SpyGlass Pharma Reports First Quarter 2026 Financial Results and Provides Corporate Updates
Rhea-AI Summary
SpyGlass Pharma (Nasdaq: SGP) reported first quarter 2026 results and pipeline progress. Cash, cash equivalents and short-term investments were $251.0 million as of March 31, 2026, expected to fund operations through 2028.
Phase 1/2 BIM-IOL data showed 34% mean IOP reduction at 78-mcg, 98% of patients free from topical IOP-lowering drops and 100% achieving BCDVA 20/32 or better, with a safety profile comparable to routine cataract surgery. Parallel Phase 3 BIM-IOL trials SGP-005 and SGP-006 have begun surgeries, with enrollment completion expected in 2027. The BIM-DRS first-in-human trial is planned for the second half of 2026. Net loss was $13.8 million, or ($0.69) per share, versus $8.8 million, or ($3.96) per share, a year earlier.
Positive
- Cash, cash equivalents and short-term investments of $251.0 million fund operations through 2028
- IPO in February 2026 raised about $172.5 million in gross proceeds
- Phase 1/2 BIM-IOL 78-mcg dose showed 34% mean IOP reduction
- 98% of evaluable BIM-IOL patients off all topical IOP-lowering medications
- BIM-IOL vision outcomes: 100% achieved 20/32 or better BCDVA, mean equivalent to 20/20
- Phase 3 BIM-IOL trials SGP-005 and SGP-006 enrolling, with completion expected in 2027
Negative
- Net loss increased to $13.8 million from $8.8 million year-over-year in Q1
- Research and development expenses rose to $8.5 million from $6.1 million
- General and administrative expenses increased to $6.9 million from $1.4 million
News Market Reaction – SGP
In the May 15 session, SGP declined 4.37%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 26 | Earnings and update | Positive | -10.3% | Reported 2025 results, IPO cash of $172.5M, strong BIM-IOL data and runway. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The only prior earnings-related release in the last six months saw a notably negative reaction despite positive clinical and funding updates.
Over recent months, SpyGlass has combined clinical progress with capital strengthening. A February 2026 IPO raised $172.5 million, and a March 2026 earnings update highlighted positive BIM-IOL Phase 1/2 data, Phase 3 enrollment underway, and cash expected to fund operations through 2028, yet the stock fell 10.28% on that report. Today’s Q1 2026 results reiterate strong cash of $251.0 million, continued Phase 3 enrollment, and a BIM-DRS first-in-human trial still planned for the second half of 2026, extending this same strategic trajectory.
Key Terms
phase 3 medical
phase 1/2 medical
first-in-human medical
intraocular pressure medical
best-corrected distance visual acuity medical
initial public offering financial
net loss financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Enrollment remains on track in the registrational Phase 3 trials of the Bimatoprost Drug Pad-IOL System (BIM-IOL System), with completion of enrollment expected in 2027.
- Topline 12-month data from the BIM-IOL System Phase 1/2 trial demonstrated elimination of IOP-lowering topical eye drops for
98% of trial participants and34% mean intraocular pressure (IOP) reduction from baseline at the intended commercial dose of 78-mcg, and all patients achieving best-corrected distance visual acuity (BCDVA) on par with state-of-the-art monofocal IOLs in the control group at 20/32 or better with a mean BCDVA equivalent to 20/20. - Bimatoprost-Drug Ring System (BIM-DRS) first-in-human trial is on track to start in the second half of 2026.
- Cash, cash equivalents and short-term investments of
$251.0 million on March 31, 2026, are expected to fund planned operations through 2028.
ALISO VIEJO, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- SpyGlass Pharma, Inc. (Nasdaq: SGP) (“SpyGlass Pharma” or “Company”), a late-stage biopharmaceutical company, today reported recent business highlights and financial results for the first quarter ended March 31, 2026.
