SpyGlass Pharma, Inc.
SGP · Surgical & Medical Instruments & Apparatus · 33.4M shares · EDGAR filings ↗
Reference price $16.00 · est. market cap ~$535M — last insider purchase, 2026-02-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — ophthalmic drug-delivery clinical, very cash-rich.
Strengths
- Liquidity — current ratio 12.7 (95th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Restatementn We have identified a material weakness in our internal control over financial reporting which, if not remediated, could cause us to fail to timely and accurately report our financial results or prev 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-33.5M)
- Material weaknessn We have identified a material weakness in our internal control over financial reporting which, if not remediated, could cause us to fail to timely and accurately report our financial results or prev
- Insider buyingInsider buying — 17 open-market buy(s) by 15 insider(s) (cluster of 15 insiders, ~$221M, last 6mo) Form 4 ↗
- Notable holderHeld by 2 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP (as of 2026-03-31)
Key metrics
Return on equity
40.3%
Return on assets
-34.4%
Current ratio
12.7×
Free cash flow
-$33M
Tangible book value
-$99M
Cash & investments
$96M
Cash runway
12q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-09 | Khan Bilal Arshad | Buy | 20K | $16.00 |
| 2026-02-09 | Khan Bilal Arshad | Buy | 115K | $16.00 |
| 2026-02-09 | Pardo Geoffrey B | Conversion | 1.9M | — |
| 2026-02-09 | Pardo Geoffrey B | Buy | 312K | $16.00 |
| 2026-02-09 | RA CAPITAL MANAGEMENT, L.P. | Conversion | 2.5M | — |
| 2026-02-09 | RA CAPITAL MANAGEMENT, L.P. | Conversion | 1.8M | — |
| 2026-02-09 | RA CAPITAL MANAGEMENT, L.P. | Buy | 3.4M | $16.00 |
| 2026-02-09 | RA CAPITAL MANAGEMENT, L.P. | Buy | 248K | $16.00 |
| 2026-02-09 | Behbahani Ali | Conversion | 1.6M | — |
| 2026-02-09 | Behbahani Ali | Conversion | 1.4M | — |
| 2026-02-09 | Behbahani Ali | Conversion | 1.4M | — |
| 2026-02-09 | Behbahani Ali | Conversion | 738K | — |
| 2026-02-09 | Behbahani Ali | Buy | 938K | $16.00 |
| 2026-02-09 | Behbahani Ali | Conversion | 955K | — |
| 2026-02-09 | Behbahani Ali | Conversion | 402K | — |
| 2026-02-09 | Florence Anthony A. Jr. | Conversion | 1.6M | — |
| 2026-02-09 | Florence Anthony A. Jr. | Conversion | 1.4M | — |
| 2026-02-09 | Florence Anthony A. Jr. | Conversion | 1.4M | — |
| 2026-02-09 | Florence Anthony A. Jr. | Conversion | 738K | — |
| 2026-02-09 | Florence Anthony A. Jr. | Buy | 938K | $16.00 |
| 2026-02-09 | Florence Anthony A. Jr. | Conversion | 955K | — |
| 2026-02-09 | Florence Anthony A. Jr. | Conversion | 402K | — |
| 2026-02-09 | BASKETT FOREST | Conversion | 1.6M | — |
| 2026-02-09 | BASKETT FOREST | Conversion | 1.4M | — |
| 2026-02-09 | BASKETT FOREST | Conversion | 1.4M | — |
| 2026-02-09 | BASKETT FOREST | Conversion | 738K | — |
| 2026-02-09 | BASKETT FOREST | Buy | 938K | $16.00 |
| 2026-02-09 | BASKETT FOREST | Conversion | 955K | — |
| 2026-02-09 | BASKETT FOREST | Conversion | 402K | — |
| 2026-02-09 | New Enterprise Associates 17, L.P. | Conversion | 1.6M | — |
| 2026-02-09 | New Enterprise Associates 17, L.P. | Conversion | 1.4M | — |
| 2026-02-09 | New Enterprise Associates 17, L.P. | Conversion | 1.4M | — |
| 2026-02-09 | New Enterprise Associates 17, L.P. | Conversion | 738K | — |
| 2026-02-09 | New Enterprise Associates 17, L.P. | Buy | 938K | $16.00 |
| 2026-02-09 | Yang Rick | Conversion | 1.6M | — |
| 2026-02-09 | Yang Rick | Conversion | 1.4M | — |
| 2026-02-09 | Yang Rick | Conversion | 1.4M | — |
| 2026-02-09 | Yang Rick | Conversion | 738K | — |
| 2026-02-09 | Yang Rick | Buy | 938K | $16.00 |
| 2026-02-09 | Makhzoumi Mohamad | Conversion | 1.6M | — |
| 2026-02-09 | Makhzoumi Mohamad | Conversion | 1.4M | — |
| 2026-02-09 | Makhzoumi Mohamad | Conversion | 1.4M | — |
| 2026-02-09 | Makhzoumi Mohamad | Conversion | 738K | — |
| 2026-02-09 | Makhzoumi Mohamad | Buy | 938K | $16.00 |
| 2026-02-09 | Makhzoumi Mohamad | Conversion | 955K | — |
| 2026-02-09 | Makhzoumi Mohamad | Conversion | 402K | — |
