Third Quarter 2026
Filed Oct 28, 2026VIZZ product sales reached $2.6 million in Q3 2026, up approximately 50% over Q2 2026, while LENZ announced a consumer-marketing-focused reorganization targeting approximately $70 million to $75 million in 2027 operating expenses, excluding stock-based compensation.
VIZZ product sales, prescriptions, telehealth adoption and prescriber activity advanced in the quarter, but total revenue declined versus the prior-year period as license revenue fell, SG&A increased, and net loss widened. Management announced a reorganization targeting a reduction of projected 2027 annual operating expenses by more than 50%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product sales, net - three months ended September 30, 2026GAAP | $2.6M | approximately 50% | – |
| Product sales, net - nine months ended September 30, 2026GAAP | $6M | – | – |
| License revenue - three months ended September 30, 2026GAAP | $800K | – | – |
| License revenue - nine months ended September 30, 2026GAAP | $4.8M | – | – |
| Total revenue - three months ended September 30, 2026GAAP | $3.38M | – | – |
| Total revenue - nine months ended September 30, 2026GAAP | $10.77M | – | – |
| Cost of sales - three months ended September 30, 2026GAAP | $500K | – | – |
| Cost of sales - nine months ended September 30, 2026GAAP | $1.8M | – | – |
| Direct product cost of sales - three months ended September 30, 2026GAAP | $100K | – | – |
| Direct product cost of sales - nine months ended September 30, 2026GAAP | $400K | – | – |
| Selling, general and administrative expenses - three months ended September 30, 2026GAAP | $35.8M | – | – |
| Selling, general and administrative expenses - nine months ended September 30, 2026GAAP | $120.2M | – | – |
| Stock-based compensation expense within selling, general and administrative expenses - three months ended September 30, 2026GAAP | $4.1M | – | – |
| Stock-based compensation expense within selling, general and administrative expenses - nine months ended September 30, 2026GAAP | $12.8M | – | – |
| Research and development expenses - three months ended September 30, 2026GAAP | $ — | – | – |
| Research and development expenses - nine months ended September 30, 2026GAAP | $ — | – | – |
| Total operating expenses - three months ended September 30, 2026GAAP | $36.30M | – | – |
| Total operating expenses - nine months ended September 30, 2026GAAP | $122.0M | – | – |
| Loss from operations - three months ended September 30, 2026GAAP | −$32.92M | – | – |
| Loss from operations - nine months ended September 30, 2026GAAP | −$111.2M | – | – |
| Other (expense) income - three months ended September 30, 2026GAAP | −$36K | – | – |
| Other (expense) income - nine months ended September 30, 2026GAAP | −$46K | – | – |
| Interest income - three months ended September 30, 2026GAAP | $1.99M | – | – |
| Interest income - nine months ended September 30, 2026GAAP | $6.90M | – | – |
| Total other income, net - three months ended September 30, 2026GAAP | $1.95M | – | – |
| Total other income, net - nine months ended September 30, 2026GAAP | $6.85M | – | – |
| Net loss before income taxes - three months ended September 30, 2026GAAP | −$30.97M | – | – |
| Net loss before income taxes - nine months ended September 30, 2026GAAP | −$104.4M | – | – |
| Income tax expense - three months ended September 30, 2026GAAP | $ — | – | – |
| Income tax expense - nine months ended September 30, 2026GAAP | $3K | – | – |
| Net loss - three months ended September 30, 2026GAAP | $31M | – | – |
| Net loss - nine months ended September 30, 2026GAAP | $104.4M | – | – |
| Net loss per share, basic and diluted - three months ended September 30, 2026GAAP | $0.99 per share | – | – |
| Net loss per share, basic and diluted - nine months ended September 30, 2026GAAP | $3.33 per share | – | – |
| Comprehensive loss - three months ended September 30, 2026GAAP | −$31.40M | – | – |
| Comprehensive loss - nine months ended September 30, 2026GAAP | −$105.7M | – | – |
| Unrealized loss on marketable securities - three months ended September 30, 2026GAAP | −$428K | – | – |
| Unrealized loss on marketable securities - nine months ended September 30, 2026GAAP | −$1.30M | – | – |
| Weighted-average common shares outstanding, basic and diluted - three months ended September 30, 2026GAAP | 31,420,063 | – | – |
| Weighted-average common shares outstanding, basic and diluted - nine months ended September 30, 2026GAAP | 31,382,605 | – | – |
| Paid prescriptions - Q3 2026other | over 38,000 paid prescriptions | approximately 51% | – |
| Cash and cash equivalents - September 30, 2026GAAP | $30.55M | – | – |
| Marketable securities - September 30, 2026GAAP | $166.8M | – | – |
| Total assets - September 30, 2026GAAP | $209.7M | – | – |
| Total liabilities - September 30, 2026GAAP | $17.75M | – | – |
| Total stockholders' equity - September 30, 2026GAAP | $192.0M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2027 outlook
- Operating expensesapproximately $70 million to $75 million in 2027 operating expenses, excluding stock-based compensation
- NoteThe Company expects the reorganization to reduce projected 2027 annualized operating expenses by more than 50%.
