SpyGlass Pharma (Nasdaq: SGP) details Q2 loss and $234.2M cash runway
Rhea-AI Filing Summary
SpyGlass Pharma reported second‑quarter 2026 results and pipeline updates centered on its glaucoma programs. Parallel Phase 3 registrational trials of the BIM‑IOL System remain on track, with enrollment completion expected in 2027, while a first‑in‑human trial of the BIM‑DRS is expected to begin in the second half of 2026.
Cash, cash equivalents and short‑term investments were $234.2 million as of June 30, 2026, which the company expects will fund planned operations through 2028. Research and development expense was $10.9 million and general and administrative expense was $11.0 million for the quarter, leading to a net loss of $19.9 million, or ($0.59) per share. Total assets were $243.4 million and stockholders’ equity was $232.4 million at quarter‑end. SpyGlass also highlighted approval of a dedicated Category III CPT add‑on code for the BIM‑IOL System and recent strengthening of its commercial leadership ahead of potential future commercialization.
Positive
- Dedicated reimbursement pathway: The AMA CPT Editorial Panel approved an add‑on Category III CPT code (+1090T) for the BIM‑IOL System, which the company believes could accelerate commercial adoption after potential FDA approval.
- Multi‑year funding runway: Cash, cash equivalents and short‑term investments of $234.2 million as of June 30, 2026 are expected to fund planned operations through 2028.
Negative
- Widening losses: Net loss for Q2 2026 was $19.9 million, compared with $8.7 million in Q2 2025, reflecting higher research and development and general and administrative expenses.
Filing Explained
At June 30, 2026, SpyGlass reported 33,446,315 common shares and no preferred shares, creating a dilution mechanism for existing common holders.
This filing reports a completed capitalization state as of
The prior balance-sheet date,
Issuing additional shares increases the total share count and can reduce an existing holder’s percentage ownership absent offsetting changes; the higher common share count therefore creates a dilution mechanism for holders of the earlier common shares.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Cash, cash equivalents and short-term investments: $234.2 million
Net loss Q2 2026: $19.9 million
Net loss per share Q2 2026: $0.59
+5 more
8 metrics
Cash, cash equivalents and short-term investments
$234.2 million
As of June 30, 2026; expected to fund planned operations through 2028
Net loss Q2 2026
$19.9 million
Net loss for the quarter ended June 30, 2026
Net loss per share Q2 2026
$0.59
Net loss per basic and diluted share for Q2 2026
Research and development expense Q2 2026
$10.9 million
Research and development expense for the second quarter of 2026 vs $7.3 million in 2025
General and administrative expense Q2 2026
$11.0 million
General and administrative expense for the second quarter of 2026 vs $2.0 million in 2025
Total assets
$243,433 (in thousands)
Total assets as of June 30, 2026; balance sheet presented in thousands
Total stockholders' equity
$232,364 (in thousands)
Total stockholders’ equity as of June 30, 2026; in thousands
Weighted average shares outstanding Q2 2026
33,439,543
Weighted average common stock outstanding, basic and diluted, for the quarter ended June 30, 2026
Key Terms
Phase 3 registrational trials, Category III CPT code, first-in-human trial, intraocular pressure, +1 more
5 terms
Phase 3 registrational trials medical
"Enrollment remains on track in the registrational Phase 3 trials of the BIM-IOL System"
Category III CPT code medical
"the AMA’s CPT Editorial Panel approved a new add-on Category III CPT code (+1090T)"
A Category III CPT code is a temporary billing code used by medical providers to report new, experimental or emerging procedures, technologies, or services that do not yet have a permanent billing code. It matters to investors because assignment of such a code signals early clinical or market adoption, provides a way to capture usage and potential reimbursement data, and can hint at future revenue growth or regulatory and payment uncertainty—much like a temporary SKU that lets a retailer track early demand for a new product.
first-in-human trial medical
"Bimatoprost-Drug Ring System (BIM-DRS) first-in-human trial is on track to start"
A first-in-human trial is the initial clinical test where a new drug, therapy, or medical device is given to people after lab and animal studies to assess safety, appropriate dose, and early signs of effect. Think of it as the prototype’s first supervised road test: doctors watch closely for problems and useful signals. For investors, these results sharply reduce uncertainty and often trigger significant changes in a company’s valuation depending on safety and early efficacy.
