Thank you. Afternoon, and thank you for joining us today.

My name is Daniel R. Chevallard, Chief Financial Officer of LENZ Therapeutics.

We are joined today by Evert Schimmelpennink, our President and Chief Executive Officer Shawn Olsson, our Chief Commercial Officer and Dr. Marc Odrich, our Chief Medical Officer.

Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ'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 the Securities and Exchange Commission 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 contained in our SEC filings for additional detail including our second quarter 26 Form 10 Q which is being filed today. With that, I will now turn the call over to Abe.

Thank you, Dan. Good afternoon, everyone.

We are now several months post-launch. A clear view of how adoption is developing.

Today, I want to share the progress we are seeing with the latest data that is helping us and how those insights are shaping our priorities for the second half of the year. Q2 reflects continued though modest growth.

Encouragingly, in July, as we launched telehealth, and expanded our existing reading glass campaign on national TV we saw a significant increase in new patient starts and over 45% growth in month-over-month total prescriptions. We recognize that 1 month does not establish a trend, but these early results are consistent with the direction we hope to see.

We have consistently said that the second half of the year will provide our first opportunity to assess and discuss patient persistence. Now, several quarters into launch, we have sufficient data to begin doing that.

And what we are seeing is encouraging. Since launch, more than 60% of e-pharmacy patients who purchased VIZZ have purchased more than 1 multipack of VIZZ, either as part of their initial order or through a subsequent purchase.

it is important to note that the e-pharmacy is the dominant sales channel and the channel where we have access to detailed patient level data. And looking at the more mature quarterly patient cohorts within that 60%, provides a promising view of repeat purchasing and refill behavior.

Among patients who first purchased VIZZ, in Q4 25 and Q1 26, our first 2 cohorts of the launch. Purchasing behavior is tracking towards an average annualized purchase rate of 5 monthly packs.

And our Q2 cohort is showing a very similar pattern. Though it is not yet mature enough for the same analysis.

These are important proof points. Persistence is essential to building a durable patient base, and the behavior we are seeing reinforces our confidence that patients who experience the benefit of VIZZ are choosing to continue using it.

It also reinforces the commercial objective in front of us. We need to continue bringing more new patients into the category, and making it easier for them to move from awareness to evaluation to treatment and ultimately to continued use.

That focus has shaped our work since the last call. We have concentrated on broadening consumer awareness making VIZZ easier to introduce during routine patient conversations ensuring patients are well educated, and simplifying the path from initial interest to treatment.

Our most recent initiatives were designed around those priorities Telehealth gives consumers a convenient path to evaluation by an independent licensed eye care professional and if appropriate, a prescription with home delivery. Expanding our existing campaign to national TV allows us to reach a broader group of consumers with a clear message about an alternative to reading glasses.

Together, these initiatives create a more direct connection between consumer interest clinical evaluation, and access to treatment. While the July data are entirely encouraging, our focus is now on translating these signals into sustained growth.

Our investments to date have helped establish this broad awareness among ECPs, expand consumer demand generation, put more convenient access pathways in place. We will use Q3 to further understand which activities are producing the greatest impact and where we can make the patient journey even simpler.

And as we assess the performance of our commercial initiatives, we will use those learnings to inform both the mixed and the level of investment for the next phase of the launch. Going forward, we will need even more discipline in how we allocate capital.

Concentrating resources on the activities we believe have the greatest potential to drive durable patient growth aligning our overall commercial investments with the scale and needs of the business. In parallel, we continue to make progress expanding VIZZ globally.

Our partnerships now span more than 20 countries across Greater China, Southeast Asia, Canada, The Middle East, and Oceania. During the quarter, we entered into our 5th international commercial partnership, covering Australia and New Zealand.

We also have 9 regulatory submissions under review, with additional submissions expected by year end. Together, these efforts are establishing the foundation for VIZZ as a global brand.

In conclusion, as we enter the second half of the year, we have a clear picture of how this VIZZ opportunity can build. Patient persistence reflected in both multipack purchasing and the refill patterns emerging from more mature cohorts provides meaningful evidence that patients who experience VIZZ see lasting value and choose to continue using it.

July provided encouraging early indication that our actions to broaden consumer awareness and simplify access are beginning to translate into stronger, new patient activity. We clearly understand our path forward.

