SpyGlass Pharma Inc. (SGP) has completed its initial public offering, bringing 10,781,250 shares of common stock to market at $16.00 per share, the company reported. The underwriters' option to buy additional shares was fully exercised, adding 1,406,250 shares to the offering.
Before accounting for underwriting discounts, commissions and other offering expenses, the offering generated gross proceeds of $172.5 million. SpyGlass's stock commenced trading on the Nasdaq Global Select Market on February 6, 2026.
Jefferies, Leerink Partners, Citigroup and Stifel acted as joint book-running managers on the transaction. The Securities and Exchange Commission declared the registration statement effective on January 30, 2026.
SpyGlass is focused on drug delivery technologies for chronic eye diseases. Its platform centers on a non-bioerodible drug delivery system intended to be used with approved medicines, including bimatoprost, as well as other small molecules. The company positions the technology to address therapeutic needs in both the front and back segments of the eye.
The company was founded in 2019 by Malik Y. Kahook and Glenn Sussman. The underlying technology platform was originally developed at the Sue Anschutz-Rodgers Eye Center at the University of Colorado Anschutz School of Medicine.
Summary
SpyGlass completed an IPO priced at $16.00 per share, selling over 10.7 million shares including the full exercise of the underwriters' option and raising $172.5 million in gross proceeds. Trading on the Nasdaq Global Select Market began on February 6, 2026, after the SEC declared the registration statement effective on January 30, 2026. The company develops a non-bioerodible ocular drug delivery platform engineered to work with approved agents such as bimatoprost and other small molecules, and was founded in 2019 using technology developed at a university eye center.
Key points
- SpyGlass sold 10,781,250 shares at $16.00 each, with an additional 1,406,250 shares issued under the underwriters' option.
- The offering produced $172.5 million in gross proceeds before customary deductions; shares began trading on Nasdaq Global Select Market on February 6, 2026.
- The company's platform targets both front and back of the eye using a non-bioerodible delivery system compatible with approved small-molecule medicines, including bimatoprost.
Risks and uncertainties
- Market reception risk - The success of the public offering and initial trading may affect short-term investor sentiment in the healthcare and biotech sectors.
- Regulatory timing - While the SEC declared the registration statement effective on January 30, 2026, ongoing regulatory and commercial milestones for the company's platform remain a potential source of uncertainty for investors.
- Commercial adoption - The platform is designed to work with approved medicines; its commercial performance will depend on adoption of the delivery system with those therapies.