This all depends on whether Lizard's claws can pierce Arthur IMO. They are pretty friggin' sharp though, considering they could easily slice through Spiderman's webbing, which is rather impressive, considering what is stated from the 1:00 mark here:
Originally posted by FrothByte
Didn't Lizard's claws slash through steel and cement? Can't remember. I'm leaning towards lizard here due to healing factor.
Well, according to the Oscorp video regarding the webbing, that stuff is 10x stronger than steel. Which makes the fact that Lizard was tearing through it, even when Peter was laying it on real thick, pretty crazy: