SpyGlass Pharma, a late-stage biopharmaceutical company focused on long-acting glaucoma treatments, reported a net loss of $13.8 million for the three months ended March 31, 2026, compared with $8.8 million a year earlier, as it advances its Bimatoprost Drug Pad-IOL System through Phase 3 trials.
Research and development expenses rose to $8.5 million and general and administrative expenses to $6.9 million, reflecting greater headcount, clinical activities and public-company costs. The company recorded interest income of $1.6 million, partly offsetting higher operating spend.
SpyGlass strengthened its balance sheet with its February 2026 IPO, issuing 10,781,250 shares at $16.00 per share for aggregate gross proceeds of $172.5 million. At March 31, 2026, cash, cash equivalents and short-term investments totaled $251.0 million, and management believes this will fund operations and capital needs through 2028, despite an accumulated deficit of $118.5 million and an identified material weakness in internal control over financial reporting.
SpyGlass Pharma reported first quarter 2026 results and clinical progress for its glaucoma programs. The company ended March 31, 2026 with cash, cash equivalents and short‑term investments of $251.0 million, which it expects will fund planned operations through 2028, supported by its February IPO that raised about $172.5 million in gross proceeds.
Topline 12‑month Phase 1/2 data for the BIM‑IOL System at the intended commercial 78‑mcg dose showed a 34% mean intraocular pressure reduction, with 98% of evaluable patients free from all topical IOP‑lowering medications and vision outcomes comparable to state‑of‑the‑art intraocular lenses. Two registrational Phase 3 BIM‑IOL trials have started surgeries and are expected to complete enrollment in 2027, while a first‑in‑human trial for the BIM‑DRS ring system is planned for the second half of 2026.
For the quarter, research and development expenses were $8.5 million and general and administrative expenses were $6.9 million. Net loss was $13.8 million, or ($0.69) per share, compared with a net loss of $8.8 million, or ($3.96) per share, in the same period of 2025.
SpyGlass Pharma is a late-stage biopharmaceutical company developing long-acting drug-delivery implants for chronic eye diseases, focusing first on glaucoma and ocular hypertension in patients undergoing cataract surgery.
Its lead candidate, the BIM-IOL System, combines an intraocular lens with proprietary drug pads that release bimatoprost for about three years. In a first-in-human trial, evaluable patients showed a 37% mean intraocular pressure reduction at 36 months, with 95% off all topical pressure-lowering drops and no product-related adverse events. A multicenter Phase 1/2 trial reported similar pressure reductions at three and twelve months, maintained visual acuity around 20/20 to 20/30 and high freedom from drops, with safety comparable to standard surgery.
Two registrational Phase 3 trials of the 78 mcg dose are underway, each targeting about 400 patients, with enrollment expected to complete in 2027 and a planned 505(b)(2) NDA submission in 2028. SpyGlass is also developing BIM-DRS, a non-lens, removable ring implant intended to provide at least three years of bimatoprost in pseudophakic patients and those needing retreatment, and is exploring additional sustained-release programs for age-related macular degeneration, postoperative eye care and chronic uveitis.
SpyGlass Pharma reported a 2025 net loss of $39.9 million, reflecting higher research and development and administrative spending as it advanced late-stage eye therapies. Cash, cash equivalents and short-term investments were $107.4 million as of December 31, 2025, before IPO proceeds.
The company completed an initial public offering in February 2026, raising about $172.5 million and expects its cash to fund planned operations through 2028. Positive 12‑month Phase 1/2 data for the BIM‑IOL System showed 34–42% reductions in intraocular pressure and near-universal freedom from eye drops, with visual acuity around 20/20.
Two registrational Phase 3 BIM‑IOL trials in glaucoma and ocular hypertension are underway, with full enrollment expected in 2027. SpyGlass also plans a first‑in‑human BIM‑DRS trial in the second half of 2026 and four‑year BIM‑IOL first‑in‑human follow‑up data in the fourth quarter of 2026.
SpyGlass Pharma, Inc. reported positive 12‑month Phase 1/2 results for its Bimatoprost Drug Pad‑IOL System (BIM‑IOL System) in patients with open‑angle glaucoma or ocular hypertension undergoing cataract surgery.
