LENZ to Cut About 75% of Staff as Its CEO Steps Down
LENZ Therapeutics, the San Diego company behind the presbyopia eye drop VIZZ, plans to cut about 75% of its staff. Its chief executive, Eef Schimmelpennink, will also step down. The company disclosed both moves on October 28, 2026, alongside its third quarter results.
What happened
According to a filing with the US Securities and Exchange Commission, the LENZ board approved a reorganization on October 28. It reduces headcount by about 75%, leaving roughly 40 full-time employees.
The company said the plan is meant to put consumer marketing first, steer capital toward sales growth and lower operating costs. It expects about $5 million in one-time charges, mostly severance. LENZ said it expects nearly all of the work and the charges to fall in the fourth quarter of 2026.
Schimmelpennink will leave the president and CEO role on December 1, 2026. Chief financial officer Dan Chevallard will take over as interim president and CEO. Schimmelpennink said he decided to step aside to spend more time on other passions. He will stay on as a strategic advisor during the handover. The filing says his exit did not stem from any dispute with the company.
- Cost target: LENZ expects the changes to cut projected 2027 annualized operating expenses by more than 50%. It is aiming for about $70 million to $75 million in 2027, excluding stock-based compensation.
- Sales: VIZZ product sales were $2.6 million in the third quarter, on more than 38,000 paid prescriptions. The company said that was up about 50% and 51% from the second quarter.
- Losses and cash: LENZ reported a third quarter net loss of $31.0 million. It held $197.3 million in cash, cash equivalents and marketable securities on September 30, 2026.
Why it matters
VIZZ is a once-daily prescription eye drop for age-related blurry near vision in adults. LENZ calls it the first and only FDA-approved eye drop based on aceclidine for presbyopia. It launched in October 2025, according to Vision Monday.
On a conference call, Schimmelpennink said the reorganization is designed to fit a consumer model. The company said telehealth accounted for more than 50% of the increase in prescriptions from the second quarter to the third.
He said the US plan will focus on the commercial market with a much smaller and more focused sales team. He said LENZ will keep its relationships with eye care professionals and trade partners. The company reported more than 15,000 unique prescribers from launch through the third quarter.
What it means for people in the industry
The sources do not say which teams or locations are affected. The CEO's remarks on the call point to a smaller sales team. Things to watch include whether VIZZ sales keep growing as the field force shrinks, how the company spends on consumer marketing, and whether the board names a permanent CEO.
Sources
- LENZ Therapeutics Reports Third Quarter 2026 Financial Results, Announces Strategic Consumer Marketing Focused Reorganization and CEO Succession, LENZ Therapeutics (press release, SEC Exhibit 99.1)
- LENZ Therapeutics, Inc. Form 8-K Current Report, US Securities and Exchange Commission
- Lenz Therapeutics Reports VIZZ Sales Growth, Announces CEO Transition and Strategic Reorg, Vision Monday
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This article is for informational purposes only and does not constitute medical or investment advice. It was written with AI assistance from the sources listed above. Check the original sources before relying on any detail.