SpyGlass Pharma Q3 2026 loss widens to $24.3M
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
SpyGlass Pharma, Inc. (SGP) reported third-quarter 2026 financial results and October program updates. In October, it acquired Advanced Vision Science, Inc. for approximately $13 million in cash, securing commercial intraocular lens manufacturing capacity. Phase 3 enrollment for the BIM-IOL System remains on track, with completion expected in 2027.
Four-year BIM-IOL follow-up showed a 37% reduction in mean intraocular pressure across all dose levels; 86% of patients were free from topical IOP-lowering drops, and 90% maintained at least 20/25 best corrected distance visual acuity. No product-related adverse events were reported to date. The company completed first implantations of the BIM-DRS in its first-in-human study in October. The system is designed to deliver bimatoprost for up to seven years, with preliminary safety and IOP-lowering efficacy data anticipated in 2027.
Cash, cash equivalents and short-term investments were $215.8 million as of September 30, 2026, and are expected to fund planned operations through 2028. Third-quarter net loss was $24.3 million, versus $9.8 million a year earlier; research and development expenses were $10.0 million versus $8.1 million, and general and administrative expenses were $16.2 million versus $3.0 million.
1 point · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAVS acquisition secured IOL capacity; consideration was approximately $13 million in cash. 1.1% of market cap
Negative
- Moderate pointThird-quarter net loss: $24.3 million, versus $9.8 million in 2025.
Filing Explained
At
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Cash, cash equivalents and short-term investments: $215.8 million
Research and development expenses: $10.0 million
General and administrative expenses: $16.2 million
+5 more
8 metrics
Cash, cash equivalents and short-term investments
$215.8 million
As of September 30, 2026; expected to fund planned operations through 2028.
Research and development expenses
$10.0 million
Third quarter of 2026; compared with $8.1 million in the third quarter of 2025.
General and administrative expenses
$16.2 million
Third quarter of 2026; compared with $3.0 million in the third quarter of 2025.
Net loss
$24.3 million
Third quarter of 2026; compared with $9.8 million in the third quarter of 2025.
Net loss per basic and diluted share
($0.73) per share
Third quarter of 2026; compared with ($4.53) per share in the third quarter of 2025.
Mean intraocular pressure reduction
37%
Four-year BIM-IOL first-in-human follow-up, across all dose levels.
Patients free from topical IOP-lowering drops
86%
Four-year BIM-IOL first-in-human follow-up.
Patients maintaining at least 20/25 best corrected distance visual acuity
90%
Four-year BIM-IOL first-in-human follow-up.
Key Terms
intraocular pressure (IOP), best corrected distance visual acuity (BCDVA), pseudophakic eyes, 505(b)(2) New Drug Application (NDA), +1 more
5 terms
intraocular pressure (IOP) medical
"37% reduction in mean intraocular pressure (IOP) across all doses"
Intraocular pressure (IOP) is the fluid pressure inside the eye, like the air pressure inside a tire that keeps the eye’s shape and function stable. IOP matters to investors because persistently high pressure is the main risk factor for glaucoma and other vision problems, so IOP readings drive demand for medicines, devices and clinical trials, influence regulatory decisions, and can materially affect a healthcare company’s revenue outlook.
best corrected distance visual acuity (BCDVA) medical
"90% of patients maintained ≥20/25 best corrected distance visual acuity (BCDVA)"
pseudophakic eyes medical
"extended care for pseudophakic eyes with OAG or OHT"
505(b)(2) New Drug Application (NDA) regulatory
"advance the program through 505(b)(2) New Drug Application (NDA) submission"
A 505(b)(2) new drug application is an FDA approval pathway that lets a company rely partly on existing clinical or published data instead of repeating every study, allowing development of drug changes like new formulations, dosages, or combinations. For investors it matters because this route can cut time and cost compared with a full new-drug program while still offering potential market exclusivity and commercial upside, but it carries regulatory and patent-risk trade-offs.
non-bioerodible technical
"a novel, non-bioerodible, non-IOL-based, sustained-release implant"
A non-bioerodible material or medical device is one that does not break down, dissolve, or get absorbed by the body over time; it remains physically intact unless surgically removed. For investors, this matters because permanence affects product design, long-term safety monitoring, regulatory requirements, and market demand—similar to choosing a permanent metal fixture versus a temporary, dissolving patch in construction or home repair.
