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Earnings analysis · 10-Q

SGP earnings analysis

Filed May 14, 2026 · Our reading of the company's report

The latest report

SpyGlass Pharma reported its Q1 2026 results showing a net loss of $13.8 million, translating to negative EPS of $5.72. Significant operational costs were noted, primarily driven by a marked increase in R&D expenses,…

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SpyGlass Pharma reported its Q1 2026 results showing a net loss of $13.8 million, translating to negative EPS of $5.72. Significant operational costs were noted, primarily driven by a marked increase in R&D expenses, which rose by 41% year-over-year. The company maintains a strong cash position with $251.0 million on hand, enabling projections for operational sustainability through 2028, while they advance their clinical trials for the BIM-IOL System.

Read the original on SEC.gov

Reported figures

Earnings per share
$-5.72

What stood out

  • Net Loss Increased

    SpyGlass reported a net loss of $13.8 million for Q1 2026, up from a loss of $8.8 million in Q1 2025.

  • R&D Expenses Surge

    R&D expenses totaled $8.5 million, a 41% increase from $6.1 million for Q1 2025.

  • Strong Cash Position

    The company holds cash and cash equivalents totaling $251.0 million, sufficient to fund operations through 2028.

  • IPO Success

    SpyGlass raised $172.5 million in gross proceeds from its February 2026 IPO, enhancing its financial flexibility.

  • Interest Income Grows

    Other income rose significantly by 1,163%, from $126,000 in Q1 2025 to $1.6 million in Q1 2026.

  • High G&A Expenses

    G&A expenses increased tremendously by 401%, reaching $6.9 million for Q1 2026.

What to watch

  • Escalating Net Loss

    Net loss increased by 57%, from $8.8 million in Q1 2025 to $13.8 million in Q1 2026.

  • Dependence on Trials

    The company's success relies heavily on the outcomes of ongoing Phase 3 clinical trials for the BIM-IOL System.

  • Material Weaknesses Identified

    A material weakness in internal control over financial reporting has been identified, potentially impairing financial accuracy.

Management's outlook

Outlook deferred to future earnings press release or call.

Earlier filings 1

10-K · March 26, 2026

SpyGlass Pharma (SGP) is a late-stage ophthalmology company advancing a sustained-release bimatoprost Drug Pad‑IOL System (BIM‑IOL) with positive early clinical results and two registrational Phase 3 trials initiated in…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.