SpyGlass Pharma Announces Pricing of Initial Public Offering

Rhea-AI Summary

SpyGlass Pharma (Nasdaq: SGP) priced an initial public offering of 9,375,000 shares at $16.00 per share, generating approximately $150 million in gross proceeds before underwriting discounts and expenses. The company granted underwriters a 30-day option for an additional 1,406,250 shares.

SpyGlass Pharma common stock is expected to begin trading on the Nasdaq Global Select Market on February 6, 2026, with the offering expected to close on February 9, 2026, subject to customary closing conditions. The registration statement became effective January 30, 2026.

Positive

• Gross proceeds of approximately $150 million from the IPO
• Up to $22.5 million additional proceeds via 30-day option

Negative

• Issuance of 9,375,000 shares will dilute existing ownership
• Net proceeds reduced by underwriting discounts, commissions and offering expenses

ALISO VIEJO, Calif., Feb. 05, 2026 (GLOBE NEWSWIRE) -- SpyGlass Pharma, Inc. (Nasdaq: SGP) (“SpyGlass Pharma”), a late-stage biopharmaceutical company, today announced the pricing of its initial public offering of 9,375,000 shares of its common stock at a public offering price of $16.00 per share. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by SpyGlass Pharma, are expected to be approximately $150 million. In addition, SpyGlass Pharma has granted the underwriters a 30-day option to purchase up to an additional 1,406,250 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares of common stock are being offered by SpyGlass Pharma. SpyGlass Pharma’s common stock is expected to begin trading on the Nasdaq Global Select Market on February 6, 2026, under the ticker symbol “SGP.” The offering is expected to close on February 9, 2026, subject to the satisfaction of customary closing conditions.

Jefferies, Leerink Partners, Citigroup and Stifel are acting as joint book-running managers for the offering.

A registration statement relating to the offering has been filed with the Securities and Exchange Commission and became effective on January 30, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, relating to the offering will be available at www.sec.gov. Copies of the final prospectus may also be obtained, when available, from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525 ext. 6105 or by email at syndicate@leerink.com; Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About SpyGlass Pharma

SpyGlass Pharma is a late-stage biopharmaceutical company dedicated to transforming the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. The company’s mission is to significantly improve the lives of patients with chronic eye conditions by developing durable drug delivery solutions that can empower patients and surgeons with confidence in long-term disease control and vision preservation.

The SpyGlass Pharma platform, a novel, non-bioerodible drug delivery technology, is designed to be used with various well-established, approved medicines, including bimatoprost and other small molecules, providing flexibility to potentially treat a range of conditions in the front and back of the eye.

The company was founded in 2019 by Malik Y. Kahook, M.D. and Glenn Sussman to solve the lack of ophthalmic innovations that capitalize on durable treatment options. The SpyGlass Pharma platform was originally developed in the Sue Anschutz-Rodgers Eye Center at the University of Colorado Anschutz School of Medicine.

Media Contact:
Nami Surendranath
+1 (212) 418-8981
nsurendranath@dnacommunications.com

Investor Contact:
Ami Bavishi or Nick Colangelo
Gilmartin Group LLC
investors@spyglasspharma.com

FAQ

How many shares did SpyGlass Pharma (SGP) offer in its February 2026 IPO?

SpyGlass Pharma offered 9,375,000 shares in the IPO. According to the company, an underwriter option allows up to 1,406,250 additional shares to be purchased within 30 days, potentially increasing total shares sold.

What was the IPO price per share for SpyGlass Pharma (SGP) and total gross proceeds?

The IPO price was $16.00 per share, producing about $150 million in gross proceeds. According to the company, this figure is before deducting underwriting discounts, commissions, and offering expenses.

When will SpyGlass Pharma (SGP) begin trading on Nasdaq after the IPO?

SpyGlass Pharma common stock is expected to begin trading on February 6, 2026. According to the company, the shares will trade on the Nasdaq Global Select Market under the ticker SGP.

When is the expected closing date for SpyGlass Pharma's (SGP) IPO and what conditions apply?

The offering is expected to close on February 9, 2026, subject to customary closing conditions. According to the company, closing depends on satisfaction of standard transactional and regulatory closing requirements.

How will the SpyGlass Pharma (SGP) IPO affect shareholder dilution and proceeds?

The IPO issues 9,375,000 shares, which will dilute existing ownership proportionally. According to the company, gross proceeds are about $150 million, reduced by underwriting discounts, commissions, and other offering expenses.