LENZ

Good afternoon, ladies and gentlemen, and welcome to the LENZ Therapeutics' first quarter 2026 financial results conference call. At this time, all participants are in a listen-only mode. Following prepared remarks from management, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call is being recorded. At this time, I would like to turn the call over to Dan Chevallard, Chief Financial Officer. Please go ahead.

Thank you. Good afternoon and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Eef Schimmelpennink, our President and Chief Executive Officer, Shawn Olsson, our Chief Commercial Officer, and Dr. Marc Odrich, our Chief Medical Officer. Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash runway projections and performance. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the SEC, which can also be found on our website.

In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. The company encourages you to consult the risk factors contained in our SEC filings for additional detail, including in our first quarter 2026 Form 10-Q, which is being filed today. With that, I'll now turn the call over to Eef.

Thank you, Dan. Good afternoon, everyone. In Q1, our performance was consistent with the expectations we outlined on our last call. We delivered approximately 25,000 paid and filled prescriptions, bringing total monthly units sold since launch to roughly 46,000 and generated $1.9 million in net revenue, including $1.7 million in product sales. New patient adoption has continued to grow, but not yet at the pace we're aiming for. I want to address that directly. We've done the work to understand the dynamics, we've identified what needs to change, and we're executing on those changes now. What continues to give us confidence are the strong fundamentals underlying that top-line number and the strength in the category we are building around VIZZ.

Our product clearly works in the real world, which is reinforced by consistent feedback from both doctors and patients, underscoring what real-world efficacy is living up to expectations. We've built a growing base of prescribing physicians with over 10,000 unique prescribers through the first quarter and new prescribers writing for the first time every day. We're seeing a very clear proprietary signal emerge within our prescriber base. At the same approximate stage of launch, around 46,000 filled scripts, this is generating roughly 70% more scripts per prescriber than VUITY, a pattern that holds true across all our prescribing deciles. In other words, we're reaching the same level of fill volume with fewer prescribers because physicians who adopt VIZZ are prescribing it more consistently. This is an example of the encouraging dynamics that we're experiencing as we build a truly new category.

Early adoption builds more gradually, but as prescribing habits develop, they drive consistent uptake. In addition, we continue to see promising patient adoption and persistence. Once patients move from a sample to purchasing the product, many stay on that on therapy, which we have seen reflected in early refill behavior and importantly, in purchasing patterns. For over 2/3 of our ePharmacy volume is now coming from three-month prescriptions, a meaningful increase in our ePharmacy consumer purchasing behavior from Q4 to Q1. This ties with what we want to see from a sampling at launch. Our patients try the product first, convert after experiencing the benefit, and then continue use. Taken together, this gives us confidence that we're building the category on a durable foundation, and we view these metrics as important early indicators which will scale over time.

At the same time, as we've noted during our last call, building a new category will take time, particularly as prescribing habits and patient behavior continue to evolve. Through Q1, the pace of new patient starts and routine ECP prescribing was more gradual than we expected it to be. We are laser-focused on improving that over the coming months and will hold ourselves accountable to demonstrating these upcoming quarters. As we're now several months into our launch, we believe we have identified the key barriers to adoption. Over recent months, we've focused on these areas in depth, including through extensive work with advisory boards and direct engagement with both physicians and patients to better understand how to improve both the prescribing process and the patient experience. There are two primary areas where we see clear opportunities to drive adoption. First, on the physician side, this is well understood.

Brand awareness is extremely high among ECPs, and this is recognized as best in class. However, it is not yet being brought up proactively enough in the patient conversation. This requires an important behavioral shift as physicians learn to incorporate a new type of treatment into a routine exam flow. It has not historically included the integration of a novel pharmaceutical option for treatment of presbyopia. Second, on a consumer side, the path from awareness to prescription and ultimately to purchase is naturally a multi-step one. Surveys and direct feedback have highlighted where the patient's journey can be further improved to support conversion. Based on these insights, we're sharpening execution and have already taken targeted actions to accelerate adoption. On the physician side, we're refining how this is introduced in the exam room to make it simpler and more natural to bring into the conversation.

One example is a renewed focus on contact lens patients, where this provides a clear and immediate value to that practice by helping patients stay in their lenses longer. This serves as a practical entry point that corresponds to a significant part of their patient and revenue base. We're highlighting ECP success stories from peers to illustrate how this has been integrated into practice specifically for these patients as examples of real-world wins. This helps physicians better understand and use this more consistently, drive real value, and from there expand usage more broadly across the presbyopia population. Importantly, as I've mentioned, these refinements are informed by direct work with advisory boards and testing panels of physicians where we have incorporated real-world feedback on what works and how to improve both the ECP conversation and patient experience.

On the patient side, we're evolving how patients get started on therapy. We have introduced tools, including a simple QR-based getting started with this experience video that clearly explains how to use the product and what to expect, helping patients complete the initial trial and transition more confidently to ongoing use. Additional materials to support this effort are finalized and will be rolled out shortly. In addition, and where permitted, we're enabling physicians to sell this directly to patients in their practices. This can simplify access and reduce friction in the conversion process. Early feedback on this approach has been encouraging, while we remain mindful that it is not available in all markets. Taken together, these actions are designed to increase both how often this is introduced in the exam room and a conversion from trial to ongoing use.

Shortly, Shawn will go into more detail on how we're executing against these priorities. In parallel, as we scale the product, we are also continuing to improve the overall user experience. We are transitioning to an FDA-approved large-scale manufacturing process that will further improve our direct product cost of goods. This also allows for a tighter formulation specification and enhanced vial format, which we expect will further improve both ease of use and comfort upon instillation. These are natural advancements as we move from initial launch to broader scale that are part of our ongoing focus on optimizing the patient experience. Our additional attention now is on execution against the key drivers that I highlighted today. We expect that these actions will drive meaningful and measurable progress in ECP and consumer adoption as we advance through the year.

With a product that clearly works in a large and underpenetrated market, we continue to see strong validation from both patients and physicians on the value it brings. At the same time, we're building a new category, but both prescribing habits and patient behavior will need to evolve. Importantly, we have solid and actionable understanding on how we can influence that evolution to accelerate adoption. We've already begun to act on these insights and initiatives. As these actions continue to roll out across the field and the patient journey, we're focused on demonstrating meaningful and sustained script growth over the coming months and quarters. Lastly, in parallel, we're seeing strong momentum outside the U.S. There are recent European and U.K. submissions, as well as meaningful inbound partnering interest from key markets, including Europe and Latin America.

Combined with our existing partnerships across China, Southeast Asia, Canada, and the Middle East, we believe we're building a strong foundation for global expansion. With that, I'll hand it over to Shawn, who'll go into more detail on how we're executing against the priorities. Shawn?

Thank you, Eef. Good afternoon, everyone. As Eef outlined, we are in the early stages of building a new category, and our focus is on translating strong product performance and early adoption signals into consistent and scalable growth. From a commercial perspective, we're encouraged by what we are seeing in the field. Eye care professionals prescribing VIZZ are seeing it works in their practices, and that confidence is translating into repeat prescribing behavior. We are seeing a growing number of physicians not only prescribe VIZZ but write it multiple times. In fact, approximately 60% of prescribing ECPs have now written VIZZ multiple times, which we view as a strong signal of confidence and early habit formation. ECP awareness and interest is high, understanding of the product is strong, and consumer interest and awareness is growing.

What we're focused on now is how we translate that interest into consistent prescribing behavior and consumer adoption, and importantly, doing so in a way that shows tangible progress in new script growth in this early phase of launch. Focusing on our eye care professional strategy, we continue to see strong engagement adoption among physicians. Just a few months into launch, aided awareness is in the high 90s, and unaided awareness is over 80%, which tells us VIZZ is already well-known in the eye care community for the treatment of presbyopia. We're also seeing that physicians clearly understand the product. They consistently describe VIZZ as differentiated, pupil-selective, and ciliary sparing while delivering a 10-hour duration. That level of clarity is important because it helps address the major barrier of being compared to previous products in this category. Where our focus now is translating that understanding into consistent behavior.

This is about helping physicians bring VIZZ into the patient conversation more naturally and more frequently and integrating it into their standard eye exam flow. We're also seeing this translate into prescribing behavior. As Eef mentioned, at a comparable stage of launch, VIZZ is generating significantly higher scripts per prescriber than what was observed with VUITY, and importantly, we see that pattern consistently across the prescriber base. What that looks like in practice is that once physicians begin to prescribe VIZZ and integrate it into their workflows, or into their workflow, they tend to prescribe it more frequently compared to what we saw with VUITY at a similar stage. This is not limited to a small group of high-volume writers, but something we're seeing more broadly across the prescriber base. This ties directly to how we have designed the launch.

With sampling, patients experience the product first, and physician utilize these experiences to build an understanding and confidence in VIZZ. That creates a more natural fit in the practice, where prescriptions are written with greater confidence and consistency, and we see this as an early indicator of how adoption can continue to build over time. As we've been working through this in the field, this also helped clarify where we should focus to further accelerate adoption. One of the areas we're seeing the strongest early traction is in contact lens patients. This is a well-known challenge for eye care professionals. The contact lens population peaks in the 30 to 39-year-old age range. As this group ages, up to 71% of patients drop out of contact lenses after the age of 50, often reluctantly, with presbyopia being a key driver.

