Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data LENZ Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
19.1
Cost of revenue
0
0.42
Gross profit
0
18.7
Research and development
9.12
37.9
72.8
59.5
29.8
18.7
Selling, general and administrative
12.9
28.8
91.1
General and administrative
4.38
22.5
32.9
41
Operating expenses
13.5
60.4
106
72.4
58.6
Operating income
-13.5
-60.4
-106
-72.4
-58.6
-91.1
Interest income
2.19
8.55
9.76
Other non-operating income
-54.9
-10.3
4.59
2.28
8.84
9.51
Pre-tax income
-70.1
-49.8
-81.6
Income tax
0
0
0
-0.18
0
0.5
Net income
-68.4
-70.8
-101
-70
-49.8
-82.1
EBITDA
-13.4
-59.7
-103
-72.4
-58.6
-90.9
EPS, basic
-488.04
-39.95
-30.00
-35.71
-2.34
-2.85
EPS, diluted
-488.04
-39.95
-30.00
-35.71
-2.34
-2.85
Shares, basic (weighted)
0.14
1.77
3.37
1.96
21.3
28.8
Shares, diluted (weighted)
0.14
1.77
3.37
1.96
21.3
28.8
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
19.8
377
47.7
35.1
20.2
25.2
Short-term investments
0
220
30.7
Receivables
0
0.33
Inventory
0
2.94
Other current assets
1.29
4.76
7.14
1.45
2.77
5.8
Total current assets
21.1
382
275
67.2
212
301
Property, plant and equipment
1.46
6.51
22.6
0.05
0.65
1.19
Lease right-of-use assets
11.6
5.58
0.32
1.34
0.73
Long-term investments
0
15.3
0
Other non-current assets
0.45
1.29
0.02
1.4
2.54
Total assets
22.6
402
322
70.4
215
306
Accounts payable
0.63
2.45
2.61
5.71
4.26
4.17
Accrued liabilities
0.47
2.69
3.8
12.8
6.15
17
Deferred revenue
0
Total current liabilities
32
12.1
13
18.5
10.4
21.2
Lease liabilities
5.79
1.75
0.19
0.81
0.35
Other non-current liabilities
0.32
0
10.8
0.12
0
Total liabilities
32.4
17.9
25.6
19.7
11.2
21.5
Paid-in capital
5.18
525
540
2.52
349
511
Retained earnings
-70.6
-141
-242
-95.2
-145
-227
Other comprehensive income
0
-1.05
0.01
0.2
0.24
Shareholders' equity
-65.4
384
-24.2
-92.7
204
284
Total equity
-65.4
384
-24.2
-92.7
204
284
Total liabilities and equity
22.6
402
322
70.4
215
306
Shares outstanding
0.63
3.56
3.57
1.97
27.5
31.3
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-68.4
-70.8
-101
-125
-49.8
-82.1
Depreciation and amortization
0.12
0.73
2.35
0.02
0.06
0.29
Stock-based compensation
0.18
7.87
13.5
1.34
6.37
12.5
Deferred income tax
0
0
0
Change in receivables
0
-0.33
Change in inventory
0
-4.28
Change in payables
0.59
1.83
0.19
0.86
-4.28
-0.09
Cash from operations
-8.72
-52.9
-88
-60.4
-59.4
-69.2
Capital expenditures
-1.55
-5.74
-6.59
-0.03
-0.47
-0.83
Purchases of investments
0
-406
-52.1
-242
-281
Sales and maturities of investments
0
170
22.5
87.9
206
Cash from investing
-1.55
-5.74
-242
-29.6
-154
-75.7
Stock issued
0.03
0.02
0
79.5
1.12
Cash from financing
30.1
417
0.6
80.7
199
150
Net change in cash
19.8
359
-329
-9.3
-14.9
4.91
Free cash flow
-10.3
-58.6
-94.6
-60.4
-59.9
-70
Income taxes paid
0.5
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.92 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-631.7%
Operating income / revenue.
EBITDA margin
-629.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-586.7%
Net income / revenue.
FCF margin
-532.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-530.4%
Cash from operations / revenue.
Return on equity (ROE)
-57.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-53.3%
Net income / average total assets.
Return on invested capital (ROIC)
-54.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
17.7%
Research and development expense / revenue.
SG&A / revenue
705.8%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
74.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.4%
Capital expenditures / revenue.
D&A / revenue
2.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
39.3%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
42.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-1.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
68.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
35.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
104.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
190.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.6x
Current assets / current liabilities.
Quick ratio
1.43x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.41x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.68
Revenue / diluted weighted shares.
FCF per share
-$3.65
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.63
Cash from operations / diluted weighted shares.
Book value per share
$6.98
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
5.73x
Market cap / revenue.
P/B
0.56x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.56x
Market cap / tangible book value, when positive.
EV/Sales
4.60x
Enterprise value / revenue.
FCF yield
-93.0%
Free cash flow / market cap.
Earnings yield
-102.4%
Net income / market cap (the inverse of P/E).
What was LENZ Therapeutics, Inc.'s revenue in fiscal 2025?
LENZ Therapeutics, Inc. reported revenue of $19.1M for fiscal 2025.
Was LENZ Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $82.1M.
How much free cash flow did LENZ Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $69.2M minus capital expenditures of $827.0K left free cash flow of -$70.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.