Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.69.

EBIT: As of FY2026 Q1, the actual value is USD -17 M.

SpyGlass Pharma, Inc. operates as a single reportable and operating segment and has not generated revenues since its inception.

Operational Metrics

• Net Loss and Comprehensive Loss: SpyGlass Pharma, Inc. reported a net loss of - $13.8 million for the three months ended March 31, 2026, compared to - $8.8 million for the same period in 2025, representing a 57% increase.
• Research and Development Expenses: These expenses increased by 41% to $8.5 million for the three months ended March 31, 2026, from $6.1 million for the three months ended March 31, 2025. The increase was primarily due to a $0.9 million increase in IOL and drug supply for the BIM-IOL system and an additional $2.4 million increase due to headcount and related expenses, partially offset by a $0.9 million decrease in contract research expenses related to clinical trials.
• General and Administrative Expenses: These expenses rose by 401% to $6.9 million for the three months ended March 31, 2026, from $1.4 million for the same period in 2025, mainly driven by a $1.8 million increase in headcount and related expenses, and a $3.7 million increase in legal and other professional services.
• Total Operating Expenses: Total operating expenses increased by 108% to $15.4 million for the three months ended March 31, 2026, from $7.4 million for the three months ended March 31, 2025.
• Loss from Operations: The loss from operations increased by 108% to - $15.4 million for the three months ended March 31, 2026, from - $7.4 million for the same period in 2025.
• Interest Income: Interest income increased to $1.6 million for the three months ended March 31, 2026, from $0.1 million for the same period in 2025, a 1,163% increase.
• Change in Fair Value of Redeemable Convertible Preferred Stock Tranche Liability: This liability showed a - $1.5 million decrease in loss for the three months ended March 31, 2026, compared to - $1.5 million in expense for the same period in 2025, due to the settlement of the tranche liability.
• Total Other Income (Expense): Total other income was $1.6 million for the three months ended March 31, 2026, compared to - $1.4 million in total other expenses for the three months ended March 31, 2025.

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities was - $13.5 million for the three months ended March 31, 2026, compared to - $8.2 million for the same period in 2025.
• Net Cash Used in Investing Activities: Net cash used in investing activities was - $1.7 million for the three months ended March 31, 2026, primarily due to $4.0 million in short-term investment purchases and $0.7 million in property and equipment purchases, partially offset by $3.0 million in redemptions of short-term investments. For the three months ended March 31, 2025, net cash used in investing activities was - $0.2 million, mainly for property and equipment purchases.
• Net Cash Provided by Financing Activities: Net cash provided by financing activities was $157.8 million for the three months ended March 31, 2026, primarily from $157.7 million in net cash proceeds from the IPO and $0.1 million from stock option exercises. For the same period in 2025, net cash provided was $50.1 million, mainly from $50.0 million in net cash proceeds from the sale of Series C-2 redeemable convertible preferred stock and $0.1 million from stock option exercises.

Unique Metrics

• Accumulated Deficit: As of March 31, 2026, SpyGlass Pharma, Inc. had an accumulated deficit of - $118.5 million.
• Cash and Cash Equivalents and Short-term Investments: As of March 31, 2026, the company held $251.0 million in cash and cash equivalents and short-term investments.

Future Outlook and Strategy

SpyGlass Pharma, Inc. expects to complete enrollment in its Phase 3 trials in 2027 and plans to submit a 505(b)(2) New Drug Application (NDA) to the FDA in 2028, pending successful Phase 3 results. The company anticipates that its operating expenses and capital expenditures will increase substantially due to ongoing activities, including increased research and development costs for Phase 3 trials and rising general and administrative costs as a public company. Management believes that the net proceeds from its IPO, combined with existing cash and short-term investments, will provide sufficient liquidity to fund operating expenses and capital expenditure requirements through 2028.