, has led to stock price drops and raised concerns about the product's commercial trajectory and investor sentiment. Safety concerns from such events could hinder prescription growth and market adoption.
2. Financial Challenges and Path to Profitability: LENZ Therapeutics is currently operating with significant net losses and negative operating margins. While the company projects a cash runway sufficient to fund operations to positive cash flow, delays in commercial launch, unexpected expenditures, or lower-than-anticipated sales of Vizz could strain liquidity and delay or prevent the company from achieving profitability.
3. Competition and Intellectual Property Protection: The company faces significant competition from existing and new market entrants in the presbyopia treatment landscape, including other miotics like Allergan's VUITY. The ability to differentiate LNZ100 and protect its intellectual property is crucial for long-term commercial success and market share.

The potential approval and launch of Novartis's investigational presbyopia treatment (CSF-1), which has a New Drug Application (NDA) already filed, represents a clear emerging threat. This product targets the same market as LENZ Therapeutics' lead candidates and could become a significant competitor, potentially launching around the same time or earlier than LENZ's products, and backed by a major pharmaceutical company.

LENZ Therapeutics (NASDAQ: LENZ) is poised for future revenue growth over the next 2-3 years, primarily driven by the successful commercialization of its presbyopia treatment, VIZZ, in key markets and strategic international partnerships. The company's focus on addressing a large, underserved patient population with a differentiated product also underpins its growth prospects.

Expected Drivers of Future Revenue Growth:

1. Commercialization and Market Penetration of VIZZ in the United States: The recent FDA approval of VIZZ (aceclidine ophthalmic solution) 1.44% in July 2025, as the first and only aceclidine-based eye drop for presbyopia, is a significant driver. The commercial launch initiated in October 2025 has already seen over 5,000 prescriptions filled by more than 2,500 Eye Care Professionals (ECPs) within the first month. LENZ Therapeutics plans substantial commercial investments, including an anticipated direct-to-consumer (DTC) campaign featuring Sarah Jessica Parker in Q1 2026, to further drive awareness and adoption in a market affecting approximately 128 million U.S. adults. Analysts project significant U.S. revenue growth, estimating $70 million in 2026, rising to $200 million in 2027, and $350 million by 2028.
2. Expansion Through International Licensing and Commercialization Agreements: LENZ has strategically entered into multiple international licensing and commercialization agreements for VIZZ. These agreements provide upfront payments, regulatory and commercial milestones, and tiered double-digit royalties on future net sales. Notable partnerships include an exclusive license with Laboratoires Théa for Canada (potentially over $70 million in payments and royalties) and with Lotus Pharmaceutical for the Republic of Korea and select Southeast Asian nations (up to $125 million in payments and royalties). Additionally, a collaboration with Ji Xing for Greater China offers eligibility for up to $95 million in milestones and royalties. These partnerships are crucial for expanding VIZZ's global footprint and generating diverse revenue streams.
3. Addressing a Large, Underserved Presbyopia Market with a Differentiated Product: Presbyopia affects an estimated 1.8 billion people globally, highlighting a vast addressable market. VIZZ is positioned as a differentiated treatment offering superior duration and safety compared to existing options, such as Vuity, with less likelihood of adverse effects like retinal detachment or worsening distance vision. The company's aim for an "all eyes, all day" solution and its strong early patient feedback suggest a high potential for broad market penetration and sustained growth as it captures market share from current solutions like reading glasses, contact lenses, and surgical interventions.

Share Issuance

• LENZ Therapeutics raised $49 million in a Series A funding round on June 17, 2021.
• The company completed an $83.5 million Post-IPO funding round on March 7, 2023, with participation from investors including Sectoral and Alpha Wave Global.
• In October 2025, LENZ Therapeutics utilized an "at-the-market" sales agreement to raise approximately $123.5 million from a single institutional investor.

Inbound Investments

• LENZ Therapeutics received $49 million through a Series A funding round on June 17, 2021.
• A Post-IPO funding round on March 7, 2023, brought in $83.5 million from investors.
• Since May 2025, the company has secured various licensing and commercialization agreements, including an upfront payment of $2.5 million and potential for over $67.5 million in milestones from Laboratoires Théa for Canada, eligibility for up to $125 million in payments from Lotus Pharmaceutical for Korea and Southeast Asia, and $10 million in milestone payments from CORXEL Pharmaceuticals for China.

Outbound Investments

• In conjunction with a merger, LENZ Therapeutics acquired an equity investment in a privately held, pre-clinical life sciences company, which was subsequently valued at an estimated $1.3 million in May 2024.

Capital Expenditures

• Capital expenditures, reported as purchases of property and equipment, were approximately $0.789 million for the three months ended June 30, 2025.
• For the six months ended June 30, 2024, capital expenditures amounted to approximately $0.319 million.
• In the last 12 months, capital expenditures totaled approximately $0.938 million.