LENZ Therapeutics, Inc.(US:LENZ)2025-11-05 14:30Financial Data and Key Metrics Changes - The third quarter of 2025 marked the first earnings call as a commercial company for LENZ Therapeutics, highlighted by the FDA approval of VIZ and its commercial launch in October [4][10] - The company ended Q3 2025 with approximately $324 million in cash, cash equivalents, and marketable securities, following a direct placement that raised over $123 million [10][25] - Total operating expenses for Q3 2025 increased to $31.4 million, a 44% increase over Q2, with SG&A expenses rising to $27.6 million compared to $6.5 million for the same period in 2024 [28][29] - The net loss per share was $0.59 in Q3 2025, compared to a net loss per share of $0.38 in Q3 2024 [29] Business Line Data and Key Metrics Changes - VIZ, the first pilocarpine-based eye drop for presbyopia, saw over 5,000 prescriptions filled in October, with more than 2,500 doctors prescribing it, and 40% of those prescribers writing multiple prescriptions [5][12] - The company distributed over 70,000 samples to approximately 7,000 eye care professional (ECP) offices, indicating strong engagement and interest [12][18] Market Data and Key Metrics Changes - Awareness among eye care professionals reached 90% by mid-October, driven by a robust multi-channel campaign [11][17] - The presbyopia market is significant, affecting approximately 128 million people in the U.S., which is nearly four times larger than the dry eye population [15] Company Strategy and Development Direction - The company aims to establish VIZ as a standard of care for presbyopia, focusing on building awareness, confidence, and willingness to prescribe among ECPs [11][20] - A direct-to-consumer (DTC) campaign is planned for Q1 2026, featuring Sarah Jessica Parker as the spokesperson to enhance brand visibility [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the launch of VIZ, noting positive feedback from doctors regarding its efficacy and minimal side effects [6][13] - The company anticipates that the cash on hand will support operations until achieving positive operating cash flow post-launch [25][30] Other Important Information - The company recorded total license revenue of $12.5 million in Q3 2025, including milestone payments from partnerships in China and Canada [26] - The company is focused on maintaining a lean G&A structure while increasing commercial spending to support the launch [28][29] Q&A Session Summary Question: How is the commercial team working with KOLs to set expectations for VIZ? - The company emphasizes setting expectations for patients regarding the efficacy and transient side effects of VIZ, with a focus on real-world experiences shared by doctors [34][36] Question: Can you provide week-over-week prescription data for October? - The company noted that it is too early to share specific trends but is encouraged by the initial prescription data [42][43] Question: What demographics are represented among the initial users of VIZ? - Initial users are primarily in the 45-65 age group, with a bias towards females, and are typically patients already in the practice [62] Question: How extensive will the DTC campaign be? - The DTC campaign will predominantly focus on digital platforms such as Instagram and Facebook, targeting where early adopters spend their time [62] Question: Can you break out the use of e-pharmacy versus traditional retail pharmacies? - Initially, the product was only available through e-pharmacy, with retail pharmacies coming online gradually; the company expects to track patient refills more effectively as retail availability increases [66][67]