Issue 006 | U.S. Pilot | US

LENZ

LENZ Therapeutics, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-11 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 38.8%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 268,367,000USD
Total Liabilities: 26,043,000USD
NCAV: 242,324,000USD
Cash: 24,772,000USD
NCAV per share: 7.73USD/share
Evidence: 5 annual | 19 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 3
Unavailable: 7

Requires inspection High NCAV Burn since the previous filing 242,324,000

Latest: 242,324,0002026-03-31
Comparison: 279,875,0002025-12-31
Change: -13.4%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001815776-26-000037; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -33,582,000

Latest: -33,582,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001815776-26-000037

Supporting observation Current Ratio > 1.5 10.4

Latest: 10.42026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001815776-26-000037

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing
Period-end Shares Outstanding	31,354,39431,354,394	31,344,78231,344,782	4,084,03728,588,261	4,071,44628,500,122	3,933,66627,535,663	3,931,20627,518,439	3,925,80527,480,634	3,692,23925,845,671	3,642,87625,500,130	n/an/a	8,281,70157,971,910	8,284,18257,989,273	8,313,54558,194,818	n/an/a	8,307,04558,149,317	8,315,88558,211,192	n/an/a	8,287,26058,010,823	8,297,00058,079,002	7,997,00055,979,002
Weighted-average Basic Shares	n/an/a	28,813,16428,813,164	3,881,76127,172,330	3,972,01627,804,112	n/an/a	279,8701,959,091	280,2601,961,822	3,658,37125,608,594	n/an/a	8,145,02357,015,159	7,798,79954,591,593	7,754,97754,284,836	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	31,352,70231,352,702	n/an/a	4,077,21728,540,519	4,011,29628,079,071	3,932,30027,526,099	3,040,14821,281,038	3,881,76127,172,330	279,0661,953,464	673,9454,717,613	8,145,02357,015,159	8,179,60657,257,241	8,106,47856,745,347	7,980,63955,864,475	7,839,09654,873,675	7,886,59155,206,139	7,796,12454,572,866	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-1-1	-3-3	-2-2	-1-1	-1-1	-2-2	-2-2	-2-2	-4-4	-2-2	-2-2	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-3-3	-8-8
Diluted EPS	-1-1	-3-3	-2-2	-1-1	-1-1	-2-2	-2-2	-2-2	-4-4	-2-2	-2-2	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-3-3	-8-8
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	5.0%	1.0%	Insufficient evidence	986.3%	1285.1%	-92.4%	Insufficient evidence	0.0%	4.9%	4.5%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	0.0%	667.5%	0.3%	3.5%	0.1%	0.1%	6.3%	1.4%	Insufficient evidence	4.4%	-0.0%	-0.4%	Insufficient evidence	Insufficient evidence	-0.1%	Insufficient evidence	Insufficient evidence	-0.1%	3.8%	Insufficient evidence
Ownership Claim Change	-0.0%	-87.0%	-0.3%	-3.4%	-0.1%	-0.1%	-5.9%	-1.3%	Insufficient evidence	-4.3%	0.0%	0.4%	Insufficient evidence	Insufficient evidence	0.1%	Insufficient evidence	Insufficient evidence	0.1%	-3.6%	Insufficient evidence

