SpyGlass Pharma Third-Quarter Net Loss Widens to $24.3 Million

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter 2026 operating expenses rose to $26.2 million from $11.1 million a year earlier. Cash, cash equivalents and short-term investments were $215.8 million on September 30, 2026, and the company said those funds are expected to finance planned operations through 2028.

SpyGlass Pharma (SGP), a late-stage biopharmaceutical company, reported third-quarter 2026 operating expenses of $26.2 million, up from $11.1 million a year earlier, and a net loss of $24.3 million, compared with $9.8 million a year earlier. The company completed first implantations of its Bimatoprost-Drug Ring System in a first-in-human trial in October 2026, after saying the study was on track to start in the second half of the year.

The company also acquired Advanced Vision Science, Inc. for approximately $13 million in cash, securing commercial intraocular lens manufacturing capacity for its Phase 3 lead candidate, the Bimatoprost Drug Pad-IOL System. AVS, formerly a wholly owned subsidiary of Santen Pharmaceutical, is the current IOL supplier in the two registrational BIM-IOL trials.

Four-year first-in-human follow-up of the BIM-IOL System showed a 37% reduction in mean intraocular pressure across all dose levels and 86% of patients remaining off all topical IOP-lowering drops. In the 12-month Phase 1/2 topline, the intended commercial dose had produced a 34% mean IOP reduction and 98% of patients free of topical drops. The company said 90% of FIH patients maintained 20/25 or better best-corrected distance visual acuity and that no product-related adverse events had been reported to date.

Enrollment in the registrational Phase 3 trials of the BIM-IOL System remains on track, with completion expected in 2027. The company said it plans to work with the FDA toward a 505(b)(2) New Drug Application.

BIM-DRS is a non-IOL-based implant placed in the ciliary sulcus, designed to deliver bimatoprost for up to seven years with removal and replacement capability. SpyGlass Pharma said it anticipates preliminary safety and IOP-lowering efficacy data from that first-in-human trial in 2027.

Cash, cash equivalents and short-term investments were $215.8 million as of September 30, 2026, down from $234.2 million on June 30, 2026. The company said those funds are expected to fund planned operations through 2028.

Research and development expenses were $10.0 million for the third quarter of 2026, compared with $8.1 million a year earlier. The company attributed the increase to hiring of clinical personnel and continued Phase 3 enrollment. General and administrative expenses were $16.2 million, compared with $3.0 million a year earlier, which the company attributed to higher professional service fees and personnel costs.

Net loss was $24.3 million, or ($0.73) a share, for the third quarter of 2026, compared with $9.8 million, or ($4.53) a share, a year earlier. Interest income was $2.0 million.

Chief executive Patrick Mooney said the company had secured long-term commercial manufacturing supply of the IOL for the BIM-IOL System and had become a supplier of other IOLs.