Q3 FY2026
Filed Nov 12, 2026SpyGlass Pharma reports Q3 2026 net loss of $(24,253) thousand, or $(0.73) per share, and cash, cash equivalents and short-term investments of $215.8 million
The filing reports clinical and corporate progress (four-year FIH follow-up data, first BIM-DRS implantations, acquisition of AVS, cash stated to fund operations through 2028), but it prints no revenue line, and operating expenses and net loss both increased sharply versus the prior-year quarter and nine months.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, Q3 2026GAAP | $10.03M | – | – |
| General and administrative expenses, Q3 2026GAAP | $16.21M | – | – |
| Total operating expenses, Q3 2026GAAP | $26.25M | – | – |
| Loss from operations, Q3 2026GAAP | −$26.25M | – | – |
| Interest income, Q3 2026GAAP | $1.99M | – | – |
| Total other income, Q3 2026GAAP | $1.99M | – | – |
| Loss before income tax, Q3 2026GAAP | −$24.25M | – | – |
| Income tax provision, Q3 2026GAAP | $0 thousand (shown as a dash in the filing) | – | – |
| Net loss, Q3 2026GAAP | −$24.25M | – | – |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(0.73) | – | – |
| Research and development expenses, nine months 2026GAAP | $29.52M | – | – |
| General and administrative expenses, nine months 2026GAAP | $34.10M | – | – |
| Total operating expenses, nine months 2026GAAP | $63.62M | – | – |
| Loss from operations, nine months 2026GAAP | −$63.62M | – | – |
| Interest income, nine months 2026GAAP | $5.69M | – | – |
| Total other income, nine months 2026GAAP | $5.69M | – | – |
| Loss before income tax, nine months 2026GAAP | −$57.94M | – | – |
| Net loss, nine months 2026GAAP | −$57.94M | – | – |
| Net loss per share, basic and diluted, nine months 2026GAAP | $(2.00) | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $208.7M | – | – |
| Cash, cash equivalents and short-term investments, September 30, 2026other | $215.8M | – | – |
| Total assets, September 30, 2026GAAP | $226.3M | – | – |
| Total stockholders' equity, September 30, 2026GAAP | $210.4M | – | – |
Capital returns
- The filing reports no share repurchases and no dividends for Q3 2026 or the nine months ended September 30, 2026.
- The balance sheet shows redeemable convertible preferred stock of nil at September 30, 2026, compared with $204,537 thousand at December 31, 2025. The filing prints an aggregate liquidation preference of $0 and $200,878 thousand at those dates respectively, and states 0 preferred shares outstanding at September 30, 2026.
What drove it
- Company explanation for R&D expense increase: the increase was primarily due to the hiring of clinical personnel and continued enrollment in the Phase 3 registrational trials for the BIM-IOL System.
- Company explanation for G&A expense increase: the increase was primarily due to higher professional service fees and personnel costs.
- Business activity during the quarter, as described by the company: acquisition of Advanced Vision Science, Inc. (AVS) in October for approximately $13 million in cash, four-year FIH efficacy and safety follow-up data announced in October, and first implantations of the BIM-DRS in the FIH trial completed in October.
- Interest income increased from $1,285 thousand to $1,992 thousand in Q3 and from $2,033 thousand to $5,686 thousand for the nine months. The filing does not state a cause for this change.
Concerns
- The filing prints no revenue line for Q3 2026 or the nine months ended September 30, 2026. Total operating expenses and loss from operations are the operating figures reported.
- Net loss was $(24,253) thousand in Q3 2026, compared with $(9,816) thousand in Q3 2025. Net loss for the nine months was $(57,935) thousand, compared with $(27,314) thousand.
- G&A expenses rose from $3,008 thousand to $16,211 thousand in Q3, and from $6,343 thousand to $34,103 thousand for the nine months.
- Reported net loss per share is $(0.73) for Q3 2026 against $(4.53) a year earlier, while the net loss in dollars is larger in 2026. Weighted average shares outstanding were 33,451,025 in Q3 2026 against 2,166,976 in Q3 2025. The filing does not explain the per-share change.
- The AVS acquisition, announced as completed in October 2026, falls after the reported period. Its financial effect is not quantified in the filing.
What to watch
- Enrollment completion in the registrational Phase 3 trials of the BIM-IOL System, which the company expects in 2027.
- Preliminary safety and IOP-lowering efficacy data for the BIM-DRS FIH trial, which the company anticipates providing in 2027.
- Company plan to advance the BIM-IOL System through a 505(b)(2) New Drug Application (NDA) submission with the FDA.
- Whether G&A and R&D expense levels continue at the Q3 2026 run rate, given the company's statement that cash is expected to fund planned operations through 2028.
- The Form 10-Q for the three and nine months ended September 30, 2026, which the release states is expected to be filed on November 12, 2026, including its risk factors.
