Sight Sciences, Inc.

SGHT · Surgical & Medical Instruments & Apparatus · 54.4M shares · +23%/yr ↑ dilution · EDGAR filings ↗

Reference price $4.88 · est. market cap ~$265M — last insider purchase, 2026-06-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

D44

Medical-device company (glaucoma/dry-eye (OMNI/TearCare) devices) with operating losses and cash burn.

Strengths

Liquidity — current ratio 10.2 (91st)

Risks

Operating/net losses & cash burn — per metrics
declining revenue and ongoing losses — per 10-K
Adoption/reimbursement dependence — per 10-K

Notable findings

No interest coverageInterest coverage -7.21 (cannot cover interest)
Cash burnNegative free cash flow (-29.9M)
Chronic dilutionShare count +23%/yr over 3y (dilution, book value/share -79%)
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Net lossNet loss (net margin -49.7%)
FDA approvalFDA clearance/approval — TearCare MGX System (2026-04-27)
Insider sellingInsider selling — 23 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$1M, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)

Quarterly revenue

2025-06-30 · $20M2025-09-30 · $20M2025-12-31 · $20M2026-03-31 · $20M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

86.2%

Operating margin

-48.0%

Net margin

-49.7%

Return on equity

-60.1%

Return on assets

-33.3%

ROIC

-28.1%

Revenue growth (QoQ)

