SpyGlass Pharma (SGP)
Market Price (8/30/2026): $26.39 | Market Cap: $882.5 MilSector: Health Care | Industry: Biotechnology
SpyGlass Pharma (SGP)
Market Price (8/30/2026): $26.39Market Cap: $882.5 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -80% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -62 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.24 Key risksSGP key risks include [1] its dependence on favorable Phase III clinical trial outcomes and regulatory approval for its BIM-IOL System, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -80% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -62 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.24 |
| Key risksSGP key risks include [1] its dependence on favorable Phase III clinical trial outcomes and regulatory approval for its BIM-IOL System, Show more. |
Qualitative Assessment
AI Analysis | Feedback
SpyGlass Pharma (SGP) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Advancement in clinical trials and promising pipeline updates.
SpyGlass Pharma reported in its fiscal Q1 2026 earnings (for the period ending March 31, 2026, reported May 14, 2026) that enrollment in its registrational Phase 3 trials for the BIM-IOL System remained on track for completion in 2027. Additionally, positive 12-month data from the Phase 1/2 trial of the BIM-IOL System demonstrated 98% of participants were free of IOP-lowering topical eye drops and a 34% mean intraocular pressure (IOP) reduction from baseline. The company also confirmed that the first-in-human (FIH) trial for its next-generation BIM-DRS was on track to commence in the second half of fiscal year 2026. These updates were reiterated in the fiscal Q2 2026 financial results, reported on August 6, 2026.
2. Approval of a dedicated reimbursement pathway.
In May 2026, the American Medical Association's CPT® Editorial Panel approved a new add-on Category III CPT code (+1090T, released July 1, 2026) for the BIM-IOL System. This dedicated reimbursement pathway for surgeons is expected to accelerate the commercial adoption of the BIM-IOL System upon potential FDA approval.
Show more
SpyGlass Pharma (SGP) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Advancement in clinical trials and promising pipeline updates.
SpyGlass Pharma reported in its fiscal Q1 2026 earnings (for the period ending March 31, 2026, reported May 14, 2026) that enrollment in its registrational Phase 3 trials for the BIM-IOL System remained on track for completion in 2027. Additionally, positive 12-month data from the Phase 1/2 trial of the BIM-IOL System demonstrated 98% of participants were free of IOP-lowering topical eye drops and a 34% mean intraocular pressure (IOP) reduction from baseline. The company also confirmed that the first-in-human (FIH) trial for its next-generation BIM-DRS was on track to commence in the second half of fiscal year 2026. These updates were reiterated in the fiscal Q2 2026 financial results, reported on August 6, 2026.
2. Approval of a dedicated reimbursement pathway.
In May 2026, the American Medical Association's CPT® Editorial Panel approved a new add-on Category III CPT code (+1090T, released July 1, 2026) for the BIM-IOL System. This dedicated reimbursement pathway for surgeons is expected to accelerate the commercial adoption of the BIM-IOL System upon potential FDA approval.
3. Strong financial position and extended cash runway.
SpyGlass Pharma maintained a robust financial standing, reporting $251.0 million in cash, cash equivalents, and short-term investments as of March 31, 2026, following its initial public offering in February 2026. This was projected to fund planned operations through 2028. As of June 30, 2026, the company still held $234.2 million in cash, cash equivalents, and short-term investments, which is expected to fund operations through 2028.
4. Positive analyst initiation and price target.
Raymond James initiated coverage of SpyGlass Pharma on August 14, 2026, with an "outperform" rating and a price target of $39.00. This positive analyst sentiment contributed to investor confidence, especially considering the general bullish consensus among analysts, with price targets ranging from $37 to $62.
