SCHEDULE: Versant Funds Reduce Stake in LENZ Therapeutics

Versant Venture Capital funds have reported a material decrease in their aggregate beneficial ownership of LENZ Therapeutics, Inc. common stock, driven by share sales and dilution.

Summary

• Versant Venture Capital VI, L.P., Versant Vantage II, L.P., and Versant Venture Capital VII, L.P., along with their general partners, filed Amendment No. 9 to their Schedule 13D.
• The amendment reports a material decrease in the aggregate percentage of Common Stock beneficially owned by the Reporting Persons since Amendment No. 8.
• This decrease is attributed to a combination of transactions by the Reporting Persons and the Issuer's issuance of additional shares of its Common Stock.
• As of October 30, 2025, Versant Venture Capital VI, L.P. beneficially owns 1,050,599 shares, representing 3.4% of the outstanding Common Stock.
• Versant Vantage II, L.P. beneficially owns 842,162 shares, representing 2.7% of the outstanding Common Stock.
• Versant Venture Capital VII, L.P. beneficially owns 834,661 shares, representing 2.7% of the outstanding Common Stock, which includes 70,534 shares issuable upon warrant exercise.
• On September 30, 2025, Versant VI sold 132,944 shares at $46.0143 per share, totaling approximately $6,117,326.37.
• On September 30, 2025, Versant VII sold 92,030 shares at $46.0143 per share, totaling approximately $4,234,696.91.
• The total number of LENZ Therapeutics Common Stock outstanding as of October 30, 2025, was 31,289,969 shares, as reported in the Issuer's Form 10-Q.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative as a significant institutional investor has reduced its stake, partly through sales and partly due to dilution from the company's share issuances. While not a direct commentary on the company's operational performance, a reduction in a major holder's position can be perceived negatively by the market.

Negatives

• The aggregate percentage of Common Stock owned by the Versant Reporting Persons has materially decreased.
• Versant VI and Versant VII funds sold a combined 224,974 shares of Common Stock, indicating a reduction in their direct investment in the company.
• The decrease in ownership was also partly due to dilution from LENZ Therapeutics' issuance of additional shares.

Future Outlook

The filing does not contain any forward-looking statements or guidance from LENZ Therapeutics, Inc. or the Reporting Persons regarding the company's future performance or strategic direction.

Industry Context

This filing is a routine update from a venture capital firm adjusting its reported beneficial ownership in a portfolio company. It reflects portfolio management decisions rather than specific industry trends or competitive shifts for LENZ Therapeutics.

Stakeholder Impact

• Shareholders: The reduction in a major institutional investor's stake could be interpreted as a lack of conviction or a portfolio rebalancing, potentially influencing other investors' perceptions of the stock.
• Company Management: The company's management might need to address investor concerns regarding the reduction in institutional ownership, especially if it signals a broader trend.

Key Dates

Keywords

LENZ Therapeutics, Versant Venture Capital, Schedule 13D/A, Beneficial Ownership, Share Sales, Dilution, Institutional Investor, Biotechnology