One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
SpyGlass Pharma, Inc.
SGP · NMS · Healthcare · Biotechnology
Current price
$27.07
52-week range
$17.06 - $32.44
Market cap
$905.44M
Balance sheet
Healthy
-13.34x Concerning
Net cash $232.55M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
0 Risks
0 rewards · 0 risks
Highlights are unavailable right now.
What this company does
SpyGlass Pharma, Inc.
SpyGlass Pharma is a medical company developing a special lens that gets implanted in the eye during cataract surgery. This lens is designed to slowly release medicine over time to treat high eye pressure, a common problem that can lead to serious conditions like glaucoma. The company's success will depend on getting this product approved by health regulators and selling it to surgeons, which could make treatment much easier for patients by replacing daily eye drops.
How the company got here
SpyGlass Pharma was founded in 2019 by an ophthalmic surgeon, Dr. Malik Y. Kahook, and a medical device engineer, Glenn Sussman. They aimed to solve a common problem for patients who have both cataracts (a clouding of the eye's lens) and glaucoma (a condition that damages the optic nerve). Their idea was to create a way to treat both conditions at the same time during cataract surgery. The company developed its core technology at the University of Colorado's Eye Center and officially became SpyGlass Pharma in 2021. A major turning point was its initial public offering (IPO) in February 2026, where it raised significant funds to advance its products through clinical trials (the process of testing new medical treatments in people).
What it actually does
SpyGlass Pharma is working on a new way to deliver medicine to people with chronic eye problems like glaucoma. Instead of using daily eye drops, which can be difficult for patients to use consistently, the company is developing tiny implants that release medication slowly over several years. These implants are put into the eye during routine cataract surgery. The goal is to provide a long-term, hands-free treatment for eye conditions, helping to better preserve patients' vision.
BIM-IOL System
This is the company's main product currently in development. It's an intraocular lens (IOL), which is an artificial lens that replaces the eye's natural lens during cataract surgery, combined with small pads that slowly release a glaucoma drug called bimatoprost for at least three years. The idea is that a patient can have their cataracts removed and get a long-term glaucoma treatment all in one procedure. This single business line represents the company's primary focus and its most advanced program, currently in the late stages of human testing.
Drug Ring System (DRS)
This is the company's next-generation product, also designed for long-term drug delivery. Unlike the BIM-IOL, this ring-shaped implant is not attached to an intraocular lens and can be inserted in a separate, standalone procedure. This makes it an option for glaucoma patients who have already had cataract surgery or as a re-treatment for those who previously received the BIM-IOL System. While still in the early stages of development, this represents a potentially significant expansion of the company's technology to a wider group of patients.
What management is betting on now
The company's main priority is to get its lead product, the BIM-IOL System, through the final stages of clinical trials and approved by the U.S. Food and Drug Administration (FDA). Management is betting that combining two treatments into one during a very common surgery will be a major improvement for both doctors and patients. They are also investing in the development of their Drug Ring System to reach more patients and are exploring how their drug delivery platform could be used for other eye diseases in the future. A key part of their strategy is to address the widespread issue of patients not using their eye drops correctly, which can lead to vision loss.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-24.02M
FY2025 Q1
$-8.37M
FY2025 Q2
$-6.38M
FY2025 Q4
$-18.75M
FY2026 Q1
$-14.22M
FY2026 Q2
$-16.77M
Revenue
—
Net income
$-19.86M
Diluted EPS
-0.59
Operating cash flow
$-14.84M
Free cash flow
$-16.77M
Fetching…
Sources
Revenue
—
Net income
$-13.82M
Diluted EPS
-0.69
Operating cash flow
$-13.54M
Free cash flow
$-14.22M
Fetching…
Sources
Revenue
—
Net income
$-31.05M
Diluted EPS
-14.02
Operating cash flow
$-18.18M
Free cash flow
$-18.75M
Fetching…
Sources
Revenue
—
Net income
$-8.68M
Diluted EPS
-3.81
Operating cash flow
$-6.33M
Free cash flow
$-6.38M
Fetching…
Sources
Revenue
—
Net income
$-8.82M
Diluted EPS
-3.96
Operating cash flow
$-8.20M
Free cash flow
$-8.37M
Fetching…
Sources
Revenue
—
Net income
$-29.16M
Diluted EPS
-16.31
Operating cash flow
$-22.03M
Free cash flow
$-24.02M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $27.07
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $232.6M - more cash than debt. Interest coverage -13.3x.
Net debt
$-232.55M
Interest coverage
-13.34x
SpyGlass Pharma, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
SGP
BASELINE
SpyGlass Pharma, Inc.
Total debt $1.63M Interest coverage -13.34x This is the baseline the peer rows are being compared against.
Total debt $79.38M Interest coverage -22.82x Neither company has much profit cushion over interest right now.
Total debt $22.37M Interest coverage -7,376.79x Neither company has much profit cushion over interest right now.
Total debt $250.46M Interest coverage -3.58x Neither company has much profit cushion over interest right now.
Total debt $39.22M Interest coverage -8.19x Neither company has much profit cushion over interest right now.
What you should know
The case for and against SGP
0 Rewards
0 Risks
Rewards
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-9.96x
P/B
3.90x
P/S
—
EV/EBITDA
-11.01x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
—
ROA
—
Health
Liquidity and balance-sheet strength
Debt / equity
0.01x
Current ratio
25.06x
Quick ratio
24.89x
Total debt
$1.63M
Total cash
$234.19M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-1.68
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-52.88M
Free CF TTM
$-33.49M
FCF margin
—
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—