Sands Capital reports 7.8% SpyGlass Pharma (SGP) ownership in Schedule 13G

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SpyGlass Pharma, Inc.

(Name of Issuer)

Common Stock, $0.00001 par value per share

(Title of Class of Securities)

85220G109

(CUSIP Number)

02/06/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 85220G109

1

Names of Reporting Persons

Sands Capital Life Sciences Pulse Fund III (DE), L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 420,797.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 420,797.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

420,797.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,911,164 Shares outstanding as of February 6, 2026 (according to the Issuer's 424B4 Prospectus as filed with the Securities and Exchange Commission on February 6, 2026).

SCHEDULE 13G

CUSIP No. 85220G109

1

Names of Reporting Persons

Sands Capital Life Sciences Pulse Fund III-Holdings, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,079,215.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,079,215.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,079,215.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,911,164 Shares outstanding as of February 6, 2026 (according to the Issuer's 424B4 Prospectus as filed with the Securities and Exchange Commission on February 6, 2026).

SCHEDULE 13G

CUSIP No. 85220G109

1

Names of Reporting Persons

Sands Capital Alternatives, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 420,797.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 420,797.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

420,797.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,911,164 Shares outstanding as of February 6, 2026 (according to the Issuer's 424B4 Prospectus as filed with the Securities and Exchange Commission on February 6, 2026).

SCHEDULE 13G

CUSIP No. 85220G109

1

Names of Reporting Persons

SANDS FRANK M.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,500,012.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,500,012.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,500,012.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,911,164 Shares outstanding as of February 6, 2026 (according to the Issuer's 424B4 Prospectus as filed with the Securities and Exchange Commission on February 6, 2026).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SpyGlass Pharma, Inc.
(b)	Address of issuer's principal executive offices: 27081 ALISO CREEK ROAD, SUITE 125, ALISO VIEJO, CALIFORNIA, 92656.
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed jointly by: (i) Sands Capital Life Sciences Pulse Fund III (DE), L.P. ("Sands Pulse Fund III"), with respect to the shares of Common Stock held by it; (ii) Sands Capital Life Sciences Pulse Fund III-Holdings, L.P. ("Sands Pulse Holdings" and together with Sands Pulse Fund III the "Sands Funds"), with respect to the shares of Common Stock held by it; (iii) Sands Capital Alternatives, LLC ("Sands Capital Alternatives"), the investment manager of Sands Pulse Fund III, with respect to the shares of Common Stock held by Sands Pulse Fund III; and (iv) Frank M. Sands ("Sands"), with respect to the shares of Common Stock held by the Sands Funds. The Sands Funds, Sands Capital Alternatives, and Sands are together referred to herein as the "Reporting Persons". Sands Pulse Holdings is a Delaware limited partnership that holds one or more portfolio investments on behalf of its limited partner, Sands Capital Life Sciences Pulse Fund III, L.P., a Cayman Islands exempted limited partnership. Sands Capital Life Sciences Pulse Fund III-GP, L.P. ("Sands Pulse GP LP") is the general partner of the Sands Funds. Sands Capital Life Sciences Pulse Fund III-GP, LLC ("Sands Pulse GP LLC" and together with Sands Pulse GP LP, the "Sands General Partners") is the general partner of Sands Pulse GP LP. Sands Capital Alternatives is the investment manager of Sands Pulse Fund III and thus may be deemed to beneficially own the shares of Common Stock held by Sands Pulse Fund III. Sands holds ultimate voting and investment power over securities held by the Sands Funds and thus may be deemed to beneficially own the shares of Common Stock held by the Sands Funds. Each Reporting Person and the Sands General Partners disclaim beneficial ownership of any securities beyond its pecuniary interest therein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons and the Sands General Partners is 1000 Wilson Blvd., Suite 3000, Arlington, VA 22209.
(c)	Citizenship: The Sands Funds, the Sands General Partners, and Sands Capital Alternatives are organized under the laws of Delaware. Sands is a citizen of the United States.
(d)	Title of class of securities: Common Stock, $0.00001 par value per share
(e)	CUSIP No.: 85220G109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See rows 5 through 11 of the cover pages.
(b)	Percent of class: See rows 5 through 11 of the cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See rows 5 through 11 of the cover pages.
	(ii) Shared power to vote or to direct the vote: See rows 5 through 11 of the cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See rows 5 through 11 of the cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See rows 5 through 11 of the cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sands Capital Life Sciences Pulse Fund III (DE), L.P.

