Spyglass Pharma Q3 net loss widens on R&D, administrative expenses
SGP•Spyglass Pharma's third-quarter net loss widened as research and development and administrative expenses increased. It reported a $0.73 loss per share and $26.25 million in operating expenses, and said its $215.8 million in cash reserves are expected to fund operations through 2028.
1. Quarterly results
Spyglass Pharma reported a third-quarter loss per share of $0.73, an operating loss of $26.25 million and operating expenses of $26.25 million. Higher R&D spending reflected hiring clinical personnel and continued enrollment in Phase 3 trials for the BIM-IOL System; general and administrative costs rose with professional service fees and personnel costs.
2. Clinical and cash outlook
The company expects enrollment in the BIM-IOL System Phase 3 trial to be completed in 2027 and preliminary safety and efficacy data from the BIM-DRS first-in-human trial in 2027. Spyglass Pharma expects cash and investments of $215.8 million to fund operations through 2028. After the quarter ended, it acquired Advanced Vision Science to secure IOL manufacturing and expand its premium lens portfolio.