This is not just a clinical issue, but a core contributor to practice revenue where contact lenses and related services play a significant role. What we're hearing from physicians is that VIZZ provides a very practical solution to that problem. As one physician put it, "This is a way to keep my patients in contact lenses and improve their experience at the same time." This is a clear example of where ECPs can benefit for their patients and in their practice through the regular adoption and prescription of VIZZ as a patient satisfaction and retention strategy. That ability to both improve patient outcomes and support the practice makes this a highly relevant and actionable use case. Importantly, this is not just anecdotal.

Our most recent consumer survey showed that approximately 50% of VIZZ users reported they used contact lenses as their primary form of distance vision correction, reinforcing that this is both a meaningful and scalable opportunity to drive adoption. Turning to our consumer strategy, we are encouraged by the early momentum we are seeing, but most importantly, this is where we see a key opportunity to improve conversion and scale adoption. Patients are interested in the product, and we are seeing strong engagement across our channels. What we are focused on now is improving how patients move from awareness to prescription and ultimately to purchase. The journey in the new category for a prescription drug is naturally more complex.

A patient sees an ad, learns about the product, schedules an appointment, receives a sample, and then decides whether to move forward with a prescription. Each step creates an opportunity to either progress or drop off, and our focus is on making that process simpler, clearer, and more intuitive. We are already seeing encouraging signals. Our direct consumer campaign is driving strong engagement with significant increases in website traffic and early indications that patients are entering the funnel. We're also seeing that when patients convert, they're engaging in a more committed way. In our ePharmacy channel, which represents more than half of our prescriptions, over 2/3 of the volume is now coming through three-month prescriptions, which is a strong signal of intent and early persistence. At the same time, we're actively refining our approach to improve conversion.

On the messaging side, we have shifted to a direct problem-solution consumer value proposition centered around tired of reading glasses, which directly connects with the everyday experience of presbyopia and physicians VIZZ as a simple alternative. We are also improving how patients get started on therapy. This includes stronger expectation setting around how the product works, clear dosing instructions, and what to expect in the first few days. We have also prepared simple onboarding tools such as QR-based resources that guide patients through the initial experience and help them transition from trial to ongoing usage. In addition, we are continuing to expand and refine our media approach. This includes testing additional channels such as linear television in select markets, while actively optimizing our creative and media mix based on real-time performance data to ensure we're driving the most effective engagement.

We're also seeing increased interest from physicians in directly selling VIZZ to patients from their practices where permitted. This approach is currently being implemented in select markets and structured in a way that maintains our expected economics while giving patients the additional flexibility, sorry, giving practices the additional flexibility to serve their patients. We believe this could also offer a significant benefit of convenience for the patient, where they can leave the ECP visit with products in hand, reducing the hurdle of pharmacy abandonment. Finally, these efforts are supported by the expansion of our field organization, which will be fully deployed by the end of this quarter. This increases the reach of our field sales team to approximately 15,000 targeted eye care professionals, allowing us to respond to inbound demand from physicians outside our initial target group and to build higher frequency territories.

This combination of increased reach and frequency is critical to reinforcing both physician behavior and patient conversion. Taken together, these actions are focused on increasing the number of patients who move from initial interest to trial and from trial to ongoing usage. Overall, we're encouraged by what we are seeing in the early stages of the launch. We have strong physician engagement, clear patient interest, and a growing set of levers to drive adoption. At the same time, our focus now is on translating these actions into meaningful and sustained NRx script growth over the coming months and quarters. We believe we have the right elements in place, and our priority is executing against them with discipline to build momentum from here. With that, I'll turn the call over to Dan to walk you through our financial results.

Thank you, Shawn. As both Eef and Shawn have stated, we are encouraged by the performance of VIZZ in the hands of patients and ECPs as we build the presbyopia market. The early signs of broad ECP uptake are there, as evidenced by the over 10,000 prescribers in the first two quarters of launch, a figure higher than any recent launch in ophthalmology at this stage. Additionally, consumers are emerging with positive real-world experiences every day as product awareness deepens and our early launch efforts begin to take hold. Our first quarter results were highlighted by the approximately 25,000 data-filled prescriptions of VIZZ, which was a 19% increase compared to Q4, resulting in approximately $1.7 million in net product revenues.

Our units continue to be driven by both the combination of new patient prescriptions and increasingly by monthly refilled units, including both single monthly packs and three-month orders, which are available through our ePharmacy. While it is early at this stage of launch to be declarative about projecting annual refill rates, we are encouraged by what we are seeing in the initial trends. In Q1, and consistent with last quarter, we noted blended gross-to-net discounts across our distribution channels of less than 10%, resulting in approximately $67 in net revenue per monthly pack of VIZZ. Additional blended costs of the respective distribution channels of approximately $7 per unit were incurred that flow into operating expenses within SG&A, resulting in a net cash per unit of $60 per pack. That is unchanged from last quarter and in line with our long-standing expectations.

Additionally, we recognized license revenue in Q1 of $250,000 from the distribution agreement signed in January with Lunatus, our ex-U.S. distribution partner in the Middle East region. As I discussed on our Q4 call, there is significant effort underway with our existing ex-U.S. commercial partnerships as we advance towards multiple additional regulatory approvals for VIZZ, and we remain focused on the continued expansion of our global network of commercial alliances. We look forward to reporting additional progress in the months and quarters ahead. Turning now to operating expenses, our cost of sales in the first quarter totaled $1.1 million and was comprised primarily of two non-recurring events, resulting in charges to cost of sales in the period that were unrelated to product sales.

The first was a period cost stemming from an out-of-specification temperature excursion of inventory while in transit from our manufacturer. We expect recovery from this product loss from our insurance provider in the second quarter. In addition, we incurred a one-time charge for packaging supplies associated with the previously mentioned FDA-approved manufacturing process improvement and transition. Direct product cost of sales related to our Q1 product sales were immaterial, and we anticipate this to trend to an approximately 90% direct product gross margin over time. Total SG&A expenses increased to $45 million in Q1 2026, or approximately $40.7 million net of non-cash stock-based compensation. This was a 13% quarter-over-quarter increase from Q4 and was driven by our planned DTC launch investment. It's consistent with last quarter. Approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses.

Of note, we anticipate that our Q1 2026 OpEx, SG&A, and the resulting cash burn is higher than our go-forward quarterly run rate over the balance of 2026. Total research and development expenses were zero in Q1, which is consistent with last quarter. Finally, our net loss per share, both basic and diluted, was $1.32 per share in the first quarter of 2026 on a net loss of $41.5 million. We ended Q1 2026 with approximately $258.4 million in cash, cash equivalents, and marketable securities in our Q1 2026 net cash burn of approximately $34 million, was consistent with Q4 and in line with our budget.

As we discussed on our recent year-end call, our current sales force expansion is in our 2026 operating plan, and we will continue to target an allocation of approximately 80% of our SG&A to sales and marketing. In summary, we enter the second quarter of 2026 at an important point in the launch with a clear operational plan, a strong cash position, and conviction that the actions underway will translate into meaningful growth. With that, I'll turn the call back over to Eef.

Thanks, Dan. To conclude, I'm incredibly proud of the LENZ team and the progress we have made over the first two quarters of our launch. We're seeing what we hope to see. The product really works, encouraging early signs of patient persistence and a growing base of prescribing physicians. At the same time, we're under no illusions about where we need to go. While building a completely new category takes time, enacting changes in both prescribing habits and patient behavior is crucial. We have progressed from diagnosing the early adoption dynamics to actively addressing them. We're committed to demonstrating clear and measurable progress over the coming quarters. We look forward to reporting back on that. Our focus now is on accelerating new patient adoption through disciplined execution in the field and continued investment behind the category.

We believe we are in the early stages of building what can become a significant and durable market, as we continue to execute our priorities, translating this into meaningful and sustained script growth. We look forward to updating you on that progress as we move through the year. With that, I'd like to open up the call for questions.

At this time, if you would like to ask a question, simply press star one on your telephone keypad. To withdraw your question, press star one again. Our first question comes on the line of Stacy Ku with TD Cowen. Please go ahead.

Hey, thanks for taking our questions and we appreciate the detailed VIZZ launch discussion. We have a few follow-ups. First, it's still early days with linear TV and of course, the first steps of the sales force expansion. Just help us understand, are you able to go into additional detail on encouraging signs beyond the current prescription trajectory? Are you able to identify a specific type of practice that's prescribing VIZZ multiple times? That's the first question. On the second question, we do appreciate that three-month metric from the ePharmacy, it's very interesting. We wanted to confirm, for the next earnings call, will we be getting specifics on refill dynamics? That's the second question. Now the third, we're just trying to understand how we should be thinking about sampling and competitive dynamics.

Tenpoint's YUVEZZI, they've now launched. Just help us understand what type of counter detailing we might, we might be seeing in real time. Should we also expect samplings from both YUVEZZI and Qlosi? Last, on VIZZ safety, just maybe contextualize what we're seeing in the FAERS database for the launch now that VIZZ has been on the market for over six months. What are your views on VIZZ's safety profile? Maybe, Shawn, maybe you could share perspectives from the patients and prescribers. Thanks so much.

Thanks, Stacy. Great set of questions there. Shawn will actually start kicking it off and give some insights in the signs that we're seeing on our DTC and linear TV impact. I'll actually, no, let me address the refill one first before we then go into samples and the DTC impact. Clearly, that's a key stat that we've been very clear on from the beginning we will start to share in the second half of this year. Just to repeat what we said earlier, and the reason that we've always focused on the second half of the year is that we really want to see those cohorts of patients that we can look at that refill stat on a mature level over time.

