SpyGlass Pharma, Inc. SGP
We are a late-stage biopharmaceutical company dedicated to transforming the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. Our mission is to significantly improve the lives of patients with chronic eye conditions by developing durable drug delivery solutions that can empower patients and surgeons with confidence in long-term disease control and vision preservation.
Our lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary drug pads attached to our intraocular lens (IOL), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The BIM-IOL System is designed to consistently deliver three years of bimatoprost, a prostaglandin analog (PGA) approved for topical use by the U.S. Food & Drug Administration (FDA) in 2001 for the reduction of elevated IOP in patients with OAG or OHT. We are also developing a non-IOL-based, ring-shaped, sustained-release implant with bimatoprost, which we believe could be implanted in a standalone procedure, enable retreatment of patients who have received the BIM-IOL System, and offer extended care to patients with OAG or OHT who already received a prior cataract surgery (these patients who have had their IOLs replaced with artificial IOLs are referred to as pseudophakes or pseudophakic patients).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| R&D | $29.2M | $20.0M | — |
| SG&A | $12.3M | $7.1M | — |
| Total operating expenses | $41.4M | $27.1M | — |
| Operating income | -$41.4M | -$27.1M | — |
| Pre-tax income | -$39.9M | -$29.2M | — |
| Income tax | $0 | $0 | — |
| Net income | -$39.9M | -$29.2M | — |
| EPS, basic | -17.98 | -16.31 | — |
| EPS, diluted | -17.98 | -16.31 | — |
| Shares, diluted (wtd. avg.) | 2.2M | 1.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $96.4M | $16.3M | $15.8M |
| Total current assets | $108.8M | $17.4M | — |
| Property, plant and equipment | $2.3M | $2.2M | — |
| Total assets | $115.9M | $23.3M | — |
| Accounts payable | $2.7M | $2.0M | — |
| Total current liabilities | $8.6M | $7.8M | — |
| Total liabilities | $10.2M | $11.2M | — |
| Retained earnings | -$104.7M | -$64.9M | — |
| Total equity | -$98.8M | -$60.5M | -$33.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$32.7M | -$22.0M | — |
| Depreciation and amortisation | $612.0K | $271.0K | — |
| Stock-based compensation | $2.8M | $1.5M | — |
| Capital expenditure | $789.0K | $2.0M | — |
| Investing cash flow | -$11.8M | $22.3M | — |
| Financing cash flow | $124.6M | $185.0K | — |
| Buybacks | $1.4M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001778922-26-000020.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Gross profit | — | — | — |
| Net income | — | -$29.2M | -$39.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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