Company: LENZ
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001815776-25-000071
Chunk: 314

Company: LENZ Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 314
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 costs incurred prior to FDA approval. Prior to FDA approval of VIZZ on July 31, 2025, costs related to the production of inventory were expensed in the period incurred within research and development expenses, resulting in zero cost inventory. Subsequent to FDA approval of VIZZ, direct and indirect manufacturing costs were capitalized to inventory.

Other Income, net

Other income, net for the three months ended September 30, 2025, was $2.2 million, compared to $2.7 million for the three months ended September 30, 2024. Interest income earned on our cash, cash equivalents, and marketable securities decreased period over period due to a lower balance of marketable securities and slightly less favorable interest rates.

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Comparison of the Nine Months Ended September 30, 2025 and 2024

The following table presents the results of operations for the periods indicated (amounts in thousands, except percentages):

Nine Months Ended September 30,20252024$ Change% ChangeLicense revenue$17,500 $— $17,500 N/ASelling, general and administrative expenses51,505 19,452 32,053 165 %Research and development expenses18,670 23,933 (5,263)(22)%Other income, net6,944 6,268 676 11 %

License Revenue

License revenue increased during the nine months ended September 30, 2025 due to revenue recognized from the upfront payments under the Lotus and Théa Licenses, and the achievement of two regulatory milestones under the CORXEL License. There was no license revenue in the nine months ended September 30, 2024.

Selling, General and Administrative

Selling, general and administrative expenses increased $32.1 million, or 165%, to $51.5 million for the nine months ended September 30, 2025 compared to $19.5 million for the nine months ended September 30, 2024. Increases in the comparative period included $19.1 million in employee salaries and related expenses due to a rise in headcount, including the hiring of our 88-territory sales force, $8.1 million in pre-commercial and commercial marketing, advertising and sales infrastructure as we prepared for and subsequently executed the commercial launch of VIZZ, $1.8 million in travel expenses primarily related to our sales force, $1.7 million in other corporate overhead, and $1.