Again, if you know, think about Q4, so first quarter of launch patients, well, they've obviously ordered that first script in Q4 and might have refilled in Q4. We're also seeing is that, as we've mentioned, it was time to move over to the three-pack. Logically, go to three-pack, you know, you're going to be back for a reorder in at least three months. We feel it's important to see that patient behavior mature a little bit more, which is why we've always indicated that we'll start sharing those refill, the refill data, in the second half of this year. I'll hand it over to Shawn to talk about the DTC impact and samples and what we're seeing the competition do, and then Marc will address your safety question.

Stacy, thanks for your call or sorry, for your question about the DTC. What I can say so far, the early indicators are strong. The engagement with the ads are high. We look at, you know, the click-through rates, we look at the cost per thousand impressions, and we're seeing the numbers that we want to see there. Our website traffic is up significantly. You know, we see peaks of up to 10 times what we used to see on our website traffic. The consumer awareness itself is building. We are hearing that VIZZ is resonating very well, and we have a broad digital reach ongoing. That being said, awareness is still early overall, so we still have more to do on driving greater consumer awareness, but we've seen an encouraging response from that low base and more patients entering that funnel.

What we're seeing is we're having great success on platforms like YouTube, we're seeing ad recall and ad awareness lifts better than benchmarks, and we're seeing a similar ad recall lift on Pinterest as well. This category is naturally slower to convert because of all the steps required to get to the prescription, but we continue to monitor this and actively optimize our campaign to ensure we have the best media mix out there and refine that creative testing if needed. As I said in the earlier opening remarks, we leaned in more to the problem-solution marketing of tired of readers, you know, here's a solution, which is VIZZ. Our focus right now is that strong conversion improvements, and we expect to see that stronger impact over time because DTC typically takes a few quarters to mature.

Thanks, Shawn.

Your next question is from.

The next question was around the, sorry.

No, it's all mine.

There are four questions in there. Hold on. The next question there was around the competitive environment. We continue to see VIZZ as a category of one product differentiated by its unique MOA. That being said, the market can definitely support multiple entrants. There's a large unmet need. You know, other people out there speaking on the benefits of eye drops and presbyopia is an overall benefit to the category. This is a product where trials is very easy. You know, our sampling strategy wants the patient to try the product. You know, we know in head-to-head, if you were to try the different products, our product stands alone in terms of 10 hours of efficacy and that broad patient population. Efficacy ultimately determines winner, and we feel very strong about our efficacy.

We know that the prior products didn't really satisfy the market, and VIZZ is clearly differentiated with our long duration, broader efficacy, different MOA, and only pupil-selective miotic. That real-world experience is reinforcing that generation and competition helps build that awareness, but our focus remains execution-driven on driving this.

Thanks, Shawn. Before we go to Marc, just two quick additions to that. To your question on is the competition, is Qlosi and YUVEZZI, are they sampling? Yes, maybe not as broad as we are with the study samples that they're putting in the market. Then, maybe the underlying part of your question is, for sure, if we were to stop sampling, which we're not intending to do, you would see NRxs come up. I think you would also start to see, regularly see with [audio distortion] with new reads. From the beginning, sample has been a core part of our strategy, continue to do that, and as I mentioned earlier, we're actually seeing that behavior that we want to see being driven by sampling.

You sample, you like it, convert to buying the product, and you're more sticky than if your order is just basically a sample. With that, let me hand it over to Marc to talk a little bit more about the safety profile and what we've learned today.

Thank you, Stacy, for your question, and it's one we're happy to get into because our data is genuinely one of the strongest parts of the VIZZ story so far. Six months in, we've shipped approximately 46,000 boxes, that's roughly 1.2 million doses, in addition to widespread sampling on top of that. We've created some very broad use of VIZZ. What we're seeing in the real world is fully consistent with the label. The non-serious AEs being reported are mostly transient and in line with what we saw in the clinical program. On the retinal side, it is important to start with the natural background rate. In the total population, this is about 27 per 100,000, with risk increasing with age and level of myopia.

Considering the background incident rate and the significant use of VIZZ thus far, zero retinal detachments and only two retinal tears is much lower than what you would expect. Importantly, both retinal tears occurred in patients with pre-existing retinal risk factors, meaning, they carried elevated risk independent of any treatment. Our retina experts have reviewed both cases and assessed them as likely non-causal. Honestly, again, given the number of patients now on VIZZ and the background rate of around 27 per 100,000, you would expect to see more of events than this. We believe that two cases at this level of exposure isn't a signal, but really just non-causal background incidents. I know everyone is looking at what VUITY saw, so let's talk about VUITY for a moment.

At what we believe is a comparable exposure to where we are today, VUITY had about 34 retinal events on the books, 22 of them were detachments. We believe that this shows what we have said all along, aceclidine is a different molecule than the two other miotics on the market with a different mechanism of action, and we're seeing a really different safety story play out in the real world. VIZZ is the only pupil-selective miotic. It doesn't significantly engage the ciliary body, and ciliary body engagement is the pathway most associated with retinal traction risk in this class. Across thousands of medical discussions we've had with eye care professionals, the ECP community clearly understands that mechanistic difference, and they consistently associate VIZZ with a lower perceived retinal risk profile than other miotics for presbyopia.

As exposure continues to grow, what matters is that the retina-related AE rate stays below background and that we don't see a mechanistic signal. To date, that's exactly what we're seeing. The product is safe, the data supports it, and we'll continue to be transparent as the real-world experience builds. Thank you.

Thanks so much.

To just to add on to a little bit to the last part of that question that you had, Stacy, on what the perspective is from the ECPs and the patients, well, I can tell you when out in the field what I see, the doctors clearly understand that aceclidine is pupil-selective. They completely understand that because of, one, the MOA that's in the PI that directly states it, then two, when people use this product, we continue to hear about that benefit to distance vision, which is avoiding that ciliary muscle. That's why they're getting that benefit in distance vision as well. You know, the doctor ECP community completely understands and aligns to the unique nature that is only available through aceclidine. From the consumer standpoint, you know, their focus really isn't on that.

When I think of consumers, it's making sure we set that right expectations to the stinging upon instillation or redness that's on instillation and is transient over time. That's where we've been putting a lot of work into the getting started videos and QR codes, as well as training the doctors to set that right expectation for the patients.

Your next question comes from the line of.

Please go ahead.

Okay, your next question comes from the line of Yigal Nochomovitz with Citi. Please go ahead.

Hey, guys. Thanks for all the detail. Appreciate all the color as you move through the first few quarters of the launch. You mentioned that the prescribers are not proactively talking enough about VIZZ in their initial patient convos. I'm wondering if you could just sort of expand a little bit more on that. I know you mentioned, Eef and Shawn, that contact lens wearers was an area of focus. I'm just wondering if there are other categories or other aspects of a patient's profile that would be good, you know, natural hooks in order to introduce the VIZZ concept in the course of an initial patient conversation.

Then, I know earlier before the launch, you talked about, you know, average utilization somewhere in the five months of the year range, you know, which varies depending upon, you know, heavy users versus light users. I'm just wondering if you believe that that's still a valid assumption or if you, if you think that needs to be adjusted. Thank you.

Thanks, Yigal. Starting with the prescribers focused on how often they bring up VIZZ, we need them bringing up VIZZ more often in their standard exam. You know, their standard exam is pretty quick, right? They'll go through an eye exam in 20 minutes, and they have a regimen that they follow. Once you get it into almost like a muscle memory, you consistently do the same thing unless the patient proactively brings up VIZZ. We need to help them change how they run through that standard process. What we did and what we're doing to do that is, you know, we actually worked a lot on our message sharpening. We're making it easier for the doctor to bring it up quickly, and part of that is this video and QR code.

They don't have to spend the time, as much time walking the patient through expectation setting as well as how to use the drop, how to put in an eye drop. You know, we've moved that over to a digital video format. That way, the doctor can bring it up easier and quickly in their natural eye exam. This product still has broad adoption. In our research, what we've seen so far of consumers is, 50% almost of our patients that are on VIZZ use contact lenses as their primary vision correction. That's a natural benefit for both the patient and the practice. That's why we're focusing and leaning heavier into the contact lens strategy right now to create that muscle memory for the doctor.

It's clear physician value, and it's a clearly identifiable patient. By doing that, we can help create that cycle of I can always bring up VIZZ, and I can do it quickly. That's really where we're focused in terms of making sure the prescribers bring it up more often.

Thanks, Shawn. Two other parts of that question, you know, beyond contact lenses, like Shawn mentioned, it's an important group, it's 10 million+ people, and a very valuable one. We're seeing, you know, the groups that we've mentioned before, so without too much detail, it's the people that have had LASIK before, the people that are striving for an active lifestyle. We're also seeing great success in emmetropes, so people that have never been to a optometrist, they come in because they're now becoming presbyopic. All those categories play. The contact lens one is one that we can very easily help the doctor understand what the value is for a patient and for them.

On the refill rate, yes, we've always spoken about, you know, the five refills a year, and you can see our commentary on conference in light of what we said before.

Okay. Thank you.

Your next question comes from the line of Biren Amin with Piper Sandler. Please go ahead.

Yeah, hi, guys. Thanks for taking my question. Maybe to start, you talked about going to physician offices directly to sell this in select markets. Can you maybe just talk about how this might impact your margin? Because there would be an economic incentive to physicians. I was just wondering how the math will work for both the company and for physicians. I guess, what target markets are you expecting to reach out to, and how many of these are in your top 1,000 ECP prescribers? Thank you.

