Form 4: Versant Sells LENZ Therapeutics Shares Under 10b5-1 Plan

Versant Venture Capital VI, L.P. and affiliated entities reported sales of LENZ Therapeutics, Inc. common stock totaling 135,304 shares on September 18, 2025, executed under a Rule 10b5-1 plan.

Summary

• Versant Venture Capital VI, L.P., along with several affiliated Versant entities (Versant Ventures VI GP, L.P., Versant Ventures VI GP-GP, LLC, Versant Vantage II, L.P., Versant Vantage II GP, L.P., Versant Vantage II GP-GP, LLC, Versant Venture Capital VII, L.P., Versant Ventures VII GP, L.P., and Versant Ventures VII GP-GP, LLC), reported sales of common stock in LENZ Therapeutics, Inc. (LENZ).
• The transactions occurred on September 18, 2025, and were sales of common stock.
• A total of 135,304 shares were disposed of across multiple transactions.
• The shares were sold at weighted average prices of $41.5908 and $43.0038, and at a price of $43.3.
• These sales were made pursuant to a pre-arranged Rule 10b5-1 trading plan.
• Following these transactions, Versant Venture Capital VI, L.P. directly holds 1,183,543 shares and indirectly holds 856,157 shares, with other indirect holdings by related entities.

Sentiment

Score: 5

Explanation: The sales were conducted under a Rule 10b5-1 plan, indicating pre-scheduled transactions rather than a discretionary sale based on new information, thus having a neutral immediate sentiment regarding the company's fundamentals.

Positives

• The sales were executed under a Rule 10b5-1 trading plan, indicating pre-scheduled transactions rather than a discretionary decision based on new, potentially negative, information.

Negatives

• Significant insider selling by a 10% owner and director group, even if pre-scheduled, reduces their overall stake in the company.

Future Outlook

NA

Industry Context

Venture capital firms, such as Versant, typically liquidate their holdings in portfolio companies over time, especially after an IPO or significant market events, as part of their fund's lifecycle and return strategy for limited partners. These sales are often pre-planned to manage market impact and comply with insider trading regulations.

Stakeholder Impact

• Shareholders may perceive a slight negative signal from insider selling, but the execution under a Rule 10b5-1 plan mitigates concerns about the sales being based on adverse undisclosed information.

Next Steps

• The Reporting Person undertakes to provide the Issuer, any security holder, or the SEC staff with full information regarding the number of securities sold at each separate price within the reported ranges upon request.

Key Dates

Recommendation

The reported sales by Versant Venture Capital and its affiliates were executed under a pre-arranged Rule 10b5-1 trading plan. This indicates a scheduled liquidation of holdings rather than a discretionary sale based on new material information, suggesting a neutral impact on the company's fundamental outlook. Therefore, a 'hold' recommendation is appropriate as this transaction alone does not provide a strong signal for a 'buy' or 'sell' decision.

Keywords

LENZ Therapeutics, Versant Venture Capital, Form 4, Insider Trading, Stock Sale, Beneficial Ownership, Venture Capital, 10b5-1 Plan