Revenue remains volatile and dependent on non-recurring milestones, contributing to a substantial $44.1 million operating loss in 2026Q1 as SG&A expenses continue to outpace historical R&D investment.
| Sales/Revenue | 20.99M | 19.09M | 0 | 0 | 15M | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 1.86M | 705K | 58K | 0 | 0 | 734K | 121K | 0 |
| COGS % of Revenue | - | 3.69% | - | - | - | - | - | - |
| Gross Profit | 19.13M | 18.38M | -58K | 0 | 15M | -734K | -121K | 0 |
| Gross Margin % | 91.16% | 96.31% | - | - | 100% | - | - | - |
| Gross Profit Growth % | - | 31794.83% | - | -100% | 2143.6% | -506.61% | - | - |
| Operating Expenses | 137.47M | 109.52M | 58.55M | 72.43M | 25.48M | 59.71M | 13.38M | 29K |
| OpEx % of Revenue | - | 573.77% | - | - | 169.89% | - | - | - |
| Selling, General & Admin | 124.62M | 90.85M | 28.75M | 12.93M | 4.36M | 21.78M | 4.26M | 29K |
| SG&A % of Revenue | - | 475.96% | - | - | 29.05% | - | - | - |
| Research & Development | 12.85M | 18.67M | 29.8M | 59.5M | 21.13M | 37.93M | 9.12M | 0 |
| R&D % of Revenue | - | 97.81% | - | - | 140.83% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -118.34M | -91.14M | -58.61M | -72.43M | -10.48M | -60.44M | -13.5M | -29K |
| Operating Margin % | -563.83% | -477.46% | - | - | -69.89% | - | - | - |
| Operating Income Growth % | - | -55.5% | 19.08% | -590.92% | 82.66% | -347.73% | -46451.72% | - |
| EBITDA | -117.98M | -90.85M | -58.55M | -72.41M | -10.47M | -59.71M | -13.38M | 142.86K |
| EBITDA Margin % | -562.1% | -475.96% | - | - | -69.83% | - | - | - |
| EBITDA Growth % | -98.74% | -55.16% | 19.14% | -591.3% | 82.46% | -346.29% | -9465.11% | - |
| D&A (Non-Cash Add-back) | 362K | 287K | 58K | 15K | 8K | 734K | 121K | 171.86K |
| EBIT | -118.34M | -91.14M | -49.77M | -72.43M | -10.48M | -70.76M | -68.33M | -29K |
| Net Interest Income | 10.08M | 9.76M | 8.55M | 2.19M | 0 | 0 | -40K | -80K |
| Interest Income | 10.08M | 9.76M | 8.55M | 2.19M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 80K |
| Other Income/Expense | 9.85M | 9.51M | 8.84M | 2.28M | 19K | -10.32M | -54.87M | -80K |
| Pretax Income | -108.49M | -81.63M | -49.77M | -70.15M | -10.46M | -70.76M | -68.37M | -109K |
| Pretax Margin % | -516.91% | -427.62% | - | - | -69.76% | - | - | - |
| Income Tax | 502K | 502K | 1K | -179K | 347K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.46% | -0.62% | -0% | 0.26% | -3.32% | 0% | 0% | 0% |
| Net Income | -109M | -82.13M | -49.77M | -69.97M | -10.81M | -70.76M | -68.37M | -109K |
| Net Margin % | -519.3% | -430.25% | - | - | -72.07% | - | - | - |
| Net Income Growth % | -128.31% | -65.02% | 28.87% | -547.19% | 84.72% | -3.49% | -62627.52% | - |
| Net Income (Continuing) | -109M | -82.13M | -49.77M | -69.97M | -10.81M | -70.76M | -68.37M | -109K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.48 | -2.85 | -2.34 | -15.30 | -12.89 | -8.54 | -8.24 | -0.01 |
| EPS Growth % | -103.39% | -21.79% | 84.71% | -18.69% | -50.97% | -3.62% | -62800.76% | - |
| EPS (Basic) | - | -2.85 | -2.34 | -15.30 | -12.89 | -8.54 | -8.24 | -0.01 |
| Diluted Shares Outstanding | 31.35M | 28.81M | 21.28M | 8.15M | 7.84M | 8.29M | 8.3M | 8.3M |
| Basic Shares Outstanding | 31.35M | 28.81M | 21.28M | 8.15M | 7.84M | 8.29M | 8.3M | 8.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Binary Clinical Regulatory Outcome
As reported in financial statements, LENZ's revenue of $19.1 million over the last four quarters appears to be driven by non-recurring milestone payments rather than sustainable product sales, rendering traditional growth trend analysis largely irrelevant for this pre-commercial biotechnology entity currently focused on its Phase III pipeline.
The intermittent nature of the revenue suggests that the company has not yet established a commercial footprint. Investors should interpret these figures as capital inflows from licensing or milestone events rather than indicators of market adoption for LNZ100 or LNZ101.
Based on the company's recent income statements, SG&A expenses have surged to $44.8 million in 2026Q1, significantly outpacing historical R&D levels and suggesting a shift toward commercial readiness that may be premature given the lack of a currently approved, revenue-generating product in the portfolio.
The rapid expansion of administrative and selling overhead warrants close scrutiny, as it indicates a high fixed-cost burden that could exacerbate liquidity pressures. This trend suggests management is aggressively preparing for a commercial launch, which may increase the financial risk if regulatory timelines face unexpected delays.
According to the provided quarterly data, LENZ's operating losses reached $44.1 million in 2026Q1, reflecting a substantial burn rate that is characteristic of late-stage biotech firms prioritizing clinical development over immediate profitability while managing significant stock-based compensation expenses that dilute existing shareholder value.
The persistent negative operating margins indicate that the company remains entirely dependent on external financing to sustain its operations. The quality of earnings is currently poor, as the net loss is driven by heavy investment in clinical trials and administrative infrastructure rather than operational efficiency.
While the company's clinical data shows promise, the income statement reveals a precarious financial position where the $44.1 million quarterly operating loss in 2026Q1 highlights the significant risk that the firm may require further dilutive capital raises before achieving a self-sustaining commercial revenue stream.
Short-sellers may focus on the disconnect between the company's high valuation and its lack of a proven commercial model in the competitive presbyopia market. The reliance on non-recurring revenue streams suggests that the path to profitability is fraught with execution risks that could lead to margin compression upon launch.
Quick answers to the most common questions about buying LENZ stock.
For fiscal year 2025, LENZ Therapeutics, Inc. (LENZ) reported total revenue of $19.1M.
LENZ Therapeutics, Inc. (LENZ) reported a net loss of $82.1M for the fiscal year ending 2025.
LENZ Therapeutics, Inc. (LENZ) reported an operating income of $-91.1M, resulting in an operating profit margin of -477.5%. This margin reflects the operational efficiency of the business before interest and taxes.
LENZ Therapeutics, Inc. (LENZ) generated $18.4M in gross profit for the year, representing a gross profit margin of 96.3%. This demonstrates the company's core pricing power and production efficiency.