Thank you. This is Shawn, and I'll cover a key aspect to the selling direct model and explain how that functions and operates. For optometrists, generally, in about half of the markets in the U.S., half of the states, optometrists are able to sell prescription drugs out of their practice. Where it's allowed, you know, we offer the opportunity for doctors to buy the product directly from LENZ. That product ships to the doctor's office. From that point on, they're able to prescribe it and sell it to the patient. From an economic standpoint, you should think of this as the same economics to LENZ as a product that flows through our ePharmacy or a product that flows through a retail channel.

Our target markets are those ones, and specifically, where this is an optional avenue, which goes back to about 25 of the 50 states.

I think, Biren, the only thing I would add to that is the [revenue] transaction is, when we talk about gross-to-nets and net kind of the net price per to the company of $60 net cash per monthly unit, you can roughly estimate that from a modeling standpoint, so I wouldn't differentiate it from a channel perspective. It's just different kind of methods of selling direct and avoiding some of those costs of the wholesaler or the other distribution costs. Otherwise, very high-quality [revenue] transaction because it's a direct transaction between us and the doc. In short, no meaningful difference in net economics to the company.

Maybe if I could have one more question. I think at the end of March, the company stated that emerging presbyopes were identified kind of as early adopters, and you wanted to expand beyond this group. Can you maybe talk about those efforts in terms of expanding beyond, you know, the emerging presbyopes to a broader group, you know, over the last six weeks or so?

Thanks, Biren. As said, maybe you referred to it that in the last call, indeed, we said that not so much from a consumer point of view, but from a ECP point of view, their initial focus on who had this product, patient type for whom this product would work well was we saw, you know, somewhat limited to early presbyopes. That was a carryover, frankly, what we believe and what we hear from VUITY's launch. Because they have that limited efficacy, they really focused on this group early, emerging emmetropic patients of presbyope. We clearly work in a much broader population.

That's part of what that sharpening and messaging is to continue for our sales force to remind the doctors that while that is a appropriate category, it's just a fraction of, you know, the patient population that you can use this product in. Again, that's part of where the messaging has changed.

Tactically, what that has means actually move that knowledge to the doctors. We actually developed an additional piece for the field that they're out there using, specifically focused on that broad inclusion of our study trial, where it showed that we worked just as well in both moderate and advanced presbyopia as well. Tactically, also, what it means is we've updated some email campaigns and posts that are targeted at ECPs that bring in peer-to-peer statements of other doctors sharing those successes that they've had with VIZZ in non-early presbyopes to help bring that across from a peer-to-peer view as well as an advertising view.

Perfect. Thank you.

Your next question comes from the line of Marc Goodman with Leerink Partners. Please go ahead.

Hi, everyone. This is Alyssa on for Marc. Thank you for all the detail on the update. Just a few questions from us. Could you give a little bit more color on the ECP direct sales initiative? I know you said they could order directly from LENZ, but would that be timed shipments, or would it be at-will ordering as they deplete their inventory? Also, could you discuss the network TV direct-to-consumer advertising and what markets exactly you're launching that in the pilot period? Thank you very much.

Great. Thanks for the question, Alyssa. This is Shawn again. Just a little bit more color on the ECP direct sales initiative. These are an engagement that we enter into with the doctor. We have a contract between us and them that outlines the rules and the model itself. It is at-will ordering, so they have to order a case of product at a time, and then we ship it to them directly. At that time, you know, they're charged, and we collect payment ahead of us shipping the products out to them. It really is a very simple model.

We enter a contract with the doctor, we send the doctor an invoice for at least one case at a time, they pay the invoice for the case, we ship it directly to that doctor. From there, they can then, you know, prescribe and sell the product to the patient in their market. It's at will under a contract. In terms of our network TV, we've just started to do network TV in select key markets. There are a few different markets across the U.S. that we're doing this in, and we're doing it to make sure we can see what the signal is in those markets. We're running linear TV. We're still only a few weeks into it's too early to provide any details on that list.

Great. Thank you.

Your next question comes from the line of Lachlan Hanbury-Brown with William Blair. Please go ahead.

Thanks for the questions. Maybe on the direct ECP sales approach, should we read from that you are maybe seeing some abandonment obviously between writing the script and patients actually filling it and that this is, you know, obviously gonna sort of hopefully reduce that issue? Or is this maybe also, you know, obviously to get the physicians incentivized and make it top of mind for them, if they're seeing it in their office every day? Then maybe a second one, Shawn. I know you mentioned the change in the, certainly the name of the DTC campaign. Wondering how much more of the sort of actual content of that has changed with this new sort of problem-solution approach that you're taking.

Thanks a lot. I appreciate the questions. The direct-to-ECP Program, that initiative was, came out of just pure ECP demand as well as consumer convenience, as we wanna make sure that process is easy as possible. It didn't come out of an abandonment issue. It truly was something that the doctors have been requesting for a while, and we now have the infrastructure in place to support. In terms of the content of the DTC, so the tired of reading glasses and then the solution of VIZZ was a change to bring a direct alignment between those that are in readers and frustrated as a solution to that. It doesn't result in an overall change of any core creative. The creative itself still stands strong, SJP continues to test well.

It's more about creating that direct connection right off the bat when people see the ad, so that's the only reason for that change. When you think of that lean into these contact lens patients, those are the people in reading glasses. When you think of those LASIK patients, those are the ones in reading glasses. It's just bringing a tighter connection on the value proposition of this.

Maybe one other just on the direct ECP. Do you have, you know, clauses in those contracts to ensure that they charge a certain price or is there a sort of ceiling or floor to what they can charge in there?

Yeah. The way that it's structured to make sure that we're setting up the right way, we have the price that we sell it to the doctor, and then, you know, the doctor can set their own final price to the patient. However, with the guardrails we have in place, you know, it is very clear in our materials that for $79, you can buy it from the ePharmacy. You know, we've got our Rx card at $79. We have a retail structure in the background. Those now are on the actual pricing pressures. We'll hone in that price for the ECP.

Our final question comes from the line of Matthew Caufield with H.C. Wainwright. Please go ahead.

Hi. Thank you, guys. Regarding the refills, any further observations on switching from the one-month to the three-month dynamics? Is that something that could have greater clarity during second half 2026? Just additionally, with the R&D dropping to zero for the quarter, is that drop anticipated to remain for the foreseeable future, keeping the R&D at zero and the OpEx essentially just concentrating on the SG&A for the launch moving forward? Thanks a lot.

On the refills, yes, we definitely see patients move. You know, classic example is somebody ordered a one-pack first, and then because they like it, they move to three-pack and they continue to do that. That dynamic is an important one and one that we highlighted. If you look at the ePharmacy site, which is obviously the only place where you can get a three-pack, but that channel represents, more or less, well, the majority of our volume. You see that that three-pack now drives about 2/3 of the volume that we sell through ePharmacy, so definitely an important factor of what we're selling.

You know, going back to what we said earlier, we do anticipate as we move into the second half of the year, we'll be able to give a little bit more color on, you know, some actual statistics around that refill behavior. Then on the R&D, Dan?

Yeah. I will take that question on the R&D spend. I think the short answer is yes, you should expect R&D to be substantially zero. We kind of signaled over the course of 2025 a shift in the capital allocation of the company with the completion of the CLARITY studies in early last year and movement towards commercial. You would've seen R&D be effectively zero in Q4 and again in Q1, and that should be the expectation for the foreseeable future.

Got it. Thanks, guys. Congrats on the progress.

Thank you.

Thanks, Matthew.

That concludes our Q&A session. As I'm showing no further questions in queue, thank you for your participation, and we will now conclude today's conference call. You may now disconnect.

Good morning, ladies and gentlemen, and welcome to the LENZ Therapeutics Year-end 2025 Financial Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded. At this time, I would like to turn the call over to Dan Chevallard, Chief Financial Officer. Please go ahead.

Thank you. Good morning, and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Evert Schimmelpennink, our President and Chief Executive Officer; and Shawn Olsson, our Chief Commercial Officer; as well as Dr. Marc Odrich, Chief Medical Officer, who will join us for the question-and-answer session. Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash runway projections and performance. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the SEC and which can also be found on our website. In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. The company encourages you to consult the risk factors contained in our SEC filings for additional detail, including in our 2025 Form 10-K, which will be filed later today. With that, I will now turn the call over to Eef.

