Two registrational Phase 3 trials for the BIM-IOL System (78 mcg dose), initiated in July 2025, are in active enrollment across ~45 sites targeting approximately 400 patients per trial; the company expects to complete enrollment in 2027 and, pending successful results, plans to file a 505(b)(2) NDA with the FDA in 2028. Q2 2026 R&D spending of $10.9M (up 49% YoY) reflected increased IOL/drug supply costs and headcount associated with ongoing Phase 3 enrollment.
On May 22, 2026, SpyGlass filed counterclaims against Glaukos Corporation (trade-secret misappropriation suit filed September 2025) alleging intentional interference with contractual relations, intentional interference with prospective economic advantage, and unfair competition. The parties jointly stipulated to extend the trial date to January 26, 2027; the company recorded no accrual, stating a loss is not probable.
The company anticipates initiating enrollment of a single-site first-in-human trial for the BIM-DRS (a non-IOL, ring-shaped sustained-release bimatoprost implant) during the second half of 2026; this is a forward-looking plan, not a completed event during Q2.
Operational infrastructure expanded during the quarter: construction-in-progress rose to $3.0M (from $0.4M at year-end 2025) tied to a new 32,621 sq ft Irvine headquarters (lease commenced December 2025; prior Aliso Viejo facility lease terminated July 2026), and full-time headcount reached 76. Management disclosed a material weakness in internal control over financial reporting (insufficient accounting personnel, lack of risk assessment and segregation-of-duties controls); remediation steps initiated during Q2 included hiring additional accounting staff and formalizing control frameworks, but the weakness remained unremediated as of June 30, 2026.
The February 2026 IPO (Q1 event) converted all 20.3M preferred shares into common stock and raised $172.5M gross; as a consequence, Q2 2026 G&A expenses of $11.0M (up 461% YoY) reflected new public-company costs including legal and professional services, and the company reported $234.2M in cash, equivalents, and short-term investments, which management believes will fund operations through 2028.
(Filed on May 14, 2026)
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$238.9M
Completed its initial public offering on February 9, 2026, issuing 10,781,250 shares of common stock at $16.00 per share (including full exercise of the underwriters' option for 1,406,250 additional shares) for $172.5 million in gross proceeds (~$156.5 million net); all 20,341,968 outstanding shares of redeemable convertible preferred stock automatically converted into common stock upon IPO, and a new 2026 Equity Incentive Plan was activated with 1,312,044 options granted at the $16.00 public offering price.
Two registrational Phase 3 clinical trials for the BIM-IOL System at the intended 78 mcg commercial dose are actively enrolling (initiated July 2025), each targeting approximately 400 patients across 45 sites; the company expects to complete enrollment in 2027 and, pending successful Phase 3 results, plans to file a 505(b)(2) NDA with the FDA in 2028. Q1 2026 R&D expenses rose 41% year-over-year to $8.5 million, driven by increased IOL and drug supply costs, Phase 3 trial enrollment activity, and headcount growth.
Leased a new 32,621-square-foot headquarters and laboratory facility in Irvine, California, commencing December 1, 2025 with a 91-month noncancelable term, while the prior Aliso Viejo, CA lease is expected to terminate no later than July 2026; the company employed 68 full-time staff as of March 31, 2026.
Remains a defendant in a trade secret misappropriation lawsuit filed by competitor Glaukos Corporation in the U.S. District Court for the Central District of California (filed September 2025), which also names one of the company's employees; the company denies the allegations, states it has meritorious defenses and intends to defend vigorously, and has recorded no loss accrual as of March 31, 2026.
Disclosed a material weakness in internal control over financial reporting attributable to insufficient technical accounting personnel, lack of a formalized risk assessment process, inadequate segregation of duties over reconciliations and journal entries, and insufficient monitoring of control processes; management is remediating by hiring additional accounting staff to segregate preparer and reviewer duties.
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A quarterly SEC filing is unavailable for this period.
(Filed on August 6, 2026)
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Two registrational Phase 3 trials for the BIM-IOL System (78 mcg dose, ~400 patients each across 45 sites) are actively enrolling; the company expects to complete enrollment in 2027 and, pending successful results, file a 505(b)(2) NDA with the FDA in 2028. Q2 R&D expense was $10.9 million, up 49% year-over-year, driven by Phase 3 enrollment costs, increased IOL and drug supply, and added headcount.
On May 22, 2026, SpyGlass filed counterclaims against competitor Glaukos Corporation (Case No. 8:25-cv-02105, C.D. Cal.), asserting intentional interference with contractual relations, interference with prospective economic advantage, and unfair competition. The court also granted a joint stipulation extending the original trial date to January 26, 2027; the company states it does not believe a loss is probable and has recorded no accrual.
The company anticipates initiating enrollment of a single-site first-in-human trial for its second product candidate, the BIM-DRS (a non-IOL, ring-shaped, sustained-release bimatoprost implant), during the second half of 2026. This is a forward-looking plan; no enrollment had commenced as of June 30, 2026.
Operational footprint expanded: the company had 76 full-time employees at quarter-end, entered into a new operating lease for approximately 32,621 sq ft of office and laboratory space in Irvine, California (91-month term; ASC 842 commencement December 1, 2025, with the prior Aliso Viejo lease terminating in July 2026), and G&A expense reached $11.0 million in Q2 (up 461% YoY) reflecting public-company legal and professional costs and added headcount. Management stated that $234.2 million in cash, cash equivalents, and short-term investments is sufficient to fund operations through 2028.
Management disclosed a material weakness in internal control over financial reporting (insufficient technical accounting personnel, lack of a formal risk-assessment process, inadequate segregation of duties over reconciliations and journal entries, and insufficient monitoring of control processes). During Q2 the company continued remediation by hiring additional accounting staff, implementing a formal risk-assessment process, and formalizing a segregation-of-duties control framework; the weakness remained unremediated at June 30, 2026.
