LENZ Therapeutics cuts costs, changes CEO as VIZZ sales rise 50%

LENZ Therapeutics (Nasdaq: LENZ) reported third-quarter 2026 net product sales of $2.6 million for its presbyopia eye drop VIZZ, a 50% increase over the prior quarter on more than 38,000 paid prescriptions. The San Diego-based company also announced a restructuring plan and a leadership change, according to a company press release.

Chief Executive Eef Schimmelpennink will step down effective December 1, 2026. Chief Financial Officer Dan Chevallard will assume the role of Interim President and Chief Executive Officer on the same date. Schimmelpennink said he is leaving to "devote more time to other passions" after nearly six years leading the company.

The company announced a strategic reorganization to be implemented in the fourth quarter of 2026, targeting 2027 operating expenses of approximately $70 million to $75 million, excluding stock-based compensation. That would represent a reduction of more than 50% from projected levels. The restructuring is expected to result in approximately $5 million in one-time net charges.

SG&A expenses rose to $35.8 million in Q3 2026 from $27.6 million in Q3 2025, driven by commercial marketing, advertising and personnel costs. The net loss for the quarter was $31.0 million, or $0.99 per share, compared with a net loss of $16.7 million, or $0.59 per share, in the same period a year earlier. For the nine months ended September 30, 2026, the net loss totaled $104.4 million, or $3.33 per share.

Cash, cash equivalents and marketable securities stood at $197.3 million as of September 30, 2026, down from $292.3 million at December 31, 2025.

The company said its telehealth channel, launched in July 2026, contributed more than 50% of the incremental prescriptions in Q3 over Q2. Over 60% of ePharmacy patients have purchased more than one monthly pack since launch. More than 15,000 unique prescribers have written prescriptions since launch, with over 75% prescribing multiple times.

VIZZ regulatory filings have been submitted in Saudi Arabia, Malaysia, and Vietnam, bringing the total ex-U.S. filings to eleven.

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