Thank you, Dan. Good morning, everyone, and thank you for joining us. We are now about 5 months into the launch of this. I would summarize where we are today in 3 simple observations. First, the product clearly works, something I know many of you are also hearing as you do your own bucket checks. Second, what we're seeing so far suggests the promising share of patients who buy the product tend to refill. And third, we are clearly building a new treatment category. And while new categories take time to develop, the signals we are seeing reinforce our confidence that this can become the blockbuster market opportunity we have always envisioned. At this early stage of the launch, our priority is putting the right foundations in place. This category can scale and adoption can accelerate over time. Importantly, we are executing this launch from a position of significant financial strength. We closed the fourth quarter with over $292 million in cash, which gives us the resources and flexibility to continue investing in building this category. Let me take you through each of these observations, starting with the product itself. Across the field, we continue to hear consistent feedback from both doctors and patients. The clinical performance we saw in our trials is translating directly into the real world. This works quickly with many patients noticing the effect within about 30 minutes and with the benefits of near vision typically lasting throughout the workday. Importantly, we're also seeing the same broad patient profile we observed in our clinical program. That breadth matters when you consider the scale of the opportunity. Presbyopia affects approximately 128 million people in the United States, and this is the first and importantly, the only once-daily eye drop capable of addressing such a broad segment of that population, which is what ultimately creates the opportunity for a large and durable category. From launch through the end of this quarter, we believe that we are on track to have sold over 45,000 boxes of this prescribed by more than 10,000 eye care professionals, creating a strong and rapidly expanding base of physicians adopting the product. In fact, the number of prescribing doctors we have seen at this stage of the launch already significantly exceeds what we observed with several recent eye care product launches. Importantly, we are seeing strong productivity within that base. As we look deeper into prescribing behavior, we're seeing a very encouraging pattern among our highest volume prescribers. When we normalize for the same script volume of around 45,000 scripts and compare prescribing frequency across top deciles of our ECPs, the data suggests that our top 1,000 prescribers are filling over 40% more scripts per doctor than what was observed at a comparable point in the VUITY launch. And based on the same data, we estimate that the total amount of prescribing doctors that took VUITY to get to this volume is approximately 2x . What this tells us is that once physicians understand how to integrate this into their practice, they are successful with it. We view this as an important signal because it suggests that the opportunity is not only to continue to bring more physicians into the category, but also to increase productivity across the broader ECP base as we learn from these top prescribers and use those insights as a blueprint to scale across the field. Equally important, we are seeing encouraging early signals around patient persistence. What we are seeing so far suggests that patients who try the product and choose to purchase it often continue using it, which is exactly the behavior we hope to see at this stage of the launch. Our sample strategy is a key part of this. By allowing patients to try the product first, we see a natural self-selection dynamic, but patients who experience the benefit and choose to purchase are more likely to continue using it. This does mean that the early new patient numbers developed differently compared to the launch of VUITY, where patients often had to purchase the product before trying it. That approach led to a faster initial ramp, but also a rapid drop-off as many patients did not continue therapy. Our approach is designed to build a more durable patient base from the start, even if that results in a more gradual early ramp in new patients. While the refill signals we're seeing are encouraging, the pace at which new patients are coming on to therapy is therefore developing more steadily, which is consistent with what we often see when an essentially new treatment category is being established. These are the typical dynamics you see when new categories are introduced and new prescribing habits are being developed. And importantly, they are very addressable through focused execution in the field, combined with effective consumer marketing. Let me discuss that some more. From our conversations in the field, there are 2 themes that emerge with ECPs as they build prescribing habits that will get this recommended to more patients more often. First, ECPs must learn how to best work this into their patient discussion and start from a place of unfamiliarity with respect to how to counsel patients on a presbyopia eye drop. Second, many physicians primarily think of this for early emerging presbyopes, patients who are just beginning to experience near vision challenges. The reality is much simpler. This can be introduced during a routine exam with a short 10-second discussion, and it works for a much broader patient population than only emerging presbyopes. Changing that mindset and helping physicians integrate the product naturally into their exam flow is a key focus for us. Based on what we've learned over these first months of launch, we are leaning in operationally to accelerate adoption. We've sharpened our physician messaging to address the 2 themes I just discussed. Specifically, our sales force is working closely with eye care professionals on how to naturally integrate this into the patient proposition and introduce the products during a routine exam by a simple, quick discussion. At the same time, we are reinforcing the breadth of the patient population. This works across a wide range of presbyopes, including contact lens wears, patients with prior LASIK, patients and not only the early emerging presbyopes. In addition, we are expanding our field presence to a total field organization of 117 reps. This expansion will allow us to increase call frequency with existing prescribers while also expanding the number of physicians we actively cover, enabling us to react to strong inbound interest from doctors who are not currently in our target panel, but who are already prescribing this because patients are asking about it or because they learned about the product through other channels. We are making this investment because we see a clear opportunity to accelerate adoption in the field, further integrating this into everyday clinical practice. Besides physician efforts, creating a new category also requires consumer awareness, and we are continuing to build the consumer side of the category. Many of you have complemented us on our direct-to-consumer campaign, which features Sarah Jessica Parker and asked when we expect to see that translate into prescription trends. As a reminder, we launched our DTC campaign in mid-January with February representing the first full month of activity. We are encouraged by the early signals we're seeing. The campaign is resonating with consumers and clearly driving engagement. Website traffic is now running roughly 5x higher than our baseline levels. And during national activations, we've seen spikes of up to 10x normal traffic. At the same time, consumer activation in a new category takes time. Across consumer-driven categories, people typically need to see it at 5 to 7x what they act on it. In our case, the journey from awareness to prescription naturally takes longer. The consumer first sees the advertisement, learns about the product, schedules an appointment with the eye care professional, receives a sample and only then transitions to purchasing a prescription. Pharmaceutical direct-to-consumer campaigns like ours, therefore, typically take at least 2 quarters to translate into prescription trends. What we are seeing today are encouraging early indicators of that process, and we would expect a more meaningful impact on script volume as we move into the second half of the year. In other words, the consumer awareness engine is now beginning to build momentum, while in parallel, we continue to focus on helping physicians integrate this more consistently into their patient discussions. With that, let me briefly summarize where I believe we are today. We have a product that clearly works and is delivering the real-world results we expected to see. We are seeing encouraging early signals around patient persistence, and we have already built a strong and rapidly growing foundation of prescribing physicians. At the same time, we're building a new treatment category, which naturally takes time. But as I've noted, the early signals we're seeing give us confidence that we are on the right path. With the operational actions we're taking in the field, expansion of our sales force and a growing consumer awareness driven by our direct-to-consumer campaign, both the physician and consumer adoption engines are now beginning to build momentum. And as prescriber habits build and consumer awareness grows, we expect to see an acceleration in new patient starts from that foundation. The opportunity in front of us remains exactly what we've always believed it to be, a large and underpenetrated market with 128 million presbyopes in the United States and a product that can meaningfully improve how patients manage their near vision. Our focus now is straightforward, continue executing, continue expanding adoption and continue building what we believe can become a blockbuster category. With that, I will now turn the call over to Shawn to give more insights into our commercial strategy.