Build on these signals, stay focused on execution, and invest with discipline find activities that drive durable growth. We remain confident in the value VIZZ delivers and in the significant unmet need it addresses.

Our job now is to translate that value into sustained patient growth, with urgency and discipline. With that, I will hand it over to Sean.

Who will provide more detail on our commercial execution.

Thank you, Evert. Good afternoon, everyone.

Building on Abe's comments, I would like to spend a few minutes on our commercial strategy and the actions we are taking to support the next phase of launch.

First, I want to reinforce what we believe is 1 of the most important indicators we have seen since launch. Our early refill trends.

While we are still in the early stages of commercialization, the persistence we are observing gives us a product foundation to build upon as we continue to focus on driving new patient starts. With that foundation in place, our focus is squarely on expanding awareness and ease of access for new patient starts.

In July, we began our national TV advertising campaign to broaden patient awareness, and we partnered with our e pharmacy provider, to launch a telehealth prescribing option to ease patient access. As we evaluated the patient journey to access VIZZ, it became increasingly clear that the journey is more involved than most consumer products.

A patient may first see an advertisement, decide to learn more, schedule an appointment, be evaluated by an eye care professional, receive a sample, and then ultimately decide whether to begin prescription therapy. At each step along that journey, there is an opportunity for patients to delay or discontinue the process.

Our objective has been to simplify the experience wherever possible while maintaining an appropriate standard of clinical care. That is why I believe our telehealth initiative is an important strategic addition to our commercial model.

The telehealth channel provides interested consumers a convenient pathway to be evaluated by an independent licensed eye care professional at the moment of product interest. Let's take a moment to map out the patient journey to VIZZ through the telehealth channel.

For example, a patient is watching TV and sees a commercial promoting VIZZ and then visits vizz.com to learn more. After exploring the site, they see real patient videos and now have decided they want to try VIZZ and click on the order VIZZ now button.

This brings them to our telehealth partners website where they start the telehealth process. Now, I walk you through the telehealth process, there are 2 key components.

1, the medical screener for telehealth eligibility, which was developed by ECTs. And 2, the subsequent telehealth evaluation also performed by independent ECPs.

So continuing that journey, once on the telehealth site, the patient fills out a survey on their current vision symptoms, and medical history which will confirm their potential eligibility for VIZZ through telehealth. This eligibility must be met to proceed with the telehealth assessment.

In the case they are eligible to proceed, they are then evaluated by independent licensed eye care professionals to determine whether VIZZ is an appropriate treatment option. If approved, their prescription is sent to the e pharmacy partner and visits shipped directly to the patient's home.

We launched this initiative concurrently with our national television campaign. Which is intended to expand consumer awareness and ultimately drive adoption of VIZZ.

Together, these initiatives are designed to create a more seamless path from consumer awareness to treatment initiation. While still early, we have been encouraged by the initial level of consumer engagement, which we believe is reflected in the increase in new patient starts we observed during July.

At the same time, our understanding of the eye care professional channel continues to evolve. As we shared on our previous call, aided awareness of VIZZ among eye care professionals remains in the high 90% range.

While unaided awareness exceeds 80%. Those metrics tell us that VIZZ is well recognized within the iQIY community as a treatment option for presbyopia.

And we believe we have successfully achieved our primary awareness objectives with ECPs. However, ECP awareness alone has not consistently translated into recurring prescribing behavior.

While over 13 thousand physicians have prescribed VIZZ, and over 75% of them have prescribed multiple times, we see that this discussion is often being consumer initiated. As a result, we have increasingly focused our commercial investments on stimulating consumer demand.

With the expectation that informed patients requesting VIZZ by name will serve as an important catalyst for future prescription growth. Overall, we are encouraged by our recent progress.

The combination of positive early patient persistence, expanded access through telehealth, and growing consumer awareness provides a foundation for the next phase of VIZZ's commercial growth.

With that, I will turn the call over to Daniel to review our financial results.

Thank you, Sean. As both Abe and Sean have discussed, we have kicked off the second half of 26 with the July launch of telehealth and our nationwide TV advertising campaign.

