LENZ Therapeutics, Inc.
LENZHealthcare|Biotechnology|US
$3.50
+0.49 (+16.28%)
DCF Value
$2.33
Tangible Book / Share
$6.11
Cash / Share
$6.28
Financials
Financial Snapshot
Market Cap
$110.0M
Enterprise Value
$79.9M
Revenue (TTM)
$12.4M
Net Income (TTM)
-$140.3M
Cash & Investments
$197.3M
Net Cash
$196.8M
Free Cash Flow (TTM)
-$127.7M
Operating CF (TTM)
-$127.6M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$197.3M
Quarterly Burn
$31.9M
Monthly Burn
$10.6M
Est. Runway
~6.2 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $6.0K | $19.8M | $18.3M | $44.4M | $65.8M | $209.0M | $292.3M | $197.3M | |
| Operating Cash Flow | -$19.0K | -$8.7M | -$52.9M | -$88.0M | -$60.4M | -$59.4M | -$69.2M | -$127.6M | |
| Free Cash Flow | -$19.0K | -$10.3M | -$58.6M | -$94.6M | -$60.4M | -$59.9M | -$70.0M | -$127.7M | |
| Capital Expenditure | $0.00 | -$1.5M | -$5.7M | -$6.6M | -$30.0K | -$468.0K | -$827.0K | -$72.0K | |
| Financing Cash Flow | $0.00 | $30.1M | $417.5M | $597.0K | $80.7M | $199.0M | $149.7M | $123.0M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $15.0M | $0.00 | $0.00 | $19.1M | $12.4M | |
| Cost of Revenue | $0.00 | $121.0K | $734.0K | $0.00 | $0.00 | $58.0K | $705.0K | $2.4M | |
| Gross Profit | $0.00 | -$121.0K | -$734.0K | $15.0M | $0.00 | -$58.0K | $18.4M | $9.9M | |
| R&D | $0.00 | $9.1M | $37.9M | $21.1M | $59.5M | $29.8M | $18.7M | $0.00 | |
| SG&A | $29.0K | $4.3M | $21.8M | $4.4M | $12.9M | $28.8M | $90.9M | $159.6M | |
| Operating Income | -$29.0K | -$13.5M | -$60.4M | -$10.5M | -$72.4M | -$58.6M | -$91.1M | -$149.7M | |
| Interest Expense | $80.0K | $40.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$109.0K | -$68.4M | -$70.8M | -$10.5M | -$70.1M | -$49.8M | -$81.6M | -$140.3M | |
| Net Income | -$109.0K | -$68.4M | -$70.8M | -$10.8M | -$70.0M | -$49.8M | -$82.1M | -$140.3M | |
| EPS (Diluted) | -0.01 | -8.24 | -8.54 | -12.89 | -15.30 | -2.34 | -2.85 | -4.49 | |
| EBITDA | $142.9K | -$68.2M | -$70.0M | -$10.5M | -$70.1M | -$49.7M | -$81.3M | -$141.9M | |
| Shares Out. (M) | 8.30 | 8.30 | 8.29 | 7.84 | 8.15 | 21.28 | 28.81 | 31.42 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.0K | $19.8M | $18.3M | $44.4M | $35.1M | $20.2M | $25.2M | $30.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $30.7M | $188.9M | $267.2M | $166.8M | |
| Total Current Assets | $6.0K | $21.1M | $18.3M | $46.6M | $67.2M | $211.9M | $301.4M | $206.9M | |
| Total Assets | $6.0K | $22.6M | $18.3M | $47.0M | $70.4M | $215.3M | $305.9M | $209.7M | |
| Total Current Liabilities | $2.2M | $32.0M | $1.3M | $9.5M | $18.5M | $10.4M | $21.2M | $17.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $2.2M | $32.4M | $32.5M | $71.1M | $163.1M | $11.2M | $21.5M | $17.8M | |
| Stockholders' Equity | -$2.2M | -$9.8M | -$14.2M | -$24.2M | -$92.7M | $204.1M | $284.3M | $192.0M | |
| Retained Earnings | -$2.2M | -$70.6M | -$14.5M | -$25.3M | -$95.2M | -$145.0M | -$227.1M | -$331.5M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.0K | -$8.7M | -$52.9M | -$88.0M | -$60.4M | -$59.4M | -$69.2M | -$127.6M | |
| Capital Expenditure | $0.00 | -$1.5M | -$5.7M | -$6.6M | -$30.0K | -$468.0K | -$827.0K | -$72.0K | |
| Free Cash Flow | -$19.0K | -$10.3M | -$58.6M | -$94.6M | -$60.4M | -$59.9M | -$70.0M | -$127.7M | |
| Investing Cash Flow | $0.00 | -$1.5M | -$5.7M | -$241.9M | -$29.6M | -$154.5M | -$75.7M | $9.8M | |
| Financing Cash Flow | $0.00 | $30.1M | $417.5M | $597.0K | $80.7M | $199.0M | $149.7M | $123.0M | |
| Issuance of Stock | $0.00 | $30.1M | $417.2M | $676.0K | $203.0K | $79.5M | $149.7M | $123.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$79.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $1.3M | $6.4M | $12.5M | $12.3M | |
