LENZ Therapeutics, Inc. Q4 FY2025 earnings call

First, the product clearly works with clinical performance translating to real - world results, many patients noticing effect within 30 minutes. Second, promising share of patients who buy the product tend to refill. Third, building a new treatment category. Priority is putting right foundations in place. Have over $292 million in cash. Product works in real world, broad patient profile. Over 10,000 eye care professionals described the product, over 45,000 boxes sold. Top 1,000 prescribers filling over 40% more scripts. Encouraging early signals around patient persistence. ECPs need to learn how to integrate product into patient discussion, mindset change needed. Expanding sales force to 117 reps to increase call frequency and cover more physicians. Direct - to - consumer campaign launched in mid - January, website traffic running roughly five times higher than baseline, spikes up to 10 times normal traffic. Consumer activation in new category takes time, typically two quarters to translate into prescription trends

Net product revenues were approximately $1.6 million in the first quarter of product launch, with over 20,000 monthly paid and filled prescriptions. Ended 2025 with approximately $292.3 million in cash, cash equivalents, and marketable securities. Total Q4 operating expenses were approximately $40 million, including $4 million of non - cash stock - based compensation expense. Cost of goods sold in the fourth quarter totaled $400,000. Total SG&A expenses increased to $39.6 million in Q4 2025. Total research and development expenses decreased to zero in Q4 2025. Net loss per share was $1.16 per share in the fourth quarter of 2025 on a net loss of $35.9 million

Expect net cash per unit of $60 per monthly package to be consistent with long - standing expectations. Target allocation of approximately 75 to 80% of OPEX to sales and marketing with reasonably flat G&A spend. R&D spend to be de minimis. Anticipate potential approvals in multiple geographies in early 2027. NDA review in China well underway, NDAs submitted and under review in three Southeast Asian countries, submitted central marketing authorization application to European Medicines Agency, TEA making progress towards submission to Health Canada, significant regulatory activities with Lunatus

Q: Further discuss sampling dynamic to NRX and retention, refill tracking, investments to broaden patient demand, prescriber additions.

A: Feel good about NRX and refill dynamic, expanding sales force to accelerate adoption. DTC campaign optimizing media mix. Outside field coverage expanding, ECPs per rep getting smaller. Top 1,000 prescribers different in behavior, working to share with other doctors. TV ads in select markets, tracking web traffic conversion.

Q: Talk more about top 1,000 writers' behavior, perception correction, operational question on TV ads and conversion.

A: Top 1,000 prescribers writing more, figured out how to bring product up easily. Previous product's effect on perception, working to correct by showing broader use. TV ads in key markets, testing response, looking at web traffic conversion.

Q: Update on patient categories driving early adoption, distribution mix.

A: Targeting patients in contact, post - refractive surgery, active lifestyle, about half worn contacts, a third had LASIK. Mix of retail and e - pharmacy not broken out yet.

Q: Split of one - month and three - month pack in Q1, refill projections, sample to script conversion.

A: Early days, looking at cohort from Q4, encouraging refill signs.

Q: Indicators for DTC program, key thresholds in second quarter.

A: Indicators are driving awareness, web traffic, cost per impression. Expecting step change in acceleration of new patients in second quarter.

Q: Sampling volume, time for prescribers to become repeat prescribers.

A: Sampling working, most patients had sample first, mix of prescribing dynamics.

Q: Nuances in initial refill patients.

A: Refills from core target patients, self - selection via samples driving repeat behavior