Show less
Stock Movement Drivers
Fundamental Drivers
The 15.2% change in SGP stock from 4/30/2026 to 8/29/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8292026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.94 | 26.42 | 15.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | � | 0.0% |
| P/S Multiple | ∞ | � | 0.0% |
| Shares Outstanding (Mil) | 32 | 32 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SGP | 15.2% | |
| Market (SPY) | 7.1% | 22.1% |
| Sector (XLV) | 17.2% | 9.5% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2026 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SGP | -6.1% | |
| Market (SPY) | 11.5% | 31.5% |
| Sector (XLV) | 11.1% | 21.6% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2025 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SGP | -6.1% | |
| Market (SPY) | 22.7% | 31.5% |
| Sector (XLV) | 32.9% | 21.6% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/29/2026| Return | Correlation | |
|---|---|---|
| SGP | -6.1% | |
| Market (SPY) | 74.0% | 31.5% |
| Sector (XLV) | 33.6% | 21.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SGP Return | 0% | 0% | 0% | 0% | 0% | -4% | -4% |
| Peers Return | -16% | -11% | 28% | 40% | 19% | 19% | 91% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SGP Win Rate | 0% | 0% | 0% | 0% | 0% | 38% | |
| Peers Win Rate | 54% | 52% | 50% | 58% | 62% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SGP Max Drawdown | 0% | 0% | 0% | 0% | 0% | -41% | |
| Peers Max Drawdown | -39% | -36% | -33% | -26% | -32% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GKOS, ABBV, OCUL, BLCO, JNJ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
| Event | SGP | S&P 500 |
|---|---|---|
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.5% | -53.4% |
| % Gain to Breakeven | 110.7% | 114.4% |
| Time to Breakeven | 269 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -16.8% | -8.6% |
| % Gain to Breakeven | 20.2% | 9.5% |
| Time to Breakeven | 52 days | 47 days |
In The Past
SpyGlass Pharma's stock fell -52.5% during the 2008-2009 Global Financial Crisis. Such a loss loss requires a 110.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SGP | S&P 500 |
|---|---|---|
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.5% | -53.4% |
| % Gain to Breakeven | 110.7% | 114.4% |
| Time to Breakeven | 269 days | 1085 days |
In The Past
SpyGlass Pharma's stock fell -52.5% during the 2008-2009 Global Financial Crisis. Such a loss loss requires a 110.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SpyGlass Pharma (SGP)
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Patrick Mooney, Chief Executive Officer
Patrick Mooney was appointed CEO of SpyGlass Pharma in July 2021. He brings over 24 years of experience in ophthalmology, having held leadership positions at prominent companies. Prior to joining SpyGlass Pharma, he served as Vice President and Head of Novartis Ophthalmics at Novartis from 2017 to 2021 and as Director of Sales and Senior Director of Commercial Development at Galderma from 2015 to 2017. He also spent 16 years at Alcon, where he held various leadership roles in sales, marketing, and operations. Mr. Mooney has been instrumental in leading several launches and commercialization efforts for ophthalmic pharmaceuticals and medical devices. SpyGlass Pharma, previously a privately held company, secured significant Series C and D financing from venture capital firms such as RA Capital Management, New Enterprise Associates, and Sands Capital, indicating a history of managing companies backed by private equity-like investments.
Jean-Frédéric Viret, Ph.D., Chief Financial Officer
Jean-Frédéric Viret was appointed Chief Financial Officer of SpyGlass Pharma in January 2026. He possesses over 20 years of corporate finance experience within the life sciences sector, guiding companies through various stages from early-stage clinical development to commercialization and post-commercial growth. Dr. Viret's prior roles include serving as Chief Financial Officer for NGM Biopharmaceuticals, Inc., Blade Therapeutics, Inc., and Coherus BioSciences, Inc. (NASDAQ: CHRS), a commercial-stage biopharmaceutical company. His extensive background spans CFO positions at multiple public and privately held biopharmaceutical and diagnostics companies.
Malik Y. Kahook, M.D., Co-Founder, President and Executive Chairman
Dr. Malik Y. Kahook co-founded SpyGlass Pharma in 2019 with Glenn Sussman. He is a glaucoma and cataract surgeon and serves as a professor and Vice Chair of Translational Research at the University of Colorado. Dr. Kahook established a glaucoma service and a medical device innovations lab that led to the commercialization of several medical devices and subsequently the creation of SpyGlass Pharma. He also holds the titles of President and Executive Chairman of the Board.
Glenn Sussman, Co-Founder and Chief Technology Officer
Glenn Sussman co-founded SpyGlass Pharma in 2019 alongside Dr. Malik Y. Kahook. He previously served as the CEO of SpyGlass Pharma before being appointed Chief Technology Officer, where he continues to oversee technical development. Mr. Sussman is a medical device engineer and product development leader, bringing over 15 years of collaborative expertise with Dr. Kahook to the company.
Chetan Pujara, Ph.D., Chief Research & Development Officer
Dr. Chetan Pujara was appointed Chief Research & Development Officer of SpyGlass Pharma in March 2025. He has over 20 years of leadership experience in the development of pharmaceutical and drug-device combination products across various therapeutic areas, including ophthalmic, neurological, and dermatological. Dr. Pujara has led global organizations that contributed to the development of several market-leading products, such as Ozurdex®, Durysta™, and Latisse®. Before joining SpyGlass Pharma, he held key leadership roles at Abbott, Allergan, AbbVie, and served as Chief Development Officer at Osanni.
AI Analysis | Feedback
Key Risks to SpyGlass Pharma
- Clinical Development and Regulatory Approval Risk: SpyGlass Pharma's lead product candidate, the BIM-IOL System, is currently undergoing pivotal Phase 3 clinical trials. As a late-stage biopharmaceutical company, its future success and ability to generate revenue are highly dependent on the successful completion of these trials and the subsequent receipt of regulatory approvals from authorities like the FDA. There is an inherent risk that clinical trials may not demonstrate sufficient efficacy or safety, or that regulatory bodies may not grant approval for commercialization.
