Company: LENZ
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001815776-25-000071
Chunk: 474

Company: LENZ Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 474
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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 $1.1 million in chemistry and control and regulatory related expenses which were classified as selling, general and administrative expenses subsequent to FDA approval.

Research and Development

Research and development expenses incurred for the nine months ended September 30, 2025 were primarily driven by pre-approval and contingent product manufacturing activities to support the commercial launch of VIZZ, while research and development expenses incurred for the nine months ended September 30, 2024 were primarily incurred to further refine the manufacturing process for VIZZ.

Research and