- Integration of AVS and its contribution to IOL manufacturing capacity for the Phase 3 program.
Balance sheet and cash flow
- Cash, cash equivalents and short-term investments totaled $215.8 million as of September 30, 2026, per the release. Cash and cash equivalents were $208,687 thousand and short-term investments were $7,072 thousand.
- The company states that this cash is expected to fund planned operations through 2028.
- Total liabilities were $15,906 thousand at September 30, 2026, compared with $10,166 thousand at December 31, 2025. The filing shows no debt line.
- Total stockholders' equity (deficit) moved from $(98,837) thousand at December 31, 2025 to $210,443 thousand at September 30, 2026. Accumulated deficit was $(162,665) thousand, compared with $(104,730) thousand at December 31, 2025.
- No operating cash flow, investing cash flow or free cash flow figures are printed in the filing.
Analysis
SpyGlass Pharma's Q3 2026 release is a clinical-stage report with no revenue line. The reported operating figures are research and development expense of $10,034 thousand, G&A expense of $16,211 thousand, and total operating expenses of $26,245 thousand, against $8,093 thousand, $3,008 thousand and $11,101 thousand a year earlier. The company attributes the R&D increase to clinical hiring and Phase 3 enrollment, and the G&A increase to higher professional service fees and personnel costs. Interest income of $1,992 thousand partly offset operating expenses, and the net loss for the quarter was $(24,253) thousand, or $(0.73) per basic and diluted share, compared with $(9,816) thousand, or $(4.53) per share, in Q3 2025.
For the nine months ended September 30, 2026, operating expenses were $63,621 thousand against $27,821 thousand, and the net loss was $(57,935) thousand against $(27,314) thousand. The filing shows a 2025 nine-month change in the fair value of redeemable convertible preferred stock tranche liability of $(1,526) thousand, which is nil in 2026. Nine-month net loss per share was $(2.00) against $(12.28). The per-share figures moved in the opposite direction to the dollar net loss, and the weighted average share count rose from 2,166,976 to 33,451,025 in Q3, while the filing gives no explanation of the per-share change beyond the figures themselves.
The balance sheet changed materially over the nine months. Total assets rose from $115,866 thousand at December 31, 2025 to $226,349 thousand at September 30, 2026. Cash and cash equivalents were $208,687 thousand and short-term investments were $7,072 thousand, which the company combines as $215.8 million. Total stockholders' equity moved from a deficit of $(98,837) thousand to $210,443 thousand, and the redeemable convertible preferred stock of $204,537 thousand at year end is nil at quarter end. The release states that this cash is expected to fund planned operations through 2028. The filing does not print operating cash flow, and it reports no capital returns.
On the business side, the company reported the October acquisition of Advanced Vision Science, Inc. for approximately $13 million in cash, which it says secures scalable commercial IOL manufacturing capacity. It also reported four-year FIH follow-up data for the BIM-IOL System, with a 37% mean IOP reduction across doses and 86% of patients off topical IOP-lowering drops, and first implantations in the BIM-DRS FIH study. The company expects Phase 3 enrollment completion in 2027, preliminary BIM-DRS data in 2027, and plans a 505(b)(2) NDA submission. The filing contains no quantified financial guidance, so the outlook can be judged only on these stated milestones.
The figures that deserve attention are the widening operating loss, the G&A step-up, the absence of a revenue line, and the cash balance relative to the stated runway through 2028. The release gives no prior-quarter comparatives, percentage changes or non-GAAP measures, so the read is limited to the figures printed in the statements and the company's stated explanations.
Management, verbatim
SpyGlass Pharma continued to execute our objectives over the course of the quarter as we aim to alter the treatment paradigm for glaucoma patients. Our underlying sustained drug delivery platform delivered four years of safety and efficacy results in the FIH trial of the BIM-IOL System, demonstrating that it can control IOP with unprecedented durability. In parallel, enrollment in our Phase 3 trials of the BIM-IOL System remains on track, and we have secured long-term commercial manufacturing supply of the IOL for the BIM-IOL System and have become a supplier of other world-class IOLs
Patrick Mooney, chief executive officer of SpyGlass Pharma
Not in the filing
stated, not guessed- No prior-quarter (Q2 2026) figures are printed for any line item.
- No year-over-year or quarter-over-quarter percentage changes are printed.
- No revenue or collaboration revenue line is printed, for Q3 or the nine months.
- No gross margin, cost of sales or segment information is printed.
- No non-GAAP measures or reconciliations are printed.
- No operating cash flow, investing cash flow or free cash flow figures are printed.
- No quantified financial guidance or outlook for 2026 or later is printed.
- No prior outlook was provided, so no guidance comparison is possible.
- No debt figures are printed, and no financial impact of the AVS acquisition is quantified beyond the approximately $13 million cash consideration.
- No share repurchase or dividend information is printed.
- No share price reaction or analyst consensus is provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.