SpyGlass Pharma Inc. announced that it has set the price for its initial public offering at $16.00 per share for 9,375,000 shares, signaling an expected gross raise of approximately $150 million before accounting for underwriting fees and other offering-related expenses. The company has provided underwriters a 30-day overallotment option to acquire up to 1,406,250 additional shares at the same offering price, less underwriting discounts.
The biopharmaceutical company said its common stock is slated to begin trading on the Nasdaq Global Select Market on February 6, 2026, and will trade under the ticker symbol "SGP." The transaction is expected to reach closing on February 9, 2026, subject to customary closing conditions.
Jefferies, Leerink Partners, Citigroup and Stifel are named as joint book-running managers for the offering. The Securities and Exchange Commission declared the company's registration statement effective on January 30, 2026, a regulatory step that preceded the pricing announcement.
SpyGlass Pharma positions itself as a late-stage biopharmaceutical company focused on sustained drug delivery solutions for chronic eye conditions. The company was founded in 2019 by Malik Y. Kahook and Glenn Sussman, and it notes that its platform technology was originally developed at the University of Colorado Anschutz School of Medicine.
The company describes its drug delivery platform as compatible with already approved medicines, explicitly mentioning bimatoprost as an example, along with other small molecules intended to treat disorders affecting both the front and back of the eye. The structure of the offering and the availability of an underwriters' option mean the ultimate number of shares issued may increase if that option is exercised within the 30-day period following pricing.
Financially, the company has indicated the $150 million figure reflects gross proceeds before the customary deductions for underwriting fees and other expenses associated with completing an initial public offering. The timeline supplied by the company sets clear target dates for the start of public trading and for closing, though those dates are characterized as expected timing rather than absolute guarantees.
Summary
SpyGlass Pharma has priced its IPO at $16 a share for 9,375,000 shares, expecting to raise about $150 million in gross proceeds before fees and expenses. The offering includes a 30-day overallotment option for up to 1,406,250 additional shares. The company's common stock is expected to begin trading on Nasdaq Global Select Market on February 6, 2026 under the ticker SGP, with the offering expected to close on February 9, 2026. Jefferies, Leerink Partners, Citigroup and Stifel are the joint book-running managers, and the SEC declared the registration effective on January 30, 2026.
Key points
- SpyGlass priced 9,375,000 shares at $16.00 each, aiming for about $150 million in gross proceeds before fees and expenses.
- The underwriters hold a 30-day option to buy up to 1,406,250 additional shares at the offering price less underwriting discounts.
- The company will list on the Nasdaq Global Select Market under the ticker SGP, with trading expected to begin on February 6, 2026 and closing expected on February 9, 2026.
Risks and uncertainties
- The estimated $150 million is a gross figure and will be reduced by underwriting fees and other offering costs, affecting net proceeds available to the company - a factor relevant to the healthcare and capital markets sectors.
- The presence of a 30-day underwriters' option to purchase additional shares means the final share count could increase, with dilution implications for new investors and existing stakeholders.
- The dates for the start of trading and for closing are described as expected; such timings are subject to change and create timing uncertainty for market participants and transaction counterparties.