- Commercialization and Market Adoption Risk: Even upon successful regulatory approval, SpyGlass Pharma will face challenges in the commercialization and market adoption of its products. The company's ability to successfully launch the BIM-IOL System, gain acceptance among ophthalmologists and cataract surgeons, and secure favorable reimbursement pathways in a competitive ophthalmic market are critical for its financial viability.
- Intellectual Property and Litigation Risk: The company is involved in a "trade secret dispute with local rival Glaukos Corp.". Such intellectual property disputes can lead to costly litigation, divert management's attention and resources, and potentially impact the company's ability to commercialize its products, thus posing a significant risk to the business.
AI Analysis | Feedback
AI Analysis | Feedback
SpyGlass Pharma (NASDAQ: SGP) primarily focuses on developing sustained drug delivery solutions for chronic eye conditions, with its lead product being the Bimatoprost Drug Pad-Intraocular Lens System (BIM-IOL System).
The estimated total addressable market for SpyGlass Pharma's BIM-IOL System is approximately $13 billion in the U.S. This market specifically targets glaucoma and ocular hypertension patients who are undergoing cataract surgery.
AI Analysis | Feedback
SpyGlass Pharma (SGP) is a late-stage biopharmaceutical company focused on developing long-acting, sustained drug delivery solutions for chronic eye conditions. Over the next 2-3 years, several key drivers are expected to fuel the company's revenue growth:
- Successful Clinical Development and Commercial Launch of the BIM-IOL System: SpyGlass Pharma's primary revenue growth driver is the advancement and eventual commercialization of its lead product candidate, the Bimatoprost Drug Pad–Intraocular Lens System (BIM-IOL System). This system is designed for implantation during routine cataract surgery to reduce elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension. The company recently announced positive 12-month results from its Phase 1/2 trial, demonstrating significant intraocular pressure reduction and a high rate of patients discontinuing topical IOP-lowering medications. Proceeds from its recent initial public offering (IPO) in February 2026 are primarily allocated to completing two registrational Phase 3 clinical trials, initiated in July 2025, and subsequently funding the commercial launch of the BIM-IOL System if approved.
- Penetration of the Large Addressable Market for Glaucoma and Cataract Patients: The BIM-IOL System targets a substantial market opportunity, with SpyGlass Pharma estimating a $13 billion U.S. market for glaucoma and ocular hypertension patients undergoing cataract surgery. With approximately 5 million U.S. cataract surgeries expected in 2025 and an annual growth rate of 3-4%, the company aims to capture a significant share by integrating long-acting glaucoma therapy into a routine surgical procedure, thereby addressing adherence issues associated with daily eye drops.
- Advancement and Potential Commercialization of the BIM-DRS: Beyond its lead candidate, SpyGlass Pharma is also developing the BIM-DRS, a second product candidate aimed at glaucoma patients who are not undergoing cataract surgery. The successful development and eventual commercialization of BIM-DRS would expand the company's market reach beyond cataract patients, providing a broader solution for glaucoma management.
- Leveraging the Proprietary SpyGlass Platform for New Indications: The company's underlying non-bioerodible SpyGlass Platform is a versatile drug delivery technology designed to work with various approved medicines, including bimatoprost and other small molecules. This platform offers flexibility to potentially treat a range of conditions in both the front and back of the eye. Future revenue growth could be driven by applying this platform to develop new products for additional ophthalmic indications, diversifying its product pipeline and expanding its therapeutic footprint.
AI Analysis | Feedback
Share Issuance
- SpyGlass Pharma completed its Initial Public Offering (IPO) on February 6, 2026, with shares beginning to trade on the Nasdaq Global Select Market under the ticker symbol SGP.
- The company sold 10,781,250 shares of common stock at a public offering price of $16.00 per share.
- This offering, which included the full exercise of the underwriters' option to purchase additional shares, generated aggregate gross proceeds of $172.5 million.
