# SpyGlass Pharma, Inc. (SGP)

> Source: Nexqual · https://nexqual.com/SGP · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, SpyGlass Pharma, Inc. (SGP), nexqual.com/SGP" · informational, not investment advice.

**Price:** USD 32.86 (+6.34% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 30.9 · day 30.03–33.47 · 52w 17.06–33.47 · market cap $1.10B · NMS

## Key facts
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 44 (range 37–62).
- Total return with dividends: 1Y +24.5% vs S&P 500 +13.6%; 5Y +24.5% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.62, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Operating income | -$27.1M | -$41.4M | -$54.1M |
| Net income | -$29.2M | -$39.9M | -$51.2M |
| EPS (diluted) | -$16.31 | -$17.98 | — |
| Free cash flow | -$24.0M | -$33.5M | -$45.7M |
| Cash + short-term investments | $16.3M | $96.4M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 4.7x · FCF yield -4.16% · Earnings yield -4.66%

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 44 (low 37, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | HC Wainwright & Co. | Reiterated | Buy | $37 |
| 2026-10-05 | HC Wainwright & Co. | Reiterated | Buy | $37 |
| 2026-08-14 | Raymond James | Initiated | Outperform | $39 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-02-06) | 5Y (from 2026-02-02) |
|---|---|---|
| Total return | +24.5% | +24.5% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | — | — |
| Volatility (annualized) | 61.5% | 60.1% |
| Max drawdown | -40.8% (Feb 2026→Jun 2026) | -37.1% (Feb 2026→Jun 2026) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/SGP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SGP's own 10-K filed 2026-03-26 (https://www.sec.gov/Archives/edgar/data/1778922/000177892226000020/sgp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Sands Capital Alternatives | "We are party to an amended and restated investors' rights agreement with certain holders of our capital stock, including entities affiliated with New Enterprise Associates, entities affiliated with RA Capital, entities a…" |
| Partner | Samsara BioCapital | "We are party to an amended and restated investors' rights agreement with certain holders of our capital stock, including entities affiliated with New Enterprise Associates, entities affiliated with RA Capital, entities a…" |
| Partner | Vensana Capital I | "We are party to an amended and restated investors' rights agreement with certain holders of our capital stock, including entities affiliated with New Enterprise Associates, entities affiliated with RA Capital, entities a…" |
| Related party | Eli Lilly (LLY) | "From April 1993 to December 2017, Ms. O'Farrell held various executive management positions at Eli Lilly and Company, a pharmaceutical company, including chief procurement officer, senior vice president, policy and finan…" |
| Competitor | AbbVie (ABBV) | "For example, we compete with alternative glaucoma surgical device and ophthalmic laser companies such as Alcon, Allergan (AbbVie), Bausch & Lomb, Glaukos, and Johnson & Johnson, as well as pharmaceutical competitors such…" |
| Competitor | Johnson & Johnson (JNJ) | "For example, we compete with alternative glaucoma surgical device and ophthalmic laser companies such as Alcon, Allergan (AbbVie), Bausch & Lomb, Glaukos, and Johnson & Johnson, as well as pharmaceutical competitors such…" |

## Company outlook (8-K filed 2026-08-06)

- "Upcoming Milestones • BIM-DRS: Initiation of the FIH trial expected in the second half of 2026. • BIM-IOL System: Four-year efficacy and safety follow-up expected in fourth quarter of 2026."
- "These forward-looking statements are made as of the date of this press release, and SpyGlass Pharma assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.62 | $-0.58 | −$0.04 | $0 | 6 |
| Next quarter (ends 2026-12-31) | $-0.65 | $-0.61 | −$0.04 | $0 | 6 |
| Current fiscal year (ends 2026-12-31) | $-2.50 | $-2.31 | −$0.19 | $0 | 6 |
| Next fiscal year (ends 2027-12-31) | $-2.81 | $-2.70 | −$0.12 | $0 | 6 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.59 | −$0.55 | Miss −7.3% | — |
| — | Quarter ended Mar 31, 2026 | −$0.69 | −$0.36 | Miss −91.7% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-19 | 8-K | Other material event — “On October 19, 2026, SpyGlass Pharma, Inc. issued a press release providing positive interim 4-year data from its first-in-human trial of its Bimatoprost Drug Pad-IOL System. A copy of this press release is attached hereto as Exhibit 99.1.” | https://www.sec.gov/Archives/edgar/data/1778922/000177892226000052/0001778922-26-000052-index.htm |
| 2026-10-01 | 8-K | Regulation FD disclosure; Other material event — “On October 1, 2026, the Company entered into a Stock Purchase Agreement (the "Purchase Agreement") with Santen Holdings US, Inc., a California corporation ("Seller"), and Santen Pharmaceutical Co., Ltd., a Japanese Company ("Parent"). At the closing under the Purchase Agreement, which occurred on October 1, 2026 (the "Closing"), the Company acquired 100% of the outstanding equity securities (the "Shares") of Advanced Vision Science, Inc., a California corporation ("AVS"), from Seller (the "Acquisition"). Prior to…” | https://www.sec.gov/Archives/edgar/data/1778922/000177892226000049/0001778922-26-000049-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1778922/000177892226000045/0001778922-26-000045-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1778922/000177892226000044/0001778922-26-000044-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.