LENZ Therapeutics, Inc. Q3 FY2025 earnings call

• FDA approved VIZZ in July ahead of PDUFA date and launched it in early October.
• Over 2,500 doctors prescribed VIZZ by end of October, with 40% writing multiple prescriptions and over 5,000 paid scripts filled in October.
• Positive feedback from doctors on rapid vision improvement, long duration, and minimal headache side effects.
• Sampling strategy: distributed over 70,000 samples to 7,000 ECP offices.
• Launched KOL-led speakers bureau in October with over 50 events held in Q4.
• Direct-to-consumer campaign to launch in Q1 2026 with Sarah Jessica Parker as spokesperson.
• Ex-U.S. partnerships generated $12.5 million in license revenue, including $10 million from China and $2.5 million from Canada.

The main product is VIZZ. In the third quarter, VIZZ had a successful launch with over 2,500 doctors prescribing it by end of October, 40% of prescribers writing multiple prescriptions, and over 5,000 paid scripts filled in October. No other product segments were discussed as the focus was solely on VIZZ's launch.

• Cash position of $324 million to fund cash runway to post-launch positive operating cash flow.
• Expect SG&A to ramp in the second half, while R&D expenses are expected to taper.
• Commercial spend anticipated to be $80-$100 million per year in 2026, inclusive of the direct-to-consumer campaign.

• Potential variance in side effects like stinging and redness, though transient and manageable.
• Dependence on successful execution of the direct-to-consumer campaign and market acceptance.
• Competition in the presbyopia market which could impact VIZZ's uptake.

Q: Could you talk further about how the commercial team is working with KOLs to set expectations on VIZZ's profile?

A: The sales force sets expectations by informing about potential side effects and how they are transient. KOL-led speakers bureaus highlight VIZZ's unique MOA and clinical performance.

Q: Could you contextualize the 5,000+ paid scripts in the context of VUITY and comment on sample conversion?

A: Early launch is encouraged, samples are a 5-pack focused on driving experience, not a key P&L metric.

Q: How was Sarah Jessica Parker chosen as the spokesperson?

A: She was chosen for authenticity, alignment with consumers, and brand elevation. She has used the product and likes it.

Q: What's the breakdown of patients using VIZZ and details on DTC reach?

A: Patients are mostly 45-65, female, in metropolitan areas. DTC is predominantly digital, targeting where early adopters spend time.

Q: Comments on SG&A run rate and DTC spend?

A: SG&A ramped in Q3, expected commercial spend $80-100M in 2026 inclusive of DTC.

Q: Barriers to ECPs opting in and time to fill scripts?

A: Opt-in is bottom-up, time to fill is 2-5 days with priority shipping available.

Q: Profiling initial VIZZ users and price pushback?

A: Initial users are 45-65, female, metro, no price pushback.

Q: Importance of distance benefit and sales force targeting?

A: Distance benefit is a nice add-on. Sales force targets 80% optometry, 20% ophthalmology.