- NoteSubstantially all activities related to the strategic reorganization are anticipated to be completed during Q4 2026 with an estimated $5 million in one-time net restructuring charges.
What drove it
- Q3 2026 product sales were $2.6 million on over 38,000 paid prescriptions, with meaningful prescription growth across both ePharmacy and retail distribution channels.
- The telehealth channel contributed more than 50% of the incremental prescriptions in Q3 2026 over Q2 2026.
- Over 60% of ePharmacy patients have purchased more than one monthly pack of VIZZ since launch.
- Average refill rates from patients starting VIZZ in Q4 2025 and Q1 2026 were five packs per year.
- Over 15,000 unique prescribers prescribed VIZZ from launch through Q3 2026, with over 75% prescribing multiple times.
- The Company launched a nationwide TV advertising campaign and optimized targeted digital consumer marketing in July 2026.
- SG&A expense increases were primarily driven by launch investment, including commercial marketing, advertising, sales infrastructure and personnel-related expenses due to headcount growth.
Concerns
- Total revenue was $ 3,384 (in thousands) for the three months ended September 30, 2026, versus $ 12,500 (in thousands) in the prior-year period, as license revenue was $0.8 million versus $12.5 million.
- Net loss was $31.0 million for the three months ended September 30, 2026, versus $16.7 million in the prior-year period.
- Cost of sales included non-recurring events related to a manufacturing process transition unrelated to product sales.
- The Company expects an estimated $5 million in one-time net restructuring charges.
- Eef Schimmelpennink will transition from President and Chief Executive Officer effective December 1, 2026, and Dan Chevallard will become Interim President and Chief Executive Officer effective December 1, 2026.
What to watch
- Q4 2026 momentum in VIZZ product sales, paid prescriptions and telehealth adoption.
- Execution of the Q4 2026 strategic reorganization and the estimated $5 million in one-time net restructuring charges.
- Progress toward approximately $70 million to $75 million in 2027 operating expenses, excluding stock-based compensation.
- Consumer-awareness, access and adoption outcomes from nationwide TV advertising and targeted digital consumer marketing.
- VIZZ refill behavior, ePharmacy repeat purchasing and activity among eye care professional prescribers.
- Leadership transition effective December 1, 2026 and the continuation of Eef Schimmelpennink as a strategic advisor into 2027.
- Progress on the Saudi Arabia, Malaysia and Vietnam marketing authorization applications.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities were $197.3 million as of September 30, 2026.
- Cash and cash equivalents were $ 30,553 (in thousands) as of September 30, 2026, compared to $ 25,179 (in thousands) as of December 31, 2025.
- Marketable securities were $ 166,750 (in thousands) as of September 30, 2026, compared to $ 267,168 (in thousands) as of December 31, 2025.
- Total assets were $ 209,749 (in thousands) as of September 30, 2026, compared to $ 305,876 (in thousands) as of December 31, 2025.
