Lenz Therapeutics, Inc. · NASDAQ:LENZ
Lenz Therapeutics — Q1 2025 Earnings Presentation
29 slides from Lenz Therapeutics's earnings presentation, May 7, 2025
Slide 1: Corporate Presentation
Corporate Presentation May 2025 NASDAQ: LENZ
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are considered forward-looking statements, which are
Slide 3: Positioned for leadership in $3B+ Presbyopia market
Positioned for leadership in $3B+ Presbyopia market LNZ100: exclusive aceclidine eye drop with potential for providing seamless vision for the full workday for the vast majority of 128M US presbyopes, potential launch Q4 2025 Unique MOA profile as only miotic shown to achieve pupil sweet spot <2mm w
Slide 4: Presbyopia, the inevitable loss of near vision
Problem Presbyopia, the inevitable loss of near vision Research shows adults over 50 lose on average 1.5 lines of near vision per 6 years1 Impacts ~128M2 People in the US Impacts over Potential $3B+ Market 120M People in the US 4 1. Progression of Near Vision Loss and Incidence of Near Vision Impair
Slide 5: Promise of a once-daily eye drop solution is welcomed by all presbyopes
Promise of a once-daily eye drop solution is welcomed by all presbyopes Adapting Early Busy Midlife Active Aging Seriously Consider Seriously Consider Seriously Consider 68% 62% 51% 4 – 7 days/wk Usage* 4 – 7 days/wk Usage* 4 – 7 days/wk Usage* 80% 79% 79% 45 – 54 55 – 64 +65 N=452 N=448 N=458 5 LEN
Slide 6: How the eye focuses light for near and distance vision
How the eye focuses light for near and distance vision in the healthy eye, and the problem of presbyopia Distance vision Near vision for healthy eyes Near vision in Presbyopia The lens is in its native shape which The lens changes shape, known as The lens hardens with age, limiting enables far visio
Slide 7: Ideal presbyopia eye drop creates a pinhole pupil
Ideal presbyopia eye drop creates a pinhole pupil while avoiding a myopic shift that impacts distance vision Create a pinhole pupil While avoiding a myopic shift FDA requires 3 lines of near vision improvement while not losing 1 or more lines of distance vision 7
Slide 8: Pupil diameter correlates to depth of focus and near vision improvement
Pupil diameter correlates to depth of focus and near vision improvement Total Depth-of-Focus Near Vision Improvement 2 Total Depth-of-Focus (D) 6 0.6 Lighting Conditions (cd/m2) Lines Improvement 20 (Dark) 5 0.5 1.5 200 (Office) 4 2000 (Cloudy Day) 0.4 Average 1 3 0.3 2 0.2 0.5 1 0.1 0 1 2 3 4 5 6 1
Slide 9: Aceclidine is the only pupil selective miotic
Aceclidine is the only pupil selective miotic Iris sphincter muscle Ciliary muscle Independence ratio EC50 (nmol/l) EC50 (nmol/l) ciliary to iris EC50 25,000 Longitudinal 28 Aceclidine 900 20,000 Circular 22 1,800 3,360 Longitudinal 1.9 Pilocarpine 2,840 Circular 1.6 Carbachol 106 574 Longitudinal 5
Slide 10: Uniquely achieving <2mm pupil without myopic shift
Uniquely achieving <2mm pupil without myopic shift Iris sphincter stimulation Corresponding ciliary stimulation -0.17 Diopters myopia 2% Aceclidine 1.40 mm 0.078 mm lens shift 0.07 mm increase lens thickness -1.3 Diopters myopia 2% Pilocarpine 1.35 mm 0.234 mm lens shift 0.2 mm increase lens thickne
Slide 11: LNZ100 (1.75% Aceclidine) Preservative free eye drop
LNZ100 (1.75% Aceclidine) Preservative free eye drop The first and only, pupil selective miotic with potential to meet needs of all presbyopes and provide best-in-class potential for near vision improvement Best-in-class potential agent for presbyopia with ability to address broad patient population
Slide 12: CLARITY LNZ100 Phase 3 Study Design
CLARITY LNZ100 Phase 3 Study Design Randomized, double masked, controlled, Phase 3 trials (NCT05656027, NCT05728944, NCT05753189) Ages 45 – 75, Refractive range Inclusive of post-LASIK Baseline near visual Mean 55 years1 -4D SE to +1D SE presbyopes and pseudophakes acuity 20/50 or worse1 CLARITY 1 C
Slide 13: Providing best-in-class near vision with ideal product profile
Providing best-in-class near vision with ideal product profile % of Participants Achieving ≥2 and ≥3-Line Near Vision Improvement (no loss of 1 line or more BCDVA) Once daily, rapid onset, long ≥2 line ≥3 line duration for vast majority of 95% presbyopes makes LNZ100 the 91% 91% 87% ideal presbyopia
Slide 14: 3-line near vision improvement was only the beginning
3-line near vision improvement was only the beginning % Participants Achieving Near Vision Improvement by Line LNZ100 (n=234) Vehicle (n=76) 84% 84% of participants achieved a 4-line gain at some point during the efficacy studies 52% 52% of participants achieved a 5-line gain 24% 12% 88% of particip
