LENZ Therapeutics, Inc. (NASDAQ:LENZ) Q1 2024 Earnings Call Transcript

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If it’s in the real world, we feel can have a couple of different reasons. Maybe those are people that actually are happy with their current near vision solution. So if these people are on bifocals and they feel that that’s the right solution for them and they don’t want to change that, that’s maybe one reason. Another reason is maybe they feel that this is a cost that they cannot afford. Those are some of the things that you can think about. But again, these are not reasons of discontinuation of the product per se, but really if this product were to be commercially available, would you use it?

Shawn Olsson: Yeah. And when I think commercially about this, I find this very encouraging to see there’s results and we also see it in line with generally our market research. In our corporate presentation, we highlight the interest in this drop. And generally, depending on the age, the amount of people that would seriously consider an eyedrop like this rose all the way up to about 68%. So seeing 75% continues after the study is exactly in line with what we expect from our market research. And again, very encouraging data. It’s great to see such high numbers and it also confirms that 81% of those people would expect to use these four days to seven days a week. That’s from the PROs. That is almost exactly aligned with our market research, which came between 79% to 80% of those people being four days to seven days a week.

So what I find really encouraging is we actually see that our actual outcomes from our Phase 3 trial mimic what we’re finding in our market research as well, which highlights the huge opportunity in this market. And I think as we go towards commercialization, if you think of the sampling strategy, that will really play into that refill rate, which I think is a better thing to focus on is that refill rate. Because we’re going to have a strong sampling plan up front that’s going to allow people to try this product, make sure this is for them, which we expect the vast majority to do, and then move on into that fulfillment and repeat buying of a product. So we see that strategy is very important in actually improving this refill rate.

Eef Schimmelpennink: Thanks, Shawn. And maybe just a last point to add to that. If you were to pluck these percentages in against the 128 million population of presbyopes in the U.S., you end up with a market that’s about 20 — 15 times to 20 times higher than the $3 billion that we already forecast. So the $3 billion that we talk about as the market potential really takes a very conservative approach on which part of the 128 million population is ultimately we feel going to use it, how often are they going to use that. It also, I think, indicates the very significant upsides over the $3 billion market that you could see.

Basma Radwan: Thank you. That’s very helpful. Thank you.

Eef Schimmelpennink: Thank you.

Operator: There are no further questions at this time. Mr. Eef Schimmelpennink, I turn the call back over to you.

Eef Schimmelpennink: Thank you, Dimi. Thanks, everyone. Thank you for taking the time to join us today. We look forward to keep you updated and we’ll see you hopefully at the June event. Thanks, everyone.

Operator: This concludes today’s conference call. You may now disconnect.

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