These strategic initiatives were purposely designed to designed to drive broad consumer awareness and address the key hurdles of product access by providing consumers with a safe and convenient way to be evaluated by an independent licensed eye care professional online and directly integrated into our e pharmacy fulfillment for home delivery. As has been mentioned, we are encouraged by the change in our recent script trends, suggesting an over 45% increase in July scripts.

Compared to June. Reflecting on Q2, we recorded total revenues of $5.5 million including over $1.7 million in product revenue on approximately 27 thousand monthly packs sold.

a 9% increase over Q1 and $3.8 million in license revenue from our ex U. S.

Global partnership agreements. Q2 license revenue included the first regulatory milestone payment under our license agreement with Théa.

Upon submission of its new drug submission to Health Canada, In addition to the first sublicense milestone payment, in conjunction with the asset purchase agreement between Everest Medicine and Corxel. For the rights to VIZZ in Greater China.

I will provide a further update on our global commercialization efforts for VIZZ in a moment. Turning now to operating expenses.

Our cost of sales on second quarter product revenue totaled $300 thousand and we continue to anticipate this to trend to approximately 90% direct product gross margin over time. Total SG&A expenses decreased to $39.4 million in the second quarter or approximately $34.9 million adjusted to exclude non cash stock based compensation.

On an adjusted basis, this was a 14% quarter-over-quarter decline from Q1 which was in line with our expectations given our Q1 DTC launch investment. Consistent with prior quarters, approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses.

Total research and development expenses remained zero in the second quarter of 26 consistent with recent prior quarters. Our Q2 net loss per share, both basic and diluted, was $1.02 per share in the quarter on a net loss of $31.9 million and we ended the second quarter with approximately $220 million in cash, cash equivalents and marketable securities.

Looking ahead, we will be deliberate in our capital allocation. Directing our investments towards the initiatives with the greatest potential to drive new patient adoption.

We believe this disciplined approach positioned us positions us to build a durable, consumer driven franchise while maintaining a strong financial foundation. Before I hand the call back over to I wanted to take a moment to provide an update on our global licensing and commercialization efforts.

As we have discussed on previous calls, we see VIZZ as a global product. And with a worldwide population of over 1.8 billion adults with presbyopia, we view the opportunity to expand our commercial footprint as an important and promising 1.

In Q2, we signed a commercialization agreement with Corxel Pharmaceuticals a leading Australian pharmaceutical company and Australia's largest supplier of medicines by prescription volume. This is our 5th ex-U.S.

commercialization partnership for VIZZ which now including Oceania spans Greater China, Southeast Asia, Canada, and The Middle East region. We currently have 9 regulatory submissions under review, and we anticipate multiple additional submissions and potential ex US regulatory approvals by the end of this year.

We remain focused on further expanding our global network in additional strategic geographies and we look forward to reporting additional progress in the months and the quarters ahead.

With that, I will turn the call back over. Thanks, Daniel.

To close, I am proud of the LENZ team and the work behind the progress. We discussed today.

We now have meaningful evidence that patients who experience VIZZ see value and choose to continue using it. We have also begun to see encouraging new patient activity as we broaden awareness and simplify access.

Our priorities for the second half are clear. We will build on these signals, stay focused on sustained patient growth, and align our investments with the initiatives producing the strongest results.

We remain confident in the opportunity for VIZZ. And committed to pursuing it with urgency and discipline.

And with that, I would like to open the call for questions.

Hey. Good afternoon.

Guys, and thanks so much for taking our questions. So, we have a couple.

First is on the refill dynamics where we appreciate of you giving us this level of detail, but maybe put it in put it in the context of other presbyopia, I drop products, What strategies is the team employing to keep these patients? So that is the first.

And then second, if you think about the telehealth launch, maybe speak to the level of comfort around the safety profile. Just a second.

And then last, I know it is still early days, but when would you expect to see nationwide TV advertising drive prescription growth? And as a reminder, just help us understand where you are prioritizing investment, when it comes to commercial strategies that are working.

Thanks so much.

Great. Thank you, Stacy.

This is Sean. So first, on the refill dynamics as well as the strategies we are taking to make sure that we continue to see those strong repeat dynamics.

So when you think of the refill dynamics, what we focused on is our e pharmacy channel because that is where we can see that patient level data. And we also look at the cohorts that are the most mature.

So that would be people that bought for the first time in Q4 of 25, in Q1 of 26. And what is great to see is of those cohorts, you know, 60% of those e pharmacy patients have purchased more than 1 monthly pack.

