Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -17.98.

EBIT: As of FY2025, the actual value is USD -44.56 M.

Revenue

SpyGlass Pharma, Inc. has not generated any revenue from product sales.

Net Loss

Net loss was - $39.9 million for the year ended December 31, 2025, compared to - $29.2 million for the year ended December 31, 2024, representing a 37% increase.As of December 31, 2025, the accumulated deficit was - $104.7 million.

Operating Expenses

Total operating expenses were $41.449 million for the year ended December 31, 2025, an increase of $14.385 million, or 53%, from $27.064 million for the year ended December 31, 2024.Research and development expenses reached $29.183 million for the year ended December 31, 2025, a 46% increase from $19.984 million in the prior year, primarily due to a $1.4 million increase in contract research expenses, a $1.1 million increase in IOL and drug supply, and a $6.7 million increase from headcount and related expenses.General and administrative expenses were $12.266 million for the year ended December 31, 2025, an increase of $5.186 million, or 73%, from $7.080 million for the year ended December 31, 2024, driven by a $1.3 million increase in headcount and related expenses and a $3.9 million increase in legal and other professional services.

Other Income (Expense)

Other income, net was $1.580 million for the year ended December 31, 2025, a change from other expenses, net of - $2.100 million for the year ended December 31, 2024, primarily due to a $1.789 million increase in interest income and a $1.891 million decrease in loss from the change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability.

Cash Flow

Net cash used in operating activities was - $32.701 million for the year ended December 31, 2025, compared to - $22.027 million for the year ended December 31, 2024.Net cash used in investing activities was - $11.794 million for the year ended December 31, 2025, a shift from net cash provided by investing activities of $22.261 million for the year ended December 31, 2024.Net cash provided by financing activities significantly increased to $124.585 million for the year ended December 31, 2025, compared to $0.185 million for the year ended December 31, 2024.Net increase in cash and cash equivalents was $80.090 million for the year ended December 31, 2025, compared to $0.419 million for the year ended December 31, 2024.Cash and cash equivalents totaled $96.358 million as of December 31, 2025, up from $16.268 million as of December 31, 2024, with short-term investments at $11.078 million as of December 31, 2025, contributing to total cash, cash equivalents, and short-term investments of $107.4 million.

Unique Financial Indicators

In May and June 2025, SpyGlass Pharma, Inc. issued and sold Series D redeemable convertible preferred stock for approximately $77.3 million.In March 2025, the company issued and sold Series C-2 redeemable convertible preferred stock for approximately $50.0 million.In February 2026, the company completed its initial public offering (IPO), raising approximately $156.1 million in net proceeds.

Outlook / Guidance

SpyGlass Pharma, Inc. anticipates operating expenses and capital expenditures to increase substantially with ongoing activities, including completing enrollment in Phase 3 trials in 2027 and submitting a New Drug Application to the FDA in 2028, pending successful Phase 3 results.The company believes its existing cash, cash equivalents, and short-term investments, combined with IPO proceeds, will fund operations through 2028.