# LENZ Therapeutics, Inc. (LENZ)

> Source: Nexqual · https://nexqual.com/LENZ · data as of 2026-10-23 13:32 UTC · cite as "Nexqual, LENZ Therapeutics, Inc. (LENZ), nexqual.com/LENZ" · informational, not investment advice.

**Price:** USD 3.2 (-1.69% today) · US market open, as of October 23, 2026 at 13:32 UTC; quotes may be delayed. Prev close 3.25 · day 3.18–3.23 · 52w 3.12–32.92 · market cap $100M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $21.5M, net income -$126M (-586.7% margin), free cash flow -$114M (SEC filings).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 20 (range 5–50).
- Total return with dividends: 1Y -89.8% vs S&P 500 +14.9%; 5Y -92.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.95, revenue estimate $4.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0K | $19.1M | $21.5M |
| Gross profit | — | — | — | $0K | $18.7M | — |
| Operating income | -$60.4M | -$106M | -$72.4M | -$58.6M | -$91.1M | -$136M |
| Net income | -$70.8M | -$101M | -$70.0M | -$49.8M | -$82.1M | -$126M |
| EPS (diluted) | -$17.15 | -$12.88 | -$35.71 | -$2.34 | -$2.85 | — |
| Free cash flow | -$58.6M | -$94.6M | -$60.4M | -$59.9M | -$70.0M | -$114M |
| Gross margin | — | — | — | — | 97.8% | — |
| Operating margin | — | — | — | — | -477.5% | -631.7% |
| Net margin | — | — | — | — | -430.3% | -586.7% |
| Cash + short-term investments | $377M | $284M | $184M | $209M | $292M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.7x · P/B 0.5x · FCF yield -113.98% · Earnings yield -125.52%

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 20 (low 5, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target lowered | Buy | $60 → $50 |
| 2026-10-19 | Piper Sandler | Target lowered | Neutral | $7 → $5 |
| 2026-08-12 | Piper Sandler | Target lowered | Neutral | $12 → $7 |
| 2026-07-07 | HC Wainwright & Co. | Reiterated | Buy | $38 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -89.8% | -92.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -89.8% | -40.4% |
| Volatility (annualized) | 82.8% | 80.3% |
| Max drawdown | -90.0% (Oct 2025→Oct 2026) | -93.4% (Sep 2025→Oct 2026) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.51 -0.10% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.88 -1.12% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.02 -0.85% · PRAX (Praxis Precision Medicines, Inc) USD 255.42 -1.35% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.68 -0.52% · ABVX (Abivax SA) USD 88.97 -1.40%

## More
Full page: https://nexqual.com/LENZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LENZ's own 10-K filed 2026-03-24 (https://www.sec.gov/Archives/edgar/data/1815776/000181577626000011/lenz-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Ji Xing Pharmaceuticals Hong Kong | "In addition, we have entered into a license and collaboration agreement (the "CORXEL License") with CORXEL Pharmaceuticals (formerly known as Ji Xing Pharmaceuticals Hong Kong Limited) ("CORXEL") to develop and commercia…" |
| Partner | Lotus Pharmaceutical | "In addition, we have entered into a license and collaboration agreement (the "CORXEL License") with CORXEL Pharmaceuticals (formerly known as Ji Xing Pharmaceuticals Hong Kong Limited) ("CORXEL") to develop and commercia…" |
| Competitor | AbbVie (ABBV) | "As VIZZ is marketed for the treatment of presbyopia, we may face competition from a variety of companies developing or marketing other pharmaceutical presbyopia therapies, including AbbVie (formerly Allergan), AceVision,…" |
| Competitor | Johnson & Johnson (JNJ) | "As VIZZ is marketed for the treatment of presbyopia, we may face competition from a variety of companies developing or marketing other pharmaceutical presbyopia therapies, including AbbVie (formerly Allergan), AceVision,…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| License revenue | $3.8M | 68.4% | -25.0% |
| Product sales, net | $1.7M | 31.6% | — |
| Total revenue | $5.5M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 18%, 17%, 15% of revenue from unnamed direct customers (10-K, filed 2026-03-24).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.95 | $-0.94 | +0.9% | $4.2M | 6 |
| Next quarter (ends 2026-12-31) | $-0.88 | $-1.00 | -12.0% | $4.6M | 5 |
| Current fiscal year (ends 2026-12-31) | $-4.18 | $-4.56 | -8.5% | $16.0M | 6 |
| Next fiscal year (ends 2027-12-31) | $-2.73 | $-3.51 | -22.3% | $37.6M | 6 |