Start here if you're new
what it is
LENZ is building an eye drop for people who need to hold their phone farther away to read it.
how it gets paid
Last year Lenz Therapeutics made n/a in revenue. VIZZ launch was the main engine at $18M, or 100% of sales.
what just happened
LENZ posted $18M in latest-quarter revenue while EPS came in at -$1.65.
At a glance
B+ balance sheet — decent shape, but not bulletproof
-$2.34 fy2024 eps est
100.0% operating margin
1.2 beta
~$380M market cap
xvary composite: 43/100 — below average
What they do
LENZ is building an eye drop for people who need to hold their phone farther away to read it.
LENZ is aiming at one problem: presbyopia, which affects 1.8 billion people worldwide and 128 million in the U.S. That is 42 employees chasing a market bigger than most countries. Jargon check: preservative-free, single-use, once-daily eye drop → one drop you open once and toss → easier to use, but the whole bet still rests on one product.
How they make money
n/a
annual revenue
VIZZ launch
$18M
+40.0%
Clinical development
$0M
0.0%
Consumer campaign
$0M
0.0%
Other / not reported
$0M
0.0%
The products that matter
lead presbyopia eye drop
VIZZ (LNZ100)
$17.5M revenue base tied to the story
This is the product that matters. The page points to $17.5M in current revenue, analyst expectations for $45M in 2026 sales, and a valuation that assumes approval can become a real launch.
core asset
second aceclidine formulation
LNZ101
timeline not disclosed here
LNZ101 exists in company materials, but this page gives you no clinical timeline, no revenue, and no disclosed data set. That's not optionality you can model cleanly. It's optionality you note and discount.
early optionality
commercial launch plan
U.S. launch execution
$202.17M cash backs the runway
For a company this concentrated, launch execution is effectively a product line of its own. The cash pile matters because it gives LENZ time to build the sales effort without long-term debt.
execution risk
Key numbers
$18M
quarterly revenue
This is the only hard sales number in the filing. For a $380M market cap, one quarter like this can move the whole stock.
$0M
long-term debt
Debt is zero, so the company is not paying interest on old mistakes. That helps, but it does not create demand.
1.8B
global market
That is the estimated worldwide presbyopia pool. The market is huge, which is the only reason this story exists.
128M
U.S. market
The U.S. count is massive too. You are not looking at a niche problem; you are looking at aging.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LENZ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
LENZ posted $18M in latest-quarter revenue while EPS came in at -$1.65.
Revenue was up 40% vs. prior year. EPS was down 180% vs. prior year, which fits a pre-commercial biotech that is still spending to launch.
$18.0M
revenue
$1.65
eps
n/a
n/a
the number that mattered
The $18M quarter matters because it is the only clear proof of demand, and the company still carries $0 of long-term debt.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk here is VIZZ approval and launch execution. LENZ does not have a portfolio to hide behind. It has one lead asset, $17.5M in revenue, and a valuation that assumes the next step works.
high
VIZZ approval setback
The company is effectively a one-asset story. If VIZZ is delayed, rejected, or launched on worse terms than investors expect, the ~$380M equity value has very little diversification to lean on.
direct hit to the core thesis
med
commercial uptake disappoints
Approval is not the finish line. The real test is prescriptions, payer access, and doctor adoption. A stock trading at 26.6x sales does not have much patience for a slow ramp.
pressures the premium multiple fast
med
cash burn outlasts the timeline
The page says cash runway exceeds three years based on current free cash flow. That's helpful. If timelines stretch or launch costs rise, financing risk comes back into the room.
future dilution risk rises
low
the market pays less for the same story
Sometimes nothing operational breaks and the stock still falls because investors stop paying biotech-hope multiples. A 26.6x sales stock can get cheaper just by becoming less exciting.
multiple compression even with decent execution
Put the numbers together and the shape of the risk is clear: $17.5M of current revenue is being asked to support a ~$380M valuation while the core asset still has to prove approval, adoption, and scale.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
price / sales staying at 26.6x
If revenue stays small while the multiple stays huge, you are depending on future perfection. If the multiple falls before revenue ramps, the stock can get hit without any dramatic headline.
risk
VIZZ approval path
This is the first question, not the second. Until the lead asset clears the right gates, everything else on the page is supporting cast.
calendar
the next company update
Use the next update to see whether management is talking about launch preparation, market access, and demand signals — or just repeating the same thesis with different adjectives.
trend
cash runway versus launch spend
$202.17M in cash is a real buffer. Watch whether that buffer is shrinking in line with plan or shrinking because commercialization is getting more expensive than expected.
Analyst rankings
short-term outlook
mixed
target data is thin here. in human-speak, analysts do not have a clean shared view of what this is worth from here.
risk profile
volatile
Beta: 1.2. That means LENZ has moved more than the market. Add biotech catalyst risk and you should expect a chart with mood swings.
chart momentum
catalyst-driven
This stock is not following a calm operating trend. It reacts to approval odds, launch expectations, and whatever the market thinks a single-asset biotech deserves that week.
earnings predictability
40 / 100
You're looking at a business still changing shape. Small revenue bases and large development costs make reported earnings less useful than cash and catalyst tracking.
source: institutional data
Institutional activity
institutional ownership data for LENZ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive