LENZ Therapeutics (LENZ) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Company background and product development

• Developed a non-invasive ophthalmic drop for presbyopia using aceclidine, an active ingredient previously marketed for glaucoma, now repurposed for near vision improvement.

• Product approval achieved recently, following large phase III trials demonstrating broad efficacy.

Clinical efficacy and differentiation

• Achieves pinhole pupil size below two millimeters, critical for restoring near vision.

• 93% of patients reached 20/40 vision or better within an hour, with 70% maintaining this at 10 hours.

• Over 70% achieved three lines or greater near vision improvement at 30 minutes and three hours post-dose.

• No negative impact on distance vision; some patients experienced improvement.

Commercial strategy and market segmentation

• Three-pillar strategy: drive doctor recommendations, stimulate consumer demand, and ensure seamless product access.

• 88-person sales force targets 13,000 doctors, with additional inside sales expanding reach.

• DTC campaign launches in Q1, focusing on high-interest segments: contact lens wearers, LASIK patients, and active aging consumers.