So that includes patients who purchased multiple packs on their initial order, as well as patients who returned for subsequent purchases. The other thing that is important to understand is we focus on the e pharmacy channel not only because we can see the data at the patient level, but it is also our dominant channel as well.

what is great when we are looking at this data is if we look at that Q4 cohort, we are seeing on average they have now already purchased slightly more than 5 packs. And they had not come up on a year yet.

And that Q1 cohort is trending to 5 as well. The Q2 cohort is not yet mature enough, but we are still seeing that similar early pattern, which is great.

So when we think of our product, this was really important because it means we have a presbyopia product out there that works, and people want to continue to refill. Obviously, some of their early launches in this space, they were able to get early uptake, but that refill was not there.

This, we feel, really speaks to the durability of our product. In terms of the strategy that we are employing to make sure that we continue to see high repeat rates, I think the number 1 thing that you really need is an eye drop that works.

And we are excited that we have an eye drop that works for 10 hours. In addition to that, the e pharmacy channel allows that option to buy 3 months at a time at a discounted rate And then as we have launched this telehealth channel, that also enables the opportunity to buy 3 months at a time, enter into an auto renew cycle, and you get that long duration at a discounted rate.

So that is what is going on with the refill dynamics In terms of telehealth and the comfort of safety.

what is great about the telehealth channel is that we have great safeguards around that channel in general. The telehealth patients are screened for appropriateness by fully licensed eye care physicians, Right?

They have to have no history of retinal complications. And be an appropriate candidate for VIZZ and have a recent retinal exam within the past 24 months.

And then after that, still an independent eye care physician evaluates that patient history and suitability prior to prescribing VIZZ, or if they feel it is necessary, they will actually recommend a visit to a doctor in person if they do not qualify for telehealth.

In terms of the TV channel, so our TV campaign, that went live July 6. You know, we are already seeing lift from that national TV campaign, which is great to see.

And, you know, we will expect to continue that on because of that lift we have seen. We have seen it in the access to the telehealth channel because that is what announced telehealth.

But we also see the lift in the other channels as well.

But to your final question or questions, and then Stacy have to answer those. Like, how do we compare against other presbyopia drugs?

Frankly, we do not see we have to see a lot of traction with the current ones on market. And you compare us to VUITY, interestingly, we are we are now actually selling more on a weekly or monthly basis than VUITY.

And importantly, if you compare the VUITY refill rate at that peak, it was about 10% to 12%. We are tracking at that 42%.

Of those people that refill that become users of VIZZ that we have always spoke about. So we are very pleased to see that And I have a last question around, you know, how do we expect to do that?

Like I mentioned in my remarks, the commercial investments that we made so far have been appropriate. It really helps establish VIZZ, you know, build broad brand awareness among ECPs, to expand consumer demand generation And, you know, with the telehealth, we now have numerous access pathways in place.

So we know we are doing now as we move through Q3. We are really assessing the performance of each of those initiatives.

Generating the data that allows us to continue to adapt both the mix as well as the level of investments. We feel we need for this next phase in the launch.

Obviously, concentrating resources where we believe we have the greatest potential to drive durable growth. All of that is based on, obviously, the confidence we have in the value opportunity for VIZZ.

While also remaining very disciplined in how we allocate capital. as a company.

Incredibly helpful. Thank you.

Hey, guys. Great.

Thank you for taking the questions. I also have a few here.

So just first off, could you just remind us you said e pharmacy is the majority of the revenue base, but if you could quantify or give a little more direction on that comment. And then with regard to the retail, so, obviously, you have the visibility in the e pharmacy.

But in retail, I guess, are you saying that you just do not have the data, so therefore, you cannot track the refill dynamics and the, you persistence, or is there a different conclusion as far as, you know, the persistence in the in the retail side of the business. And then if you could just comment a little bit on the disciplined spend, where are going to invest more, or where are gonna decelerate versus accelerate?

Thank you.

So Yigal, thank you for the question. So yeah, so the e pharmacy is the predominant avenue of where most of our scripts go through.

And, you know, ultimately, we see little over 60% of our scripts are going through that e pharmacy channel. And, again, we have the most access to that data, so we do a lot of our analytics off of it.