Inbound Investments
- Prior to its IPO, Gilde Healthcare participated in a Series D financing round for SpyGlass Pharma in June 2025.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.3% | 84.6% | 129.3% | CAH 408% · MCK 356% · COR 184% |
| Managed Health Care | 8 | 29.5% | -3.3% | 2.5% | OSCR 100% · HQY 50% · ELV 14% |
| Health Care Services | 20 | 19.7% | 37.8% | 1.0% | HIMS 261% · RDNT 144% · DGX 77% |
| Health Care Facilities | 24 | 6.2% | -5.8% | -18.1% | THC 254% · NHC 245% · ENSG 115% |
| Health Care Equipment | 51 | -3.6% | -7.5% | -20.3% | POCI 10900% · UFPT 340% · GKOS 215% |
| Health Care Supplies | 12 | 32.6% | -16.8% | -36.6% | LNTH 288% · HAE 68% · MMSI 27% |
| Pharmaceuticals | 63 | -3.1% | 7.7% | -37.5% | LQDA 2416% · INDV 1218% · ETON 1056% |
| Life Sciences Tools & Services | 108 | 1.5% | -33.6% | -70.5% | SNWV 1808% · MEDP 226% · AXGN 212% |
| Health Care Technology | 21 | -25.9% | -58.1% | -74.6% | SPOK 126% · HSTM 0% · VEEV -17% |
| Biotechnology ← | 365 | 10.0% | -25.4% | -77.9% | BRTX 99450% · DNTH 1562% · CELZ 1529% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 103.15 |
| Mkt Cap | 8.4 |
| Rev LTM | 2,968 |
| Op Inc LTM | 171 |
| FCF LTM | 54 |
| FCF 3Y Avg | -46 |
| CFO LTM | 229 |
| CFO 3Y Avg | 254 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.9% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 21.4% |
| Op Inc Chg 3Y Avg | 6.7% |
| Op Mgn LTM | 7.6% |
| Op Mgn 3Y Avg | 4.6% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 8.6% |
| CFO/Rev 3Y Avg | 5.0% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | -1.3% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 |
|---|---|---|
| Development of the treatment paradigm for patients living with chronic eye conditions through long | 0 | 0 |
| Total | 0 | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Development of the treatment paradigm for patients living with chronic eye conditions through long | -40 | -29 | -13 |
| Total | -40 | -29 | -13 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.66 | 0.92 | 0.86 | 1.21 | 0.74 | 0.17 |
| Up Beta | -0.16 | 0.99 | 1.17 | 2.36 | 1.65 | 0.26 |
| Down Beta | -0.78 | -0.16 | -0.02 | 0.26 | 0.24 | 0.03 |
| Up Capture | 336% | 212% | 100% | 71% | 32% | 3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 27 | 36 | 62 | 62 | 62 |
| Down Capture | 278% | 85% | 127% | 134% | 88% | 50% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 16 | 26 | 58 | 58 | 58 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGP | |
|---|---|---|---|---|
| SGP | 0.1% | 64.4% | 0.25 | - |
| Sector ETF (XLV) | 26.7% | 16.0% | 1.29 | 21.6% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 31.5% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 15.8% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -19.5% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 9.0% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGP | |
|---|---|---|---|---|
| SGP | 0.0% | 64.4% | 0.25 | - |
| Sector ETF (XLV) | 6.3% | 15.1% | 0.23 | 21.6% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 31.5% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 15.8% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | -19.5% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 9.0% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGP | |
|---|---|---|---|---|
| SGP | 0.0% | 64.4% | 0.25 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 21.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 31.5% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 15.8% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | -19.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 9.0% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 BIM-IOL Four-Year Follow-up | |||||||
| 2028 Cash Runway | |||||||
| 2027 BIM-IOL Enrollment Completion | |||||||
| 2026 BIM-DRS FIH Trial Initiation | |||||||
Prior: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | Affirmed | Guidance: 2,028 for 2028 | ||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Buy | 2112026 | 16.00 | 3,690,000 | 59,040,000 | 95,463,024 | Form | |
| 2 | Behbahani, Ali | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 3 | Florence, Anthony A JR | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 4 | Baskett, Forest | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 5 | New, Enterprise Associates 17, LP | Direct | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Buy | 2112026 | 16.00 | 3,690,000 | 59,040,000 | 95,463,024 | Form | |
| 2 | Behbahani, Ali | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 3 | Florence, Anthony A JR | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 4 | Baskett, Forest | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 5 | New, Enterprise Associates 17, LP | Direct | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 6 | Yang, Rick | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 7 | Makhzoumi, Mohamad | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 8 | Sandell, Scott D | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 9 | Chang, Carmen | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 10 | Mathers, Edward T | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 11 | Walker, Paul Edward | See Note 2 | Buy | 2112026 | 16.00 | 937,500 | 15,000,000 | 96,560,608 | Form | |
| 12 | Pardo, Geoffrey B | See footnote | Buy | 2112026 | 16.00 | 312,500 | 5,000,000 | 35,000,208 | Form | |
| 13 | Khan, Bilal Arshad | Direct | Buy | 2112026 | 16.00 | 20,000 | 320,000 | 407,200 | Form | |
| 14 | Khan, Bilal Arshad | See footnote | Buy | 2112026 | 16.00 | 115,000 | 1,840,000 | 4,022,832 | Form |
Investor Activity (13F)
Updated Aug 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.