SpyGlass ends June with $234.2 million and says cash lasts through 2028

SpyGlass Pharma, Inc. (Nasdaq: SGP) reported cash and cash equivalents and short-term investments of $234.2 million at June 30, 2026 in its quarterly report. The company says the net proceeds from its February 2026 initial public offering, together with that balance, "will be sufficient to fund our operating expenses and capital expenditure requirements through 2028." It also says it will need substantial additional funding to advance its product candidates through clinical development, regulatory approval and any commercialization.

The balance sheet

The balance sheet shows cash and cash equivalents of $223,143 thousand and short-term investments of $11,043 thousand. Total assets were $243,433 thousand, against total liabilities of $11,069 thousand and stockholders' equity of $232,364 thousand. At the end of 2025 the company held cash of $96,358 thousand, and redeemable convertible preferred stock carried at $204,537 thousand was no longer outstanding at June 30, 2026.

The IPO sold 10,781,250 shares of common stock at $16.00, including the full exercise of the underwriters' option for 1,406,250 additional shares, for gross proceeds of $172.5 million before underwriting discounts and offering costs. The 10-Q does not name the underwriters. Earlier private rounds included 5,799,465 shares of Series D preferred stock at $13.34 for approximately $77.3 million and 4,933,589 shares of Series C-2 preferred stock at $10.14 for approximately $50.0 million. A one-for-5.7329 reverse stock split took effect on January 28, 2026.

Spending is rising

Net cash used in operating activities was $28,383 thousand for the six months, up from $14,526 thousand a year earlier. The net loss was $19.9 million for the second quarter and $33.7 million for the six months, against $8.7 million and $17.5 million a year before. The accumulated deficit reached $138.4 million. The company has no product revenue.

Operating expenses in the second quarter were $21,967 thousand, compared with $9,297 thousand. Research and development expense was $10,942 thousand, up from $7,333 thousand, and general and administrative expense was $11,025 thousand, up from $1,964 thousand. The company says it has built out, and is continuing to build out, its research and development team. In the first-quarter report, general and administrative expense had been $6,867 thousand and the net loss $13,818 thousand, so the second quarter was the heavier of the two. Stock-based compensation was $3,760 thousand for the six months, against $932 thousand. Interest income helped: the company cited a $3.0 million increase in interest from its cash and short-term investments.

What the money is for

SpyGlass calls itself a late-stage biopharmaceutical company that has started Phase 3 trials of an intraocular lens mounted, controlled release system delivering bimatoprost to treat glaucoma. It has no approved product and depends on that lead candidate. Bimatoprost has been in the public domain for years, and the company says it cannot patent the crystalline form it uses or stop others from using the drug in competing products.

The company is also defending a trade-secret suit brought by Glaukos Corporation (GKOS) on September 17, 2025 in federal court in California against SpyGlass and one of its employees. SpyGlass filed counterclaims on May 22, 2026 and the court extended the trial date to January 26, 2027. SpyGlass says it vehemently denies the allegations, does not believe a loss is probable and recorded no accrual. It also says the outcome is inherently uncertain and that costs could have a material adverse effect on the business.

The 10-Q also refers to remediating a material weakness in the company's internal control over financial reporting.

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