Slide 15: Lines of NV improvement increases as presbyopia advances
Lines of NV improvement increases as presbyopia advances % Participants Achieving NV Improvement by Line During Study Advanced Presbyopia >20/80 (n=76) Moderate Presbyopia 20/40-20/80 (n=158) 92% More lines of improvement for 80% those that need more 68% As presbyopia advances LNZ100 provides greate
Slide 16: Consistent near vision improvement over days
Consistent near vision improvement over 28 days % of Participants Achieving ≥3-Line Near Vision Improvement (no loss of 1 line or more BCDVA) LNZ100 Vehicle 81 82 78 78 Reproducible and robust near 71 71 vision improvement across study Percentage (%) days Consistent and well-controlled 40 with a low
Slide 17: Statistically significant improvement in distance vision
Statistically significant improvement in distance vision % of Participants Achieving ≥1-Line Distance Vision Improvement Best Corrected Distance Visual Acuity LNZ100 (n=234) Vehicle (n=76) 41% 38% 39% 38% 36% 41% of participants achieved at 33% 33% least 1 Line of distance vision 31% improvement Tes
Slide 18: Well tolerated with vast majority of AEs reported as mild
Well tolerated with vast majority of AEs reported as mild Pooled analysis of CLARITY 1 & 2 LNZ100 Vehicle N=234 N=76 No serious treatment related n(%) n(%) adverse events Ocular AEs Ocular AEs classified by Instillation site irritation 47 (20.1%) 100% mild 8 (10.5%) participants and investigators as
Slide 19: Patient satisfaction confirms commercial opportunity
Patient satisfaction confirms commercial opportunity for the vast majority of 128M US presbyopes 90% 75% 81% Noticed Would continue Would use 4-7 improvement to use after days/week1 in near vision study Pooled responses of LNZ100 in Clarity 1 & 2 on day 28, n=223. Based on patient questionnaire “Ref
Slide 20: Surveyed ECPs enthusiastic about LNZ100 and likely to Rx
Surveyed ECPs enthusiastic about LNZ100 and likely to Rx* ECPs survey indicated… They see ~350 patients per month LNZ100 viewed as well tolerated, ECPs are comfortable to of which 61% (~215) are presbyopic safe and attractive option** sample and likely to Rx** 4 3 353 18 14 Viewed as Likely to Avera
Slide 21: Clear prescriber excitement with over 50 KOL ambassadors
Clear prescriber excitement with over 50 KOL ambassadors in our unbranded “Eye am…” campaign Campaign focuses on education around difference in MOA and importance of pupil size and is creating excitement and confidence in the market through the voice of ECPs. 21
Slide 22: Blockbuster potential in largest eyecare market
Blockbuster potential in largest eyecare market Huge Patient Population Real Patient feedback Blockbuster potential 128M 60% Would seriously $3B+ at conservative consider a once-daily 6% adoption or ~8M users 103M drop for presbyopia1 and 42% refill rate3 Glaucoma 3M 75% Would continue Diabetic Reti
Slide 23: A clear strategy for commercialization
A clear strategy for commercialization e Doctors to recommend us Educate 15,000 ECPs about our potential Sy best-in-class product/MOA Me Se LNZ100 (aceclidine ophthalmic solution) e Consumers to request us by name Create DTC advertising that motivates consumers to visit an ECP @ Seamless journey to
Slide 24: Preparing for doctors to recommend us
Preparing for doctors to recommend us Pa \ \~ A § Unbranded’ Prey — fF usis ae 3“. LNZ100
Slide 25: Building a brand that consumers will request by name
25 Building a brand that consumers will request by name 1 Sampling ECPs can provide to patients ? Advertising Drive consumer awareness and desirability 3 Advocacy Celebrities and influencers further brand credibility and consumer desirability 3% LNZ100 AAI (aceclidine ophthalmic solution)
Slide 26: We desire to create a seamless journey to use
We desire to create a seamless journey to use a ~ om — \ ¢ Sample l 4 Fill Visit > ( ce Jf & & @ J _ script \ refill # jo) fo) N Zz =
Slide 27: LNZ100 insulated from tariff risks
27 LNZ100 insulated from tariff risks @ November 7, 2024, U.S. Customs and Border Protection confirmed the USA as the country of origin @ = April 2, 2025, US. Customs and Border Protection confirmed LNZ100 will be ‘duty free’ @ |Pis domiciled in the USA providing favorable customs designation LNZ100
Slide 28: LNZ100 broad exclusivity and patent protection layers
LNZ100 broad exclusivity and patent protection layers Regulatory Granted Patents Under Exclusivity Patents Review 5 year 8* 7 US NCE1 (Exp. 2034 - 2044) (Exp. 2034 - 2044) Varies by Ex-US market 25 47 Patents include both method of use and formulation patents as of May 2025. * 1 patent included is c
Slide 29: NASDAQ: LENZ
LENZ THERA PEU T 1 NASDAQ: LENZ