LENZ Therapeutics, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Lens Therapeutic third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. Following prepared remarks from management, we'll conduct a question and answer session, and instructions will follow at that time. As a reminder, this call is being recorded. At this time, I'd like to turn the call over to Dan Chevalard, Chief Financial Officer. Please go ahead.

Thank you. Good morning, and thank you for joining us today. My name is Dan Chevalard, Chief Financial Officer of Lens Therapeutics. I'm joined today by Abe Skilfenick, President and Chief Executive Officer, and Sean Olson, Chief Commercial Officer, as well as Dr. Mark Odrich, Chief Medical Officer who will join us for the question and answer session. Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LINSA's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash runway projections and performance. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks including those discussed in our filings with SEC, which can also be found on our website. In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. The company encourages you to consult the risk factors contained in our SEC filings for additional detail including in our third quarter 2025 Form 10-Q, which is being filed today. With that, I will now turn the call over to Abe.

Thank you, Dan. Good morning, everyone, and thank you for joining us. This is an incredibly exciting time at Lent, as today marks our very first earnings call as a commercial company. The third quarter and recent period have been truly transformational for us. Defined by the FDA approval of this in July, which came ahead of our August Vodufa date, and by the successful commercial launch of this in the U.S. in early October. This is the first and only a cycling-based hydra for the treatment of presbyopia in adults. We are proud to have brought this important innovation to the market. We're now just one month into the launch, and our main focus is on giving doctors the opportunity to experience this in the real world, trying it themselves, with their staff and with some of their patients. And already we're seeing tremendous enthusiasm from the eye care professional community as this makes its way into their practices. As of the end of October, more than 2,500 doctors have already prescribed this. What's particularly impressive is that 40 percent of those prescribers have already written multiple prescriptions. All of this has led to over 5,000 paid scripts for this being filled by consumers in October, a number that represents a very impressive start of our launch, clearly showing both consumer interest and satisfaction with this. And these are just some of the early milestones, only about four weeks into our launch, that we're very encouraged by. This early adoption is aligned with the consistent and very positive feedback we are hearing. Dr. Stelisvis delivers rapid, meaningful improvement in their vision and a long-durational effect for a broad group of presbyopes. They also point out that it's clearly differentiated from anything they've used before. Anecdotally, we hear about noticeable improvements in distance vision, And the early feedback that we're getting from the fields also suggests that instances of headache, the side effect that we were most focused on in our clinical trials, appear to be minimal. All of this aligns with the fact that a psychedent is the only pupil selected in ciliospermiolytic, which, again, we believe bodes well for the uptake of this. In line with our label, the most noted AEs appear to be brief, initial staying on installation, and transient hyperemia. And based upon early results, we're hearing more of it than we initially expected. AEs in our trials, like in all well-run clinical studies, are a combination of doctor observations and direct patient feedback doctor asks for. Our initial thoughts on a potential variance is that it is driven by two main factors. First, in our trials, doctors would dose the patient and then return to them for the first set of measurements 30 minutes later. By then, the retinas, if it happens, had lessened or resolved. At second, the following five days, subjects were dosed at home, and by day seven, the next in-office visit, the patient had already progressed past the technical access phase. This appears to be very much in line with what doctors and patients are reporting now. Both stinging and retinas tend to be short-lived and fade quickly for most people, and the rapid and very noticeable improvement in near vision outweighs these highly transient early effects. Importantly, many doctors describe it as tachyphallactic, meaning it becomes less noticeable after just a few days, in line with what we're hearing from patients as well. We've already tailored our field messaging based on this feedback, helping doctors to set expectations and share their experiences with confidence so patients know exactly what to expect and why it's worth it. And we're seeing this work in their practices. As I mentioned, this fourth quarter is really focused on providing doctors with confidence and the right processes to prescribe this. That is essential groundwork as we prepare for our direct-to-consumer campaign early next year, ensuring that ECPs and their staff are ready to serve what we believe will be a significant inbound wave of patients. We think of our DDC campaign as the second phase of our launch. and we're thrilled to announce that Sarah Jessica Parker will serve as our spokesperson. She needs no introduction. SJP, as she prefers to be called, is an iconic figure and, like this, truly represents a category of one. We believe this partnership perfectly reflects our brand and the confidence, style, and authenticity we want this campaign to embody. And we are excited to share more as we roll out the campaign in early 2026. We also strengthened our balance sheet during the quarter. In October, we completed a direct placement to a single large institutional investor for our ATM, raising more than $123 million and bringing our current total cash position, as we launched this, to roughly $324 million. All these significant milestones position LEND as a disruptive new entrant into the ophthalmology space. As we look to establish this, as a standard of care for adults frustrated with presbyopia. We've talked before about the three phases each doctor moves through as they get ready to recommend us. Awareness of this, confidence in the product, and willingness to prescribe. Let me touch on where we are in each of these areas at the end of October. Roughly four weeks after the first samples reached the field. First, we've made tremendous progress on awareness for this among the eye care professional community. A mid-October survey showed awareness among doctors at 90%. This is an outstanding number for such an early stage of launch and speaks to the strong engagement we're seeing. And we believe it bodes well for product uptake and long-term adoption. Moving to confidence. As we spoke about, this is built through a real-world experience. It's about doctors using this themselves, observing its effects, and hearing positive feedback from staff and early patients. Driving that experience, for October alone, we've already distributed more than 70,000 samples to roughly 7,000 offices, an initial average of about 10 five-pack samples per office. The interest level has been very high. not only from outside the doctors, but also from many outside that group. That tells us the word is spreading, and the enthusiasm is broad. And finally, willingness to prescribe. This is where awareness and confidence translate into action. As I mentioned earlier, more than 2,500 doctors have already prescribed this in the first few weeks, and over 1,000 of them have prescribed multiple times. This has resulted in over 5,000 field scripts in October. That's an incredibly strong start this early in the launch, something we're pleased with and want to recognize as Salesforce for. We've been lucky to have been able to pick the best of the best as our specialty reps, and they are out in the field delivering each and every day. Having them building this willingness to prescribe with the ECT community is fundamental to our success and sets us up for the next phase, our direct consumer campaign in the first quarter of 2026. Before I hand it to Sean, I want to reiterate our confidence in this and the strength of this launch. We know the efficacy of this is excellent. All we're hearing from doctors in the field continues to align closely with them, if not better in some cases. This is the first and only truly practical pharmacologic solution for presbyopia, one that restores near vision without compromising distance vision. that integrates seamlessly into everyday practice. As I've said before, this is more than just a product launch. This is the start of a new category, one built on real-world efficacy, genuine doctor and patient confidence, and seamless access to both samples and products. With that, I'll hand it over to Sean Olson, our Chief Commercial Officer, to share more color on how the launch is progressing. Sean?