Company: LENZ
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001815776-25-000056
Chunk: 376

Company: LENZ Therapeutics, Inc.
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 376
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 exercisable into shares of common stock and will no longer continue to be remeasured at each reporting date.

Results of Operations

Comparison of the Three Months Ended June 30, 2025 and 2024

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

Three Months Ended June 30,20252024$ Change% ChangeLicense revenue$5,000 $— $5,000 N/AResearch and development expenses9,061 6,945 2,116 30 %Selling, general and administrative expenses12,796 7,407 5,389 73 %Other income, net2,445 4,098 (1,653)(40)%

License Revenue

License revenue increased during the three months ended June 30, 2025 due to revenue recognized from the upfront payment under the Lotus License. There was no license revenue in the three months ended June 30, 2024.

Research and Development

Research and development expenses incurred for the three months ended June 30, 2025 were primarily driven by pre-approval and contingent product manufacturing activities to support the potential commercial launch of LNZ100, which is recorded in research and development prior to approval, while research and development expenses for the three months ended June 30, 2024 were substantially all related to the development of LNZ100 in our Phase 3 CLARITY trials.

Research and development expenses increased by $2.1 million, or 30%, to $9.1 million for the three months ended June 30, 2025 compared to $6.9 million for the three months ended June 30, 2024. The increase was primarily driven by increases of $2.5 million in non-clinical regulatory and chemistry, manufacturing, and control (“CMC”) expenses and $0.2 million in travel related expenses, partially offset by a $0.7 million decrease in regulatory consulting costs as we ramped up regulatory activities in the prior year in advance of our NDA submission.

Selling, General and Administrative

Selling, general and administrative expenses increased $5.4 million, or 73%, to $12.8 million for the three months ended June 30, 2025 compared to $7.4 million for the three months ended June 30, 2024. The change was primarily driven by increases of $3.9 million in employee salaries and related expenses due