Company: LENZ
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001815776-25-000056
Chunk: 374

Company: LENZ Therapeutics, Inc.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 374
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 trials in March 2024. We expect our research and development costs will decrease in 2025, relative to 2024, given the completion of the CLARITY trials and subsequent wind-down of clinical activities over 2024.

24

•We expect that selling, general and administrative expenses will continue to increase in 2025, relative to 2024, as we have built a cross-functional commercial team consisting of marketing and commercial operations and will continue to strategically build our sales and commercial infrastructure with capabilities designed to scale when necessary to support a potential commercial launch of LNZ100, subject to FDA approval. These expenses increased during the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, and we expect such expenses to continue to increase for the foreseeable future.

•License revenue increased during the three and six months ended June 30, 2025 relative to the three and six months ended June 30, 2024 as a result of an upfront payment received under the Lotus License. The Company may generate future revenue from additional license and collaboration agreements to commercialize LNZ100 outside the U.S. The Company has not recorded any product sales revenue for the periods presented.

Recent Developments

Hiring of Sales Force

During the three months ended June 30, 2025, we recruited and hired eighty-eight sales specialists, who, combined with our inside sales team, are expected to target approximately 15,000 eye care professionals. Our sales force has completed onboarding activities in anticipation of a potential commercial launch of LNZ100, subject to FDA approval.

Recently Executed License Agreements

The Company executed two additional license agreements to out-license the commercialization rights for LNZ100 in the Republic of Korea and certain countries in Southeast Asia to Lotus Pharmaceutical Co., LTD., and to Laboratoires Théa in Canada. Under these licensing agreements, the Company is eligible to receive up to $195 million in upfront, regulatory and commercial milestone payments, as well as tiered, double-digit royalties on future net sales in the respective contractual territories. 

CORXEL New Drug Application Submission

In July 2025, a regulatory milestone was achieved upon the submission of the NDA for LNZ100 to the NMPA in Greater China for the treatment of presbyopia.

Basis of Presentation

The following discussion highlights our results of operations and the principal factors that have affected our financial condition as well as our liquidity and capital resources for