SpyGlass Pharma, a phase 3 biotech developing implants to treat chronic eye conditions, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
SpyGlass Pharma is a late-stage biopharmaceutical company focused on chronic eye conditions by developing durable drug delivery solutions that provide long-term disease control and vision preservation. Its lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary drug pads attached to an intraocular lens (IOL), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The BIM-IOL System is designed to consistently deliver three years of bimatoprost, a prostaglandin analog (PGA) approved for topical use by the U.S. Food & Drug Administration (FDA) in 2001 for the reduction of elevated IOP in patients with OAG or OHT. The company is also developing a non-IOL-based, ring-shaped, sustained-release implant with bimatoprost, which it believes could be implanted in a standalone procedure, enable retreatment of patients who have received the BIM-IOL System, and offer extended care to patients with OAG or OHT who already received a prior cataract surgery.
The Aliso Viejo, CA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol SGP. SpyGlass Pharma filed confidentially on September 26, 2025. Jefferies, Leerink Partners, Citi, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
