{"url_path":"/sec/lnsr/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1320350/0001193125-26-214571-index.html","accession_number":"0001193125-26-214571","cik":"0001320350","ticker":"LNSR","issuer_name":"LENSAR, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1320350/0001193125-26-214571-index.html","primary_entity_key":"0001320350","primary_entity_name":"LENSAR, 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\nFor the transition period from to\n\nCommission File Number: 001-39473\n\n \n\nLENSAR, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\nDelaware\n\n32-0125724\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n \n\n2800 Discovery Drive\n\nOrlando, Florida 32826\n\n(Address of principal executive offices and Zip Code)\n\n(888) 536-7271\n\n(Registrant’s telephone number, including area code)\n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, par value $0.01 per share\n\n \n\nLNSR\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\n \n\nAccelerated Filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n \n\nSmaller reporting company\n\n☒\n\n \n\n \n\n \n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒\n\nAs of April 28, 2026, there were 12,104,328 shares of the registrant’s Common Stock outstanding.\n\n \n\n \n\n \n\nTable of Contents\n\n \n\n \n\nPage\n\n \n\n[Forward-Looking Statements](#forward_looking_statements)\n\niii\n\n \n\n[Risk Factor Summary](#risk_factor_summary)\n\nv\n\n[PART I – FINANCIAL INFORMATION](#part_i_financial_information)\n\n1\n\n[Item 1.](#item_1_financial_statements)\n\n[Financial Statements](#item_1_financial_statements)\n\n1\n\n \n\n[Condensed Statements of Operations and Comprehensive Loss (Unaudited)](#statements_operations)\n\n1\n\n \n\n[Condensed Balance Sheets (Unaudited)](#balance_sheets)\n\n2\n\n \n\n[Condensed Statements of Cash Flows (Unaudited)](#statements_cash_flows)\n\n3\n\n \n\n[Condensed Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited)](#condensed_statements_changes_in_stockhol)\n\n5\n\n \n\n[Notes to the Condensed Financial Statements (Unaudited)](#note_1_overview_basis_presentation)\n\n6\n\n[Item 2.](#item_2_managements_discussion_analysis_f)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_managements_discussion_analysis_f)\n\n22\n\n[Item 3.](#item_3_quantitative_qualitative_disclosu)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_qualitative_disclosu)\n\n30\n\n[Item 4.](#item_4_controls_procedures)\n\n[Controls and Procedures](#item_4_controls_procedures)\n\n30\n\n[PART II – OTHER INFORMATION](#part_ii)\n\n32\n\n[Item 1.](#item1_legal_proceedings)\n\n[Legal Proceedings](#item1_legal_proceedings)\n\n32\n\n[Item 1A.](#item1a_risk_factors)\n\n[Risk Factors](#item1a_risk_factors)\n\n32\n\n[Item 2.](#item2_unregistered_sales)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#item2_unregistered_sales)\n\n73\n\n[Item 3.](#item3_defaults_upon_senior)\n\n[Defaults Upon Senior Securities](#item3_defaults_upon_senior)\n\n73\n\n[Item 4.](#item4_mine_safety_disclosures)\n\n[Mine Safety Disclosures](#item4_mine_safety_disclosures)\n\n73\n\n[Item 5.](#item5_other_information)\n\n[Other Information](#item5_other_information)\n\n73\n\n[Item 6.](#item_6_exhibits)\n\n[Exhibits](#item_6_exhibits)\n\n74\n\n[Signatures](#signatures)\n\n75\n\n \n\n \n\n \n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report, including without limitation statements regarding the impact of the termination of the Merger Agreement (as defined below), business model and strategic plans for our products, technologies and business, including our implementation thereof; the impact on our business, financial condition and results of operation from macroeconomic conditions; the timing of and our ability to obtain and maintain regulatory approvals and certifications; our expectations about our ability to successfully commercialize and further develop our next generation system, the ALLY Robotic Cataract Laser System® (“ALLY System”), and the timing thereof; the ALLY System's performance and market impact; the sufficiency of our cash and cash equivalents; industry trends and conditions impacting various markets in which we operate; and the plans and objectives of management for future operations and capital expenditures are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.\n\nWithout limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim”, “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seeks,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance, or achievements, and one should avoid placing undue reliance on such statements.\n\nForward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part I. Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II. Item 1A. “Risk Factors” in this Quarterly Report. These risks and uncertainties include, but are not limited to:\n\n•\nany anticipated effects of the termination of the Merger Agreement (as defined below) on the value of our common stock;\n\n•\nthe outcome of any legal proceedings that may be instituted against us and others relating to the Merger;\n\n•\nour history of operating losses and ability to achieve or sustain profitability;\n\n•\nour ability to develop, receive and maintain regulatory clearance or certification of and successfully commercialize the ALLY System and to maintain our LENSAR Laser System (“LLS”) (collectively the “Systems”);\n\n•\nthe impact to our business, financial condition, results of operations and our suppliers and distributors as a result of global macroeconomic conditions;\n\n•\nthe willingness of patients to pay the price difference for our products compared to a standard cataract procedure covered by Medicare or other insurance;\n\n•\nour ability to grow our U.S. sales and marketing organization or maintain or grow an effective network of international distributors;\n\n•\nour future capital needs and our ability to raise additional funds on acceptable terms, or at all;\n\n•\nthe impact