LENZ Therapeutics, Inc.
LENZ · Biological Products, (No Diagnostic Substances) · 31.4M shares · -10%/yr ↓ buyback · EDGAR filings ↗
Reference price $8.92 · est. market cap ~$280M — last insider purchase, 2026-03-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C55Early-commercial eye-care company with an FDA-approved, Phase 3-validated presbyopia drug (VIZZ) but deeply negative launch-stage margins.
Strengths
- Multiple strongly positive Phase 3/2 readouts (CLARITY: 57-71% responders vs ~8% vehicle, p<0.0001) and FDA approval/launch of VIZZ de-risk the asset
- Strong liquidity: $292M cash, ~16.7 quarters runway (88th pct), 98% gross margin, patent protection to 2044
Risks
- Deeply negative margins (operating -477%, net -430%) and ROE -29% in early launch; commercial uptake unproven
- Competitive presbyopia market (Vuity, generics, Qlosi, Yuvezzi) and possible need for additional financing
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -430.3%)
- Cash burnNegative free cash flow (-70.0M)
- Strong balance sheetStrong balance sheet — $292M cash & investments, ~17 quarters of runway
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$365,576, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -10%/yr over 3y
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Pending mergerOn March 21, 2024 (the “Closing Date”), we consummated a merger pursuant to the terms of the Agreement and Plan of Merger, dated as of November 14, 2023 (the “Merger Agreement”), by and among us, Gene
Quarterly revenue
Last 2 quarters · from SEC filings.
Key metrics
Gross margin
97.8%
Operating margin
-477.5%
Net margin
-430.3%
Return on equity
-28.9%
Return on assets
-26.8%
Current ratio
14.2×
Free cash flow
-$70M
EBITDA
-$91M
Tangible book value
$284M
Cash & investments
$292M
Cash runway
17q
Stock comp / revenue
65.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-27 | Schimmelpennink Evert B. | Buy | 28K | $8.95 |
| 2026-03-27 | Chevallard Daniel R. | Buy | 7.5K | $8.57 |
| 2026-03-27 | George Jeffrey P. | Buy | 5.6K | $8.92 |
| 2025-11-17 | Olsson Shawn | Option exercise | 10K | $2.08 |
| 2025-11-17 | Olsson Shawn | Sell | 4.2K | $25.74 |
| 2025-11-17 | Olsson Shawn | Sell | 5.8K | $26.37 |
| 2025-11-07 | MCCOLLUM JAMES W | Buy | 10K | $22.79 |
| 2025-11-07 | Chevallard Daniel R. | Buy | 20 | $22.71 |
| 2025-11-07 | Chevallard Daniel R. | Buy | 2.2K | $22.76 |
| 2025-09-30 | Versant Venture Capital VI, L.P. | Sell | 50K | $45.35 |
| 2025-09-30 | Versant Venture Capital VI, L.P. | Sell | 34K | $45.35 |
| 2025-09-30 | Versant Venture Capital VI, L.P. | Sell | 83K | $46.41 |
| 2025-09-30 | Versant Venture Capital VI, L.P. | Sell | 58K | $46.41 |
| 2025-09-30 | Versant Venture Capital VI, L.P. | Sell | 177 | $47.01 |
| 2025-09-30 | Versant Venture Capital VI, L.P. | Sell | 123 | $47.01 |
| 2025-09-18 | Versant Venture Capital VI, L.P. | Sell | 49K | $41.59 |
| 2025-09-18 | Versant Venture Capital VI, L.P. | Sell | 24K | $41.59 |
| 2025-09-18 | Versant Venture Capital VI, L.P. | Sell | 41K | $43.00 |
| 2025-09-18 | Versant Venture Capital VI, L.P. | Sell | 20K | $43.00 |
| 2025-09-18 | Versant Venture Capital VI, L.P. | Sell | 268 | $43.30 |
| 2025-09-18 | Versant Venture Capital VI, L.P. | Sell | 132 | $43.30 |
| 2025-08-26 | Versant Venture Capital VI, L.P. | Sell | 1.7K | $39.50 |
| 2025-08-26 | Versant Venture Capital VI, L.P. | Sell | 3.5K | $39.50 |
| 2025-08-26 | Versant Venture Capital VI, L.P. | Sell | 22K | $38.97 |
| 2025-08-26 | Versant Venture Capital VI, L.P. | Sell | 44K | $38.97 |
| 2025-08-25 | Versant Venture Capital VI, L.P. | Sell | 2.1K | $39.92 |
| 2025-08-25 | Versant Venture Capital VI, L.P. | Sell | 50K | $39.53 |
