NEA funds tied to SpyGlass (SGP) convert preferred stock and buy shares
Rhea-AI Filing Summary
SpyGlass Pharma, Inc. reported insider transactions involving entities associated with director and 10% owner Ali Behbahani on February 9, 2026. Several series of preferred stock automatically converted on a one-for-one basis into common stock immediately before the closing of the company’s initial public offering on that date.
The converted shares were held by New Enterprise Associates funds NEA 17 and NEA 16, for which Behbahani is a manager of the respective general partners. He disclaims beneficial ownership of portions in which he has no pecuniary interest. In addition, an NEA 17-related entity acquired 937,500 shares of common stock in an open‑market or private purchase at $16 per share, reported as indirect ownership.
Positive
- None.
Negative
- None.
Insights
IPO-triggered preferred conversions plus an indirect fund purchase were reported, with no insider sales.
The transactions show automatic conversion of multiple preferred series into common stock on February 9, 2026, immediately before SpyGlass Pharma’s initial public offering closed. These are structural capitalization changes typical at an IPO, not discretionary trades, and are reported as indirect holdings via NEA 16 and NEA 17.
Separately, an entity related to New Enterprise Associates 17, L.P. reported an indirect open‑market or private purchase of 937,500 SpyGlass common shares at $16 per share. Behbahani is a manager of the relevant general partners and disclaims beneficial ownership except to the extent of any pecuniary interest, so economic exposure sits primarily at the fund level.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series B Preferred Stock | 1,619,240 | $0.00 | -- |
| Conversion | Series C-1 Preferred Stock | 1,370,168 | $0.00 | -- |
| Conversion | Series C-2 Preferred Stock | 1,370,168 | $0.00 | -- |
| Conversion | Series D Preferred Stock | 737,962 | $0.00 | -- |
| Conversion | Series A Preferred Stock | 954,990 | $0.00 | -- |
| Conversion | Series B Preferred Stock | 402,273 | $0.00 | -- |
| Conversion | Common Stock | 1,619,240 | $0.00 | -- |
| Conversion | Common Stock | 1,370,168 | $0.00 | -- |
| Conversion | Common Stock | 1,370,168 | $0.00 | -- |
| Conversion | Common Stock | 737,962 | $0.00 | -- |
| Purchase | Common Stock | 937,500 | $16.00 | $15.00M |
| Conversion | Common Stock | 954,990 | $0.00 | -- |
| Conversion | Common Stock | 402,273 | $0.00 | -- |
Footnotes (1)
- All shares of the preferred stock, par value $0.00001 per share, of the Issuer automatically converted on a one-for-one basis to shares of the Issuer's common stock, par value $0.00001 per share ("Common Stock"), prior to the closing of the Issuer's initial public offering of its Common Stock on February 9, 2026. The Reporting Person is a manager of NEA 17 GP, LLC, which is the sole general partner of NEA Partners 17, L.P. ("NEA Partners 17"). NEA Partners 17 is the sole general partner of New Enterprise Associates 17, L.P. ("NEA 17"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise of such portion of the securities held by NEA 17 in which the Reporting Person has no pecuniary interest. The Reporting Person is a manager of NEA 16 GP, LLC, which is the sole general partner of NEA Partners 16, L.P. ("NEA Partners 16"). NEA Partners 16 is the sole general partner of New Enterprise Associates 16, L.P. ("NEA 16"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Exchange Act or otherwise of such portion of the securities held by NEA 16 in which the Reporting Person has no pecuniary interest.
