SpyGlass Pharma, Inc.

Listed Company

SGPCIK 0001778922NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareAUFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-39.87M

Total Assets

$115.87M

Equity

$-98.84M

Shares Out

33.43M

Op. Cash Flow

$-32.70M

Business

SpyGlass Pharma, Inc. is a foreign private issuer in Surgical & Medical Instruments & Apparatus, headquartered in Australia. Shares trade on Nasdaq under the ticker SGP.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Research and development	29	20
General and administrative	12	7
Total operating expenses	41	27
Loss from operations	−41	−27
Interest income	3	1
Change in fair value of redeemable convertible preferred stock tranche liability	−2	−3
Total other income (expense)	2	−2
Loss before income tax	−40	−29
Income tax provision	0	0
Net loss	−40	−29
Comprehensive loss	−40	−29
Weighted average common stock outstanding - basic (in shares)	2	2
Weighted average common stock outstanding - diluted (in shares)	2	2
Net loss per share of common stock - basic (in dollars per share)	−17.98	−16.31
Net loss per share of common stock - diluted (in dollars per share)	−17.98	−16.31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	96	16	—
Short-term investments	11	0	—
Other receivables	431,000	423,000	—
Prepaid expenses and other current assets	901,000	715,000	—
Total current assets	109	17	—
Other non-current assets	492,000	453,000	—
Property and equipment, net	2	2	—
Deferred offering costs	3	0	—
Right-of-use asset	2	3	—
Total assets	116	23	—
Accounts payable	3	2	—
Payroll-related accruals	2	1	—
Other current liabilities	4	672,000	—
Lease liability, current	0	442,000	—
Redeemable convertible preferred stock tranche liability	0	3	—
Total current liabilities	9	8	—
Lease liability, non-current	2	3	—
Total liabilities	10	11	—
Commitments and contingencies (Note 7)	—	—	—
Redeemable convertible preferred stock, $.00001 par value; 116,618,581 shares authorized, 20,341,968 and 9,608,914 shares issued and outstanding as of December 31, 2025 and 2024, respectively (aggregate liquidation preference of $200,878 and $73,542 as of December 31, 2025 and 2024, respectively)	205	73	73
Common stock, $.00001 par value; 154,383,336 shares authorized; 2,203,620 and 2,196,423 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0	—
Common stock additional paid-in capital	6	4	—
Accumulated deficit	−105	−65	—
Total stockholders' deficit	−99	−60	−33
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	116	23	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Depreciation expense	612,000	271,000
Loss on disposal of property and equipment	5,400	0
Non-cash lease expense	383,000	405,000
Gain on lease termination	−518,000	0
Stock-based compensation	3	1
Interest receivable	−74,000	216,000
Other receivables	−8,000	−300,000
Prepaid expenses and other current assets	−186,000	−540,000
Other non-current assets	−38,000	−367,000
Accounts payable	549,000	1
Payroll-related accruals	900,000	673,000
Accrued expenses and other current liabilities	2	332,000
Lease liability	−441,000	201,000
Net cash used in operating activities	−33	−22
Property and equipment	−789,000	−2
Purchases of short-term investments	−17	−21
Redemptions of short-term investments	6	45
Net cash (used in) provided by investing activities	−12	22
Proceeds from exercise of stock options	170,000	185,000
Repurchases of common stock	−1	0
Gross proceeds from issuance of redeemable convertible preferred stock	127	0
Issuance costs of redeemable convertible preferred stock	−288,000	0
Payments for deferred offering cost	−1	0
Net cash provided by financing activities	125	185,000
Net increase in cash and cash equivalents	80	419,000
Cash paid for taxes	1,000	18,000
Settlement of redeemable convertible preferred stock tranche liability	5	0
Purchases of property and equipment included in accounts payable and accrued expense	248,000	0
Deferred offering costs included in accounts payable and accrued expense	2	0
Reduction of right-of-use asset	3	0
Reduction of lease liability due to early termination	3	0
Right-of-use asset in exchange for lease liability	2	4

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