LENZ Therapeutics (LENZ) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Product overview and clinical data

• Developed a once-daily eye drop for presbyopia, aiming to replace reading glasses for near vision restoration.

• Phase III studies completed with NDA filed; approval anticipated mid-next year and launch in the second half of 2025.

• Phase III data showed 71% of participants achieved at least three lines of near vision improvement at 30 minutes and 3 hours, and 40% at 10 hours.

• 95% achieved at least two lines of improvement at 30 minutes, 69% at 10 hours; broad inclusion criteria including post-LASIK and contact lens users.

• Product demonstrated high safety and comfort, with only mild adverse events and no serious events over 30,000 patient treatment days.

Market landscape and opportunity

• Presbyopia market in the US is estimated at over $3 billion, with 128 million potential patients, narrowed to 8–10 million target users based on income and willingness to try.

• Pricing benchmarked at $79–$80 per script, with conservative refill assumptions leading to the $3 billion market estimate.

• Cash pay model ensures immediate revenue flow, avoids PBM and insurance complexities, and provides access to the full patient population from launch.

Commercial strategy and launch preparations

• Three commercial pillars: doctor recommendation, patient demand, and seamless product access.

• Unbranded campaigns underway to educate doctors; branded DTC campaigns to follow post-approval, targeting early adopters like contact lens and LASIK users.

• Sales force of about 100 reps planned, targeting 15,000 optometrists who previously prescribed similar products.

• Launch costs expected to align with industry benchmarks: ~$20 million for sales force, $70–$80 million annually for marketing.