SpyGlass Pharma, Inc. received a Schedule 13G filing showing that multiple Sands Capital life sciences funds and related entities collectively report significant passive ownership of its common stock. The filing is based on 31,911,164 shares outstanding as of February 6, 2026.
Sands Capital Life Sciences Pulse Fund III (DE), L.P. reports beneficial ownership of 420,797 shares, or 1.3% of the class, and Sands Capital Life Sciences Pulse Fund III-Holdings, L.P. reports 2,079,215 shares, or 6.5%. Sands Capital Alternatives, LLC is investment manager to one fund.
Frank M. Sands is reported as having shared voting and dispositive power over 2,500,012 shares, or 7.8%, through the Sands funds, while each reporting person and the Sands general partners disclaim beneficial ownership beyond their pecuniary interest. They certify the holdings are not for the purpose of influencing control.
Investment funds managed by RA Capital Management reported several insider transactions in SpyGlass Pharma, Inc. common stock surrounding the company’s initial public offering. RA Capital Healthcare Fund and RA Capital Nexus Fund III converted multiple series of preferred stock into common stock on a one-for-one basis immediately before the IPO.
The funds then indirectly bought additional SpyGlass common shares in open-market or private transactions on February 9, 2026, purchasing 3,441,966 shares at $16 per share through the Fund and 248,034 shares at $16 per share through Nexus Fund III. The reporting persons, including RA Capital entities and principals Peter Kolchinsky and Rajeev Shah, are listed as directors and, in most cases, 10% owners and disclaim beneficial ownership beyond their pecuniary interests.
A director of SpyGlass Pharma, Inc. filed an amended insider trading report updating how many shares are indirectly owned following the company’s initial public offering. The filing shows indirect beneficial ownership of 3,310,619 shares of common stock held through Vensana Capital I, L.P.
The amendment restates derivative holdings to reflect that shares of Series B, Series C-1, Series C-2 and Series D preferred stock, totaling 1,690,230, 548,067, 548,067 and 359,255 shares respectively, automatically converted on a one-for-one basis into common stock before the IPO closing.
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.
SpyGlass Pharma, Inc. reported insider-related equity changes involving a 10% owner on February 9, 2026. Investment entities NEA 17 and NEA 16, which are the direct beneficial owners of the securities, had multiple series of preferred stock automatically convert on a one-for-one basis into common stock before the closing of SpyGlass Pharma’s initial public offering on February 9, 2026.
On the same date, an entity associated with NEA 17 indirectly purchased 937,500 shares of common stock at $16 per share. After these transactions, 6,035,038 shares of common stock were indirectly beneficially owned through NEA 17 and 1,357,263 shares through NEA 16, while the reporting person disclaims beneficial ownership of portions in which he has no pecuniary interest.
SpyGlass Pharma’s 10% holder Baskett Forest, through investment funds NEA 17 and NEA 16, reported multiple indirect acquisitions of common stock on February 9, 2026. Several series of preferred stock automatically converted into common stock on a one-for-one basis in connection with the company’s initial public offering.
In addition, an affiliated fund indirectly bought 937,500 shares of common stock at $16 per share, bringing its indirect common stock holdings reported in this filing to 6,035,038 shares, while another affiliated fund reported 1,357,263 indirectly held shares. Baskett Forest disclaims beneficial ownership of portions of these positions where there is no pecuniary interest.
New Enterprise Associates 17, L.P., a 10% owner of SpyGlass Pharma, Inc., reported several equity changes tied to the company’s initial public offering. On February 9, 2026, multiple series of preferred stock automatically converted on a one-for-one basis into common stock before the IPO closed.
These conversions increased NEA 17’s direct holdings to 5,097,538 shares of common stock. On the same date, NEA 17 also purchased 937,500 shares of common stock at $16 per share, bringing its directly held position to 6,035,038 common shares.
The securities are directly held by NEA 17 and indirectly by NEA Partners 17, L.P., NEA 17 GP, LLC, and specified individual managers, who disclaim beneficial ownership of portions in which they have no pecuniary interest.
SpyGlass Pharma, Inc. reported insider activity linked to investment fund New Enterprise Associates 17, L.P. (NEA 17), with Rick Yang as the Section 16 reporting person. On February 9, 2026, all Series B, Series C-1, Series C-2 and Series D preferred stock automatically converted on a one-for-one basis into the same number of common shares in connection with the company’s initial public offering.
On the same date, NEA 17 also reported an indirect open‑market or private purchase of 937,500 shares of common stock at $16 per share, bringing its indirectly held common stock position to 6,035,038 shares. The filing explains that NEA 17 is the direct beneficial owner and that Rick Yang disclaims beneficial ownership of any portion in which he has no pecuniary interest.
SpyGlass Pharma’s 10% owner Mohamad Makhzoumi reported IPO-related share activity on February 9, 2026. Investment entities associated with him converted multiple series of preferred stock into common stock on a one-for-one basis immediately before the company’s initial public offering.
The filing also shows an indirect open-market or private purchase of 937,500 shares of common stock at $16 per share, bringing related indirect holdings to 6,035,038 common shares under the NEA 17 structure. Additional indirect common shares are held through NEA 16 entities. Makhzoumi disclaims beneficial ownership of portions of these fund-held securities where he has no pecuniary interest.
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.