LENZ LENZ Therapeutics, Inc.

Overview and Growth

LENZ Therapeutics, Inc. generated $19.09M of revenue in fiscal 2025, with net loss of $82.13M and an operating cash outflow of $69.17M. Revenue of $19.09M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Diluted earnings per share were -$2.85, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 28.81M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The company employed $305.88M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.06x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $18.67M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 97.8%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $91.14M operating loss before non-operating and tax effects. The operating loss equaled 477.5% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $82.13M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 430.3% after all recognized items. Negative EBITDA totaled $90.85M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $81.62M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 427.6%. The reported income-tax provision was $502.00K, the amount recognized between pretax income and the final net-income result. The net loss equaled 28.9% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 26.8%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $49.77M in fiscal 2024 to $82.13M.

Liquidity and Capital Structure

Total assets were $305.88M, supported by $21.54M of liabilities and $284.34M of shareholder equity. At period end, current assets of $301.41M compared with current liabilities of $21.19M, defining the company’s short-term resource position. Current assets covered current liabilities by 14.23x, leaving a positive buffer for near-term obligations. The company held $25.18M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 118.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 93.0% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 7.0%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 8.2% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $215.30M in fiscal 2024, the current asset base moved 42.1% and finished higher. Book equity was 39.3% higher than fiscal 2024 equity of $204.08M, showing how shareholder capital changed year over year. The reported cash balance changed 24.9% from $20.16M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $69.17M of cash, resulting in an operating cash outflow for the year. Capital spending of $827.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $70.00M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 366.7% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 22.9% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.