10-Q · May 11, 2026
LENZ reported Q4 2026 results with revenue of $1.588 million, a decrease from $2 million in Q4 2025, translating to a year-over-year decline of 20.6%. EPS from continuing operations was -$1.16, more than the prior…
Earnings analysis · 10-Q
LENZ earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
LENZ delivered strong commercial momentum in Q2 2026, with revenue of $5.486 million, approximately 27,000 VIZZ packs sold and delivered, and EPS of $(1.02) ahead of consensus. However, the quarter remained deeply…
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LENZ delivered strong commercial momentum in Q2 2026, with revenue of $5.486 million, approximately 27,000 VIZZ packs sold and delivered, and EPS of $(1.02) ahead of consensus. However, the quarter remained deeply unprofitable: SG&A increased 208% to $39.378 million, net loss rose to $31.918 million, and six-month operating cash burn reached $72.295 million. Liquidity of $220.0 million supports near-term commercialization, but the exhausted $150.0 million equity facility, continued spending increases and intensifying competition create a negative risk-reward trend.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.02
What stood out
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Revenue more than doubled sequentially
Q2 revenue increased to $5.486 million from $5.000 million in Q2 2025 and $2.000 million in Q1 2026, driven by $1.736 million of VIZZ product sales and $3.750 million of license revenue.
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VIZZ sales gained commercial traction
VIZZ product sales reached $1.736 million, supported by approximately 27,000 packs sold and delivered during the quarter; product sales were $0 in Q2 2025.
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Revenue and EPS beat consensus
Reported diluted EPS of $(1.02) exceeded the $(1.10) consensus estimate by $0.08, while revenue of $5.486 million exceeded the $2.344 million estimate by $3.142 million.
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Gross margin recovered sequentially
Gross margin was approximately 94.9% in Q2 2026, versus 100.0% in Q2 2025 and 43.4% in Q1 2026, despite $0.280 million of cost of sales.
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Telehealth channel expands access
VIZZ became available through a telehealth platform beginning in July 2026, integrating online evaluation by independent licensed ECPs, ePharmacy fulfillment and home delivery.
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Liquidity supports commercialization
LENZ had $220.0 million of cash, cash equivalents, restricted cash and marketable securities as of June 30, 2026, and management stated that this balance is expected to allow continued commercialization of VIZZ.
What to watch
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Commercial spending drives larger losses
Net loss increased to $31.918 million from $14.9 million in Q2 2025, while operating expenses remained substantially above revenue: SG&A rose 208% to $39.378 million, including $13.3 million of additional commercial marketing and sales infrastructure expense.
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Cash burn and accumulated deficit
Cash used in operating activities was $72.295 million for the six months ended June 30, 2026, compared with $27.557 million in the prior-year period; accumulated deficit reached $300.5 million.
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Future financing may be required
The company had no remaining capacity under its $150.0 million Sales Agreement as of June 30, 2026, and states that additional financing may be required sooner than planned if capital is consumed faster than anticipated.
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Presbyopia competition is intensifying
Competitive pressure increased with Qlosi launched in April 2025, generic Vuity launched in August 2025, and Yuvezzi approved in January 2026 and launched in March 2026; VIZZ product sales were only $1.736 million in Q2 2026.
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Supply and product-cost risk
VIZZ depends on third-party manufacturing, and the filing cites an out-of-specification temperature excursion during transit in March 2026; the company also states that substantially all zero-cost inventory had been sold as of June 30, 2026, which may increase per-unit cost of sales.
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Single-product and geographic concentration
The company’s commercial strategy depends entirely on VIZZ, with no other product candidates in the current development pipeline; VIZZ is currently approved for commercial sale only in the U.S.
Management's outlook
No explicit numeric revenue or EPS guidance was provided. Management stated that selling, general and administrative expenses will continue to increase in 2026 and that research and development costs are expected to remain de minimis over the remainder of 2026.
Earlier filings 4
10-K · March 24, 2026
LENZ launched VIZZ (aceclidine ophthalmic solution) in the U.S. after FDA approval on July 31, 2025 and began retail distribution in November 2025; the company positions VIZZ as a differentiated, pupil‑selective miotic…
10-Q · November 5, 2025
LENZ Therapeutics reported a significantly increased revenue of $12.5 million in Q3 2025 from no revenue in the prior year's quarter, indicating strong progress following the FDA approval of its product VIZZ. Despite a…
10-Q · May 7, 2025
LENZ reported Q1 2025 net loss of $14.6M (−$0.53 per share) versus a net loss of $16.6M (−$3.53) in Q1 2024, driven by lower R&D but higher SG&A as the company builds commercial capabilities. Cash, cash equivalents and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.