| Net Change in Cash | $6.0K | $19.8M | $357.2M | -$329.2M | -$9.3M | -$14.9M | $4.9M | $5.2M |
Dilution Tracker
Shares outstanding grew 247.3% over 5 years — significant dilution
Shares Outstanding
31M
5-Year Share Growth
+247.3%
Stock Issuance (TTM)
$123.0M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.30 | 8.30 | 8.29 | 7.84 | 8.15 | 21.28 | 28.81 | 31.42 | |
| Change vs Prior % | — | 0.0% | -0.1% | -5.4% | 3.9% | 161.3% | 35.4% | 9.0% | |
| Stock Issuance | $0.00 | $30.1M | $417.2M | $676.0K | $203.0K | $79.5M | $149.7M | $123.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$79.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $1.3M | $6.4M | $12.5M | $12.3M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 100.0% | — | — | 96.3% | 80.2% | |
| Operating Margin % | — | — | — | -69.9% | — | — | -477.5% | -1211.2% | |
| Net Margin % | — | — | — | -72.1% | — | — | -430.3% | -1135.0% | |
| EBITDA Margin % | — | — | — | -69.7% | — | — | -426.1% | -1148.0% | |
| FCF Margin % | — | — | — | -630.5% | — | — | -366.7% | -1033.3% | |
| ROE % | 4.9% | 697.7% | 497.8% | 44.7% | 75.5% | -24.4% | -28.9% | -59.6% | |
| ROA % | -1816.7% | -303.0% | -385.9% | -23.0% | -99.4% | -23.1% | -26.8% | -66.9% | |
| ROIC % | 223.1% | 142.3% | -353.8% | -27.9% | -138.9% | -28.5% | -32.0% | -77.8% | |
| R&D / Revenue % | — | — | — | 140.8% | — | — | 97.8% | 0.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | -506.6% | 2143.6% | -100.0% | 0.0% | 31794.8% | |
| Operating Income | 0.0% | -46451.7% | -347.7% | 82.7% | -590.9% | 19.1% | -55.5% | |
| Net Income | 0.0% | -62627.5% | -3.5% | 84.7% | -547.2% | 28.9% | -65.0% | |
| EPS (Diluted) | 0.0% | -62800.8% | -3.6% | -51.0% | -18.7% | 84.7% | -21.8% | |
| Operating Cash Flow | 0.0% | -45800.0% | -506.0% | -66.5% | 31.4% | 1.6% | -16.5% | |
| Free Cash Flow | 0.0% | -53931.6% | -470.7% | -61.4% | 36.1% | 0.9% | -16.9% | |
| R&D Expense | 0.0% | 0.0% | 315.8% | -44.3% | 181.7% | -49.9% | -37.4% | |
| SG&A Expense | 0.0% | 14575.9% | 411.7% | -80.0% | 196.6% | 122.4% | 216.0% | |
| Total Assets | 0.0% | 375966.7% | -18.7% | 156.1% | 49.9% | 205.9% | 42.1% | |
| Book Value / Share | 0.0% | -341.8% | -45.2% | -79.8% | -269.2% | 184.3% | 2.9% | |
| Debt | 0.0% | -100.0% | 0.0% | 0.0% | 31.6% | 319.8% | -41.0% | |
| Diluted Shares | 0.0% | 0.0% | -0.1% | -5.4% | 3.9% | 161.3% | 35.4% |
Valuation
P/E (TTM)At Loss
P/S8.90
P/B0.57
EV/EBITDAAt Loss
EV/Revenue6.46
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.33
Tangible Book / Share
$6.11
Net Current Assets / Share
$6.02
Graham Net-Net
$5.81
Cash / Share
$6.28
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -6683.97 | -10.63 | -6.89 | -1.22 | -0.81 | -12.34 | -5.61 | -0.78 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 8.21 | 0.00 | 0.00 | 24.15 | 8.90 | |
| P/B Ratio | -327.54 | -74.13 | -34.30 | -5.10 | -1.09 | 3.01 | 1.62 | 0.57 | |
| EV/EBITDA | 5100.69 | -10.36 | -6.70 | -7.55 | -0.94 | -11.98 | -5.37 | -0.56 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 5.26 | 0.00 | 0.00 | 22.88 | 6.46 |
Analyst Estimates & Quality
Altman Z-Score
0.41
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $14.8M | $32.6M | $66.6M |
| Net Income | -$116.3M | -$32.6M | -$28.5M |
| EPS | $-4.12 | $-1.19 | $-0.67 |
| # Analysts (EPS) | 5 | 5 | 4 |
Dividends
Frequency
Weekly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Mar 22, 2024 | $1.03 | Weekly | |
| Mar 15, 2024 | $1.03 | Weekly |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| License | $17.5M |
| Product | $1.6M |