LENZ Therapeutics (LENZ)
NASDAQ:LENZ
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LENZ Therapeutics
(NASDAQ:LENZ)
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Rating:51Neutral
Price Target:
$10.00
▼(-1.77% Downside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by ongoing losses and heavy cash burn despite a strengthened, low-debt balance sheet. Technicals are meaningfully bearish (below key moving averages and negative MACD), adding near-term risk. Offsetting factors include encouraging early commercial indicators and solid liquidity from the latest earnings call, but high operating spend and uncertain conversion/refill visibility limit confidence.
Positive Factors
Strong cash position & low leverage
A large cash balance and minimal debt provide multi-quarter runway to fund an intensive commercial launch and category education without immediate refinancing. This financial flexibility lowers solvency risk and gives management time to scale sales, collect prescriber data, and optimize unit economics before needing external capital.
Negative Factors
High operating spend and widening losses
Sustained, high SG&A driven by an aggressive sales build and DTC investment will depress margins for the foreseeable quarters. If revenue growth or refill rates lag expectations, elevated operating spend risks prolonged losses, delayed breakeven, and pressure on strategic priorities as management must defend market share while cutting costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash position & low leverage
A large cash balance and minimal debt provide multi-quarter runway to fund an intensive commercial launch and category education without immediate refinancing. This financial flexibility lowers solvency risk and gives management time to scale sales, collect prescriber data, and optimize unit economics before needing external capital.
Read all positive factors
LENZ Therapeutics (LENZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$290.97M
Dividend YieldN/A
Average Volume (3M)1.00M
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue GrowthN/A
EPS Growth41.19%
CountryUS
Employees6
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.81
Shares Outstanding31,354,395
10 Day Avg. Volume653,692
30 Day Avg. Volume1,002,889
Financial Highlights & Ratios
PEG Ratio-0.26
Price to Book (P/B)1.62
Price to Sales (P/S)24.15
P/FCF Ratio-6.59
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue14.60
Enterprise Value/Gross Profit15.06
Enterprise Value/Ebitda-3.14
Forecast
1Y Price Target
$40.75Price Target Upside300.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-3.91
Revenue Forecast (FY)$25.59M
LENZ Therapeutics Business Overview & Revenue Model
Company Description
LENZ Therapeutics, Inc., a biopharmaceutical company, focuses on developing and commercializing therapies to improve vision in the United States. Its product candidates include LNZ100 and LNZ101 which are in Phase III clinical trials for the treat...
How the Company Makes Money
As a clinical-stage company, LENZ Therapeutics has not historically generated material recurring revenue from product sales; therefore, its primary source of funding has typically been capital raised from equity offerings and similar financing act...
LENZ Therapeutics Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic outlook: product efficacy and early real-world persistence plus strong physician awareness, encouraging prescriber productivity, expanding field coverage, and a robust cash balance are clear positives. However, the launch is capital-intensive with substantial SG&A increases and meaningful Q4 net loss, early-stage NRx growth due to deliberate sampling strategy and category education, limited short-term visibility on refill/conversion metrics, and a relatively low expected direct product gross margin. Management’s tone is constructive and execution-focused, positioning the company to scale adoption over the coming quarters while they absorb near-term investment-driven losses.Positive Updates
Product Efficacy Demonstrated in Real World
LENZ reports the product 'clearly works' with many patients noticing effects within ~30 minutes and near-vision benefits lasting throughout the workday; early patient persistence and refill behavior are described as encouraging.
Negative Updates
High Operating Spend and Increased Net Loss
Q4 operating expenses were ~ $40M with SG&A of $39.6M (or ~$35.9M net of noncash stock comp), driving a net loss of $35.9M in Q4 2025 versus $12.7M in Q4 2024 (+~183% increase in net loss); net loss per share grew to $1.16 from $0.46 (+~152%).
Read all updates
Q4-2025 Updates
Positive
Negative
Product Efficacy Demonstrated in Real World
LENZ reports the product 'clearly works' with many patients noticing effects within ~30 minutes and near-vision benefits lasting throughout the workday; early patient persistence and refill behavior are described as encouraging.
Read all positive updates
Company Guidance
LENZ guided that it is building toward an acceleration in new patient starts as its salesforce expansion, DTC campaign and sampling strategy take hold: the company finished Q4 with $292.3M in cash, reported roughly $1.6M of net product revenue in the first quarter of launch with over 20,000 monthly paid/filled prescriptions, and believes it has sold more than 45,000 monthly packs through the end of March prescribed by over 10,000 ECPs (from a U.S. presbyope population of ~128M); aided ECP awareness is 98% (unaided 79%), top 1,000 prescribers are filling >40% more scripts per doctor versus a comparable VUITY point, and LENZ is expanding the field from 88 to 117 reps (adding 29) to reach ~15,000 ECPs; unit economics to date show ~90% gross-to-net (~$67/pack) and an expected net cash per unit of ~$60, Q4 OpEx was ~ $40M with net cash burn ~ $32M, SG&A ~$39.6M, COGS ~$0.4M and a Q4 net loss of $35.9M ($1.16/share); DTC (launched mid‑Jan) has driven web traffic ~5x baseline with spikes up to 10x and a YouTube lift ~2x benchmark, consumer mix ~60% female/40% male (majority age 45–65), sampling (estimated >90% of starters) is driving early refill behavior and moves from 1‑month to 3‑month scripts, and LENZ expects >10 ex‑U.S. submissions this year with potential approvals in multiple geographies in early 2027.LENZ Therapeutics Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
63
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 19.09M | 0.00 | 0.00 | 15.00M | 0.00 |
| Gross Profit | 18.67M | -58.00K | 0.00 | 15.00M | -734.00K |
| EBITDA | -91.14M | -49.71M | -72.41M | -10.47M | -70.03M |
| Net Income | -82.13M | -49.77M | -69.97M | -10.81M | -70.76M |
Balance Sheet | |||||
| Total Assets | 305.88M | 215.30M | 70.38M | 46.95M | 18.34M |
| Cash, Cash Equivalents and Short-Term Investments | 292.35M | 209.03M | 65.79M | 44.44M | 18.31M |
| Total Debt | 350.00K | 1.38M | 329.00K | 250.00K | 0.00 |
| Total Liabilities | 21.54M | 11.22M | 163.09M | 71.12M | 32.55M |
| Stockholders Equity | 284.34M | 204.08M | -92.71M | -24.17M | -14.21M |
Cash Flow | |||||
| Free Cash Flow | -70.00M | -59.86M | -60.41M | -94.57M | -58.59M |
| Operating Cash Flow | -69.17M | -59.39M | -60.38M | -87.98M | -52.85M |
| Investing Cash Flow | -75.67M | -154.48M | -29.62M | -241.86M | -5.74M |
| Financing Cash Flow | 149.75M | 199.00M | 80.70M | 597.00K | 417.47M |
LENZ Therapeutics Technical Analysis
Neutral
10.18
Price Trends
11.41
Negative
15.88
Negative
25.80
Negative
Market Momentum
-0.55
Negative
48.71
Neutral
62.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LENZ, the sentiment is Neutral. The current price of 10.18 is above the 20-day moving average (MA) of 9.47, below the 50-day MA of 11.41, and below the 200-day MA of 25.80, indicating a neutral trend. The MACD of -0.55 indicates Negative momentum. The RSI at 48.71 is Neutral, neither overbought nor oversold. The STOCH value of 62.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LENZ.
LENZ Therapeutics Risk Analysis
LENZ Therapeutics disclosed 64 risk factors in its most recent earnings report. LENZ Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
LENZ Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.70B | -10.55 | -28.85% | ― | ― | -33.82% | |
58 Neutral | $2.13B | -8.00 | -2.05% | ― | 404.50% | 94.17% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $290.97M | -3.46 | -37.47% | ― | ― | 41.19% | |
49 Neutral | $1.77B | -11.85 | -206.62% | ― | 397.28% | 27.68% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.