In 104 randomized patients, evaluable participants in the 78‑mcg and 39‑mcg BIM‑IOL dose groups achieved a 34% and 42% reduction in mean intraocular pressure (IOP) from baseline at 8 a.m., compared with a 35% reduction in the control group using timolol drops. At 12 months, 98% of evaluable patients in the 78‑mcg group and 96% in the 39‑mcg group were free from all topical IOP‑lowering medications.
Vision outcomes were strong, with all evaluable BIM‑IOL patients reaching 20/32 or better best corrected distance visual acuity and a mean equivalent to 20/20 vision, and overall safety was comparable to routine cataract surgery with no serious ocular adverse events. SpyGlass is continuing long‑term follow‑up and has begun two registrational Phase 3 trials of the 78‑mcg dose, with plans to work with the FDA toward a 505(b)(2) New Drug Application.
Spyglass Pharma disclosure: Samsara entities and Srinivas Akkaraju report beneficial ownership of 2,109,953 shares of common stock, representing 6.3% of the class based on 33,317,414 shares outstanding as of February 9, 2026.
The position is split into 1,484,953 shares held directly by Samsara BioCapital, L.P. (4.5%) and 625,000 shares held directly by Samsara Opportunity Fund, L.P. (1.9%). Filers state governance relationships: Samsara GP and Samsara Opportunity GP are general partners and Dr. Akkaraju is managing member with power to direct voting and disposition of those shares. The Reporting Persons expressly disclaim status as a "group."
RA Capital Management and affiliated funds report a significant stake in Spyglass Pharma following its IPO. The reporting group beneficially owns 8,022,639 shares of common stock, representing 24.1% of Spyglass Pharma’s 33,317,414 shares outstanding as of February 9, 2026.
The holdings include 5,966,439 shares held by RA Capital Healthcare Fund, 2,054,678 shares held by RA Capital Nexus Fund III, and 1,522 stock options scheduled to vest within 60 days for RA Capital principal Dr. Zachary Scheiner. All securities were acquired for cash, through preferred stock investments that converted into common shares at the IPO and additional IPO share purchases at $16.00 per share.
RA Capital states the position is for investment purposes, without a current intent to change control, but may increase or reduce its holdings over time. The funds are subject to 180-day IPO lock-up agreements from February 5, 2026 and benefit from registration rights that can require Spyglass to register shares for resale once lock-up restrictions expire.
SpyGlass Pharma’s major venture backer New Enterprise Associates (NEA) has disclosed a large stake following the company’s IPO. NEA 16 and NEA 17 together hold 7,392,301 shares of common stock of SpyGlass Pharma, representing 22.2% of the 33,317,414 shares outstanding as of February 9, 2026.
NEA 17 bought 937,500 shares in the IPO at $16 per share and both funds converted significant preferred stock holdings into common shares after a reverse split. The funds state the shares were acquired for investment purposes, have broad registration rights, and are subject to 180‑day IPO lock-up and market standoff agreements.
SpyGlass Pharma, Inc. received a significant shareholder update as Gilde Healthcare and affiliated Dutch entities reported owning 2,187,513 shares of common stock, or about 6.57% of the company after its IPO. These shares include the conversion of earlier Series D preferred stock and a purchase of 312,500 IPO shares at $16.00 per share for a total of $5,000,000. Earlier, in May 2025, Gilde Healthcare had invested $24,999,998 in Series D preferred stock at $2.32574 per share, which converted into common stock upon the February 9, 2026 IPO closing. Gilde Healthcare holds the shares for general investment purposes and may increase or decrease its position over time. A 180-day lock-up from February 5, 2026 limits near-term sales, and a Gilde partner, Geoff Pardo, serves on SpyGlass Pharma’s board.
SpyGlass Pharma, Inc. updated its executive pay disclosure after finalizing 2025 performance bonuses. The Compensation Committee approved performance cash bonuses for the company’s named executive officers for the year ended December 31, 2025, and these amounts are now reflected in an updated summary compensation table.
For 2025, CEO Patrick Mooney’s total compensation is shown as $3,322,711, including $215,088 in non‑equity incentive plan compensation. President, Chief Medical Officer and Executive Chair Malik Y. Kahook, M.D. is reported with total 2025 compensation of $2,484,469, including a $125,975 performance bonus. Chief Research & Development Officer Chetan Pujara, Ph.D., who began employment in February 2025, is listed with total 2025 compensation of $1,539,952, including a $126,289 performance bonus.