intraocular pressure medical
"designed to reduce elevated intraocular pressure (IOP) in patients who have either OAG or OHT"
Intraocular pressure is the fluid pressure inside the eye, similar to the air pressure in a tire or the tension in a water balloon that helps the eye keep its shape. It matters to investors because sustained high pressure can lead to glaucoma and vision loss, driving demand for drugs, surgical devices, diagnostics and related regulatory approvals and reimbursements, which directly affect company revenues and risk profiles.
redeemable convertible preferred stock financial
"Redeemable convertible preferred stock, $.00001 par value; 0 shares authorized"
A redeemable convertible preferred stock is a special class of company shares that combines three features: it pays priority dividends like a safer, higher-ranking share; it can be converted into regular common shares so holders can join in upside; and it can be redeemed, meaning the company can buy it back for cash. For investors this matters because it offers a mix of downside protection and potential upside, but can change ownership stakes (dilution) and cash obligations depending on whether it’s converted or redeemed.
Earnings Snapshot
Net loss Q2 2026: $19.9 million · Guidance included
Quarter and six months ended June 30, 2026
Net loss Q2 2026
$19.9 million
Compared with $8.7 million for the second quarter of 2025
Net loss per share Q2 2026
($0.59)
Compared with ($3.81) per basic and diluted share in Q2 2025
Research and development expense Q2 2026
$10.9 million
Compared with $7.3 million for the second quarter of 2025
General and administrative expense Q2 2026
$11.0 million
Compared with $2.0 million for the second quarter of 2025
Guidance
The company expects its cash, cash equivalents and short-term investments to fund planned operations through 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How much cash does SpyGlass Pharma (SGP) have, and what is its funding runway?
As of June 30, 2026, SpyGlass held $234.2 million in cash, cash equivalents and short‑term investments. The company expects this balance to fund its planned operations through 2028, supporting ongoing Phase 3 trials and the planned BIM‑DRS first‑in‑human study.
What is the status of SpyGlass Pharma (SGP)'s BIM-IOL System Phase 3 trials?
SpyGlass reports enrollment in parallel Phase 3 registrational trials of the BIM‑IOL System remains on track, with completion of enrollment expected in 2027. A four‑year efficacy and safety follow‑up is expected in the fourth quarter of 2026.
What are SpyGlass Pharma (SGP)'s plans for the BIM-DRS glaucoma program?
The company plans to initiate a first‑in‑human (FIH) trial of the Bimatoprost‑Drug Ring System (BIM‑DRS) in the second half of 2026. BIM‑DRS is being developed to provide lasting intraocular pressure reduction in pseudophakic glaucoma patients.
What reimbursement progress has SpyGlass Pharma (SGP) made for the BIM-IOL System?
In May 2026, the AMA CPT Editorial Panel approved a new Category III add‑on CPT code (+1090T) for use with existing cataract surgery codes. SpyGlass believes this dedicated reimbursement pathway for surgeons could help drive commercial adoption of the BIM‑IOL System.
How did SpyGlass Pharma (SGP)'s operating expenses change year over year in Q2 2026?
For Q2 2026, research and development expense was $10.9 million versus $7.3 million a year earlier, and general and administrative expense was $11.0 million versus $2.0 million. The company attributes the increases mainly to added clinical personnel and higher professional service fees.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(949 ) 284-6904
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On August 6, 2026, SpyGlass Pharma, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit Number | Description | |||||||
99.1 | Press Release of SpyGlass Pharma, Inc., dated August 6, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SPYGLASS PHARMA, INC. | |||||||||||
By: | /s/ Jean-Frédéric Viret, Ph.D. | ||||||||||
Jean-Frédéric Viret, Ph.D. | |||||||||||
Date: August 6, 2026 | Chief Financial Officer | ||||||||||
2
Exhibit 99.1
SpyGlass Pharma Reports Second Quarter 2026 Financial Results and Provides Corporate Updates
•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.