-3.4%

Debt / equity

0.6×

Interest coverage

-7.2×

Current ratio

10.2×

Free cash flow

-$30M

EBITDA

-$37M

Tangible book value

$64M

Cash & investments

$92M

Cash runway

12q

Stock comp / revenue

16.9%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-10	Encrantz Staffan	Buy	14K	$4.88
2026-06-04	Fountain Tamara	Grant	28K	—
2026-06-04	Encrantz Staffan	Grant	28K	—
2026-06-04	Burbach Gerhard F	Grant	28K	—
2026-06-04	Zurbay Donald	Grant	28K	—
2026-06-04	Mazzacco Catherine	Grant	28K	—
2026-05-18	Bauerlein Alison	Sell	13K	$5.12
2026-04-06	Rodberg James	Sell	7.2K	$3.55
2026-04-06	HAYDEN JEREMY B.	Sell	14K	$3.55
2026-04-02	Bauerlein Alison	Sell	26K	$3.48
2026-04-02	Badawi David	Sell	8.2K	$3.48
2026-04-01	Taylor Brenton	Sell	2.9K	$3.70
2026-04-01	Badawi Paul	Sell	29K	$3.70
2026-02-19	Badawi David	Option exercise	21K	$0.23
2026-02-03	Badawi David	Grant	65K	—
2026-02-03	HAYDEN JEREMY B.	Grant	116K	—
2026-02-03	Bauerlein Alison	Grant	128K	—
2026-02-03	Badawi Paul	Grant	155K	—
2026-02-03	Rodberg James	Grant	87K	—
2026-02-03	Taylor Brenton	Grant	100K	—
2026-01-16	Badawi David	Sell	4.8K	$6.62
2026-01-16	Rodberg James	Sell	2.6K	$6.62
2026-01-16	Badawi Paul	Sell	22K	$6.62
2026-01-16	HAYDEN JEREMY B.	Sell	6.3K	$6.62
2026-01-06	Rodberg James	Sell	594	$7.48
2026-01-06	Badawi Paul	Sell	12K	$7.48
2026-01-06	HAYDEN JEREMY B.	Sell	1.8K	$7.48
2026-01-06	Badawi David	Sell	3.7K	$7.48
2026-01-06	Bauerlein Alison	Sell	9.6K	$7.48
2026-01-06	Taylor Brenton	Sell	619	$7.48
2026-01-05	Rodberg James	Sell	4.4K	$7.82
2026-01-05	HAYDEN JEREMY B.	Sell	9.4K	$7.82
2026-01-05	Bauerlein Alison	Sell	11K	$7.82
2026-01-05	Badawi David	Sell	3.1K	$7.82
2026-01-02	Badawi David	Sell	2.9K	$7.43
2026-01-02	Badawi Paul	Sell	25K	$7.43
2025-12-26	Badawi David	Option exercise	21K	$0.23
2025-12-16	Encrantz Staffan	Buy	14K	$8.31
2025-12-02	Rodberg James	Sell	2.5K	$8.25
2025-11-25	HAYDEN JEREMY B.	Sell	45K	$8.08
2025-11-25	HAYDEN JEREMY B.	Option exercise	38K	$1.96
2025-11-25	HAYDEN JEREMY B.	Option exercise	7.3K	$1.96
2025-11-17	Taylor Brenton	Sell	14K	$7.06
2025-11-12	HAYDEN JEREMY B.	Option exercise	2.4K	$1.96
2025-11-12	HAYDEN JEREMY B.	Option exercise	710	$1.96
2025-11-12	HAYDEN JEREMY B.	Sell	3.1K	$8.01
2025-11-11	Rodberg James	Grant	15K	—
2025-11-11	Bauerlein Alison	Grant	23K	—
2025-10-06	Taylor Brenton	Sell	591	$3.37
2025-10-03	HAYDEN JEREMY B.	Sell	9.7K	$3.27
2025-10-03	Badawi David	Sell	6.0K	$3.27
2025-10-02	Bauerlein Alison	Sell	20K	$3.30
2025-10-01	Badawi Paul	Sell	24K	$3.34
2025-09-11	Mazzacco Catherine	Gift	37K	—
2025-09-02	Taylor Brenton	Grant	26K	—
2025-07-17	Badawi David	Option exercise	40K	$0.12
2025-07-03	HAYDEN JEREMY B.	Sell	9.2K	$4.17
2025-07-03	Badawi David	Sell	5.7K	$4.17
2025-07-02	Link Matthew	Sell	4.9K	$4.10
2025-07-02	Bauerlein Alison	Sell	19K	$4.10
2025-07-01	Badawi Paul	Sell	24K	$4.15
2025-06-06	Encrantz Staffan	Buy	28K	$4.22
2025-06-05	Encrantz Staffan	Buy	41K	$4.24
2025-06-05	Mazzacco Catherine	Grant	31K	—
2025-06-05	Larsen-Becker Brenda Jane	Grant	31K	—
2025-06-05	Rogers Erica J.	Grant	31K	—
2025-06-05	Fountain Tamara	Grant	31K	—
2025-06-05	Zurbay Donald	Grant	31K	—
2025-06-05	Encrantz Staffan	Grant	31K	—
2025-06-04	Encrantz Staffan	Buy	22K	$4.17
2025-06-03	Encrantz Staffan	Buy	25K	$3.97
2025-06-02	Encrantz Staffan	Buy	31K	$3.88
2025-05-30	Encrantz Staffan	Buy	43K	$3.67
2025-05-29	Encrantz Staffan	Buy	60K	$3.59
2025-05-28	Encrantz Staffan	Buy	27K	$3.52
2025-05-27	Encrantz Staffan	Buy	41K	$3.44
2025-05-19	Bauerlein Alison	Sell	13K	$3.48
2025-05-16	Raheja Manohar K.	Grant	13K	$3.02
2025-05-16	Link Matthew	Grant	6.6K	$3.02
2025-05-12	Burbach Gerhard F	Grant	75K	—
2025-04-02	HAYDEN JEREMY B.	Sell	9.4K	$2.31
2025-04-02	Link Matthew	Sell	5.0K	$2.31
2025-04-02	Bauerlein Alison	Sell	19K	$2.31
2025-04-01	Badawi Paul	Sell	24K	$2.30
2025-04-01	Badawi David	Sell	6.0K	$2.30
2025-03-13	Raheja Manohar K.	Buy	10K	$2.60
2025-03-12	Raheja Manohar K.	Buy	10K	$2.73
2025-03-12	Encrantz Staffan	Other	243K	$2.77
2025-03-11	Link Matthew	Grant	172K	—
2025-03-11	Raheja Manohar K.	Grant	24K	—
2025-03-11	Encrantz Staffan	Other	150K	$2.71
2025-03-11	Bauerlein Alison	Grant	287K	—
2025-03-11	HAYDEN JEREMY B.	Grant	140K	—
2025-03-11	Badawi Paul	Grant	358K	—
2025-03-11	Badawi David	Grant	99K	—
2025-03-10	Encrantz Staffan	Other	120K	$2.53
2025-01-17	Badawi David	Sell	5.4K	$2.78
2025-01-17	HAYDEN JEREMY B.	Sell	6.9K	$2.78
2025-01-16	Badawi Paul	Sell	25K	$2.92
2025-01-08	Badawi David	Sell	3.8K	$3.26
2025-01-08	HAYDEN JEREMY B.	Sell	1.8K	$3.26
2025-01-07	Badawi Paul	Tax withheld	12K	$3.58
2025-01-03	Badawi David	Sell	3.1K	$3.52
2025-01-03	HAYDEN JEREMY B.	Sell	4.9K	$3.52
2025-01-03	Bauerlein Alison	Sell	10K	$3.52
2025-01-02	Badawi Paul	Sell	12K	$3.60

