SpyGlass Pharma (SGP) Q4 2025 earnings summary

Executive summary

• Completed IPO in February 2026, raising $172.5 million and listing on Nasdaq.

• Reported positive 12-month Phase 1/2 data for BIM-IOL System, showing sustained IOP control and elimination of eye drops for 97% of participants.

• Phase 3 trials for BIM-IOL System underway, with full enrollment expected in 2027.

• Cash position expected to fund operations through 2028.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $107.4 million as of December 31, 2025, excluding IPO proceeds.

• Research and development expenses were $7.7 million for Q4 2025 and $29.2 million for FY 2025, up from $5.7 million and $20.0 million in 2024.

• General and administrative expenses were $5.9 million for Q4 2025 and $12.3 million for FY 2025, up from $2.0 million and $7.1 million in 2024.

• Net loss was $12.6 million ($5.72 per share) for Q4 2025 and $39.9 million ($17.98 per share) for FY 2025, compared to $8.4 million ($4.58 per share) and $29.2 million ($16.31 per share) in 2024.

Outlook and guidance

• Cash runway expected to fund planned operations through 2028, supported by IPO proceeds.

• Initiation of first-in-human trial for BIM-DRS planned for the second half of 2026.

• Four-year efficacy and safety follow-up on BIM-IOL FIH trial expected in Q4 2026.