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    LENZ
    Earnings call· Jun 2026(Q2 FY26)

    LENZ Therapeutics Q2 FY26 earnings call LENZ

    Aug 11, 2026 Source

    Executive summary

    LENZ Therapeutics Q2 FY26 — Strong July Script Growth and Promising Patient Persistence

    LENZ Therapeutics reported continued, albeit modest, growth in Q2 FY26, with significant acceleration in July scripts driven by the launch of telehealth and a national TV campaign. The company highlighted encouraging patient persistence in its e-pharmacy channel, with over 60% of patients purchasing multiple packs and mature cohorts tracking towards five annual packs. Management is now focused on optimizing commercial investments based on performance data to drive sustained patient growth and expand its global presence.

    Highlights

    5

    • July scripts increased over 45% month-over-month following telehealth launch and national TV advertising.

    • Over 60% of e-pharmacy patients who purchased VIZ have purchased more than one monthly pack, indicating strong persistence.

    • Mature Q4 2025 and Q1 2026 patient cohorts are tracking towards an average annualized purchase rate of five monthly packs.

    • Secured a fifth ex-US commercial partnership covering Australia and New Zealand, expanding global footprint to over 20 countries.

    • Unaided awareness of VIZ among eye care professionals exceeds 80%, with over 13,000 physicians having prescribed it.

    Concerns

    2

    • Retail pickup of VIZ through Symphony or IQVIA has been "fairly poor and limited," making it difficult to assess refill dynamics in that channel.

    • Commercial investments will require more discipline and assessment in Q3 to ensure optimal allocation for durable growth.

    Guidance & targets

    3
    CategoryTargetConfidence
    Direct product gross margin
    Approximately 90%
    medium materiality
    High
    Additional ex-US regulatory submissions and approvals
    Multiple additional submissions and potential ex-U.S. regulatory approvals
    medium materiality
    Medium
    Expansion of global network
    Further expanding our global network in additional strategic geographies
    low materiality
    Low

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    VIZ Product Sales
    Product revenue from VIZ increased 9% quarter-over-quarter based on monthly packs sold, driven by strong July script growth following telehealth and national TV campaign launches. Patient persistence in the e-pharmacy channel is strong, with mature cohorts showing an average of five packs purchased annually.
    Monthly packs sold: 27,000e-pharmacy patient persistence (>1 monthly pack): >60%Average annualized purchase rate (Q4 2025 & Q1 2026 cohorts): 5 monthly packsJuly scripts month-over-month growth: >45%e-pharmacy channel share: >60% of scriptsPhysicians prescribed VIZ: >13,000Physicians prescribed multiple times: >75%Patient mix (women): ~60%Patient mix (men): ~40%Patient mix (age 45-55 interest): Slightly higher
    		$1.7 million—9%—
    License Revenue
    License revenue included milestone payments from international partnerships, reflecting progress in global commercialization efforts.
    Regulatory milestone payment: First payment from TEA for Health Canada submissionSublicense milestone payment: First payment from Everest Medicine and Cork Cell for Greater China rights
    		$3.8 million———

    Operational metrics

    25
    Adjusted SG&A expenses
    $34.9 million14% quarter-over-quarter decline
    Q2 FY26

    Adjusted SG&A expenses decreased in line with expectations after Q1 DTC launch investment. Approximately 80% of SG&A was driven by sales and marketing.

    Total SG&A expenses
    $39.4 million
    Q2 FY26

    Total SG&A expenses before adjustment for non-cash stock-based compensation.

    Net loss per share (basic and diluted)
    $1.02
    Q2 FY26

    Reported net loss per share for the quarter.

    Net loss
    $31.9 million
    Q2 FY26

    Total net loss for the quarter.

    Cash, cash equivalents, and marketable securities
    $220 million
    End of Q2 FY26

    Balance at the end of the second quarter.

    R&D expenses
    $0Consistent with recent prior quarters
    Q2 FY26

    No R&D expenses in the quarter.

    Addressable market (presbyopia adults)
    1.8 billion
    Current

    The company views this as a global product with a large addressable market.

    Direct product gross margin
    Approximately 90%
    Over time

    Anticipated trend for VIZ.

    e-pharmacy patient persistence (purchased >1 monthly pack)
    >60%
    Since launch

    Includes patients who purchased multiple packs initially or through subsequent purchases.

    Average annualized purchase rate
    5 monthly packs
    Annualized

    Tracking for mature patient cohorts.

    Total prescriptions growth
    >45%month-over-month vs June
    July 2026

    Increase observed after telehealth launch and national TV advertising.

    Product revenue
    $1.7 million
    Q2 FY26

    Part of total revenues.

    Monthly packs sold
    27,0009% increase over Q1
    Q2 FY26

    Volume-based metric for product revenue.

    License revenue
    $3.8 million
    Q2 FY26

    Included milestone payments from international partnerships.

    e-pharmacy channel share
    >60%
    Current

    Predominant avenue for scripts, providing most accessible data.

    ECP aided awareness of VIZ
    High 90%
    Current

    Indicates VIZ is well recognized within the agri-community.

    ECP unaided awareness of VIZ
    >80%
    Current

    Indicates VIZ is well recognized within the agri-community.

    Physicians prescribed VIZ
    >13,000
    Since launch

    Number of unique prescribers.

    Physicians prescribed VIZ multiple times
    >75%
    Since launch

    Indicates recurring prescribing behavior among a significant portion of prescribers.

    Patient mix (women)
    ~60%No big change pre/post TV
    Current

    General demographic of VIZ purchasers.

    Patient mix (men)
    ~40%No big change pre/post TV
    Current

    General demographic of VIZ purchasers.

