Company: LENZ
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001815776-25-000032
Chunk: 349

Company: LENZ Therapeutics, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 349
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5December 31,2024Sales, general, and administrative accrued expenses$1,920 $1,109 Accrued payroll and related expenses1,653 3,564 Research and development accrued expenses582 808 Operating lease liability, current portion509 567 Other accrued liabilities244 101 Total accrued liabilities$4,908 $6,149 

6.    Commitments and Contingencies

Operating LeasesCommencing on April 1, 2022, LENZ OpCo entered into a lease agreement for office space in Del Mar, California, which was subsequently amended to expand the office space leased and extend the term (the "Del Mar lease"). In April 2024, the Company entered into a lease agreement for office space in Solana Beach, California (the "Lomas lease"). As of March 31, 2025, the weighted average remaining lease term was 2.3 years, and the weighted average discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 7.7%. Cash paid for operating leases approximated rent expense for the periods presented.Maturities of the Company's operating lease liabilities as of March 31, 2025 are as follows (in thousands):2025$427 2026511 2027361 Total undiscounted lease payments 1,299 Less: present value adjustment(117)Operating lease liabilities$1,182 Rent expense for the three months ended March 31, 2025 and 2024 was $0.1 million and immaterial, respectively.Legal Proceedings From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. The Company is not currently a party to or aware of any proceedings that it believes will have, individually or in the aggregate, a material adverse effect on it's business, financial condition or results of operations.IndemnificationsIn the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such 

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capacity. To date, the Company has not paid any claims or been required to defend any action related to its