•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 $234.2 million on June 30, 2026, are expected to fund planned operations through 2028.
IRVINE, Calif., Aug. 6, 2026 – SpyGlass Pharma, Inc. (Nasdaq: SGP) (“SpyGlass Pharma” or “Company”), a late-stage biopharmaceutical company, today reported recent business highlights and financial results for the second quarter ended June 30, 2026.
“We are pleased to report that enrollment in our parallel Phase 3 registrational trials of the BIM-IOL System, which if approved by the US Food and Drug Administration, has the potential to serve the approximately one million annual cataract procedures in glaucoma and ocular hypertension patients remains on track for completion in 2027. In parallel, SpyGlass remains diligently focused on initiating our first-in-human study of our next-generation BIM-DRS with the potential to provide lasting intraocular pressure reduction to every pseudophakic glaucoma patient, which would grow the addressable patient population substantially, in the second half of this year,” stated Patrick Mooney, chief executive officer of SpyGlass Pharma. “Collectively, our BIM-IOL System and BIM-DRS hold the potential to provide long-term, drop-free glaucoma treatment and sustained visual protection.”
Corporate Highlights
Dedicated Reimbursement Pathway for BIM-IOL System. In May 2026, the American Medical Association’s CPT® (Current Procedural Terminology) Editorial Panel approved a new add-on Category III CPT code (+1090T released to AMA website on July 1, 2026) in combination with established Category I CPT codes, such as 66984 and 66991. The Company believes the dedicated reimbursement pathway for surgeons could accelerate commercial adoption of the BIM-IOL System.
Strengthened Commercial Leadership. In June 2026, SpyGlass Pharma appointed Mike Pinder as Vice President, Marketing. Mr. Pinder will leverage his deep experience of successfully building and launching buy-and-bill ophthalmology treatments as SpyGlass Pharma approaches a potential commercialization of the BIM-IOL System.
Glaucoma and Cataract Surgeon Engagement. Throughout the second quarter, SpyGlass Pharma has accelerated its engagement with the cataract and glaucoma surgeon community through industry and medical meetings, including the American-European Congress of Ophthalmic Surgery, a global, premier medical meeting highlighting the top innovations in surgical ophthalmology, and the Octane Orange County Ophthalmology Tech Forum. SpyGlass Pharma was featured prominently in both meetings, building broader awareness and engagement around the Company and its lead product candidate, the BIM-IOL System.
Second Quarter 2026 Financial Results
Cash, Cash Equivalents and Short-Term Investments totaled $234.2 million as of June 30, 2026.
Research and Development Expenses were $10.9 million for the second quarter of 2026, compared to $7.3 million for the second quarter of 2025. The increase was primarily due to the hiring of clinical personnel.
General and Administrative Expenses were $11.0 million for the second quarter of 2026, compared to $2.0 million for the second quarter of 2025. The increase was primarily due to higher professional service fees and personnel costs.
Net Loss was $19.9 million, or ($0.59) per basic and diluted share, for the second quarter of 2026, compared to $8.7 million, or ($3.81) per basic and diluted share, for the same period of 2025.
