SpyGlass Pharma closes $172.5 million IPO on NASDAQ

SpyGlass Pharma Inc. (NASDAQ: SGP) completed its initial public offering, selling 10,781,250 shares of common stock at $16.00 per share, according to a company statement. The offering included the full exercise of underwriters' option to purchase an additional 1,406,250 shares.

The biopharmaceutical company raised gross proceeds of $172.5 million before deducting underwriting discounts, commissions and other offering expenses. SpyGlass Pharma's stock began trading on the Nasdaq Global Select Market on February 6, 2026.

Jefferies, Leerink Partners, Citigroup and Stifel served as joint book-running managers for the offering. The Securities and Exchange Commission declared the registration statement effective on January 30, 2026.

SpyGlass Pharma develops drug delivery technologies for chronic eye conditions. The company's platform uses a non-bioerodible drug delivery system designed to work with approved medicines including bimatoprost and other small molecules for treating conditions affecting the front and back of the eye.

The company was founded in 2019 by Malik Y. Kahook and Glenn Sussman. The technology platform was originally developed at the Sue Anschutz-Rodgers Eye Center at the University of Colorado Anschutz School of Medicine.

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