“Following the successful completion of our IPO in February, SpyGlass Pharma is in a strong financial position to complete the development of its sustained release, intraocular delivery of bimatoprost via our BIM-IOL System at the time of cataract surgery in patients with glaucoma. The benefit of potential freedom from daily eye drops for patients is immense, and the BIM-IOL System enables every cataract surgeon to integrate durable, sustained glaucoma care at the time of cataract surgery, with no new surgical techniques required,” stated Patrick Mooney, chief executive officer of SpyGlass Pharma. “We remain highly focused on the enrollment of our registrational Phase 3 trials and the initiation of our first-in-human study of our BIM-DRS, which we expect to occur in the second half of 2026. BIM-DRS has the potential to reach all glaucoma and OHT patients, even if they have already had cataract surgery, and enable lifetime retreatment.”
BIM-IOL System Program Highlights
12-Month Phase 1/2 Data of BIM-IOL System. In March 2026, SpyGlass Pharma announced positive topline results from its Phase 1/2 trial of the BIM-IOL System, to lower IOP in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT) and a concomitant cataract. The trial compared BIM-IOL System at the intended commercial dose of 78-mcg (N=51), and 39-mcg (N=23) compared to a physician's choice of commercially available monofocal IOLs from Alcon, Bausch + Lomb or Johnson & Johnson with twice-daily administration of timolol eyedrops as the control group (N=30).
For SpyGlass Pharma’s intended commercial dose of 78-mcg, patients receiving the BIM-IOL System achieved robust clinical improvement:
- A mean, time-matched IOP reduction from baseline of
34% . 98% of evaluable BIM-IOL patients were free from all topical IOP-lowering medications.100% of evaluable patients achieved 20/32 or better best corrected distance visual acuity (BCDVA).- Mean BCDVA equivalent to 20/20 vision (86 letters), demonstrating a vision performance profile in line with the state-of-the-art IOLs in the control group.
- The BIM-IOL System was well tolerated and exhibited a safety profile comparable to routine cataract surgery, with no serious adverse events observed.
SpyGlass Pharma anticipates presenting additional Phase 1/2 trial results at a future medical meeting.
First Surgeries Completed in Parallel Phase 3 BIM-IOL System Trials. The two registrational Phase 3 trials, SGP-005 and SGP-006, are designed to demonstrate non-inferiority of the BIM-IOL System to a state-of-the-art commercial IOL with twice-daily topical timolol. SpyGlass Pharma continues to expect that both trials will complete enrollment in 2027.
Corporate Highlights
Completion of Initial Public Offering. In February 2026, SpyGlass Pharma completed its initial public offering, including the full exercise of the underwriters’ over-allotment option, raising approximately
First Quarter 2026 Financial Results
Cash, Cash Equivalents and Short-Term Investments totaled
Research and Development Expenses were
General and Administrative Expenses were
Net Loss was
Upcoming Milestones
- BIM-DRS: Initiation of the FIH trial in the second half of 2026.
- BIM-IOL System: Four-year efficacy and safety follow-up expected in fourth quarter of 2026.
About the Bimatoprost Drug Pad-IOL System
SpyGlass Pharma’s lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary non-bioerodible drug pads attached to its intraocular lens, was designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The BIM-IOL System is designed to consistently deliver three years of bimatoprost, a prostaglandin analog approved for topical use by the U.S. Food and Drug Administration (FDA) in 2001, for the reduction of elevated IOP in patients with OAG or OHT.
The company initiated two registrational Phase 3 clinical trials of the BIM-IOL System and continues long-term follow-up of patients in the Phase 1/2 study investigating the safety and efficacy of the BIM-IOL System. SpyGlass Pharma plans to work with the FDA to advance the program through completion of Phase III clinical trials, New Drug Application submission, and ultimately to potential FDA approval.