Upcoming Milestones
•BIM-DRS: Initiation of the FIH trial expected 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 3 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. The terms "lasting," "long-term," and "enduring" refer to being able to control IOP for years
with one procedure compared to current eye drops, which require dosing daily or even more frequently. 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 and BIM-DRS on patients, including the potential of BIM-DRS to provide lasting IOP reduction to every pseudophakic glaucoma patient, the size of the addressable patient population, the timing of growth of such patient population, the potential of the BIM-IOL System and BIM-DRS to provide long-term, drop-free glaucoma treatment and sustained visual protection, the anticipated presentation of additional clinical data, including the timing of such additional data, SpyGlass Pharma’s plans relating to the Phase 3 clinical development of the BIM-IOL System, including the timing of expected completion of enrollment, and to the clinical development of the BIM-DRS, including the timing of initiation of the first-in-human trial, the potential commercial launch, market adoption and reimbursement under CPT codes after FDA approval of the BIM-IOL System, the belief that the dedicated reimbursement pathway for surgeons could accelerate commercial adoption of the BIM-IOL System, and the sufficiency of cash, cash equivalents and short-term investments and SpyGlass Pharma’s expectation to fund planned operations through 2028. 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 period ended June 30, 2026 filed with the Securities and Exchange Commission on August 6, 2026, and in similar disclosures set forth in the other documents that SpyGlass Pharma has filed and 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
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Research and development | $ | 10,942 | $ | 7,333 | $ | 19,484 | $ | 13,385 | |||||||||||||||
| General and administrative | 11,025 | 1,964 | 17,892 | 3,335 | |||||||||||||||||||
| Total operating expenses | 21,967 | 9,297 | 37,376 | 16,720 | |||||||||||||||||||
| Loss from operations | (21,967) | (9,297) | (37,376) | (16,720) | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Interest income | 2,103 | 622 | 3,694 | 748 | |||||||||||||||||||
| Change in fair value of redeemable convertible preferred stock tranche liability | — | — | — | (1,526) | |||||||||||||||||||
| Total other income (expense) | 2,103 | 622 | 3,694 | (778) | |||||||||||||||||||
| Loss before income tax | (19,864) | (8,675) | (33,682) | (17,498) | |||||||||||||||||||
| Income tax provision | — | — | — | — | |||||||||||||||||||
| Net loss and comprehensive loss | $ | (19,864) | $ | (8,675) | $ | (33,682) | $ | (17,498) | |||||||||||||||
| Net loss per share | |||||||||||||||||||||||
| Weighted average common stock outstanding, basic and diluted | 33,439,543 | 2,277,521 | 26,721,021 | 2,253,711 | |||||||||||||||||||
| Net loss per share, basic and diluted | $ | (0.59) | $ | (3.81) | $ | (1.26) | $ | (7.76) | |||||||||||||||
SpyGlass Pharma, Inc.
Condensed Balance Sheets
(in thousands, except share and per share data)
(unaudited)
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 223,143 | $ | 96,358 | |||||||
| Short-term investments | 11,043 | 11,078 | |||||||||
| Other receivables | 678 | 431 | |||||||||
| Prepaid expenses and other current assets | 1,597 | 901 | |||||||||
| Total current assets | 236,461 | 108,768 | |||||||||
| Other non-current assets | 759 | 492 | |||||||||
| Property and equipment, net | 4,785 | 2,339 | |||||||||
| Deferred offering costs | — | 2,715 | |||||||||
| Right-of-use asset | 1,428 | 1,552 | |||||||||
| Total assets | $ | 243,433 | $ | 115,866 | |||||||
| Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 4,155 | $ | 2,696 | |||||||
| Payroll-related accruals | 1,723 | 2,182 | |||||||||
| Other current liabilities | 3,559 | 3,706 | |||||||||
| Total current liabilities | 9,437 | 8,584 | |||||||||
| Lease liability, non-current | 1,632 | 1,582 | |||||||||
| Total liabilities | 11,069 | 10,166 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable convertible preferred stock, $.00001 par value; 0 shares authorized, issued, and outstanding as of June 30, 2026; 116,618,581 shares authorized, 20,341,968 shares issued and outstanding as of December 31, 2025 (aggregate liquidation preference of $0 and $200,878 as of June 30, 2026 and December 31, 2025, respectively) | — | 204,537 | |||||||||
| Stockholders' equity (deficit) | |||||||||||
| Preferred stock, $.00001 par value; 200,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026; 0 shares authorized, issued, and outstanding as of December 31, 2025 | — | — | |||||||||
| Common stock, $.00001 par value; 1,000,000,000 shares authorized, 33,446,315 shares issued and outstanding as of June 30, 2026; 154,383,336 shares authorized, 2,203,620 shares issued and outstanding as of December 31, 2025 | — | — | |||||||||
| Common stock additional paid-in capital | 370,776 | 5,893 | |||||||||
| Accumulated deficit | (138,412) | (104,730) | |||||||||
| Total stockholders' equity (deficit) | 232,364 | (98,837) | |||||||||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 243,433 | $ | 115,866 | |||||||