to our business, financial condition and results of operations as a result of a material disruption to the supply or manufacture of our Systems or necessary component parts for such Systems or material inflationary pressures or enacted tariffs affecting pricing of component parts;\n\n•\nour ability to compete against competitors that have longer operating histories, more established products and greater resources than we do;\n\n•\nour ability to address the numerous risks associated with marketing, selling and leasing our products in markets outside the United States;\n\n•\nthe impact to our business, financial condition and results of operations as a result of exposure to the credit risk of our customers;\n\n•\nour ability to accurately forecast customer demand and manage our inventory levels;\n\niii\n\n \n\n•\nthe impact to our business, financial condition and results of operations if we are unable to secure adequate coverage or reimbursement by government or other third-party payors for procedures using our ALLY System or our other products, or changes in such coverage or reimbursement;\n\n•\nthe impact to our business, financial condition and results of operations of product liability suits brought against us;\n\n•\nrisks related to government regulation applicable to our products and operations; and\n\n•\nrisks related to our intellectual property and other intellectual property matters.\n\nMoreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.\n\nYou should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we have no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.\n\nUnless otherwise stated or the context requires otherwise, references to “LENSAR,” the “Company,” “we,” “us,” and “our,” refer to LENSAR, Inc.\n\nWe own or have registered rights to certain trademarks, trade names, copyrights and other intellectual property used in our business, including LENSAR, the LENSAR logo, Streamline, IntelliAxis, IntelliAxis Refractive Capsulorhexis, ALLY, Intelligent Incisions, Augmented Reality, ALLY Robotic Cataract Laser System, and the ALLY Robotic Cataract Laser System logo, ALLY Robotic Laser Cataract Surgery, Robotic Laser Cataract Surgery, and the Robotic Laser Cataract Surgery logo, each of which is considered a trademark. All other company names, product names, trade names and trademarks included in this Quarterly Report are trademarks, registered trademarks or trade names of their respective owners.\n\niv\n\n \n\nRISK FACTOR SUMMARY\n\nOur business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include the following:\n\n•\nThe announcement of the termination of the Merger Agreement could negatively impact our business, financial condition, results of operations or our stock price.\n\n•\nWe may experience shareholder litigation related to the termination of the Merger Agreement, which could result in payment of damages.\n\n•\nOur results have been in the past, and could be in the future, adversely affected by economic uncertainty or deteriorations in economic conditions.\n\n•\nWe have experienced and expect to incur operating losses for the near-term future and we cannot assure you that we will be able to generate sufficient revenue to achieve or sustain profitability.\n\n•\nWe have historically derived our revenue from the sale or lease of our Systems as well as the associated procedure licenses and sale of consumables used in each procedure involving our Systems. The commercial success of our ALLY System will depend upon receipt of additional regulatory clearances or certifications and our ability to maintain and grow significant market acceptance for it.\n\n•\nOur growth depends on our ability to gain regulatory clearances and certifications, as well as our ability to meet production goals for our ALLY System.\n\n•\nPatients may not be willing to pay for the price difference between a standard cataract procedure and an advanced cataract procedure in which a laser system such as ours is used, an increment which is typically not covered by Medicare, private insurance or other third-party payors.\n\n•\nIf we are not able to effectively grow our U.S. sales and marketing organization or maintain or grow an effective network of international distributors, our business prospects, results of operations and financial condition could be adversely affected.\n\n•\nOur future capital needs are uncertain and we may need to raise additional funds in the future, and such funds may not be available on acceptable terms or at all.\n\n•\nIf the supply or manufacture of our Systems or other products associated with the Systems is materially disrupted, including by supply chain shortages and price increases, it may adversely affect our ability to manufacture products and could negatively affect our operating results.\n\n•\nWe currently compete, and expect to compete in the future against other companies, some of which have longer operating histories, more established products or greater resources than we do.\n\n•\nTo successfully market, sell and lease our products in markets outside of the United States, we must address many international business risks with which we have limited experience.\n\n•\nOur products and operations are subject to extensive government regulation and oversight both in the United States and abroad, and our failure to comply with applicable requirements could harm our business.\n\n•\nWe may not receive, or may be delayed in receiving, the necessary clearances, certifications or approvals for our future products, or modifications to our current products, and failure to timely obtain additional clearances, certifications or approvals for our ALLY System and future products or modifications to our current products would adversely affect our ability to grow our business.\n\n•\nOur success will depend on our ability to obtain, maintain and protect our intellectual property rights.\n\nv\n\n \n\nPART I – FINANCIAL INFORMATION"}