Verified split events: reverse 2.432 on 2021-06-18; reverse 7.0 on 2025-12-31

Known Unknowns

Only 19 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD
Revenue	19,088,000	0	n/a	n/a	n/a
Operating Income	-91,138,000	-58,610,000	-135,191,000	-105,639,000	-60,443,000
Net Income	-82,127,000	-49,769,000	-124,651,000	-101,052,000	-70,760,000
Cash From Operations	-69,170,000	-59,391,000	-90,007,000	-87,980,000	-52,852,000
Capex	-827,000	-468,000	-10,856,000	-6,594,000	-5,740,000
Free Cash Flow	-69,997,000	-59,859,000	-100,863,000	-94,574,000	-58,592,000
Cash And Equivalents	25,179,000	20,158,000	184,259,000	47,730,000	376,976,000
Accounts Receivable	329,000	0	n/a	n/a	n/a
Inventory	2,936,000	0	n/a	n/a	n/a
Total Current Assets	301,412,000	211,917,000	188,021,000	275,365,000	381,736,000
Total Assets	305,876,000	215,304,000	188,456,000	321,902,000	401,987,000
Total Current Liabilities	21,187,000	10,406,000	4,797,000	13,043,000	12,143,000
Total Liabilities	21,537,000	11,220,000	4,874,000	25,611,000	17,937,000
Shareholders Equity	284,339,000	204,084,000	183,582,000	296,291,000	384,050,000
Shares Outstanding	31,344,782	27,518,439	58,008,396	58,010,823	58,010,823
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	28,813,164	21,281,038	57,015,159	54,873,675	28,919,255
Weighted Avg Shares Basic	28,813,164	21,281,038	57,015,159	54,873,675	28,919,255
Net Share Count Change (Normalized)	667.5%	0.1%	4.4%	Insufficient evidence	-0.1%
Ownership Claim Change (Normalized)	-87.0%	-0.1%	-4.3%	Insufficient evidence	0.1%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 19 quarterly periods available from Data Vault for this company.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	1,901,000	1,588,000	12,500,000	5,000,000	0	n/a	0	0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-44,135,000	-38,463,000	-18,887,000	-16,857,000	-16,931,000	-15,225,000	-12,945,000	-14,352,000	-16,088,000	-25,555,000	-25,027,000	-58,159,000	-26,450,000	-26,751,000	-26,154,000	-26,776,000	-25,958,000	-14,602,000	-17,533,000
Net Income	-41,488,000	-35,896,000	-16,700,000	-14,912,000	-14,619,000	-12,652,000	-10,215,000	-10,254,000	-16,648,000	-22,918,000	-22,485,000	-55,314,000	-23,934,000	-24,599,000	-24,682,000	-25,936,000	-25,835,000	-14,592,000	-17,529,000
Cash From Operations	-33,582,000	-33,025,000	-8,588,000	-11,508,000	-16,049,000	-9,078,000	-10,581,000	-15,795,000	-23,937,000	-45,877,000	-9,401,000	-13,655,000	-21,074,000	-22,429,000	-22,217,000	-22,094,000	-21,240,000	-15,415,000	n/a
Capex	-18,000	-38,000	-439,000	-240,000	-110,000	-149,000	-186,000	-133,000	0	-50,000	-4,813,000	-5,610,000	-383,000	-1,021,000	-915,000	-1,385,000	-3,273,000	-3,636,000	n/a
Free Cash Flow	-33,600,000	-33,063,000	-9,027,000	-11,748,000	-16,159,000	-9,227,000	-10,767,000	-15,928,000	-23,937,000	-45,927,000	-14,214,000	-19,265,000	-21,457,000	-23,450,000	-23,132,000	-23,479,000	-24,513,000	-19,051,000	n/a
Cash And Equivalents	24,772,000	25,179,000	25,399,000	37,608,000	23,042,000	20,158,000	41,046,000	84,035,000	200,357,000	184,259,000	182,988,000	128,506,000	69,811,000	47,730,000	56,391,000	75,171,000	185,070,000	394,804,000	381,965,000
Total Current Assets	268,367,000	301,412,000	206,997,000	213,602,000	197,859,000	211,917,000	220,704,000	199,350,000	216,674,000	188,021,000	238,783,000	251,171,000	270,307,000	275,365,000	298,492,000	326,644,000	343,756,000	401,229,000	384,752,000
Total Liabilities	26,043,000	21,537,000	16,777,000	10,967,000	9,242,000	11,220,000	8,727,000	9,718,000	19,155,000	4,874,000	62,209,000	62,898,000	33,772,000	25,611,000	18,392,000	15,330,000	17,307,000	16,020,000	7,922,000
Shares Outstanding	31,354,394	31,344,782	28,588,261	28,500,122	27,535,663	27,518,439	27,480,634	25,845,671	25,500,130	58,008,396	57,971,910	57,989,273	58,194,818	58,010,823	58,149,317	58,211,192	58,010,823	58,079,002	55,979,002
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	31,352,702	31,071,008	28,540,519	28,079,071	27,526,099	27,492,616	27,172,330	25,608,594	4,717,613	58,165,625	57,257,241	56,745,347	55,864,475	55,688,249	55,206,139	54,572,866	54,005,299	52,769,916	5,087,008
Weighted Avg Shares Basic	31,352,702	31,071,008	28,540,519	28,079,071	27,526,099	27,492,616	27,172,330	25,608,594	4,717,613	58,165,625	57,257,241	56,745,347	55,864,475	55,688,249	55,206,139	54,572,866	54,005,299	52,769,916	5,087,008
Net Share Count Change (Normalized)	0.0%	667.5%	0.3%	3.5%	0.1%	0.1%	6.3%	1.4%	Insufficient evidence	4.4%	-0.0%	-0.4%	Insufficient evidence	Insufficient evidence	-0.1%	Insufficient evidence	Insufficient evidence	3.8%	Insufficient evidence
Ownership Claim Change (Normalized)	-0.0%	-87.0%	-0.3%	-3.4%	-0.1%	-0.1%	-5.9%	-1.3%	Insufficient evidence	-4.3%	0.0%	0.4%	Insufficient evidence	Insufficient evidence	0.1%	Insufficient evidence	Insufficient evidence	-3.6%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	268,367,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json
Total Liabilities	26,043,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json
Cash	24,772,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json
Shares Outstanding	31,354,394	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json Data Vault \| sec/companyfacts/cik=0001815776/companyfacts.json
NCAV	242,324,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	7.73USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	38.8%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001815776
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001815776/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001815776/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 21
Imported At: 2026-08-15T12:52:22+00:00
Rendered At: 2026-08-16T03:30:06+00:00

Run Audit

Mary Run: 63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of: 2026-08-15
Accession: 0001815776-26-000037
CIK: 0001815776
Mary Filing Date: 2026-05-11
Filing Currency: USD
Internal Discount: 38.8%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-05-11; mary_accession=0001815776-26-000037; mary_cik=0001815776; gnni_supporting_filing_date=2026-05-11; internal_discount=0.387984; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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