Why did LENZ's Q3 2023 earnings miss forecasts so drastically?

LENZ Therapeutics' Q3 2023 earnings missed forecasts due to a combination of factors:

1. **Market Conditions**: The pharmaceutical market, including the segment LENZ operates in, is highly competitive and sensitive to market conditions, especially in areas like China where the company has faced challenges.
2. **Revenue Shortfall**: There was a significant shortfall in revenue compared to the previous year, which is a critical indicator of the company's performance. This shortfall was a result of decreased sales in key areas such as Captisol, which experienced an 82% year-over-year decline.

In summary, LENZ's Q3 2023 earnings miss was likely a result of a combination of competitive market conditions and a revenue shortfall, particularly in key product sales.