| 2026-02-09 | SANDELL SCOTT D | Conversion | 1.6M | — |
| 2026-02-09 | SANDELL SCOTT D | Conversion | 1.4M | — |
| 2026-02-09 | SANDELL SCOTT D | Conversion | 1.4M | — |
| 2026-02-09 | SANDELL SCOTT D | Conversion | 738K | — |
| 2026-02-09 | SANDELL SCOTT D | Buy | 938K | $16.00 |
| 2026-02-09 | SANDELL SCOTT D | Conversion | 955K | — |
| 2026-02-09 | SANDELL SCOTT D | Conversion | 402K | — |
| 2026-02-09 | Mathers Edward T | Conversion | 1.6M | — |
| 2026-02-09 | Mathers Edward T | Conversion | 1.4M | — |
| 2026-02-09 | Mathers Edward T | Conversion | 1.4M | — |
| 2026-02-09 | Mathers Edward T | Conversion | 738K | — |
| 2026-02-09 | Mathers Edward T | Buy | 938K | $16.00 |
| 2026-02-09 | Chang Carmen | Conversion | 1.6M | — |
| 2026-02-09 | Chang Carmen | Conversion | 1.4M | — |
| 2026-02-09 | Chang Carmen | Conversion | 1.4M | — |
| 2026-02-09 | Chang Carmen | Conversion | 738K | — |
| 2026-02-09 | Chang Carmen | Buy | 938K | $16.00 |
| 2026-02-09 | Chang Carmen | Conversion | 955K | — |
| 2026-02-09 | Chang Carmen | Conversion | 402K | — |
| 2026-02-09 | Walker Paul Edward | Conversion | 1.6M | — |
| 2026-02-09 | Walker Paul Edward | Conversion | 1.4M | — |
| 2026-02-09 | Walker Paul Edward | Conversion | 1.4M | — |
| 2026-02-09 | Walker Paul Edward | Conversion | 738K | — |
| 2026-02-09 | Walker Paul Edward | Buy | 938K | $16.00 |
| 2026-02-09 | Walker Paul Edward | Conversion | 955K | — |
| 2026-02-09 | Walker Paul Edward | Conversion | 402K | — |
| 2026-02-09 | Nielsen Kirk G. | Conversion | 1.7M | — |
| 2026-02-09 | Nielsen Kirk G. | Conversion | 548K | — |
| 2026-02-09 | Nielsen Kirk G. | Conversion | 548K | — |
| 2026-02-09 | Nielsen Kirk G. | Conversion | 359K | — |
| 2026-02-09 | Nielsen Kirk G. | Buy | 165K | $16.00 |
| 2026-02-09 | Vensana Capital I GP, LLC | Conversion | 1.7M | — |
| 2026-02-09 | Vensana Capital I GP, LLC | Conversion | 548K | — |
| 2026-02-09 | Vensana Capital I GP, LLC | Conversion | 548K | — |
| 2026-02-09 | Vensana Capital I GP, LLC | Conversion | 359K | — |
| 2026-02-09 | Vensana Capital I GP, LLC | Buy | 165K | $16.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07154810 ↗ | Observational Study to Evaluate Long Term Outcomes for Ocular Hypertension and Glaucoma Patients Treated With the SpyGlass Bimatoprost Implant System / IOL Combination Glaucoma, Cataract | — | Active Not Recruiting | 2031-04-14 |
| NCT07218796 ↗ | Evaluation of the Safety and Efficacy of the Bimatoprost Implant System Used in Combination With the SpyGlass IOL Compared to Timolol Ophthalmic Solution (Rhone) Cataract, Glaucoma | PHASE3 | Recruiting | 2029-05-31 |
| NCT07218783 ↗ | Evaluation of the Safety and Efficacy of the Bimatoprost Implant System Used in Combination With the SpyGlass IOL Compared to Timolol Ophthalmic Solution (Rhine) Cataract, Glaucoma | PHASE3 | Recruiting | 2029-03-31 |
| NCT06120842 ↗ | Evaluation of the Bimatoprost Implant System Used in Combination With the SpyGlass Intraocular Lens Compared to Timolol Ophthalmic Solution Cataract, Glaucoma | PHASE1/PHASE2 | Active Not Recruiting | 2025-01-31 |
| NCT07641296 ↗ | Evaluation of the Safety, Efficacy, Dose Response of the Bimatoprost Drug Ring System (BIM-DRS) in Pseudophakic Patients Diagnosed With Open Angle Glaucoma or Ocular Hypertension Glaucoma, Ocular Hypertension | PHASE1 | Not Yet Recruiting | 2027-02-28 |
| NCT07154797 ↗ | Evaluation of the Safety and Effectiveness of the Bimatoprost Implant System / IOL Combination in Patients With Ocular Hypertension or Mild to Moderate Open-angle Glaucoma Cataract, Ocular Hypertension | NA | Completed | 2022-12-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-14 | 2026-03-31 | 0001778922-26-000035 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001778922-26-000033 ↗ |
| 10-K | 2026-03-26 | 2025-12-31 | 0001778922-26-000020 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001778922-26-000018 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001778922-26-000004 ↗ |
| 8-K | 2026-02-13 | 2026-02-12 | 0001628280-26-008073 ↗ |
| 8-K | 2026-02-09 | 2026-02-05 | 0001628280-26-006460 ↗ |