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.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not purely historical are forward-looking statements, including, but not limited to, statements regarding: the potential benefits and impact of the BIM-IOL System on patients, anticipated presentation of additional clinical data, including the four-year data from the FIH trial for the BIM-IOL System, the initiation of the FIH trial for BIM-DRS, SpyGlass Pharma’s cash runway, and SpyGlass Pharma’s plans relating to the clinical development of the BIM-IOL System toward commercial launch after FDA approval, including enrollment completion timing. The forward-looking statements contained herein are based upon SpyGlass Pharma’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including those set forth in the Risk Factors section of the Company’s Quarterly Report on Form 10-Q for the three-month period ended March 31, 2026 filed with the Securities and Exchange Commission on or about the date hereof, and in similar disclosures set forth in the other documents that SpyGlass Pharma may file from time to time with the SEC. These forward-looking statements are made as of the date of this press release, and SpyGlass Pharma assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. SpyGlass Pharma’s views in these forward-looking statements should not be relied as representing the Company’s views as of any date subsequent to the date of this press release.
Media Contact:
Nami Surendranath
+1 (402) 507-6757
nsurendranath@dnacommunications.com
Investor Contact:
Ami Bavishi or Nick Colangelo
Gilmartin Group LLC
investors@spyglasspharma.com
| SpyGlass Pharma, Inc. Condensed Statements of Operations (in thousands, except share and per share data) (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Operating expenses | |||||||
| Research and development | $ | 8,542 | $ | 6,052 | |||
| General and administrative | 6,867 | 1,371 | |||||
| Total operating expenses | 15,409 | 7,423 | |||||
| Loss from operations | (15,409 | ) | (7,423 | ) | |||
| Other income (expense) | |||||||
| Interest income | 1,591 | 126 | |||||
| Change in fair value of redeemable convertible preferred stock tranche liability | - | (1,526 | ) | ||||
| Total other income (expense) | 1,591 | (1,400 | ) | ||||
| Loss before income tax | (13,818 | ) | (8,823 | ) | |||
| Income tax provision | - | - | |||||
| Net loss and comprehensive loss | $ | (13,818 | ) | $ | (8,823 | ) | |
| Net loss per share | |||||||
| Weighted average common stock outstanding, basic and diluted | 19,927,848 | 2,229,637 | |||||
| Net loss per share of common stock, basic and diluted | $ | (0.69 | ) | $ | (3.96 | ) | |
| SpyGlass Pharma, Inc. Condensed Balance Sheets (in thousands, except share and per share data) (unaudited) | |||||||
| As of | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 238,902 | $ | 96,358 | |||
| Short-term investments | 12,100 | 11,078 | |||||
| Other receivables | 653 | 431 | |||||
| Prepaid expenses and other current assets | 1,707 | 901 | |||||
| Total current assets | 253,362 | 108,768 | |||||
| Other non-current assets | 789 | 492 | |||||
| Property and equipment, net | 2,745 | 2,339 | |||||
| Deferred offering costs | - | 2,715 | |||||
| Right-of-use asset | 1,490 | 1,552 | |||||
| Total assets | $ | 258,386 | $ | 115,866 | |||
| Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 3,514 | $ | 2,696 | |||
| Payroll-related accruals | 882 | 2,182 | |||||
| Other current liabilities | 2,271 | 3,706 | |||||
| Total current liabilities | 6,667 | 8,584 | |||||
| Lease liability, non-current | 1,607 | 1,582 | |||||
| Total liabilities | 8,274 | 10,166 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible preferred stock, $.00001 par value; 0 shares authorized, issued and outstanding as of March 31, 2026; 116,618,581 shares authorized, 20,341,968 shares issued and outstanding as of December 31, 2025 (aggregate liquidation preference of | - | 204,537 | |||||
| Stockholders' equity (deficit) | |||||||
| Preferred stock, $.00001 par value; 200,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2026; 0 shares authorized, issued, and outstanding as of December 31, 2025 | - | - | |||||
| Common stock, $.00001 par value; 1,000,000,000 shares authorized, 33,432,555 shares issued and outstanding as of March 31, 2026; 154,383,336 shares authorized; 2,203,620 shares issued and outstanding as of December 31, 2025 | - | - | |||||
| Common stock additional paid-in capital | 368,660 | 5,893 | |||||
| Accumulated deficit | (118,548 | ) | (104,730 | ) | |||
| Total stockholders' equity (deficit) | 250,112 | (98,837 | ) | ||||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 258,386 | $ | 115,866 | |||