| 2025-08-25 | Versant Venture Capital VI, L.P. | Sell | 25K | $39.53 |
| 2025-08-25 | Versant Venture Capital VI, L.P. | Sell | 1.1K | $39.92 |
| 2025-08-22 | Versant Venture Capital VI, L.P. | Sell | 2.8K | $40.59 |
| 2025-08-22 | Versant Venture Capital VI, L.P. | Sell | 5.7K | $40.59 |
| 2025-08-22 | Versant Venture Capital VI, L.P. | Sell | 10K | $40.03 |
| 2025-08-22 | Versant Venture Capital VI, L.P. | Sell | 20K | $40.03 |
| 2025-08-18 | Versant Venture Capital VI, L.P. | Sell | 15K | $38.56 |
| 2025-08-18 | Versant Venture Capital VI, L.P. | Sell | 31K | $38.56 |
| 2025-08-15 | Versant Venture Capital VI, L.P. | Sell | 145K | $39.50 |
| 2025-08-15 | Versant Venture Capital VI, L.P. | Sell | 70K | $39.50 |
| 2025-07-10 | Versant Venture Capital VI, L.P. | Sell | 191K | $34.00 |
| 2025-06-27 | Versant Venture Capital VI, L.P. | Sell | 200K | $30.46 |
| 2025-06-20 | Versant Venture Capital VI, L.P. | Sell | 101K | $30.35 |
| 2025-06-20 | Versant Venture Capital VI, L.P. | Sell | 134K | $30.25 |
| 2025-06-18 | Versant Venture Capital VI, L.P. | Sell | 100K | $29.95 |
| 2025-06-10 | Versant Venture Capital VI, L.P. | Sell | 350K | $29.00 |
| 2025-04-09 | Olsson Shawn | Option exercise | 1.4K | $2.08 |
| 2025-03-07 | Schimmelpennink Evert B. | Option exercise | 4.2K | $1.04 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05753189 ↗ | Phase 3 Safety Study of LNZ100 and LNZ101 for the Treatment of Presbyopia Subjects Presbyopia, Near Vision | PHASE3 | Completed | 2024-02-09 |
| NCT05656027 ↗ | Phase 3 Evaluation of the Safety and Efficacy of LNZ100 & LNZ101 for the Treatment of Presbyopia Presbyopia, Refractive Error | PHASE3 | Completed | 2023-12-15 |
| NCT05728944 ↗ | Phase 3 Efficacy Study of LNZ100 & LNZ101 for the Treatment of Presbyopia Presbyopia, Near Vision | PHASE3 | Completed | 2023-12-14 |
| NCT05936489 ↗ | Plasma Pharmacokinetics and Safety of LNZ101 and LNZ100 Ophthalmic Solutions in Healthy Adult Subjects With Presbyopia Eye Diseases, Presbyopia | PHASE1 | Completed | 2023-10-03 |
| NCT05431543 ↗ | Evaluation of the Safety and Effectiveness of Aceclidine (LNZ101) and Aceclidine + Brimonidine (LNZ100) in the Treatment of Presbyopia Presbyopia, Refractive Errors | PHASE2 | Completed | 2022-12-14 |
| NCT05294328 ↗ | Evaluation of the Safety and Effectiveness of Aceclidine/Brimonidine (LNZ101) and Aceclidine (LNZ100) in the Treatment of Presbyopia Presbyopia, Refractive Errors | PHASE2 | Completed | 2022-08-22 |
| NCT03201562 ↗ | A Single-Center, Double-Masked Evaluation of the Efficacy and Safety of PRX-100 in the Treatment of Early to Moderate Presbyopia Presbyopia | PHASE2 | Completed | 2018-05-20 |
| NCT02554396 ↗ | Evaluation of the Efficacy and Safety of PRX-100 in the Treatment of Early to Moderate Presbyopia Presbyopia | PHASE2 | Completed | 2015-11-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-12 | 0001815776-26-000041 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001815776-26-000037 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001815776-26-000035 ↗ |
| 10-K | 2026-03-24 | 2025-12-31 | 0001815776-26-000011 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001815776-26-000008 ↗ |
| 8-K | 2026-01-07 | 2026-01-07 | 0001815776-26-000003 ↗ |
| 8-K | 2025-12-12 | 2025-12-12 | 0001815776-25-000077 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001815776-25-000071 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001815776-25-000069 ↗ |
| 8-K | 2025-10-08 | 2025-10-08 | 0001815776-25-000064 ↗ |
| 8-K | 2025-09-30 | 2025-09-30 | 0001815776-25-000062 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001815776-25-000059 ↗ |