Signature:	/s/ Jonathan Goodman
Name/Title:	Jonathan Goodman, General Counsel of the GP of the GP of Sands Capital Life Sciences Pulse Fund III (DE), L.P.
Date:	02/13/2026

Sands Capital Life Sciences Pulse Fund III-Holdings, L.P.

Signature:	/s/ Jonathan Goodman
Name/Title:	Jonathan Goodman, General Counsel of the GP of the GP of Sands Capital Life Sciences Pulse Fund III-Holdings, L.P.
Date:	02/13/2026

Sands Capital Alternatives, LLC

Signature:	/s/ Jonathan Goodman
Name/Title:	Jonathan Goodman, General Counsel
Date:	02/13/2026

SANDS FRANK M.

Signature:	/s/ Frank M. Sands
Name/Title:	Frank M. Sands
Date:	02/13/2026

Comments accompanying signature: Sands Capital Life Sciences Pulse Fund III (DE), L.P. and Sands Capital Life Sciences Pulse Fund III-Holdings, L.P. signed by Sands Capital Life Sciences Pulse Fund III-GP, L.P., its general partner, by Sands Capital Life Sciences Pulse Fund III-GP, LLC, its general partner, by Jonathan Goodman, General Counsel.

FAQ

What stake in SpyGlass Pharma (SGP) is reported in this Schedule 13G?

The Schedule 13G reports that Frank M. Sands has shared power over 2,500,012 SpyGlass Pharma shares, representing 7.8% of the common stock, based on 31,911,164 shares outstanding as of February 6, 2026, held through various Sands Capital life sciences funds.

How many SpyGlass Pharma (SGP) shares does Sands Capital Life Sciences Pulse Fund III hold?

Sands Capital Life Sciences Pulse Fund III (DE), L.P. reports beneficial ownership of 420,797 shares of SpyGlass Pharma common stock, equal to 1.3% of the outstanding class, using 31,911,164 shares outstanding as of February 6, 2026, as disclosed in the issuer’s prospectus.

What ownership does Sands Capital Life Sciences Pulse Fund III-Holdings report in SGP?

Sands Capital Life Sciences Pulse Fund III-Holdings, L.P. reports beneficial ownership of 2,079,215 SpyGlass Pharma shares, representing 6.5% of the common stock. The percentage is calculated using 31,911,164 shares outstanding as of February 6, 2026, as referenced from SpyGlass Pharma’s 424B4 prospectus.

Who are the reporting persons on the SpyGlass Pharma (SGP) Schedule 13G?

The reporting persons are Sands Capital Life Sciences Pulse Fund III (DE), L.P., Sands Capital Life Sciences Pulse Fund III-Holdings, L.P., Sands Capital Alternatives, LLC, and Frank M. Sands. They file jointly and describe a control structure involving general partners and an investment manager over the Sands life sciences funds.

Is the Sands Capital position in SpyGlass Pharma intended to influence control?

The filing states the securities were not acquired and are not held for the purpose of changing or influencing control of SpyGlass Pharma. The reporting persons certify the holdings are passive and not part of any transaction aimed at affecting control, except for certain nomination-related activities allowed by regulation.

What is the share count base used to calculate ownership percentages in this 13G?

All reported ownership percentages use a base of 31,911,164 SpyGlass Pharma common shares outstanding as of February 6, 2026. That figure comes from the company’s 424B4 prospectus, and it is explicitly cited in the Schedule 13G as the denominator for each reported percentage.