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Side-by-side financial comparison of LENZ Therapeutics, Inc. (LENZ) and LIGHTPATH TECHNOLOGIES INC (LPTH). Click either name above to swap in a different company.
LIGHTPATH TECHNOLOGIES INC is the larger business by last-quarter revenue ($16.4M vs $12.5M, roughly 1.3× LENZ Therapeutics, Inc.). LIGHTPATH TECHNOLOGIES INC runs the higher net margin — -57.5% vs -133.6%, a 76.1% gap on every dollar of revenue. LIGHTPATH TECHNOLOGIES INC produced more free cash flow last quarter ($2.0M vs $-9.0M).
LENZ Therapeutics, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing novel ophthalmic therapies. Its lead product candidates address presbyopia, the age-related loss of near vision, catering to global patient groups with unmet medical needs in the eye care sector.
LightPath Technologies Inc designs, manufactures and distributes high-precision optical components and assemblies, including aspheric lenses, infrared optics, and fiber optic products. It serves global clients across industrial automation, aerospace, defense, medical imaging, and telecommunications sectors.
LENZ vs LPTH — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.5M | $16.4M |
| Net Profit | $-16.7M | $-9.4M |
| Gross Margin | — | 36.8% |
| Operating Margin | -151.1% | -52.6% |
| Net Margin | -133.6% | -57.5% |
| Revenue YoY | — | 120.2% |
| Net Profit YoY | -63.5% | -260.1% |
| EPS (diluted) | $-0.59 | $-0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $16.4M | ||
| Q3 25 | $12.5M | $15.1M | ||
| Q2 25 | $5.0M | $12.2M | ||
| Q1 25 | — | $9.2M | ||
| Q4 24 | — | $7.4M | ||
| Q3 24 | $0 | $8.4M | ||
| Q2 24 | $0 | $8.6M | ||
| Q1 24 | — | $7.7M |
| Q4 25 | — | $-9.4M | ||
| Q3 25 | $-16.7M | $-2.9M | ||
| Q2 25 | $-14.9M | $-7.1M | ||
| Q1 25 | — | $-3.6M | ||
| Q4 24 | — | $-2.6M | ||
| Q3 24 | $-10.2M | $-1.6M | ||
| Q2 24 | $-10.3M | $-2.4M | ||
| Q1 24 | — | $-2.6M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | — | 29.1% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | — | 33.9% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 20.9% |
| Q4 25 | — | -52.6% | ||
| Q3 25 | -151.1% | -16.6% | ||
| Q2 25 | -337.1% | -38.0% | ||
| Q1 25 | — | -36.3% | ||
| Q4 24 | — | -33.5% | ||
| Q3 24 | — | -16.4% | ||
| Q2 24 | — | -25.6% | ||
| Q1 24 | — | -33.6% |
| Q4 25 | — | -57.5% | ||
| Q3 25 | -133.6% | -19.2% | ||
| Q2 25 | -298.2% | -57.8% | ||
| Q1 25 | — | -39.1% | ||
| Q4 24 | — | -35.2% | ||
| Q3 24 | — | -19.3% | ||
| Q2 24 | — | -27.3% | ||
| Q1 24 | — | -33.7% |
| Q4 25 | — | $-0.20 | ||
| Q3 25 | $-0.59 | $-0.07 | ||
| Q2 25 | $-0.53 | $0.19 | ||
| Q1 25 | — | $-0.44 | ||
| Q4 24 | — | $-0.07 | ||
| Q3 24 | $-0.38 | $-0.04 | ||
| Q2 24 | $-0.40 | $-0.15 | ||
| Q1 24 | — | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.4M | $73.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $193.9M | $77.9M |
| Total Assets | $210.7M | $148.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $73.6M | ||
| Q3 25 | $25.4M | — | ||
| Q2 25 | $37.6M | $4.9M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $41.0M | — | ||
| Q2 24 | $84.0M | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $535.0K | ||
| Q1 24 | — | $599.4K |
| Q4 25 | — | $77.9M | ||
| Q3 25 | $193.9M | $21.4M | ||
| Q2 25 | $206.4M | $15.6M | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $26.7M | ||
| Q3 24 | $215.3M | $29.4M | ||
| Q2 24 | $192.9M | $30.2M | ||
| Q1 24 | — | $31.7M |
| Q4 25 | — | $148.6M | ||
| Q3 25 | $210.7M | $87.3M | ||
| Q2 25 | $217.3M | $81.5M | ||
| Q1 25 | — | $81.4M | ||
| Q4 24 | — | $45.8M | ||
| Q3 24 | $224.0M | $48.4M | ||
| Q2 24 | $202.6M | $48.1M | ||
| Q1 24 | — | $49.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | 0.02× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.6M | $2.8M |
| Free Cash FlowOCF − Capex | $-9.0M | $2.0M |
| FCF MarginFCF / Revenue | -72.2% | 12.0% |
| Capex IntensityCapex / Revenue | 3.5% | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-47.5M | $-6.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.8M | ||
| Q3 25 | $-8.6M | $-1.1M | ||
| Q2 25 | $-11.5M | $-2.6M | ||
| Q1 25 | — | $-3.2M | ||
| Q4 24 | — | $-737.4K | ||
| Q3 24 | $-10.6M | $-1.7M | ||
| Q2 24 | $-15.8M | $64.7K | ||
| Q1 24 | — | $-394.2K |
| Q4 25 | — | $2.0M | ||
| Q3 25 | $-9.0M | $-1.2M | ||
| Q2 25 | $-11.7M | $-3.3M | ||
| Q1 25 | — | $-3.7M | ||
| Q4 24 | — | $-817.8K | ||
| Q3 24 | $-10.8M | $-1.8M | ||
| Q2 24 | $-15.9M | $-225.5K | ||
| Q1 24 | — | $-802.5K |
| Q4 25 | — | 12.0% | ||
| Q3 25 | -72.2% | -8.1% | ||
| Q2 25 | -235.0% | -27.3% | ||
| Q1 25 | — | -40.0% | ||
| Q4 24 | — | -11.0% | ||
| Q3 24 | — | -21.2% | ||
| Q2 24 | — | -2.6% | ||
| Q1 24 | — | -10.4% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | 3.5% | 0.5% | ||
| Q2 25 | 4.8% | 5.6% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | 5.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LENZ
Segment breakdown not available.
LPTH
| Other | $7.9M | 48% |
| Infrared Components | $5.0M | 31% |
| Visible Components | $3.4M | 21% |