In terms of the retail channel, you know, I think as many investors have seen, the retail pickup of this whether it be through Symphony or IQVIA, has been, you know, fairly poor and limited. And, unfortunately, because of that, we cannot do a good assessment off of that data set.

Thanks, Shawn. To your question as to where we will adjust, going back to what I just mentioned earlier as well, it will be driven by the data that we will generate in Q3.

And that will inform us for this next phase. it is fair to say that the principle is clear.

We will align our commercial investments with demonstrated performance, what is truly driving scripts, and the scale and needs of the business will be appropriate. For what we are building.

We will keep you all informed as appropriate and once we have made any more final decisions.

Okay. Thanks, Ed.

I just had 1 quick follow-up, which is more of just a technical thing. So the revenue was $1.7 million in the quarter as well as last quarter, but you had 2,000 more packs, so it is a 9% increase Q-over-Q.

Just can you just clarify the dynamics there regarding the volumes price equation? Thanks.

Sure. Thanks, Yigal.

This is Daniel. So the 9% is a volume based metric on units that shipped.

Gross-to-net in general was the same. Also, what was in Q2 would have included, and we will continue to include periodically revenues ex-U.S.

The 9% is on an absolute volume basis of units that were shipped in the second quarter compared to the first. Thank you.

This is Alyssa on for Marc. Thank you for taking our questions.

I have 2. So regarding the telehealth platform, can you comment on proportion of online form submissions ultimately results in a scheduled visit with a provider versus an asynchronous prescription, and how long does that screening questionnaire take?

To just submit. Then secondly, can you comment on the patient mix and if it is evolved since the launch of the nationwide DTC campaign?

Thank you.

Hi, Alyssa. This is Sean again.

Thanks for your question. So yes.

So with the telehealth platform, what is great is we want to see volumes going through it. Like, that is number 1.

But we also wanna see that it is screening out patients. Both through the screening process, but also that after the patient goes through telehealth, some people, you know, then actually informed they need to go to a doctor and do not proceed with the telehealth, because that is a functioning system.

So we are seeing that some patients are being screened out in both the screener as well as during the telehealth visit. We have not broken out those numbers publicly, but it is good to see that.

In terms of filling out the survey, really only takes a few minutes to fill out the survey. So it is not a overcomplicated process.

And, again, that was developed by ECPs to make sure it had the right screening criteria. In terms of the mix pre and post TV really not a big change there in terms of mix.

Overall, in general, it is about, you know, 60% women and 40% men purchasing the products. And, also, again, we are seeing a slightly higher interest in that 45- to 55 age group.

And it kind of steps down over 65. So no big change in the patient profile.

Great. Thank you.

Hey, guys. Thanks for the question.

Maybe just 1 on the telehealth to start. Can you just talk about the sort of early adoption there?

You talked about the good script trends we are seeing in July being up about 45%. Mean, is that primarily being driven by sort of incremental scripts going through telehealth or you know, is that maybe only part of it and some of it is being driven by maybe the DTC?

Or TA campaign driving. People into the doctor.

And then second question, on the stat on average refills of 5 packs per year, Just wanted to confirm that is that just among the 60% that do refill? And related could you maybe break out the number that fill a 3-pack to start with versus who sort of placed the second order?

Hi Lachlan, I will take the first question. Just to make sure that we got the question right.

I think your question was, is the growth that we saw month over month due to July driven by telehealth, and is it, you know, maybe impacting the other channels. The good news here is that we see that actually the combination with the TV, the national TV campaign drove all channels up.

So telehealth definitely has a significant part of the increase but it did not come at the expense of other channels. So we see good and encouraging growth in the other channels as well.

So, again, all channels are up in July versus June.

Yep. And then in terms of your question on the 5 packs per year, So the 5 packs per year, Yes.

So that is for the 60% of patients. In e pharmacy that have purchased multiple times or multiple monthly packs.

Right? So that is how it is calculated.

You know, that leaves the other 40% at that single purchase, so you can you can back into the full math off of that.

In terms of those that buy, you know, a 1-pack or 3-pack for the first pack, you know, Again, we tend to see people move along that path. We have seen people start with a 1-pack and then move to a 3-pack.

We have not broken out that first start of 1-pack versus 3 pack.

Got it. Thanks.