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT06948773 ↗	A Study of the Helix Surgical System in Primary Open-Angle Glaucoma (POAG) and Cataract (HELIX) Primary Open Angle Glaucoma, Cataract	NA	Recruiting	2026-09-30
NCT06991270 ↗	OMNI 3.1 Surgical System in Subjects With Primary Open-Angle Glaucoma Primary Open Angle Glaucoma	NA	Recruiting	2026-08-31
NCT07365735 ↗	TearCare MGX™ System With and Without Warming Hold Meibomian Gland Dysfunction (Disorder)	NA	Completed	2026-05-19
NCT06407973 ↗	A Clinical Trial Comparing the OMNI Surgical System to Standard Medical Treatment in Patients With Primary Open Angle Glaucoma Primary Open Angle Glaucoma	PHASE4	Terminated	2025-01-20
NCT04795752 ↗	Safety And Effectiveness Of The TearCare® System In The Treatment Of The Signs And Symptoms Of Dry Eye Disease (SAHARA) Dry Eye, Meibomian Gland Dysfunction	NA	Completed	2024-09-23
NCT04872348 ↗	An Observational Multicenter Clinical Study To Assess The Safety And Effectiveness Of The OMNI® Surgical System In Pseudophakic Eyes With Primary Open Angle Glaucoma (ORION 2.0) Glaucoma, Open-Angle	—	Completed	2023-11-02
NCT05044793 ↗	A Clinical Study To Assess The Safety And Effectiveness Of The OMNI® Surgical System Glaucoma, Open-Angle	—	Completed	2023-08-21
NCT04658095 ↗	Study of OMNI Surgical System and iStent for Eyes With OAG (Trident) Glaucoma, Open-Angle	NA	Terminated	2022-11-18
NCT03861169 ↗	Study of OMNI System in OAG (GEMINI) Open Angle Glaucoma	NA	Completed	2021-05-04
NCT04465630 ↗	A Prospective, Multicenter Study of the OMNI® Surgical System in Pseudophakic Eyes With Open Angle Glaucoma Glaucoma, Open-Angle	NA	Terminated	2021-03-02
NCT04616573 ↗	A Post-market Study Of Use Of The OMNI® Surgical System In Open Angle Glaucoma Glaucoma, Open-Angle	NA	Terminated	2021-01-20
NCT03857919 ↗	TearCare System to Treat Dry Eye Disease Dry Eye, Meibomian Gland Dysfunction	NA	Completed	2020-02-17
NCT03804502 ↗	Pilot Study of TearCare System - Long-Term Extension Dry Eye Syndromes	NA	Completed	2019-05-21
NCT02928289 ↗	Safety and Effectiveness of the Sight Sciences VISCO™360 Versus SLT in Primary Open Angle Glaucoma Open-Angle Glaucoma	NA	Terminated	2019-01-17
NCT03502447 ↗	Randomized Study of the Safety and Effectiveness of the TearCare System for the Signs and Symptoms of Dry Eye Disease Dry Eye Syndromes	NA	Terminated	2018-12-04
NCT03588624 ↗	Study of the TearCare System in Dry Eye Disease Dry Eye	NA	Completed	2018-10-11
NCT03006978 ↗	A Pilot Study of the TearCare System in Adults With Dry Eye Disease Dry Eye	NA	Completed	2017-02-01

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-06-05	Shareholder vote	filing ↗
2026-05-06	ResultsReg FDExhibits	filing ↗
2026-04-23	Reg FDExhibits	filing ↗
2026-03-30	Reg FDExhibits	filing ↗
2026-03-04	ResultsReg FDExhibits	filing ↗
2026-02-03	Material agreement	filing ↗
2026-01-13	ResultsExhibits	filing ↗
2025-11-06	ResultsExec/director changeReg FDExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-05	2026-06-04	0001193125-26-259546 ↗
10-Q	2026-05-06	2026-03-31	0001193125-26-209116 ↗
8-K	2026-05-06	2026-05-06	0001193125-26-208959 ↗
8-K	2026-04-23	2026-04-22	0001193125-26-171887 ↗
8-K	2026-03-30	2026-03-27	0001193125-26-130386 ↗
8-K	2026-03-04	2026-03-04	0001193125-26-091482 ↗
10-K	2026-03-04	2025-12-31	0001193125-26-091558 ↗
8-K	2026-02-03	2026-01-29	0001193125-26-035915 ↗
8-K	2026-01-13	2026-01-13	0001193125-26-011106 ↗
10-Q	2025-11-06	2025-09-30	0001193125-25-269613 ↗
8-K	2025-11-06	2025-11-04	0001193125-25-269525 ↗
8-K	2025-10-17	2025-10-17	0001193125-25-241948 ↗