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SpyGlass Pharma, Inc. Financials

SGP
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows SpyGlass Pharma, Inc. (SGP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SGP FY2025

SpyGlass Pharma is operating as a pre-revenue development platform, where fresh capital is expanding liquidity faster than operating losses are compounding.

The most misleading improvement is return on assets: it moved from -125.1% in FY2024 to -34.4% in FY2025 even as net loss increased to -$39.9M, because financing inflows of $124.6M lifted cash and assets rather than because the underlying operation became less loss-making.

The cash burn is operating-expense driven, not equipment-heavy: operating cash outflow worsened from -$22.0M to -$32.7M. With capital spending only $789K, the funding need sits mainly in R&D and organizational buildout rather than in long-lived infrastructure.

The balance sheet shows a split between short-term liquidity and cumulative capital dependence: cash reached $96.4M and the current ratio was 12.7x. But equity remained -$98.8M, which means near-term obligations appear well covered while the company still reflects accumulated losses and reliance on external funding.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 17 / 100
Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of SpyGlass Pharma, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Liquidity
100

With a current ratio of 12.67, SpyGlass Pharma, Inc. holds $12.67 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Piotroski F-Score Weak
3/9

SpyGlass Pharma, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality
0.82x

For every $1 of reported earnings, SpyGlass Pharma, Inc. generates $0.82 in operating cash flow (-$32.7M OCF vs -$39.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
-$40.8M
YoY-52.4%

SpyGlass Pharma, Inc.'s EBITDA was -$40.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 52.4% from the prior year.

Net Income
-$39.9M
YoY-36.7%

SpyGlass Pharma, Inc. reported -$39.9M in net income in fiscal year 2025. This represents a decrease of 36.7% from the prior year.

EPS (Diluted)
$-17.98
YoY-10.2%

SpyGlass Pharma, Inc. earned $-17.98 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$33.5M
YoY-39.4%

SpyGlass Pharma, Inc. generated -$33.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 39.4% from the prior year.

Cash & Debt
$96.4M
YoY+492.3%

SpyGlass Pharma, Inc. held $96.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
2M
YoY+0.3%

SpyGlass Pharma, Inc. had 2M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
N/A

Capital Allocation

R&D Spending
$29.2M
YoY+46.0%

SpyGlass Pharma, Inc. invested $29.2M in research and development in fiscal year 2025. This represents an increase of 46.0% from the prior year.

Share Buybacks
$1.4M

SpyGlass Pharma, Inc. spent $1.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$789K
YoY-60.4%

SpyGlass Pharma, Inc. invested $789K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 60.4% from the prior year.

SGP Income Statement

Metric Q1'26 Q4'25 Q1'25 Q4'24
Revenue N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A
R&D Expenses $8.5M N/A $6.1M N/A
SG&A Expenses $6.9M N/A $1.4M N/A
Operating Income -$15.4M N/A -$7.4M N/A
Interest Expense N/A N/A N/A N/A
Income Tax $0 N/A $0 N/A
Net Income -$13.8M N/A -$8.8M N/A
EPS (Diluted) $-0.69 N/A $-3.96 N/A

SGP Balance Sheet

Metric Q1'26 Q4'25 Q1'25 Q4'24
Total Assets $258.4M+123.0% $115.9M N/A $23.3M
Current Assets $253.4M+132.9% $108.8M N/A $17.4M
Cash & Equivalents $238.9M+147.9% $96.4M+66.1% $58.0M+256.5% $16.3M
Inventory N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A
Total Liabilities $8.3M-96.1% $214.7M N/A $83.8M
Current Liabilities $6.7M-22.3% $8.6M N/A $7.8M
Long-Term Debt N/A N/A N/A N/A
Total Equity $250.1M+353.1% -$98.8M-43.5% -$68.9M-13.9% -$60.5M
Retained Earnings -$118.5M-13.2% -$104.7M N/A -$64.9M

SGP Cash Flow Statement

Metric Q1'26 Q4'25 Q1'25 Q4'24
Operating Cash Flow -$13.5M N/A -$8.2M N/A
Capital Expenditures $676K N/A $164K N/A
Free Cash Flow -$14.2M N/A -$8.4M N/A
Investing Cash Flow -$1.7M N/A -$164K N/A
Financing Cash Flow $157.8M N/A $50.1M N/A
Dividends Paid N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A

SGP Financial Ratios

Metric Q1'26 Q4'25 Q1'25 Q4'24
Gross Margin N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A
Return on Equity -5.5% N/A N/A N/A
Return on Assets -5.3% N/A N/A N/A
Current Ratio 38.00+25.3 12.67 N/A 2.23
Debt-to-Equity 0.03+2.2 -2.17 N/A -1.39
FCF Margin N/A N/A N/A N/A

Note: Shareholder equity is negative (-$98.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Frequently Asked Questions

No, SpyGlass Pharma, Inc. (SGP) reported a net income of -$39.9M in fiscal year 2025.

SpyGlass Pharma, Inc. (SGP) reported diluted earnings per share of $-17.98 for fiscal year 2025. This represents a -10.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

SpyGlass Pharma, Inc. (SGP) had EBITDA of -$40.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

SpyGlass Pharma, Inc. (SGP) generated -$33.5M in free cash flow during fiscal year 2025. This represents a -39.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

SpyGlass Pharma, Inc. (SGP) generated -$32.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

SpyGlass Pharma, Inc. (SGP) had $115.9M in total assets as of fiscal year 2025, including both current and long-term assets.

SpyGlass Pharma, Inc. (SGP) invested $789K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

SpyGlass Pharma, Inc. (SGP) invested $29.2M in research and development during fiscal year 2025.

Yes, SpyGlass Pharma, Inc. (SGP) spent $1.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

SpyGlass Pharma, Inc. (SGP) had 2M shares outstanding as of fiscal year 2025.

SpyGlass Pharma, Inc. (SGP) had a current ratio of 12.67 as of fiscal year 2025, which is generally considered healthy.

SpyGlass Pharma, Inc. (SGP) had a debt-to-equity ratio of -2.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

SpyGlass Pharma, Inc. (SGP) had a return on assets of -34.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, SpyGlass Pharma, Inc. (SGP) had $96.4M in cash against an annual operating cash burn of $32.7M. This gives an estimated cash runway of approximately 35 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

SpyGlass Pharma, Inc. (SGP) has negative shareholder equity of -$98.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

SpyGlass Pharma, Inc. (SGP) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

SpyGlass Pharma, Inc. (SGP) has an earnings quality ratio of 0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

SpyGlass Pharma, Inc. (SGP) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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