Spyglass Pharma, Inc. has set terms for its initial public offering, positioning the late-stage ophthalmology biotech to enter the public markets. The company plans to offer 9.375 million shares at a proposed price range of $15.00 to $17.00 per share, raising approximately $150 million in gross proceeds at the $16.00 midpoint, before underwriting expenses. At the midpoint, SpyGlass Pharma would carry an implied equity value of approximately $510 million, based on roughly 31.9 million shares outstanding following the offering. The shares are expected to list on the Nasdaq Global Select Market under the ticker SGP, with the offering led by Jefferies, Leerink Partners, Citigroup, and Stifel as joint book-running managers.
SpyGlass Pharma is a late-stage ophthalmology-focused biotechnology company developing sustained-release drug delivery therapies for chronic eye diseases. The company’s technology is designed to deliver consistent, long-duration therapeutic dosing directly to the eye, with the goal of reducing reliance on daily eye drops and improving patient adherence. In chronic ophthalmic conditions such as glaucoma, poor compliance with topical therapies remains a persistent challenge, and SpyGlass aims to address this gap with implant-based solutions that offer extended efficacy.
The company’s lead product candidate, SGP-001, is a biodegradable intracameral implant designed to deliver travoprost over an extended period for the treatment of glaucoma and ocular hypertension. SpyGlass is advancing the program toward late-stage development, targeting a large and well-established market where intraocular pressure reduction is a primary therapeutic objective. By offering a sustained-release alternative to daily topical drops, SGP-001 is intended to provide more consistent pressure control while reducing treatment burden for both patients and physicians.
Beyond its lead program, SpyGlass’s platform approach is designed to support additional sustained-release therapies across ophthalmic indications that require chronic management. The company’s technology is adaptable to multiple drug compounds, creating the potential to expand the pipeline over time and leverage a common delivery system across different disease areas within ophthalmology.
Financially, SpyGlass Pharma remains a pre-revenue company, consistent with its stage of development. Operating expenses are driven primarily by research and development as the company advances SGP-001 through clinical and regulatory pathways. For the nine months ended September 30, 2025, SpyGlass reported $27.8 million in total operating expenses and a net loss of $27.3 million, reflecting continued investment in clinical development, manufacturing readiness, and organizational build-out. As is typical for late-stage biotechnology companies, losses reflect deliberate investment in advancing toward potential commercialization rather than revenue-generating operations.
From a valuation perspective, SpyGlass is best viewed alongside other late-stage ophthalmology and drug-delivery focused biotechs, where public market valuations are driven less by near-term financial metrics and more by clinical progress, durability of therapeutic effect, and commercial potential. In this segment, companies are often evaluated on development stage and execution milestones rather than traditional revenue or earnings multiples. At an implied market capitalization of approximately $510 million, SpyGlass enters the public markets as a mid-cap development-stage issuer, with valuation likely to be shaped by upcoming clinical data, regulatory progress, and the path toward commercialization of its lead program.
As SpyGlass prepares for its public debut, investor attention is expected to center on the clinical trajectory of SGP-001, the safety and durability profile of its sustained-release delivery platform, and the company’s ability to translate clinical outcomes into a differentiated commercial offering. With a focused ophthalmology strategy, exposure to large chronic disease markets, and a platform designed to address longstanding compliance challenges, SpyGlass Pharma enters the public markets positioned for its next phase of execution.
SpyGlass will make its debut on the Nasdaq the week of February 9th, 2026.
