Company: LENZ
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001815776-25-000071
Chunk: 475

Company: LENZ Therapeutics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 475
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 development expenses decreased $5.3 million, or 22%, to $18.7 million for the nine months ended September 30, 2025 compared to $23.9 million for the nine months ended September 30, 2024. The decrease was primarily driven by a $7.0 million decrease in clinical and nonclinical research expense for our clinical trials, and a $1.9 million decrease in contract regulatory consulting expenses associated with the prior period preparation and filing of our NDA for VIZZ. The decrease was partially offset by a $2.2 million increase in contingent product manufacturing costs incurred prior to FDA approval and a $1.2 million increase in employee salaries and related expenses due to increased non-clinical regulatory and CMC headcount.

Other Income, net

Other income, net for the nine months ended September 30, 2025, was $6.9 million, compared to $6.3 million for the nine months ended September 30, 2024. Interest income earned on our cash, cash equivalents, and marketable securities increased by $0.8 million as a result of an overall increase in cash on-hand in 2025 over the comparative period. During the nine months ended September 30, 2024, we recorded a $1.0 million charge due to an increase in the fair value of the preferred stock warrants liability, resulting in a non-recurring, non-cash charge at the close of the Merger, and $1.3 million in other income related to an increase in the fair value of the Company's equity investment without a readily determinable fair value.

Liquidity and Capital Resources

Sources of Liquidity

As of September 30, 2025, we had $202.2 million of cash, cash equivalents and marketable securities. We have incurred net losses in each year since inception and as of September 30, 2025, we had an accumulated deficit of $191.2 million. Our net losses were $16.7 million and $10.2 million for the three months ended September 30, 2025 and 2024, respectively, and $46.2 million and $37.1 million for the nine months ended September 30, 2025 and 2024, respectively. These losses have 

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resulted principally from costs incurred in connection with research and development activities and selling, general and administrative costs associated with our operations. We expect to continue to incur significant expenses and operating