Thank you, Eef, and good morning, everyone. As a quick reminder, presbyopia is the largest unmet vision condition in the United States. It affects approximately 128 million people, a population nearly 4x larger than those of dry eye. In fact, presbyopia affects more Americans than dry eye, demodex, childhood myopia, macular degeneration, diabetic retinopathy and glaucoma combined. This is uniquely positioned to address this opportunity and performing exactly where it matters. The product works and early persistent signals are encouraging. Because this is a new category of creation, as Eef noted, ramp in new patients is developing gradually as physicians are starting to build the habit of introducing an eye drop option during routine visits. We're focused on accelerating uptake by sharpening our physician messaging, expanding our sales force to increase reach and frequency and building consumer pull through DTC so that more patients are offered VIZZ in the exam room and more come in asking about VIZZ. I will unpack these details and insights across our key strategic pillars. Doctors recommend us and consumers request us by name. Focusing first on our eye care professional strategy. We are encouraged by the progress of doctors who recommend this. Just 5 months into launch, aided awareness is already at 98% and unaided awareness is already at 79%. As a reminder, unaided awareness means that dye doctor brought up VIZZ in the survey as an eye drop to treat presbyopia unsolicited. So both metrics are above our targets and demonstrating that ECPs are very aware of VIZZ. In the same survey, we're also seeing accuracy of key VIZZ messages resonating with ECPs as they're prompted to write in what they know about VIZZ. We see consistent answers such as pupil selective, different MOA, not pilocarpine . The results demonstrate that ECPs understand VIZZ well. Confidence in VIZZ is also clear as reflected by more than 14,000 ECP locations enrolled in our . And most importantly, we expect to have over 10,000 prescribing ECPs by the end of Q1, which exceeds what we observed with several recent eye care product launches, including MIEBO and XDEMVY at this stage of their launch. In addition to the broad ECP prescriber base, we're also seeing ECP confidence as over 55% of these doctors have written VIZZ multiple times. As we look at the first 5 months of launch, we're also gaining important insights that continue to reinforce our confidence in the opportunity for VIZZ. First, we're seeing that access to optometrists and ophthalmologists is not a meaningful barrier for VIZZ, as evidenced by our consistent execution of our field team, which continues to deliver approximately 7 calls per day. Secondly, our sampling strategy is working. We see that most patients are able to obtain a sample. And when they do, it helps identify those who like the product, which in turn has supported encouraging refill rates. In terms of prescriber mix, it remains about 80% optometry and 20% ophthalmology with our expected top prescribers performing as anticipated. As Eef stated earlier, once these ECPs have integrated this into the practice, they're successful with it as data suggests, our top 1,000 ECPs are filling over 40% more scripts per doctor than what was observed at a comparable point with VUITY. Interestingly, we're also seeing adoption broaden across lower decile writers, which is an encouraging sign for the depth of the opportunity. Particularly notable is the growing number of eye care professionals writing VIZZ multiple times who never wrote VUITY. We view that as an important proof point. It suggests that VIZZ is not simply capturing prior prescribers in this category, but it's expanding physician engagement with the prescription presbyopia opportunity more broadly. And finally, while others enter this market, their limited success means this remains a true category build effort. We're working to build new prescribing habits and overcome legacy prescriptions from prior products. And our market research confirms there is still an opportunity to further educate ECPs that VIZZ is not just for early presbyopes and how to more routinely integrate VIZZ's discussions into the standard eye exam. Based on what we've learned in these initial months, we've already begun to implement clear steps to accelerate adoption. We're expanding -- we're excited to expand our field organization from 88 representatives to 117 representatives, as I noted earlier, which will allow the in-field organization to cover a broader set of ECPs who are already prescribing VIZZ and increase call frequency with eye care professionals. This expands the outside field team's reach to approximately 15,000 ECPs. We believe that added reach and frequency are important to supporting behavior change needed to build the category and integrate VIZZ as a routine part of the presbyopia discussion. We've already begun recruiting the expanded field and expect to be fully onboarded in Q2. At the same time, the field is focusing on the messages that matter most to bring up VIZZ more often, including the broader inclusion criteria from our clinical studies, which included moderate advanced presbyopia and strong success that we're seeing in the moderate advanced presbyopes as well as practical tools to make offering VIZZ to patients a simple and seamless addition to the office visit. Moving to our consumer strategy of driving patients to request VIZZ by name. We're encouraged by the early momentum we're seeing. Since launch and through the end of March, we expect to have sold more than 45,000 monthly packs of VIZZ. And importantly, this is proving to be a product that works for patients and is generating encouraging refill behavior. We are already seeing patients come back for refills, transition from 1-month to 3-month prescriptions and in many cases, start directly with a 3-month order, which reinforces our view on the benefit of the product that the most important near-term driver of growth is focusing on increasing NRxs. To support that, in addition to our work we just discussed with ECPs to bring VIZZ into the conversation more often, we've recently launched our direct-to-consumer campaign and have seen strong early uptake that I'll outline shortly. Our spokesperson, Sarah Jessica Parker, is resonating well with VIZZ consumers and our advertising is now running across a broad mix of high-impact media, including YouTube, Instagram, TikTok, ESPN, Paramount+, Uber, Pinterest and other platforms, helping us reach consumers where they spend their time and driving not only sustained increase in web visits, but up to a 10x increase in visits to vizz.com. We've also begun activating influencers across a diverse set of audiences from well-known reality personalities to recognizable voices in sports media and iconic actors who are now the Presbyopic age. In addition, we're seeing strong pickup across broad media platforms, including Good Morning America, New York Live, The New York Times and Late Night TV. As we look at what we are learning from our early consumer launch efforts, our consumer mix today is approximately 60% female and 40% male, with the majority of users between the ages of 45 and 65, which is consistent with the audience we target and expect it to reach. As we highlighted earlier, it typically takes a couple of quarters to see DTC take hold, and we're encouraged by the early performance indicators of our advertising, where click-through rates and cost per impressions are exceeding relevant benchmarks. For example, our early lift in brand awareness from YouTube is performing 2x above benchmark, and we're seeing similar lifts across both men and women demographics. Just as importantly, these campaigns are giving us useful insights into how our various creative assets perform across women and audiences, including which visuals, messages and executions are resonating the most strongly with consumers. Even with our early encouraging DTC metrics, we're actively optimizing our creative ads and media placement to maximize impact. We're increasing investment allocation behind the higher-performing media placements while reducing the allocation to lower-performing media, allowing us to concentrate resources where we are seeing the strongest response. We're also introducing new permutations of creators into the mix, which bring up the everyday frustration with reading glasses, which we believe is an important point of recognition as consumers consider VIZZ. Starting in April, we will pilot linear TV commercials in select markets across our top states to test patient response. Linear advertising is your traditional TV commercials on your common network stations like ABC, NBC and cable through typical providers like Comcast. Together, these actions will continue to optimize our media mix, ad messaging and build additional consumer demand for VIZZ. We're encouraged by the progress we've made. We are seeing broad physician adoption, growing commercial demand and encouraging early repeat behavior and the first signs that our consumer campaign is beginning to activate that market. We continue to believe this is a category of one. As the only approved presbyopia eye drop with up to 10 hours of duration, this offers a differentiated profile that we believe is well aligned with the need of both consumers and eye care professionals as demonstrated by the ECP adoption and encouraging patient persistence. I'd now like to hand the call over to Dan Chevallard, our CFO, to step through our financial results.

Thank you, Shawn. As both Dave and Shawn have outlined, the fourth quarter and recent period of launch has been a tremendous time for LENZ as we have proudly introduced this into the U.S. marketplace, representing a novel solution for the treatment of presbyopia with the 128 million Americans frustrated with their near vision. As has been highlighted, this is a true market build and one that we're doing from a position of financial strength. This morning, I'd like to focus my remarks into 3 sections. First, summarizing our 2025 financial results, and discuss our outlook on 2026 capital allocation, and I will conclude by highlighting the significant progress made on the global expansion of VIZZ through our international partnership strategy. First, and as has been mentioned, we continue in the launch of VIZZ from a position of financial strength, ending 2025 with approximately $292.3 million in cash, cash equivalents and marketable securities. We remain debt-free and ended 2025 with approximately 31.3 million shares of common stock outstanding. Our Q4 results were highlighted by net product revenues of approximately $1.6 million in our first quarter of product launch with over 20,000 monthly paid and filled prescriptions. As you will recall, we launched VIZZ with availability through 2 consumer channels. The first, our e-pharmacy receives prescriptions from the ECP, processes individual orders and ships product directly to the consumer's home. We recognize revenue when our product is delivered to the consumer. Our second channel, the more traditional retail pharmacy is a channel supplied by our network of wholesalers. As is typical through this channel, we recognize revenue when shipments of VIZZ are received by the wholesaler, not upon delivery to the patient. Turning now to our operating expenses. We have discussed in previous quarters our planned ramp in spend as we move into launch, specifically driven by our commercial strategy. Our total Q4 operating expenses was approximately $40 million, including $4 million of noncash stock-based compensation expense compared to $31.4 million in Q3 of 2025. Importantly, net cash burn in the fourth quarter was approximately $32 million. Cost of goods sold in the fourth quarter totaled $400,000 and was primarily driven by indirect product costs associated with nonrecurring manufacturing processes. Going forward, we anticipate this to trend to an approximately 9% direct product gross margin. Total SG&A expenses increased to $39.6 million in Q4 2025 or approximately $35.9 million net of noncash stock-based compensation compared to $9.4 million for the same period in 2024, driven almost entirely by the establishment of our sales force and launch of VIZZ, including a significant nonrecurring investment in Q4 to enable the launch of our DTC campaign in early Q1 of 2026. Sequentially, quarter-over-quarter, SG&A increased by approximately 43% from $27.6 million in the third quarter. In recent quarters, we have discussed the importance of capital allocation at LENZ and the significant weighting of our SG&A spend towards sales and marketing to support VIZZ. In Q4, approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses. This is a trend that we expect to continue. Total research and development expenses decreased to 0 in Q4 2025 compared to $5.9 million in the same period last year. Sequentially, R&D expenses decreased quarter-over-quarter by 100% from $3.8 million in the third quarter. This reduction was anticipated and was primarily a result of the conclusion of our positive Phase III CLARITY study and subsequent approval of VIZZ in July. Finally, our net loss per share, both basic and diluted, was $1.16 per share in the fourth quarter of 2025 on a net loss of $35.9 million compared to a net loss per share of $0.46 in the fourth quarter of 2024 on a net loss of $12.7 million. As we look ahead to 2026, I wanted to highlight a few points to help further characterize our P&L. First, on the revenue front, and after our first quarter of sales, we noted a better-than-anticipated blended gross to net ratio of approximately 90% or $67 per monthly package of VIZZ. Additional non-gross to net costs of the respective distribution channels have consistently resulted in a net cash per unit of $60 per monthly package with the difference flowing into our SG&A line. This net cash per unit of $60 is consistent with our long-standing expectations. Our Q4 2025 cash burn was substantially in line with our go-forward quarterly expectations over 2026. The recently initiated sales force expansion was in our 2026 operating plan. We will continue to target an allocation of approximately 75% to 80% of our OpEx to sales and marketing with an aim to maintain reasonably flat G&A spend period-over-period. R&D spend now becomes a de minimis line item on the P&L. The last point I'd like to highlight is an update on our recent progress advancing the global expansion of VIZZ through our international partnership strategy. We've seen significant progress across the globe in recent months and now anticipate potential approvals in multiple geographies in early 2027. Breaking that down, as we initially announced in Q3 of last year, the NDA review in China is now well underway. In May 2025, we executed a commercialization agreement with Lotus Pharmaceutical and are happy to report that of the 8 country license in Southeast Asia, we have NDA submitted and under review in 3 countries, including South Korea, Thailand and Singapore. As announced in early March, we recently submitted our central marketing authorization application to the European Medicines Agency for approval in Europe with our submission to the Medicines and Healthcare Products Regulatory Agency or MHRA in the U.K. to follow. Théa, our commercial partner in Canada, continues to make progress towards their submission to Health Canada and significant regulatory activities are already underway with Lunatus, our commercial partner for the recently signed 9 country distribution agreement in the Middle East region. In total, 5 ex U.S. NDA or equivalent submissions have been completed, and we anticipate over 10 to be completed by the end of this year with multiple potential approvals possible in 2027. In summary, we feel confident about where we are both financially and strategically, and the team is well positioned to execute and advance VIZZ on the back of a strong balance sheet with a broad strategic network of partners making regulatory advancements globally. With that, I'll turn the call back over to Eef.

