Venture funds tied to Sandell boost SpyGlass Pharma (SGP) stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SpyGlass Pharma’s Form 4 shows venture funds affiliated with Scott D. Sandell increasing their indirect common stock holdings around the company’s initial public offering. On February 9, 2026, multiple series of preferred stock automatically converted one-for-one into common shares before the IPO closing.
NEA 17-related entities ended with 6,035,038 shares of common stock held indirectly, including an open-market or private purchase of 937,500 shares at $16 per share. NEA 16-related entities held 1,357,263 common shares indirectly. The footnotes state Sandell disclaims beneficial ownership of portions of these fund-held securities in which he has no pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 937,500 shares ($15,000,000)
Net Buy
13 txns
Insider
SANDELL SCOTT D
Role
10% Owner
Bought
937,500 shs ($15.00M)
| 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 | -- |
Holdings After Transaction:
Series B Preferred Stock — 0 shares (Indirect, See Note 2);
Series C-1 Preferred Stock — 0 shares (Indirect, See Note 2);
Series C-2 Preferred Stock — 0 shares (Indirect, See Note 2);
Series D Preferred Stock — 0 shares (Indirect, See Note 2);
Series A Preferred Stock — 0 shares (Indirect, See Note 3);
Common Stock — 1,619,240 shares (Indirect, See Note 2)
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.
FAQ
What insider activity did SpyGlass Pharma (SGP) report in this Form 4?
The Form 4 reports that venture funds associated with Scott D. Sandell converted several preferred stock series into SpyGlass Pharma common shares and also bought additional common stock, resulting in several million shares held indirectly through NEA-managed investment partnerships.