LENZ Therapeutics Inc (NASDAQ:LENZ) Reports Q3 2025 Revenue Beat and Progress on VIZZ Launch

LENZ Therapeutics Inc (NASDAQ:LENZ) reported third-quarter 2025 financial results that demonstrated significant revenue outperformance against analyst expectations, though the company continues to operate at a loss as it ramps up commercial operations for its newly approved vision treatment.

Earnings Performance Versus Estimates

The pharmaceutical company's Q3 2025 results revealed a substantial revenue beat while losses came in narrower than anticipated. LENZ reported revenue of $12.5 million, primarily driven by license revenue from partnership agreements, which dramatically exceeded the analyst consensus estimate of approximately $7.0 million. This represents a beat of nearly 80% against revenue expectations.

The company's non-GAAP earnings per share showed improvement relative to forecasts:

• Reported EPS: -$0.59
• Estimated EPS: -$0.72
• Variance: $0.13 better than expected

The narrower-than-expected loss reflects the contribution from license revenue and controlled research and development spending as the company transitions from development to commercialization phase.

Market Reaction and Price Action

Despite the earnings beat, LENZ shares faced downward pressure in pre-market trading, declining approximately 0.25%. This reaction suggests investors may be focusing on the company's ongoing losses and the substantial costs associated with launching its new product. The stock has experienced significant pressure over recent periods, declining:

• 16.4% over the past two weeks
• 40.2% over the past month

The disconnect between the earnings beat and negative price action indicates market concerns may extend beyond quarterly results to broader commercialization challenges and the timeline to profitability.

Commercial Launch Progress

The quarter's standout development was the commercial launch of VIZZ™ (aceclidine ophthalmic solution) 1.44%, which received FDA approval for presbyopia treatment on July 31, 2025. Early launch metrics demonstrate promising initial traction:

• Over 2,500 eye care professionals have prescribed VIZZ
• 40% of prescribing ECPs have written multiple prescriptions
• More than 5,000 prescriptions filled through October 2025
• 90% awareness among surveyed ECPs

The company has deployed an 88-territory sales force and initiated a significant sampling program, distributing nearly 70,000 product samples to approximately 7,000 ECP offices. The upcoming direct-to-consumer campaign featuring Sarah Jessica Parker is scheduled for Q1 2026.

Financial Position and Outlook

LENZ strengthened its balance sheet during the quarter, ending with $202.2 million in cash, cash equivalents, and marketable securities. Following an additional $123.5 million raised in October through an at-the-market offering, the company's pro forma cash position stands at approximately $324.0 million.

While the press release did not provide specific financial guidance for upcoming quarters, analyst estimates project:

• Q4 2025 revenue: $6.95 million
• Full-year 2025 revenue: $13.15 million

The company's substantial cash reserves position it to fund operations through the initial launch phase and toward positive cash flow generation.

Operational Expenses

The transition to commercialization drove significant increases in operating expenses:

• Selling, general and administrative expenses rose to $27.6 million for Q3 2025, up from $6.5 million in the prior-year period
• Research and development expenses decreased to $3.8 million from $6.5 million year-over-year
• Net loss for the quarter was $16.7 million, compared to $10.2 million in Q3 2024

The SG&A increase reflects investments in the commercial infrastructure, including the sales force and pre-launch marketing activities necessary to support VIZZ's introduction to the market.

For detailed earnings analysis and future estimates, view the complete earnings data for LENZ Therapeutics.

Disclaimer: This article provides financial analysis for informational purposes only and does not constitute investment advice, recommendation, or endorsement of any security. Investors should conduct their own research and consult with financial advisors before making investment decisions.