SpyGlass Widens Loss as Clinical Spending Climbs
Cash and short-term investments reached $234.2 million, funding planned operations through 2028.
SpyGlass Pharma (SGP), an ophthalmic drug-delivery developer, widened its second-quarter net loss 129% to $19.9 million as clinical hiring and corporate costs drove expenses higher.
The spending increase came as SpyGlass advanced pivotal studies of its BIM-IOL System and prepared to begin human testing of its BIM-DRS technology. The company also added a potential reimbursement pathway for BIM-IOL following approval of a new medical-procedure code.
Total operating expenses climbed 136% to $22.0 million from $9.3 million a year earlier, and the operating loss widened by the same amounts. Interest income rose to $2.1 million from $0.6 million, partially offsetting the higher operating loss.
The quarterly loss narrowed to $0.59 a share from $3.81 a share because weighted-average shares increased to 33.4 million from 2.3 million. For the first half, the net loss widened 93% to $33.7 million, while the loss per share narrowed to $1.26 from $7.76 as the share count expanded.
Research-and-development expense rose 49% to $10.9 million, primarily because SpyGlass hired clinical personnel. General-and-administrative expense increased more than fivefold to $11.0 million, driven mainly by higher professional-service fees and personnel costs.
The American Medical Association approved Category III add-on CPT code +1090T for the BIM-IOL System in May. The code, released July 1, can be used alongside established cataract-procedure codes, giving the system a dedicated potential reimbursement pathway.
SpyGlass expects to complete Phase 3 enrollment for BIM-IOL in 2027 and plans to begin the BIM-DRS first-in-human trial in the second half of 2026. Cash, cash equivalents and short-term investments increased from $107.4 million at the end of 2025, and its balance should support those planned operations through 2028.