- Total liabilities were $ 17,750 (in thousands) as of September 30, 2026, compared to $ 21,537 (in thousands) as of December 31, 2025.
- Total stockholders’ equity was $ 191,999 (in thousands) as of September 30, 2026, compared to $ 284,339 (in thousands) as of December 31, 2025.
Analysis
LENZ reported early commercial progress for VIZZ in the third quarter. Product sales, net were $2.6 million on over 38,000 paid prescriptions, with sales increasing approximately 50% and prescriptions increasing approximately 51% over Q2 2026. The Company cited prescription growth in both ePharmacy and retail distribution channels, while the telehealth channel contributed more than 50% of incremental prescriptions in Q3 2026 over Q2 2026. Management also reported that over 60% of ePharmacy patients had purchased more than one monthly pack since launch and that average refill rates for patients beginning VIZZ in Q4 2025 and Q1 2026 were five packs per year.
Reported total revenue was $ 3,384 (in thousands) for the three months ended September 30, 2026, versus $ 12,500 (in thousands) in the prior-year period. The year-over-year decline reflected license revenue of $0.8 million, compared with $12.5 million in the prior-year quarter, while product sales were $2.6 million after the Company had no product sales in the prior-year quarter. Nine-month product sales were $6.0 million, while nine-month license revenue was $4.8 million, compared with $17.5 million of license revenue in the prior-year nine-month period.
Expenses remained elevated as LENZ invested in the VIZZ launch. SG&A expense was $35.8 million in the third quarter, compared with $27.6 million in the prior-year period, with the increase attributed to commercial marketing, advertising, sales infrastructure and personnel-related costs associated with headcount growth. Cost of sales was $0.5 million and included non-recurring events related to a manufacturing process transition unrelated to product sales. The resulting net loss was $31.0 million, or $0.99 per share, compared with a net loss of $16.7 million, or $0.59 per share, in the prior-year quarter.
The Company announced a strategic reorganization implemented in Q4 2026 that focuses resources and capital on sales-impacting initiatives and is expected to reduce projected 2027 annualized operating expenses by more than 50%. LENZ is targeting approximately $70 million to $75 million in 2027 operating expenses, excluding stock-based compensation, and expects substantially all reorganization activities to be completed in Q4 2026 with an estimated $5 million in one-time net restructuring charges. Cash, cash equivalents and marketable securities were $197.3 million as of September 30, 2026.
Other developments include a July 2026 nationwide television advertising launch, targeted digital-marketing optimization, and expansion of international regulatory activity through marketing authorization applications in Saudi Arabia, Malaysia and Vietnam. The quarter also coincided with a leadership transition: Eef Schimmelpennink will leave the President and Chief Executive Officer roles effective December 1, 2026, and Chief Financial Officer Dan Chevallard will become Interim President and Chief Executive Officer. The reported focus is on sustaining VIZZ consumer awareness, access and adoption while lowering the operating cost structure.
Management, verbatim
Our strong third-quarter results demonstrate continued progress in the commercialization of VIZZ, with product sales growth of 50%, increasing patient adoption and encouraging refill rates. We view these as promising indicators of our positive trajectory in this emerging market.
Eef Schimmelpennink, President and Chief Executive Officer of LENZ Therapeutics
Dan brings a deep understanding of LENZ and our operating priorities and has our full confidence to lead the company as Interim CEO, with continued support from Eef and the Board through the transition.
Jeff George, Chairman of the Board of Directors of LENZ Therapeutics
Our priorities are clear: drive continued increases in consumer awareness, access and adoption of VIZZ and deploy our resources with discipline.
Dan Chevallard, Chief Financial Officer and incoming Interim Chief Executive Officer of LENZ Therapeutics
Not in the filing
stated, not guessed- Gross profit was not reported.
- Gross margin was not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Forward revenue guidance was not reported.
- Forward gross-margin guidance was not reported.
- Forward tax-rate guidance was not reported.
- Prior-quarter values for the financial-statement line items were not reported.
- Segment revenue was not reported.
- A prior outlook was not provided, so no comparison of actual results with prior guidance is available.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.