Earnings Snapshot
Research and development expenses: $10.0 million · Guidance included
Third quarter ended September 30, 2026
Research and development expenses
$10.0 million
Compared with $8.1 million in the third quarter of 2025.
General and administrative expenses
$16.2 million
Compared with $3.0 million in the third quarter of 2025.
Net loss
$24.3 million
Compared with $9.8 million in the third quarter of 2025.
Net loss per basic and diluted share
($0.73) per share
Compared with ($4.53) per share in the third quarter of 2025.
Guidance
Cash, cash equivalents and short-term investments of $215.8 million as of September 30, 2026, are expected to fund planned operations through 2028.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was SGP's third-quarter 2026 net loss?
SGP reported a net loss of $24.3 million, or ($0.73) per basic and diluted share, compared with $9.8 million, or ($4.53) per basic and diluted share, for the third quarter of 2025.
How much did SpyGlass Pharma pay for AVS?
SpyGlass Pharma acquired all outstanding common shares of Advanced Vision Science, Inc. in October 2026 for approximately $13 million in cash. AVS manufactures intraocular lenses and lens materials and is the supplier of the company's IOL in its two Phase 3 registrational trials.
What did the 12-month BIM-IOL data presented at AAO show?
The presentation reported elimination of topical eye drops for 98% of patients who received the intended commercial dose. Mean best corrected distance visual acuity was 86 letters, equivalent to 20/20 vision, and endothelial cell count loss following implantation was consistent with routine cataract surgery.
How long is SGP's BIM-IOL System designed to deliver bimatoprost?
The BIM-IOL System being evaluated in Phase 3 trials is designed to consistently deliver three years of bimatoprost. It is designed for implantation during routine cataract surgery in patients with open-angle glaucoma or ocular hypertension.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 11, 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 November 11, 2026, SpyGlass Pharma, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 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 8.01. Other Events.
In October 2026, the Company completed its first implantations in its first-in-human study of the Bimatoprost-Drug Ring System (BIM-DRS), a non-IOL-based sustained drug delivery system for glaucoma designed to deliver up to seven years of bimatoprost.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit Number | Description | |||||||
99.1 | Press Release of SpyGlass Pharma, Inc., dated November 11, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
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: November 12, 2026 | Chief Financial Officer | ||||||||||
Exhibit 99.1
SpyGlass Pharma Reports Third Quarter 2026 Financial Results and Provides Corporate Updates
•Acquired Advanced Vision Science, Inc. (AVS), securing scalable commercial intraocular lens (IOL) manufacturing capacity for its Phase 3 lead product candidate the Bimatoprost Drug Pad-IOL System (BIM-IOL System) and accelerating premium IOL portfolio expansion capability.
•Announced groundbreaking four-year first-in-human (FIH) efficacy and safety follow-up data of the BIM-IOL System, with a 37% reduction in mean intraocular pressure (IOP) across all dose levels and 86% of patients remaining off all topical IOP-lowering drops.
•Enrollment remains on track in the registrational Phase 3 trials of the BIM-IOL System, with completion expected in 2027.
•Announces completion of first implantations in the FIH study of the Bimatoprost-Drug Ring System (BIM-DRS), a non-IOL-based sustained drug delivery system for glaucoma designed to deliver up to seven years of bimatoprost.
•Cash, cash equivalents and short-term investments of $215.8 million on September 30, 2026, are expected to fund planned operations through 2028.
IRVINE, Calif., Nov. 11, 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 third quarter ended September 30, 2026.
“SpyGlass Pharma continued to execute our objectives over the course of the quarter as we aim to alter the treatment paradigm for glaucoma patients. Our underlying sustained drug delivery platform delivered four years of safety and efficacy results in the FIH trial of the BIM-IOL System, demonstrating that it can control IOP with unprecedented durability. In parallel, enrollment in our Phase 3 trials of the BIM-IOL System remains on track, and we have secured long-term commercial manufacturing supply of the IOL for the BIM-IOL System and have become a supplier of other world-class IOLs,” stated Patrick Mooney, chief executive officer of SpyGlass Pharma. “We are pleased to announce that our BIM-DRS is now in the clinic, with successful implantations of the next-generation drug delivery system in glaucoma patients who have had prior cataract surgery.”
