As of September 30, 2024, LENZ Therapeutics, Inc. (formerly Graphite Bio, Inc.) reported significant financial developments following its merger with LENZ OpCo on March 21, 2024. The company has 27,500,892 shares of common stock outstanding and has transitioned to focus on developing innovative ophthalmic pharmaceutical products, particularly LNZ100, a treatment for presbyopia.
Financially, LENZ Therapeutics has shown a marked improvement in its liquidity position, with total current assets rising to $220.7 million from $67.2 million at the end of 2023. Cash and cash equivalents increased to $41.0 million, up from $35.1 million, while marketable securities surged to $176.1 million from $30.7 million. This increase is attributed to the successful completion of PIPE financings, which raised $53.5 million in March 2024 and $30.0 million in July 2024.
Despite these gains, the company continues to report net losses. For the three months ended September 30, 2024, the net loss was $10.2 million, a decrease from $18.9 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $37.1 million, down from $46.3 million year-over-year. Operating expenses also decreased, with total operating expenses for the three months ending September 30, 2024, at $12.9 million, compared to $19.9 million in 2023.
Research and development expenses saw a significant reduction, dropping to $6.5 million for the third quarter of 2024 from $17.0 million in 2023, primarily due to the completion of Phase 3 CLARITY trials for LNZ100. However, selling, general, and administrative expenses increased to $6.5 million from $2.9 million, reflecting the company's efforts to build a commercial team in anticipation of LNZ100's potential launch.
The company has not yet generated any product revenues and reported an accumulated deficit of $132.4 million as of September 30, 2024. The NDA for LNZ100 was submitted to the FDA in August 2024, with a target action date set for August 8, 2025. The company anticipates continued losses as it invests in research and development and prepares for commercialization.
Overall, LENZ Therapeutics is positioned with a strong cash position to support its operations for at least the next 12 months, while it navigates the complexities of bringing LNZ100 to market.
About Graphite Bio, Inc.
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