SpyGlass closes $172.5 million IPO after underwriters take full option

SpyGlass Pharma, Inc. (Nasdaq: SGP) closed its initial public offering on February 9, 2026, selling 10,781,250 shares of common stock at $16.00 each. The total includes 1,406,250 shares from the underwriters' option, which they exercised in full. Gross proceeds were $172.5 million before underwriting discounts and commissions and other offering expenses. SpyGlass offered all of the shares, so no selling stockholders took part. Jefferies, Leerink Partners, Citigroup and Stifel acted as joint book-running managers. The press release does not name counsel to the company or the underwriters.

The stock began trading on the Nasdaq Global Select Market on February 6, 2026, and the registration statement became effective on January 30, 2026. The offering priced on February 5, 2026. A one-for-5.7329 reverse stock split of the common and preferred stock took effect on January 28, 2026.

What the IPO changed

The company's quarterly report for June 30, 2026 records the IPO at $156,500 thousand net of underwriting discounts and commissions and offering costs. All redeemable convertible preferred stock converted into 20,341,968 shares of common stock. On pricing, SpyGlass granted 1,312,044 options at the public offering price under its new 2026 Equity Incentive Plan.

Cash and cash equivalents rose from $96,358 thousand at December 31, 2025 to $223,143 thousand at June 30, 2026, and working capital was $227.0 million. The company still reports an accumulated deficit of $138.4 million and no revenue-generating activities. For the six months to June 30, 2026 it reported a net loss of $33,682 thousand and used $28.4 million in operations. General and administrative expense for the second quarter was $11,025 thousand, against $1,964 thousand a year earlier. Research and development was $10,942 thousand.

The company says it will require substantial additional capital and expects to seek it through equity financings, debt financings or other sources, which may adversely affect existing holders. Management said its cash, cash equivalents and short-term investments provide sufficient liquidity for the next twelve months. The report also lists remediating a material weakness in internal control over financial reporting among its stated concerns.

The product behind the offering

SpyGlass calls itself a late-stage company. Its lead candidate, the Bimatoprost Drug Pad-IOL System, attaches drug pads to an intraocular lens implanted during routine cataract surgery. It is designed to deliver bimatoprost, a drug approved for topical use in 2001, for three years in patients with open-angle glaucoma or ocular hypertension.

The efficacy figures in the annual report come from earlier, smaller studies. In a first-in-human feasibility trial, evaluable patients had a mean eye pressure reduction of 37% at 36 months, and 95% were off all topical pressure-lowering drops. In a Phase 1/2 randomized trial, patients in the 78 mcg and 39 mcg dose groups had mean reductions of 37% and 36% at three months. The company says the system was well tolerated, and the annual report adds that there is no guarantee the trials will produce positive results or match past results.

In July 2025 SpyGlass started two registrational Phase 3 trials, each expected to enroll about 400 patients across 45 sites. It expects to complete enrollment in 2027 and, pending successful results, plans to submit a 505(b)(2) New Drug Application in 2028. A second system, a removable ring-shaped implant, depends on animal studies before the company can advance it into first-in-human trials in 2026. SpyGlass was founded in 2019 by Malik Y. Kahook, M.D. and Glenn Sussman, and its technology was originally developed at the University of Colorado Anschutz School of Medicine.

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