SpyGlass Pharma — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and short-term investments totaled $215.8 million as of September 30, 2026, up from $107.4 million (cash $96.4 million + short-term investments $11.1 million) as of December 31, 2025.
• Research and development expenses were $10.0 million for the quarter ended September 30, 2026, compared to $8.1 million in the same period of 2025.
• General and administrative expenses were $16.2 million for the quarter ended September 30, 2026, compared to $3.0 million in the same period of 2025.
• Net loss was $24.3 million, or $0.73 per basic and diluted share, for the quarter ended September 30, 2026, compared to a net loss of $9.8 million, or $4.53 per share, in the same period of 2025.
• For the nine months ended September 30, 2026, net loss was $57.9 million, or $2.00 per share, compared to $27.3 million, or $12.28 per share, in the same period of 2025.
• Total operating expenses were $26.2 million for the quarter ended September 30, 2026, compared to $11.1 million in the same period of 2025.
• Interest income was $2.0 million for the quarter ended September 30, 2026, compared to $1.3 million in the same period of 2025.
• Total assets were $226.3 million as of September 30, 2026, compared to $115.9 million as of December 31, 2025.
• Total liabilities were $15.9 million as of September 30, 2026, compared to $10.2 million as of December 31, 2025.
• Redeemable convertible preferred stock was eliminated as of September 30, 2026, down from $204.5 million as of December 31, 2025.
• Stockholders' equity turned positive to $210.4 million as of September 30, 2026, compared to a deficit of $98.8 million as of December 31, 2025.

Guidance and Future Outlook:

• Cash and investments of $215.8 million are expected to fund planned operations through 2028.
• Enrollment in registrational Phase 3 trials for the BIM-IOL System remains on track, with completion expected in 2027.
• Preliminary safety and IOP-lowering efficacy data for the BIM-DRS FIH trial are anticipated in 2027.
• The company plans to work with the FDA to advance the BIM-IOL System program toward a 505(b)(2) New Drug Application (NDA) submission and potential commercial approval.

Business Segments and Product Lines:

• Acquired Advanced Vision Science, Inc. (AVS) in October for approximately $13 million in cash, securing scalable commercial intraocular lens (IOL) manufacturing capacity and becoming a supplier of other world-class IOLs.
• Announced four-year follow-up data from the first-in-human (FIH) study of the BIM-IOL System, showing a 37% reduction in mean intraocular pressure (IOP) across all dose levels and 86% of patients remaining off all topical IOP-lowering drops.
• Four-year BIM-IOL FIH data also showed 90% of patients maintained ≥20/25 best corrected distance visual acuity (BCDVA) with no product-related adverse events reported to date.
• Completed first implantations in the FIH study of the Bimatoprost-Drug Ring System (BIM-DRS), a non-IOL-based sustained drug delivery system designed to deliver up to seven years of bimatoprost.
• Presented detailed 12-month Phase 1/2 data at the American Academy of Ophthalmology (AAO) Annual Meeting, reporting 98% of patients receiving the intended commercial dose were free from topical eye drops and a mean BCDVA of 86 letters (20/20 vision).
• BIM-DRS is designed to be removable and replaceable, potentially allowing for continuous care over a patient's lifetime.

Other Key Points:

• The acquisition of AVS, a former wholly owned subsidiary of Santen Pharmaceutical Co., Ltd., secures the current supplier of the IOL used in the company's two Phase 3 registrational trials.
• The BIM-IOL System utilizes a proprietary non-bioerodible drug pad attached to an intraocular lens, designed to deliver bimatoprost for up to three years during routine cataract surgery.
• The BIM-DRS is implanted in the ciliary sulcus space and is available to all ophthalmic surgeons, offering a standalone procedure for patients who have had prior cataract surgery.
• The company's platform is designed to deliver approved medicines like bimatoprost for up to seven years, addressing the lack of durable treatment options in ophthalmology.