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1 LENZ Therapeutics Corporate Presentation
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2 This presentation contains forward-looking statements within the meaning of the Private Securities litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as “anticipates,” believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “ projects,” “seeks,” “should,” “will,” “forecast,” “budget,” and variations of such words or similar expressions. Statements of past performance, efforts or results, about which inferences or assumptions may be made, can also be forward-looking statements and are not indicative of future performance or results. Forward- looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of LENZ Therapeutics, Inc. (“LENZ,” “we” or “us”) management as well as assumptions made by and information currently available to LENZ. Such statements reflect the current views of LENZ with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about LENZ. Such statements may include, without limitation, statements regarding the potential of VIZZ to have best- in-class performance; the size of the market opportunity for VIZZ, including our estimates of the size of the affected population and potential adoption and usage rate; the beneficial characteristics of VIZZ; our competitive positioning; and statements regarding our future financial or business performance. This presentation contains estimates, projections and other information concerning our business, our industry and the markets for our products, including data regarding the estimated size of such markets, our position and the positions of our competitors within these markets and the relevance of cosmetic brands and markets. We obtained the industry, market and similar data set forth in this presentation from internal company surveys, publicly available information, industry publications and surveys, and third-party studies. In some cases, we do not expressly refer to the sources from which this data is derived. Information that is based on estimates, forecasts, projections, market research or similar methodologies is subject to risks, uncertainties and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. More details about these and other risks that may impact LENZ’s business are described under the heading “Risk Factors” in our Form 10-Q for the quarter ended September 30, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on November 5, 2025, and in subsequent filings with the SEC, which are available on the SEC’s website at www.sec.gov. LENZ cautions you not to place undue reliance on any forward-looking statement, which speak only as of the date hereof. LENZ does not undertake any duty to update any forward-looking statement or other information in this presentation, except to the extent required by law. Disclaimer and Forward-Looking Statements
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3 Unblurring near vision for 128M US presbyopes Samples and commercial product now available; retail pharmacy broadly available by mid Q4 ‘25 Clear commercial strategy targeting 15K ECPs, supported by 100+ sales team and DTC in Q1 ’26 $3Bn+ US potential in largest eye care market, ex-US partnership driving additional opportunity Broad regulatory and IP protection provide long product lifecycle Well funded to positive cashflow with ~$324M cash as of Q3’251 Only FDA-approved eye drop with potential for providing seamless vision for the full workday for the vast majority of 128M US presbyopes 1. Pro forma as of September 30, 2025
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4 Problem Presbyopia is the inevitable loss of near vision people in the US1 potential market opportunity Adults 50+ lose on average 1.5 lines of near vision per 6 years2 $
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Majority of presbyopes are interested in an eye drop solution Over 60% of 128M presbyopes in the US would consider an eye drop solution with clear early adopter segments3 Active lifestyle consumersPost-LASIK patients Contact lens wearers Contact lens wearers enjoy glasses-free vision Post-refractive surgery patients invested in hassle-free vision Active lifestyle patients seeking a look-good, feel-good option
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6 VIZZ is now approved The first and only pupil-selective miotic with potential to meet needs of all presbyopes and provide best-in-class potential for near vision improvement
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7 of patients achieved the ideal pupil size (<2mm) to restore near vision4 VIZZ is the only aceclidine-based eye drop that selectively targets the pupil Aceclidine, the active ingredient in VIZZ: Avoids overstimulating the ciliary muscle Is a pupil-selective miotic
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8 VIZZ lasts up to 10 hours with a once-daily dose % of participants achieving ≥2- and ≥3-line near vision improvement of patients improved their near vision by 3 lines or more at 3 hours (primary) CLARITY 2, full analysis set (VIZZ: n=77; vehicle: n=76). 3-line vehicle 5%-12%, 2-line vehicle 17%-24%. Near visual acuity was assessed at 40cm using monocular DCNVA (distance-corrected near visual acuity). The primary efficacy endpoint was the percentage of patients who achieved ≥3 lines of improvement in DCNVA without losing 1 line (≥5 letters) or more of distance vision at 3 hours post treatment on Day 1. VIZZ achieved all primary and secondary visual endpoints (in all cases, P<0.001). From 1st dose: Best-in-class of patients improved their near vision by 2 lines or more within 30 minutes Works fast Hours Participants (%) of patients improved their near vision by 2 lines or more at 10 hours And lasts
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9 Participants (%) Hours patients achieved 20/40 at 10 hours VIZZ achieved 20/40 functional near vision for up to 10 hours Day 1, CLARITY 1 & 2, analysis of binocular distance-corrected near vision with logMAR ≤0.3 (~20/40 or J3).
