LENZ Therapeutics entered into a stock purchase agreement with Ridgeback Capital Investments L.P. (“Ridgeback Capital”) for a $30 million private investment in public equity (“PIPE”) common stock financing.

LENZ intends to use the net proceeds from the PIPE financing, together with the company's existing cash, cash equivalents and marketable securities, to support the regulatory, pre-commercial and potential commercial launch activities for the company’s lead product candidate, LNZ100, as well as for working capital and general corporate purposes.

LNZ100 is the first and only aceclidine-based eyedrop to improve vision in patients diagnosed with presbyopia. LNZ100 is a preservative-free, single-use, once-daily eyedrop that was evaluated in the registration-enabling Phase 3 CLARITY study as a potential therapy for the treatment of presbyopia.

The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and such securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. In connection with the securities purchase agreement, LENZ Therapeutics has agreed to file a registration statement with the Securities Exchange Commission to register the resale of the shares of common stock sold in the PIPE financing. Any offering of the common stock under the resale registration statement will only be made by means of prospectus.