Thanks, Dan. To conclude, I'm incredibly proud of the LENZ team and the progress we are making in these early months of launch. We're seeing what we hope to see, a product that clearly works, encouraging early signals of patient persistance and a growing base of prescribing physicians. We are now focused on accelerating new patient adoption through disciplined execution in the field and continued investment behind the category. We believe we are in the early stages of building what can become a significant and durable market. As we continue to execute and prescribing habits built and consumer awareness grows, we expect to see an acceleration in new patient starts from this foundation. We look forward to updating you on our continued progress in the quarters ahead. With that, I'd like to open up the call for questions.

[Operator Instructions] your first question comes from Stacy Ku with TD Cowen.

We really appreciate all the detailed commentary on the VIZZ launch so far. We have a couple of questions. So first, maybe further discuss that sampling dynamic to NRx and the retention that you're seeing, how is refill, let's say, high level tracking to your internal expectations so far? So that's the first question. And then second, as you're trying to broaden patient demand, maybe talk a little bit more about the investments and where you think they can help with the friction points that you listed. Do you believe that select television advertising plans will also take about 2 quarters to lift prescriptions? We're asking because from what we remember, our consultants told us that VUITY ads were everywhere. Of course, the prescribers were not necessarily prepared to set expectations on VUITY's efficacy profile, which has been your focus, but just help us understand that dynamic. And maybe a reminder on the size of the VUITY sales force as you're expanding your sales force as well. And then the third question is on the prescriber additions. If you're willing to comment, what percentage are from your initial target group versus the imbalance from patient demand? And are you seeing a certain practice profile where the prescriber becomes a repeat?

Thanks, Stacy. Appreciate your questions. Let me start off with the NRx and refill dynamic and give a little bit more color, and then Shawn will talk about the DTC and ECP question. So we feel very good about where we are actively, as I've mentioned, accelerating adoption. If you look at the strong foundation that we've built with the over 10,000 prescribing ECPs and more than 45,000 boxes sold, we believe that that's a great start. And what matters most early is to see that the product works, as I've mentioned, that we see that patients who choose the purchase continue to use it, and we're seeing both. So new patient starts are developing as expected for a new category that takes a little time, like I mentioned. We're actively working to continue to accelerate that as per plan. So significantly or specifically, we're expanding our sales force, like I mentioned, we're adding 29 reps to drive both breadth and frequency. And Shawn will probably talk about that a little bit more as he answers your ECP question because that allows us to increase coverage of physicians that are already showing interest, but also increases how often we engage with those existing prescribers. And along that, as I mentioned, we'll continue to build the consumer demand through DTC, and that ties into your second part of the question, I think. So as we now pivot into the refills, we know that this is a refill-driven category and early signals are encouraging. We're seeing patients come back and reorder. If we now look at that cohort of patients that got that first order in Q4 or the first quarter of our launch, we're seeing them come back and reorder. We're seeing patients move from initially a 1-month pack now to a 3-month pack, suggesting that they are committed and they're liking the product. We're also seeing patients that are new to the product now actually starting initially on multi-month supplies. So in our mind, that tells us that they had a chance to sample the product, the sampling strategy works. They self select and they like the product enough to start off with treatment. So all of that, we feel is very consistent with the product that's delivering for patients. And it's still early. So we want to make sure that we see this dynamic develops over multiple quarters. But again, the patterns that we're seeing so far are aligned with what we would expect. So with that, let me switch over to Shawn to talk about DTC and ECP.

Thanks, Eef. Thanks for the questions. When we look at broadening the patient demand and where we're focusing our investments to help, our primary focus has always been digital advertising to hit the patients where they are. So we know what these patients look like, and we knew that prior to launch, right? We knew that they make over $100,000 a year. They're mostly between 45 and 65. They're in major city centers. And that digital marketing is working. What we look at every single day is what's our click-through rates of different ads, what's our cost per impressions of not only different ads but different media placements. So inside that digital aspect, it's really a lot of optimizing, right? Do we actually see more benefit when we're putting the assets on YouTube versus when we put them on Instagram and how that translates to visits to our website. So that's a lot of optimization. The influencer standpoint, same thing. We look at the influencers post and we say, okay, we saw the post by Heather Dubrow and she got 650,000 views. What does that look like and what does it translate? So a lot of that is optimizing. With the addition of linear, what we're also seeing is there are select markets where the patients are early adopters. And therefore, as we continue to evolve and optimize that media mix, it's a good opportunity to bring linear TV in those select markets and test that response and we continue to optimize to get that broader adoption. You are correct. When VUITY launched, they're putting a big substantial media plan out there. We're being much more focused with targeting each individual that we want to drive in versus driving a shotgun approach of telling all 125 million people about it to make sure we have an efficient campaign. You also brought the sales force size. Looking into more and more about the VUITY launch, it appears they had a sales force of roughly 300 people specifically focused on VUITY. So therefore, our expansion from 88 to 116 (sic) [ 117 ] also makes sense, but it's also a more rationally sized sales force. So jumping into that, which was the second part of your question on the target groups of ECPs and where are they sitting. So our field, the outside portion of the field was focused before on about 12,000 eye care professionals that covered decile 4 through 10 of VUITY, 10 being the highest prescribers. And we continue to see that today. Our decile 10 doctors are our highest prescribers as well. And we have the inside sales team covering the lower deciles. The growth from targeting 12,000 to 15,000 ECPs at the outside field is because we were seeing those lower decile ones prescribing repeatedly as well as a good portion that we actually called in our analysis NA. These are doctors that have never written VUITY. So we have doctors that never wrote VUITY that are now wanting to write VIZZ. And so a good way to think about it is our target initial group from outside sales was 12,000 ECPs, and we've now grown that to 15,000 ECPs because of those deciles that were not targets. Now when we do that, we're growing not only the number of targets, but when we expand this field from 88 to 117, what you're also seeing is the ECPs per rep is getting smaller. So we can get in that doctor office more often and really work with them to make sure they can get to that 10-second conversation to bring it up to every patient and understand that they can offer this to more patients, not the early presbyopes. So hopefully, that answers your question, Stacy.

Your next question comes from the line of Yigal Nochomovitz with Citigroup.

Just a few questions here. I'm wondering if you could spend a little more time talking about these top 1,000 writers in terms of their behavior and how they approach the conversation with the patient, their knowledge of the product. I know you mentioned that many of the ECPs that are familiar with VIZZ believed apparently erroneously that it was only for the early presbyopes and not for the other categories you mentioned, Shawn, like the contact lens wearers, the ones with prior LASIK and the pseudophakic. So I'm just curious how that crept into the message that some people apparently didn't understand that it was for a much, much broader set. And how are you planning to help correct that perception and then discuss the behavior of these top writers that seem to get it and have gotten it from the very beginning. So that was my first question.

Thanks, Yigal. Great question. Shawn and I will tag team on that a little bit. So just to double-click on the stats that I shared. So very encouraging for us to see those 2 things that I have shared. One is that it's only taking us about half of the amount of prescribing doctors to get to the same script volume that VUITY got to at 45,000. So I think what that tells us is that doctors are enthusiastic. They like working with a drug, and they especially like working with a drug that's efficacious. And if you in that group, like look at the top 1,000, you see that they're actually writing 40% more. So those are the doctors that wrote the most for VUITY, they're writing even more for us. And your question on what makes them different. Again, I'll hand over to Shawn shortly, is really around they figured out how to, one, bring this up consistently and easily and quickly and offer it as an alternative option to their patients, setting the right expectations around what to expect from an eye drug and then realizing that, as you've mentioned as well, this is truly something that they can offer to pretty much every eligible presbyope in the practice. So I think that's what makes them different. And we're obviously trying to follow it up and share that with all the other doctors out there already prescribing and all the new ones that we're tapping into. So with that, I'll hand it over for Shawn to give some even more color on that.

Yes, absolutely. And thanks, Yigal, for the question. So Eef hit on a lot of the key points, but jumping in a little bit deeper. So our top 1,000 prescribers, again, they're tied to those higher decile accounts. So these are doctors that are more comfortable implementing new technologies, historically are also higher prescribers. But this is something that they're more used to doing in general on a day-to-day basis. What we're seeing is they follow that standard process, which we always continue message, make sure you give the patient a sample and a script, right? Allow all the patients to try it and then give them the script as well. And as they've said, they offer up as an option to more patients. They've figured out how to do the 10-second pitch, how to offer it and set the right expectations. In terms of your questions on the understanding of the broader use, why are some still thinking only about the early presbyope, this is really an effect of the previous product on the market, which really was tested in a younger population and the efficacy really only worked in that very early emerging presbyope. Therefore, people naturally go there. It is taking work to make sure people understand that we really did show just as much success in moderate advanced presbyopia. And then we show them the graphs to actually show those that have worse presbyopia gain more lines. And that's a process to understand that this product truly does work for that full scope of presbyopes.

Okay. Awesome. And then this is really quick. Just maybe for maybe Shawn also. This is just more of an operational question. You mentioned doing the TV ads. I think that wasn't in the original blueprint. I'm sure it was one of your scenarios. But I assume this doesn't mean that your emphasis and investment in terms of targeting the regional influencers, one layer below the SJPs that, that's still in place as it was with the initial plan. And then also, are you able to track -- I know Eef mentioned the conversion to -- the uptick in the web traffic when you have various campaigns that are delivered to the market. Are you able to track the conversion rates there? And are you seeing higher conversion to Rxs as a result of these waves of coming to the website?

