SCHEDULE: Versant Funds Reduce Stake in LENZ Therapeutics

Versant Venture Capital entities have significantly reduced their beneficial ownership in LENZ Therapeutics, Inc. through a series of stock sales in August and September 2025.

Summary

• Versant Venture Capital VI, L.P. (Versant VI), Versant Vantage II, L.P., and Versant Venture Capital VII, L.P. (Versant VII), along with their respective general partners, are reporting persons.
• As of September 18, 2025, Versant VI beneficially owns 1,183,543 shares, representing 4.1% of LENZ Therapeutics' Common Stock.
• Versant Vantage II beneficially owns 842,162 shares, representing 3.0% of the Common Stock.
• Versant VII beneficially owns 926,691 shares, representing 3.2% of the Common Stock, which includes 70,534 shares issuable upon warrant exercise.
• The percentages are based on 28,522,096 shares outstanding as of July 24, 2025, as reported in the Issuer's Form 10-Q, with Versant VII's percentage calculation using a denominator of 28,592,630 shares (including its exercisable warrants).
• Versant VI sold a total of 216,677 shares across four transactions between August 22, 2025, and September 18, 2025, for aggregate proceeds of approximately $8,802,655.25.
• Versant VII sold a total of 106,721 shares across four transactions between August 22, 2025, and September 18, 2025, for aggregate proceeds of approximately $4,335,614.36.
• The sales occurred at prices ranging from $39.0129 to $42.2335 per share.

Sentiment

Score: 4

Explanation: The significant reduction in stake by multiple Versant Venture Capital funds, while representing profit realization, can be perceived as a negative signal regarding the company's future growth prospects or valuation by a major institutional investor.

Negatives

• Significant reduction in beneficial ownership by key venture capital investors, potentially signaling a shift in their investment thesis or perceived future upside for LENZ Therapeutics.
• The sales by Versant VI and Versant VII represent a substantial divestment of their holdings, which could be interpreted negatively by the market.

Future Outlook

No forward-looking statements or guidance are provided in this filing, which primarily details changes in beneficial ownership.

Industry Context

This filing is a disclosure of changes in beneficial ownership by institutional investors and does not contain information related to broader industry trends or competitive analysis for LENZ Therapeutics.

Stakeholder Impact

• Shareholders: The reduction in ownership by significant institutional investors may lead to concerns about the stock's future performance and could influence market sentiment.

Key Dates

Recommendation

The filing indicates a significant reduction in beneficial ownership by a major venture capital group. While this is a disclosure of past transactions and not necessarily a reflection of current company fundamentals, a seasoned investor would view such divestment by an early-stage investor as a signal to re-evaluate their own position. Without additional operational or financial updates from LENZ Therapeutics, a 'hold' recommendation is prudent, suggesting investors maintain their current position while closely monitoring future developments and the company's performance.

Keywords

LENZ Therapeutics, Versant Venture Capital, Schedule 13D/A, Beneficial Ownership, Stock Sales, Institutional Investor, Common Stock, Equity, Biotechnology