SpyGlass countersues Glaukos in trade-secret case; trial moved to January 2027

SpyGlass Pharma, Inc. (Nasdaq: SGP) filed counterclaims against Glaukos Corporation (GKOS) on May 22, 2026 in the trade-secret lawsuit that Glaukos brought against it last year. The company reported the filing in its quarterly report. The same day, the court granted a joint stipulation continuing the case deadlines and extended the original trial date to January 26, 2027.

The defendants are SpyGlass Pharma, Inc. and one of its employees. The 10-Q does not name the employee; SpyGlass's IPO prospectus identifies him as Long Doan. The case is No. 8:25-cv-02105 in the U.S. District Court for the Central District of California.

What Glaukos alleges

Glaukos filed the complaint on September 17, 2025. Against SpyGlass it asserted trade secret misappropriation under the federal Defend Trade Secrets Act and a similar claim under California's unfair competition statute. Against Doan it asserted breach of contract, fraud regarding employee exit documentation and a violation of the Computer Fraud and Abuse Act. These are allegations.

The complaint seeks a judgment that SpyGlass misappropriated Glaukos's trade secrets, seizure of the defendants' computers to delete any trade secrets, a temporary, preliminary and permanent injunction against use of certain intellectual property, damages, attorneys' fees and interest. It also seeks relief the court deems just, which the filing says could include future royalty payments.

On March 20, 2026, Glaukos amended its complaint to drop the unfair competition claim against SpyGlass and add a claim against the company for inducement of breach of contract.

How the case has gone

Glaukos moved for a preliminary injunction on October 6, 2025. At a December 11, 2025 hearing the court denied Glaukos's request for employment restrictions on Doan and SpyGlass, and ordered the parties to agree a process for forensic review of alleged trade secret information. SpyGlass and Doan each moved to dismiss the complaint on November 18, 2025. After a January 26, 2026 hearing, the court took the motions under advisement and indicated it was likely to grant SpyGlass's motion to dismiss the unfair competition claim with prejudice. The parties also stipulated to a protective order.

SpyGlass's counterclaims assert intentional interference with its contractual relations, intentional interference with its prospective economic advantage and unfair competition. The filings report no final ruling on any claim.

SpyGlass says it has meritorious defenses and "vehemently denies the allegations." It says it does not believe a loss is probable and recorded no accrual at June 30, 2026 or December 31, 2025. It also says the outcome of any litigation is inherently uncertain and that the result or the costs could have a material adverse effect on its business.

The company behind the case

SpyGlass describes itself as a late-stage biopharmaceutical company that has begun Phase 3 trials of its lead product, an intraocular lens mounted, controlled release system that delivers bimatoprost for glaucoma. It has no approved product. Bimatoprost is in the public domain, so the company cannot patent the crystalline form it uses.

SpyGlass completed its IPO in February 2026, selling 10,781,250 shares at $16.00 for gross proceeds of $172.5 million. The prospectus lists Jefferies, Leerink Partners, Citigroup and Stifel on its cover. At June 30, 2026 the company held cash and cash equivalents and short-term investments of $234.2 million. It reported a net loss of $19.9 million for the second quarter and $33.7 million for the first half, with an accumulated deficit of $138.4 million. General and administrative expense in the quarter was $11,025 thousand, against $1,964 thousand a year earlier.

The 10-Q also refers to remediating a material weakness in the company's internal control over financial reporting. Trial is now set for January 26, 2027, and the filings give no date for a ruling on the motions to dismiss.

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SGPSpyGlass Pharma, Inc.NASDAQ · United StatesOpen the starter deskGKOSGLAUKOS CorpNYSE · United StatesOpen the starter desk