SpyGlass Pharma (SGP) boosts cash with IPO and reports strong BIM-IOL glaucoma data
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
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.
Positive
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Negative
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Insights
SpyGlass pairs strong glaucoma data with a bolstered balance sheet but remains pre‑revenue.
SpyGlass Pharma highlights encouraging 12‑month Phase 1/2 results for its BIM‑IOL System, including a 34% mean intraocular pressure reduction and 98% of evaluable patients off topical drops at the intended commercial dose. Safety appeared comparable to routine cataract surgery, which supports advancement into registrational Phase 3 trials.
Financially, cash, cash equivalents and short‑term investments of $251.0 million as of March 31, 2026, helped by an IPO that raised about $172.5 million in gross proceeds, are expected to fund operations through 2028. Quarterly operating expenses increased as the company scaled R&D and public‑company infrastructure, leading to a net loss of $13.8 million.
Future value will depend on execution of the Phase 3 BIM‑IOL program, the planned first‑in‑human BIM‑DRS study in the second half of 2026, and longer‑term follow‑up data, including four‑year BIM‑IOL efficacy and safety results expected in the fourth quarter of 2026.
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 and investments: $251.0 million
IPO gross proceeds: $172.5 million
Net loss: $13.8 million
+5 more
8 metrics
Cash and investments
$251.0 million
Cash, cash equivalents and short-term investments as of March 31, 2026
IPO gross proceeds
$172.5 million
Initial public offering completed in February 2026
Net loss
$13.8 million
Net loss for the three months ended March 31, 2026
Net loss per share
($0.69) per share
Basic and diluted for Q1 2026
R&D expenses
$8.5 million
Research and development in Q1 2026
G&A expenses
$6.9 million
General and administrative in Q1 2026
IOP reduction
34%
Mean intraocular pressure reduction at 12 months, Phase 1/2 BIM-IOL, 78-mcg dose
Drop-free patients
98%
Evaluable BIM-IOL patients free from topical IOP-lowering medications in Phase 1/2
Key Terms
registrational Phase 3 trials, first-in-human trial, best-corrected distance visual acuity, redeemable convertible preferred stock, +2 more
6 terms
registrational Phase 3 trials medical
"Enrollment remains on track in the registrational Phase 3 trials of the Bimatoprost Drug Pad-IOL System"
first-in-human trial medical
"Bimatoprost-Drug Ring System (BIM-DRS) first-in-human trial is on track to start in the second half of 2026"
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.
best-corrected distance visual acuity medical
"all patients achieving best-corrected distance visual acuity (BCDVA) on par with state-of-the-art monofocal IOLs"
Best-corrected distance visual acuity is a clinical measure of how well a person can see details at a standard distance when wearing the best possible prescription lenses or other corrective measures. Think of it as reading a license plate from far away with the clearest glasses available; it matters to investors because changes in this metric drive regulatory approval, clinical trial success, and market potential for vision drugs, devices, and diagnostics.
redeemable convertible preferred stock financial
"Change in fair value of redeemable convertible preferred stock tranche liability"
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.
non-bioerodible drug pads medical
"comprising novel, proprietary non-bioerodible drug pads attached to its intraocular lens"
accumulated deficit financial
"Accumulated deficit | (118,548)"
Accumulated deficit is the running total of a company’s past net losses minus any profits, showing how much the business has eaten into its own funds over time—think of it like a bank account that’s been overdrawn by repeated shortfalls. It matters to investors because a large accumulated deficit reduces the cushion that protects owners and creditors, can limit dividends or borrowing, and signals how much funding the company may need to reach profitability.
Earnings Snapshot
Net loss: $13.8 million
Q1 2026
Net loss
$13.8 million
R&D expenses
$8.5 million
G&A expenses
$6.9 million
Cash and investments
$251.0 million
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): May 14, 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)
Not Applicable
(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 May 14, 2026, SpyGlass Pharma, Inc. issued a press release announcing its financial results for the quarter ended March 31, 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 May 14, 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: May 14, 2026 | Chief Financial Officer | ||||||||||
2
Exhibit 99.1
SpyGlass Pharma Reports First 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.
•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 and 34% 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 – 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 $172.5 million in gross proceeds and funding planned operations through 2028.
First Quarter 2026 Financial Results
Cash, Cash Equivalents and Short-Term Investments totaled $251.0 million as of March 31, 2026.
Research and Development Expenses were $8.5 million for the first quarter of 2026, compared to $6.1 million for the first quarter of 2025. The increase was primarily due to the hiring of clinical personnel.
General and Administrative Expenses were $6.9 million for the first quarter of 2026, compared to $1.4 million for the first quarter of 2025. The increase was primarily due to higher professional services and personnel.
Net Loss was $13.8 million, or ($0.69) per basic and diluted share, for the first quarter of 2026, compared to $8.8 million, or ($3.96) per basic and diluted share, for same period of 2025.
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
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 $0 and $200,878 as of March 31, 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 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 | |||||||
FAQ
How much cash does SpyGlass Pharma (SGP) have after Q1 2026?
SpyGlass Pharma ended March 31, 2026 with $251.0 million in cash, cash equivalents and short-term investments. The company expects this cash runway to fund planned operations through 2028, supported by gross IPO proceeds of approximately $172.5 million raised in February 2026.
What did the BIM-IOL System Phase 1/2 trial show for SpyGlass Pharma (SGP)?
At the 78-mcg commercial dose, the BIM-IOL Phase 1/2 trial showed a 34% mean intraocular pressure reduction and 98% of evaluable patients free from topical IOP-lowering drops. Vision outcomes matched state-of-the-art intraocular lenses, with mean best corrected distance visual acuity equivalent to 20/20.
When will SpyGlass Pharma’s BIM-IOL Phase 3 trials complete enrollment?
SpyGlass Pharma’s two registrational Phase 3 BIM-IOL System trials, SGP-005 and SGP-006, have begun surgeries and are designed to show non-inferiority versus a commercial intraocular lens with timolol. The company continues to expect enrollment completion in 2027 for both studies.
What clinical milestones are upcoming for SpyGlass Pharma’s BIM-DRS program?
For BIM-DRS, SpyGlass Pharma plans to initiate the first-in-human trial in the second half of 2026. The company describes BIM-DRS as having potential to reach glaucoma and ocular hypertension patients even after cataract surgery, enabling retreatment over a patient’s lifetime.
How did SpyGlass Pharma’s operating expenses change in Q1 2026 versus 2025?
In Q1 2026, research and development expenses were $8.5 million versus $6.1 million a year earlier, while general and administrative expenses rose to $6.9 million from $1.4 million. Management attributes these increases mainly to added clinical personnel, professional services, and public-company infrastructure.