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10 VIZZ was well tolerated <4% discontinuation due to treatment-related adverse events The majority of adverse reactions were mild, transient, and self-resolving. There were no reported retinal tears or detachments withVIZZ in clinical trials. No serious treatment- related adverse events
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11 ECPs are enthusiastic about VIZZ and likely to Rx of patients/month are presbyopic average patient visits/month per ECP Results from market research survey we commissioned of n=426 ECPs (81% OD, 19% MD) who have Rx’d Vuity at least 10 times. Based on respondent's review of VIZZ’s 30 minute and 10-hour post-treatment 3- and 2-line improvement rates from LENZ’s CLARITY 2 trial (Day 1 results), the VIZZ adverse event table from our CLARITY study, in which all ocular AEs were mild, and noted that there were no treatment-related serious adverse events across the +30,000 patient treatment days. likely to Rx viewed as “well tolerated and safe”
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12 Doctors to recommend us Educate 15,000 ECPs about our VIZZ and its unique MOA Consumers to request us by name Create DTC advertising that motivates consumers to visit an ECP Seamless journey to use Design a consumer journey that facilitates instant access to VIZZ A clear strategy for commercialization 1 2 3
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13 Doctors to recommend us Awareness of VIZZ 90% ECP awareness as of October 2025; 100+ sales team detailing ~15K ECPs. Willingness to Rx Already early positive feedback from ECPs on willingness to Rx. Market research has shown 82% likely to Rx based on VIZZ data. Confidence in VIZZ Establishing efficacy confidence through ECP testimonials, all OD medical team, podium presence, KOL events and VIZZ samples.
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14 Consumers to request us by name 1 2 3 Breaking through the clutter Strong 2026 DTC media plan with Sarah Jessica Parker as campaign spokesperson, national PR outreach fueling VIZZ’s proven word-of-mouth uptake Belief in the product Engaging consumer website, clear simple messaging supported by social media testimonials that resonate Worth the investment Free sampling and relatable influencers validating efficacy and relatability, plus easy access and compelling pricing
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15 Seamless journey to use 1-month supply (25 vials) Save more with a 3-month supply (75 vials) ( 66/month) Cash pay with no prior authorization required. HSA/FSA eligible. Quick transition to usage with ePharmacy and option to pickup at local pharmacy 79$ 198$ Free trial of VIZZ at ECP offices, 5-day sample pack $
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Huge patient population Blockbuster potential in largest eye care market 1-month supply (25 vials) at conservative 6% adoption or ~8M users and 42% refill rate Large TAM and ex-US markets can provide additional growth opportunities Real patient feedback Blockbuster potential would seriously consider a once-daily drop for presbyopia1 *Everything else includes dry eye disease, demodex blepharitis, childhood myopia, macular degeneration, diabetic retinopathy, and glaucoma. 1. LENZ commissioned survey of 1,358 presbyopes. 2. Pooled responses of VIZZ in CLARITY 1 & 2 on Day 28, n=223. Based on patient questionnaire “Reflecting on the last 30 days.” would continue to use VIZZ after the study2, of which, would use 4–7 days per week2 16
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17 VIZZ broad exclusivity and patent protection layers - - - - 8 Granted US patents up to 2044 Ongoing brand equity of US NCE regulatory exclusivity through 2030
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18 Appendix
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19 1. Ishikawa H, DeSantis L, Patil PN. Selectivity of muscarinic agonists including (+/-)-aceclidine and antimuscarinics on the human intraocular muscles. J Ocul Pharmacol Ther. 1998;14(4):363-373. doi:10.1089/jop.1998.14.363. Aceclidine is the only pupil-selective miotic
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References 1. Global Prevalence of Presbyopia and Vision Impairment from Uncorrected Presbyopia, Fricke, Timothy, et al, American Academy of Ophthalmology, vol 125, number 10, Oct 2018. 2. Progression of Near Vision Loss and Incidence of Near Vision Impairment in an Adult Chinese Population, Han, Xiaotong, et al, Ophthalmology, 124(5): page 734, May 2017. 3. LENZ commissioned survey of 1,358 presbyopes. 4. Data on file. LENZ Therapeutics, Inc.