Great question, Yigal. So first, talking about the TV ads. So our strategy remains the same on primarily focused on digital ads and the influencers. So we never plan to do broad national linear TV campaigns. However, what we're seeing is there are key markets that are prescribing a lot more often than others. And so this is a perfect opportunity to drop linear advertising on network TV and cable in those targeted markets in a responsible, financially responsible way to see what type of response we see. So that's the opportunity that's now provided itself with linear TV. So think of these as key markets, we test the response. And in testing those response, you need exactly what you just brought up. How does that translate to then visits to the web and then does that then translate to actual scripts later on. And that's exactly what we're continuing to look at every day. So we can see when we actually run different ads in different markets, how that then responds to web traffic. I think we're early on in DTC, so we don't have a pure correlation from the web traffic to then a script later on. There isn't a connection there, but it's something that we'll continue to look at for correlation to make sure we continue to further optimize those DTC ads.

Your next question comes from the line of Marc Goodman with Leerink Partners.

This is Alyssa on for Marc. So you previously had highlighted 3 different patient categories as the foundation of the advertising strategy. Could you update us on which of those segments are driving the early adoption today? And then secondly, I might have missed this, but on the distribution, can you clarify whether prescriptions are being fulfilled entirely through the e-pharmacy channel or if retail is now kind of contributing to that? And how is the mix between those 2, if so?

Great. Thanks for the question. So if you think back to our strategy in terms of early adopters, we want to focus on those that are in contacts. We want to focus those that have had post refractive surgery and what we call the active lifestyle. So we commissioned a survey of patients that have recently received the product. And what we're seeing is those targets are right. When we actually look at the data, we're seeing about half of the patients on this have worn contacts. About 1/3 of them have had LASIK in the past and that about 1/4 of them have had BOTOX in the past 12 months. Now that quarter number is a little bit biased because we have an equal split of men and women, about 60% female, 40% male in terms of our prescriptions. And BOTOX does tend to be about 90% women, 10% men. So that would lift up that percentage overall. But we feel good about our targets that we're focused on there. And then in terms of the mix of retail as well as the pharmacy, both meaningful channels, we have not broken out or shared that mix yet.

Your next question comes from the line of Biren Amin with Piper Sandler.

For Q1, can you maybe tell us what the split is between the 1-month pack and the 3-month pack? My second question is, I think previously, you had estimated 5 refills per year. In your early adopters, do you feel that, that still would align with your annual refill projections? And then third question is, can you talk about how many of the samples in Q4 converted to scripts in Q1? I think that would be a good barometer of patient experience.

Thanks, Biren. Great questions. And obviously, we all know that ultimately, these statistics are going to be very important to track the progress of the launch. We're also remaining with what we said before that refill -- actual refill percentages is something that we really start to look at in the second half of the year and start to communicate that. But what we do see at the moment on your various questions is that, like I mentioned earlier, that 3-pack is important in the market, and we're seeing that move. Again, this is early days. So like for many of the statistics and the parameters that we've spoken about, we really want to see a couple of quarters and see how this clearly develops before we feel that it's a reasonable number that we can start to share. Same goes for refills. Like I mentioned earlier, we're encouraged by what we're seeing. We also need to remind ourselves that the cohort that we currently can follow is the one from Q4 of last year. So our first 3 months of being in the market with this, the first consumers have a chance to buy this product. And that's probably a mix between initially when we just started to bring samples out, consumers that bought the product without having sampled and later in the quarter, that now most of the people will have had a chance to sample. So on top of that, you see that somebody bought a 3-pack, for example, in December, which is clearly happening, you wouldn't expect that person to come back until maybe late Q1 or even into Q2. So that means that the numbers that we're seeing now, we're really looking at them more as a barometer than the actual number. But clearly, like we shared, what we're seeing is encouraging us, and we feel that we have a product that does live up to what we want to see, a product that people like, that once they order it, they are sticky and they continue to buy it.

Your next question comes from the line of Jason Gerberry with Bank of America.

This is Melanie on for Jason. First, can you share any more details about indicators that are most encouraging regarding the DTC program that can spur growth? And secondly, anything you can share about key thresholds you're looking to see in NRx and refills in the second quarter?

Thanks, Melanie. I appreciate it. So in terms of the DTC program, when we think of our DTC, what we're really looking to see is are we driving consumer activation, right? And so in terms of this stage of a DTC program, where we're still fairly early on, the easiest items to look at that we're looking for, for indicators are, are we driving awareness? And are we driving increases in web traffic? And are we doing it at a responsible financial spend. So the indicators we continue to look at are, are we increasing people that are going to website? Not only are we seeing a sustained increase in website visitors, we're seeing up to a 10x increase in web visitors depending on what we're running. That's very good. When I look across the metrics of our DTC, I'm looking at what are we paying per 1,000 impressions, what are we paying per click. Again, what we're seeing right now with our ads, we're testing well. We're actually doing better than benchmarks for click-through rates as well as spend per impression. So that's looking positive. And then what we're continuing to look at is as we talk to the patients, serving them, did they see an ad, did that drive come in? And so those are all the metrics that we're continuing to look at.

The second question was around key thresholds that we're looking for as we enter into the second quarter. But I think just looking back to what I shared earlier, there's 2 elements that we're focusing on and that Shawn just highlighted as well, activating the doctors to bring it up to more patients more often. Obviously, that's something that's ongoing. And then really starting to see that DTC play out. Those things all take a little bit of time, which is why we've said that the DTC, this is not only for us, but in general, any Nielsen report that you pick up will show you that it takes at least 2 quarters to really see that translate into DTC. I think early indicators that Shawn talked about that we're seeing are very positive. And similarly, with the expansion of the sales force happening in Q2, we would expect that to take a little bit of time for that to take effect. But we really are expecting more of a step change in acceleration of new patients as both of these mechanisms fully take a hold closer to the second half of the year.

Your next question comes from the line of Lachlan Hanbury-Brown with William Blair.

I guess the first, I'd be curious what you're finding in terms of how often or how many samples doctors giving out. Are you finding the reps when they go back the fridge is empty or they still have some? Do they have to go back earlier? Just I've spoken to a few docs that tend not to give the samples, they prefer to write a script. So kind of curious to see what you're seeing on the sampling and the volume front there. And then maybe a second one on the prescribers. Curious what you're seeing in terms of the time it takes for them to go from a single prescription to become a repeat prescriber? Is it -- there's a cohort of doctors that basically immediately prescribe it to multiple people and then others that prescribe one and takes much longer? Or is there a trend you're seeing there?

Thanks, Lachlan. Good questions. Let me start off with the sampling and then double-click a little bit more on the sampling strategy and the conversion and how we think about that. So sampling in our case is really designed to bring the right patients into the therapy. So it's a central part of our strategy as we've highlighted early on because the product has such an immediate and observable effect. So we want to get samples out there, and that's how what we focused on to get as many samples as needed to as many offices as possible to make sure that those patients can really experience the product first and then self-select into the therapy. And we're seeing that, that's working. We believe that currently, probably more than 90% of people that start with this or new patients have had a sample first. So again, that strategy is working. What's also important is to understand how the sampling works. So the samples are dispensed, as you've mentioned, directly by physicians. So once our reps leave the samples with the doctor, there's no way for us to track individual samples and how they're being handed out to patients and how many are being handed out. But what we do see is that most of the doctors now are handing them out. But you are right that there's a group of doctors that just prefers to write a script directly. We'll continue to work with them to actually start to change that habit as well. So we actually don't really look at conversion as a key metric at this point. Samples for us are very cost effective and it's really a way to get as many people as we can to try the product, make sure they like it and then they self-select in. Like I said earlier, that this will lead to indeed a much more sticky patient population. I think your second question was around prescribing dynamics. What we see is that, as you would expect at this stage, there's a mix like Shawn highlighted, there's a great amount of doctors that are already doing what we would like them to do, provide a sample together with a script. There's also a group of doctors that wants to sample first and have the patient call back. If they like it, they write a script, the doctors that, to your point, write a script immediately put out a sample. So all the different flavors that you can think of are currently out there. And that's the focus of us now to take that blueprint of doctors that we know are very successful with the product, that high percentages of the patients converting and start to apply that or keep that to the rest of the doctor cohorts.

Your next question comes from the line of Matthew Caufield with H.C. Wainwright.

Can you speak more to the nuances you're seeing in terms of that initial refill patients? Like, for instance, have the refills been predominantly those early presbyopes so far?

Yes, great question. So when we look at the consumer, just given a little bit more detail. So when we dig into it and look at those people that are adopting the fastest, and we're seeing the refills come through. Again, what we're seeing when we break it down, it's 60% women, 40% men. Predominantly that 55- to 64-year-old, there are certain states that we see perform better than others. And when we dig into them, they are our target patients that are doing it. It is, as I stated earlier, half of those patients have worn contacts in the past. About 1/3 of them have had LASIK. And I said 1/4 of them have had BOTOX. But again, that's a bit biased by the mix of male, female. So we are right on that core target. We're hitting the right patients that want to use it. I think the most important thing is they get the sample and try it because that self-selection is so important. And that's what really drives that repeat behavior is getting them to self-select in, try the product, know it's for them and then continue to use it. So I think that's the important nuance to focus on.

That concludes our question-and-answer session. As I'm showing no further questions, thank you for your participation, and we will now conclude today's conference call. You may now disconnect.