SpyGlass Pharma Inc. Common Stock (SGP)

FairStock Score: 16/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach SpyGlass as a Graham-style investor: show me durable earnings, a balance sheet that can survive, and a price that leaves a margin of safety. The company is developing an eye-drug delivery system tied to cataract surgery, but the filed numbers show no revenue in any period listed. In fiscal year 2025, the period ended 2025-12-31, net income was -$39.9M, worse than -$29.2M in fiscal year 2024. In fiscal Q2 2026, the quarter ended 2026-06-30, net income was -$19.9M, versus -$8.7M in fiscal Q2 2025. Trailing free cash flow was -$49.7M and the FCF yield was -5.0%, a FairStock calculation. Financial health has one real positive: debt to equity is 0.01, and the Altman Z-Score is 51.96, a FairStock calculation. But Piotroski is 0/9. At the 2026-10-26 close of $29.91, FairStock shows P/E -17.80, P/B 4.30, ROE -67.70%, ROCE -37.23%, and a score of 16/100. The Lynch category is none because only two years of filed results exist. A proprietary device may become an intangible moat, but there is no revenue evidence of pricing power or adoption. The growth trajectory is milestone-driven, not yet commercial. On current numbers the price is speculative today, not a cheap Graham bargain.

In plain English: SpyGlass Pharma is a small biotechnology company working on an eye treatment delivered during cataract surgery. The business looks financially weak today: it reports no revenue and its losses are growing. At $29.91 on 2026-10-26, the $1.0 billion stock price looks expensive compared with a company that has no reported sales and growing losses, so much depends on future product success.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer