LENZ Therapeutics, Inc. has reported its financial results for the third quarter ended September 30, 2026, and announced a series of leadership and strategic changes. The company reported product sales of $2.6 million for the third quarter, representing a 50% increase over the prior quarter. During this period, the company recorded $0.8 million in license revenue, bringing total revenue for the three months to $3.4 million. As of September 30, 2026, the company held $197.3 million in cash, cash equivalents, and marketable securities.
In a separate announcement, the company disclosed a strategic reorganization approved by the board of directors. The reorganization aims to prioritize consumer marketing and reduce operating expenses. The company plans to decrease its headcount by approximately 75%, resulting in approximately 40 full-time employees. LENZ estimates it will incur non-recurring charges of approximately $5 million in connection with this restructuring, primarily for severance payments. The company expects the restructuring to be substantially completed in the fourth quarter of 2026 and anticipates reducing projected 2027 annual operating expenses by more than 50% to a target of $70 million to $75 million.
The company also announced a leadership transition. Eef Schimmelpennink, the current President and Chief Executive Officer, will transition from his role effective December 1, 2026. He will resign from the board at that time but will continue as a full-time employee and Strategic Advisor to the CEO through December 31, 2026. Mr. Schimmelpennink is set to receive a lump-sum cash payment equal to 12 months of his base salary, a bonus payment for 2026, and continued group health coverage premiums under COBRA.
Mr. Schimmelpennink will be succeeded by Daniel Chevallard, the company's current Chief Financial Officer, who has been appointed Interim President and Chief Executive Officer effective December 1, 2026. Mr. Chevallard will continue to serve as CFO. In connection with his new role, his base salary will increase to $650,000, and his target annual bonus opportunity will increase from 45% to 60% of his annual base salary. Additionally, the company will grant him an option to purchase common stock with an aggregate grant date fair value of approximately $1.5 million.