Corporate Highlights
Acquisition of Advanced Vision Science, Inc. In October, SpyGlass Pharma acquired all the outstanding shares of common stock of AVS, an ophthalmic medical device company and manufacturer of IOLs and lens materials, for approximately $13 million in cash. This acquisition secures scalable commercial IOL manufacturing capacity for SpyGlass Pharma. AVS was a wholly owned subsidiary of Santen Pharmaceutical Co., Ltd. and is the current supplier of SpyGlass Pharma’s IOL in its two Phase 3 registrational trials evaluating the BIM-IOL System.
Announced Four-Year BIM-IOL FIH Efficacy and Safety Follow-Up Data. In October, SpyGlass Pharma announced groundbreaking four-year follow-up data of its FIH study of the BIM-IOL System, which demonstrated that 86% of patients were free from using topical IOP-lowering drops and showed a 37% reduction in mean IOP across all doses. Additionally, 90% of patients maintained ≥20/25 best corrected distance visual acuity (BCDVA). SpyGlass Pharma designed the BIM-IOL System in the FIH trial to deliver bimatoprost for up to seven years. No product-related adverse events were reported to date.
Presentation of Detailed Phase 1/2 Data from the BIM-IOL System Clinical Program at the American Academy of Ophthalmology (AAO) Annual Meeting. In October, Jeffrey Kammer, M.D., associate professor of ophthalmology at Vanderbilt University, presented topline 12-month Phase 1/2 data at AAO in New Orleans. The detailed 12-month safety and efficacy results reinforced the sustained IOP reduction at that timepoint, and the elimination of topical eye drops for 98% of patients who received the intended commercial dose of the BIM-IOL System. Additionally, the BIM-IOL System demonstrated improved visual performance, with mean BCDVA of 86 letters, which is equivalent to 20/20 vision. Lastly, Dr. Kammer presented new data showing endothelial cell count loss following BIM-IOL System implantation was consistent with routine cataract surgery.
Completed First Implantations of the BIM-DRS in FIH Trial. In October, SpyGlass Pharma successfully completed first implantations of its next-generation drug delivery platform in the FIH trial of the BIM-DRS. BIM-DRS is a non-IOL-based system that is implanted in the ciliary sulcus and available to all ophthalmic surgeons, designed to deliver bimatoprost for up to seven years with removal and replacement capability to deliver lifetime IOP control without the burden of daily eye drops. Importantly, BIM-DRS represents the expansion of SpyGlass Pharma’s drug delivery technology beyond traditional cataract surgery and has the potential to provide continuous care over the lifetime of a patient. SpyGlass Pharma anticipates providing preliminary safety and IOP-lowering efficacy data for the BIM-DRS FIH trial in 2027.
Third Quarter 2026 Financial Results
Cash, Cash Equivalents and Short-Term Investments totaled $215.8 million as of September 30, 2026.
Research and Development Expenses were $10.0 million for the third quarter of 2026, compared to $8.1 million for the third quarter of 2025. The increase was primarily due to the hiring of clinical personnel and continued enrollment in the Phase 3 registrational trials for the BIM-IOL System.
General and Administrative Expenses were $16.2 million for the third quarter of 2026, compared to $3.0 million for the third quarter of 2025. The increase was primarily due to higher professional service fees and personnel costs.
Net Loss was $24.3 million, or ($0.73) per basic and diluted share, for the third quarter of 2026, compared to $9.8 million, or ($4.53) per basic and diluted share, for the same period of 2025.
About the Bimatoprost Drug Pad-IOL System
SpyGlass Pharma’s lead product candidate, the 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 IOP in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The BIM-IOL System being evaluated in ongoing Phase 3 clinical trials 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.
SpyGlass Pharma continues long-term follow-up of patients in both the FIH trial and Phase 1/2 trial as well as patient enrollment in ongoing Phase 3 clinical trials. SpyGlass Pharma plans to work with the FDA to advance the program through 505(b)(2) New Drug Application (NDA) submission and ultimately to potential commercial approval.
