SGP
SpyGlass Pharma, Inc. Common StockHealthcare·Biotechnology
$19.26
$644M market cap
Revenue
$0.0M
Free Cash Flow
$-24.0M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
SpyGlass Pharma, Inc. is a late-stage biopharmaceutical, which engages in the development of treatment paradigm for patients living with chronic eye conditions. Its lead product candidate, Bimatoprost Drug Pad-IOL System (BIM-IOL System), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) for patients who have wither open-angel glaucoma (OAG) or ocular hypertension (OHT). The company was founded in January 2019 by Malik Y. Kahook and Glenn S
2-Year Price History
$20.84-21.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -15.1 | -15.4 | -13.8 | -13.5 | -14.2 | -0.7 | 251.0 | 1.6 | 19.9 | -17.6% | -- | -- |
| Act | 2025-Q4 | 0.0 | -13.4 | -13.6 | -12.6 | -9.3 | -9.8 | -0.4 | 107.4 | 1.6 | 33.4 | <-999% | -- | -- |
Valuation & Metrics
Market Stats
Price$19.26
Market Cap$644M
Enterprise Value$395M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-3.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-26.4M
Free Cash Flow$-24.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-1731.6%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.9M
Days to Cover16.6
Change (vs Prior)-14.9%
Need at least 2 settlement dates for chart
Employees
Headcount1,489
Revenue / Employee$0
Gross Profit / Employee$-359
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
86.4%
27 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
2.9%
8 filers
Vanguard, iShares, SPDR
Market makers
0.0%
0 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
Not enough quarterly ownership history to chart yet.
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $208M | $25.91 | +$208M | +$208M | — | $9.44B |
| NEA Management Company, LLC | $192M | $25.91 | +$192M | +$192M | — | $1.76B |
| Sands Capital Alternatives, LLC | $64.8M | $25.91 | +$64.8M | +$64.8M | — | $421M |
| Samsara BioCapital, LLC | $54.7M | $25.91 | +$54.7M | +$54.7M | — | $1.03B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $18.3M | $25.91 | +$18.3M | +$18.3M | — | $864.93B |
| Vestal Point Capital, LP | $17.3M | $25.91 | +$17.3M | +$17.3M | — | $3.58B |
| DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C) | $14.3M | $25.91 | +$14.3M | +$14.3M | — | $7.18B |
| JPMORGAN CHASE & CO | $13.5M | $25.91 | +$15.0M | +$13.5M | — | $1.47T |
| MILLENNIUM MANAGEMENT LLC | $12.1M | $25.91 | +$12.1M | +$12.1M | — | $127.40B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $11.3M | $25.91 | +$11.3M | +$11.3M | — | $4.04T |
| First Light Asset Management, LLC | $9.7M | $25.91 | +$9.7M | +$9.7M | — | $1.12B |
| FRANKLIN RESOURCES INC | $7.8M | $25.91 | +$7.8M | +$7.8M | — | $403.03B |
| Affinity Asset Advisors, LLC | $6.5M | $25.91 | +$6.5M | +$6.5M | — | $1.60B |
| Aberdeen Group plc | $5.7M | $25.91 | +$5.7M | +$5.7M | — | $61.88B |
| BlackRock, Inc.Passive | $3.8M | $25.91 | +$3.8M | +$3.8M | — | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $3.3M | $25.91 | +$3.3M | +$3.3M | — | $1.61T |
| Monashee Investment Management LLC | $2.5M | $25.91 | +$2.5M | +$2.5M | — | $174M |
| VANGUARD FIDUCIARY TRUST COPassive | $1.5M | $25.91 | +$1.5M | +$1.5M | — | $395.83B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1.5M | $25.91 | +$1.5M | +$1.5M | — | $645.81B |
| Alyeska Investment Group, L.P. | $1.5M | $25.91 | +$1.5M | +$1.5M | — | $35.33B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-3.36%
avg per quarter
Holders (ex-self)
—
excl. this stock
Buyers (this Q)
-3.36%
35 buyers · $0.66B in
Sellers (this Q)
+0.00%
0 sellers · $0.00B out
alpha coverage: 98% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
+0.1%
how holders react when this stock falls
On quiet Qs
-1.5%
−10% to +10% baseline
On rallies (+10%+)
-3.3%
how they react when this stock rises
Holders' portfolio flow this Q
+1.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.0%
Sellers' overall flow ~ flat.
New buyers this quarter
RA CAPITAL MANAGEMENT, L.P.+$0.21BNEA Management Company, LLC+$0.19BSands Capital Alternatives, LLC+$0.06BSamsara BioCapital, LLC+$0.05BPRICE T ROWE ASSOCIATES INC /MD/+$0.02BVestal Point Capital, LP+$0.02BDEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)+$0.01BJPMORGAN CHASE & CO+$0.01BMILLENNIUM MANAGEMENT LLC+$0.01BVANGUARD CAPITAL MANAGEMENT LLC+$0.01B
Top-5 holders · 81.9%
RA CAPITAL MANAGEMENT, L.P.--
NEA Management Company, LLC--
Sands Capital Alternatives, LLC--
Samsara BioCapital, LLC--
PRICE T ROWE ASSOCIATES INC /MD/--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Not enough holder history to plot.
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$62.0022190.0%
Last Year (1 analysts)$62.0022190.0%
Current Price$19.26
Corporate
Order Flow (FINRA, ~3w lag)
8.6%retail-2.1pp
30.5%dark+2.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.