    Patient mix (age 45-55 interest)
    Slightly higher interestNo big change pre/post TV
    Current

    Interest steps down over age 65.

    Telehealth screening questionnaire duration
    A few minutes
    Current

    Designed by ECPs for appropriate screening.

    Telehealth patient screening rate
    —
    Current

    Some patients are screened out both by the initial survey and during the ECP evaluation, but specific numbers are not publicly disclosed.

    VIZ refill rate vs. competitors
    42%vs 10-12% for competitors
    Current

    This is the refill rate for those who become users, tracking higher than early launches of other presbyopia products.

    Industry KPIs

    2
    MetricValueDetails
    Prescription volume>45%%
    Regulatory approvals filings9 regulatory submissions under reviewsubmissions

    Deals & partnerships

    3
    Aerotex PharmaceuticalsCommercialization agreement for VIZ in Australia and New Zealand.

    This is the fifth ex-US commercialization partnership for VIZ, expanding its global network to Oceania. Aerotex is a leading Australian pharmaceutical company and the largest supplier of medicines by prescription volume in Australia.

    TEARegulatory milestone payment for VIZ upon submission of New Drug Submission to Health Canada.

    First regulatory milestone payment under the license agreement.

    Everest Medicine and Cork CellSublicense milestone payment for rights to VIZ in Greater China.

    First sublicense milestone payment in conjunction with the asset purchase agreement.

    Risks & headwinds

    2
    Difficulty tracking retail refill dynamicsCurrent

    Retail pickup of VIZ through Symphony or IQVIA has been "fairly poor and limited."

    Mitigation: Company focuses on e-pharmacy channel for data and analytics, where visibility is high.

    Need for disciplined capital allocationSecond half of 2026

    Commercial investments need to be concentrated on activities with the greatest potential to drive durable patient growth.

    Mitigation: Q3 will be used to assess performance of commercial initiatives and adapt the mix and level of investment.

    What to watch in Q3 FY26

    4

    Commercial investment optimization

    Next quarter (Q3 FY26 results)
    CurrentQ3 assessment underway to adapt mix and level of investment.
    TargetClearer strategy and allocation of capital towards initiatives driving durable growth.

    Why it matters

    This will determine the efficiency and effectiveness of future commercial spend and its impact on patient growth.

    We'll use Q3 to further understand which activities are producing the greatest impact and where we can make the patient journey even simpler. And as we assess the performance of our commercial initiatives, use those learnings to inform both the mix and the level of investment for the next phase of the launch.

    Q&A highlights

    7

    How do VIZ's refill dynamics compare to competitors, and what strategies are employed to maintain patient persistence?

    Sean Olson explained that 60% of e-pharmacy patients (Q4 2025 and Q1 2026 cohorts) have purchased more than one pack, tracking towards an average of five monthly packs annually. This contrasts with competitors' 10-12% refill rates. Strategies include the product's 10-hour efficacy, discounted multi-month packs, and auto-renew options via e-pharmacy and telehealth.

    “This we feel really speaks to the durability of our product. In terms of the strategy that we're employing to make sure that we continue to see high refill rates, I think the number one thing you really need is an eye drop that works. And we're excited that we have an eye drop that works for 10 hours.”

    asked by Stacy Kuh · answered by Shawn Olsson

    2 min read6 chapters

    Detailed Narrative

    01

    July Performance and Commercial Initiatives

    LENZ Therapeutics observed a significant increase in new patient starts in July, with over 45% month-over-month growth in total prescriptions. This surge followed the concurrent launch of a telehealth prescribing option and an expanded national TV advertising campaign for VIZ. These initiatives aim to broaden consumer awareness and simplify the path from interest to treatment, addressing previous hurdles in the patient journey.

    02

    Patient Persistence and Refill Trends

    The company reported encouraging patient persistence, particularly within its e-pharmacy channel, which accounts for over 60% of scripts. More than 60% of e-pharmacy patients have purchased VIZ more than once. Mature patient cohorts from Q4 2025 and Q1 2026 are showing an average annualized purchase rate of five monthly packs, reinforcing confidence in the product's durability and patient satisfaction.

    03

    Telehealth Channel Strategy

    The newly launched telehealth channel provides a convenient pathway for consumers to be evaluated by independent, licensed eye care professionals online, directly integrated with e-pharmacy fulfillment. This channel includes medical screening for eligibility and subsequent evaluation by ECPs, with safeguards in place to ensure appropriate clinical care and patient safety, including recommendations for in-person visits if necessary.

    04

    Eye Care Professional (ECP) Engagement

    Aided awareness of VIZ among ECPs remains high (90%+), with unaided awareness exceeding 80%. Over 13,000 physicians have prescribed VIZ, and more than 75% have prescribed multiple times. The company notes that VIZ discussions are often consumer-initiated, leading to a strategic focus on stimulating consumer demand through advertising to drive continued prescription growth.

    05

    Global Expansion Efforts

    LENZ continues to expand its international footprint, having signed its fifth ex-US commercial partnership in Q2, covering Australia and New Zealand. This expands VIZ's presence to over 20 countries across Greater China, Southeast Asia, Canada, the Middle East, and Oceania. Nine regulatory submissions are currently under review, with additional submissions and potential approvals anticipated by year-end 2026.

    06

    Capital Allocation Discipline

    Management emphasized a disciplined approach to capital allocation for the second half of 2026. The company will focus investments on initiatives with the greatest potential to drive new patient adoption and durable growth, aligning commercial spending with the business's scale and needs. This strategy aims to build a sustainable, consumer-driven franchise while maintaining a strong financial foundation.

    AI-generated summary of the company’s earnings call. Not investment advice.