About the Bimatoprost-Drug Ring System
BIM-DRS is a novel, non-bioerodible, non-IOL-based, sustained-release implant, designed to consistently deliver up to seven years of bimatoprost. BIM-DRS is implanted in a standalone procedure in the ciliary sulcus space, offering extended care for pseudophakic eyes with OAG or OHT and enabling retreatment of patients who have previously received the BIM-IOL System. BIM-DRS is engineered to be a removable and replaceable system, potentially allowing for continuous care over a patient’s lifetime.
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 SpyGlass Pharma’s portfolio on patients, including the potential to provide lasting IOP reduction, anticipated presentation of additional data, SpyGlass Pharma’s plans relating to the Phase 3 clinical development of the BIM-IOL System toward enrollment completion and clinical development of BIM-DRS, the anticipated benefits of SpyGlass Pharma’s acquisition of AVS; and the potential commercial launch and market adoption of the BIM-IOL System after FDA approval. 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 and nine month period ended September 30, 2026 expected to be filed with the Securities and Exchange Commission on November 12, 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 upon 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
nami.surendranath@omc.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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Research and development | $ | 10,034 | $ | 8,093 | $ | 29,518 | $ | 21,478 | |||||||||||||||
| General and administrative | 16,211 | 3,008 | 34,103 | 6,343 | |||||||||||||||||||
| Total operating expenses | 26,245 | 11,101 | 63,621 | 27,821 | |||||||||||||||||||
| Loss from operations | (26,245) | (11,101) | (63,621) | (27,821) | |||||||||||||||||||
| Other income | |||||||||||||||||||||||
| Interest income | 1,992 | 1,285 | 5,686 | 2,033 | |||||||||||||||||||
| Change in fair value of redeemable convertible preferred stock tranche liability | — | — | — | (1,526) | |||||||||||||||||||
| Total other income | 1,992 | 1,285 | 5,686 | 507 | |||||||||||||||||||
| Loss before income tax | (24,253) | (9,816) | (57,935) | (27,314) | |||||||||||||||||||
| Income tax provision | — | — | — | — | |||||||||||||||||||
| Net loss and comprehensive loss | $ | (24,253) | $ | (9,816) | $ | (57,935) | $ | (27,314) | |||||||||||||||
| Net loss per share | |||||||||||||||||||||||
| Weighted average common stock outstanding, basic and diluted | 33,451,025 | 2,166,976 | 28,989,007 | 2,224,482 | |||||||||||||||||||
| Net loss per share, basic and diluted | $ | (0.73) | $ | (4.53) | $ | (2.00) | $ | (12.28) | |||||||||||||||
SpyGlass Pharma, Inc.
Condensed Balance Sheets
(in thousands, except share and per share data)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 208,687 | $ | 96,358 | |||||||
| Short-term investments | 7,072 | 11,078 | |||||||||
| Other receivables | 574 | 431 | |||||||||
| Prepaid expenses and other current assets | 1,582 | 901 | |||||||||
| Total current assets | 217,915 | 108,768 | |||||||||
| Other non-current assets | 689 | 492 | |||||||||
| Property and equipment, net | 6,344 | 2,339 | |||||||||
| Deferred offering costs | — | 2,715 | |||||||||
| Right-of-use asset | 1,401 | 1,552 | |||||||||
| Total assets | $ | 226,349 | $ | 115,866 | |||||||
| Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 5,649 | $ | 2,696 | |||||||
| Payroll-related accruals | 2,508 | 2,182 | |||||||||
| Other current liabilities | 6,140 | 3,706 | |||||||||
| Total current liabilities | 14,297 | 8,584 | |||||||||
| Lease liability, non-current | 1,609 | 1,582 | |||||||||
| Total liabilities | 15,906 | 10,166 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable convertible preferred stock, $.00001 par value; 0 shares authorized, issued and outstanding as of September 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 September 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 September 30, 2026; 0 shares authorized, issued, and outstanding as of December 31, 2025 | — | — | |||||||||
| Common stock, $.00001 par value; 1,000,000,000 shares authorized, 33,457,450 shares issued and outstanding as of September 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 | 373,108 | 5,893 | |||||||||
| Accumulated deficit | (162,665) | (104,730) | |||||||||
| Total stockholders' equity (deficit) | 210,443 | (98,837) | |||||||||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 226,349 | $ | 115,866 | |||||||