SpyGlass Pharma (SGP)
Market Price (7/15/2026): $20.12 | Market Cap: $400.9 MilSector: Health Care | Industry: Biotechnology
SpyGlass Pharma (SGP)
Market Price (7/15/2026): $20.12Market Cap: $400.9 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 -63% Low stock price volatilityVol 12M is 46% 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 -64%, 3Y Excs Rtn is -100% | 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 -44 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 -15% 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 -63% |
| Low stock price volatilityVol 12M is 46% |
| 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 -64%, 3Y Excs Rtn is -100% |
| 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 -44 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 -15% |
| 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
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SpyGlass Pharma (SGP) stock has lost about 25% since 3/31/2026 because of the following key factors:
1. SpyGlass Pharma reported a wider net loss for fiscal Q1 2026 (ended March 31, 2026) than anticipated.
The company announced a net loss of $13.8 million, or $0.69 per basic and diluted share, for fiscal Q1 2026, missing the consensus analyst estimate of a $0.67 per share loss by $0.02. This was primarily driven by increased research and development expenses, which rose to $8.5 million from $6.1 million in Q1 2025, and general and administrative expenses, which increased to $6.9 million from $1.4 million year-over-year.
2. The stock was impacted by a selective biotech market during fiscal Q2 2026.
Despite the overall U.S. biopharma index (XBI) reaching a five-year high and closing fiscal Q2 2026 (ended June 30, 2026) up 23.9%, the recovery was highly selective. Investors favored scaled, later-stage, and clinically validated companies, leading to a widening performance gap between top-tier and lower-tier equities. SpyGlass Pharma, with a market capitalization of approximately $638 million to $753 million as of early July 2026, likely faced headwinds as investors prioritized established assets over more speculative ventures amidst broader industry volatility and macroeconomic uncertainty.
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SpyGlass Pharma (SGP) stock has lost about 25% since 3/31/2026 because of the following key factors:
1. SpyGlass Pharma reported a wider net loss for fiscal Q1 2026 (ended March 31, 2026) than anticipated.
The company announced a net loss of $13.8 million, or $0.69 per basic and diluted share, for fiscal Q1 2026, missing the consensus analyst estimate of a $0.67 per share loss by $0.02. This was primarily driven by increased research and development expenses, which rose to $8.5 million from $6.1 million in Q1 2025, and general and administrative expenses, which increased to $6.9 million from $1.4 million year-over-year.
2. The stock was impacted by a selective biotech market during fiscal Q2 2026.
Despite the overall U.S. biopharma index (XBI) reaching a five-year high and closing fiscal Q2 2026 (ended June 30, 2026) up 23.9%, the recovery was highly selective. Investors favored scaled, later-stage, and clinically validated companies, leading to a widening performance gap between top-tier and lower-tier equities. SpyGlass Pharma, with a market capitalization of approximately $638 million to $753 million as of early July 2026, likely faced headwinds as investors prioritized established assets over more speculative ventures amidst broader industry volatility and macroeconomic uncertainty.
3. An analyst downgrade contributed to negative sentiment.
Just prior to the specified period, Wall Street Zen downgraded SpyGlass Pharma from a "hold" rating to a "sell" rating on March 28, 2026. This downgrade likely contributed to negative investor sentiment at the start of fiscal Q2 2026, influencing the stock's downward trend.
4. Lack of significant new positive catalysts in fiscal Q2 2026.
While SpyGlass Pharma has positive long-term prospects, including on-track enrollment for its registrational Phase 3 BIM-IOL System trials (with completion expected in 2027) and the planned initiation of a first-in-human trial for BIM-DRS in the second half of 2026, fiscal Q2 2026 itself did not present major new positive clinical or regulatory catalysts. The positive 12-month Phase 1/2 data for BIM-IOL was announced in March 2026, before the period of decline. The absence of fresh, high-impact news within the quarter may have left the stock vulnerable to broader market pressures and the impact of its Q1 earnings miss.
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Stock Movement Drivers
Fundamental Drivers
The -22.8% change in SGP stock from 3/31/2026 to 7/14/2026 was primarily driven by a 77.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.91 | 19.99 | -22.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 32 | 18 | 77.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| SGP | -22.8% | |
| Market (SPY) | 15.6% | 24.3% |
| Sector (XLV) | 8.0% | 12.1% |
Fundamental Drivers
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Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| SGP | -29.0% | |
| Market (SPY) | 10.6% | 30.3% |
| Sector (XLV) | 2.7% | 20.7% |
Fundamental Drivers
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Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| SGP | -29.0% | |
| Market (SPY) | 22.7% | 30.3% |
| Sector (XLV) | 19.0% | 20.7% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| SGP | -29.0% | |
| Market (SPY) | 75.6% | 30.3% |
| Sector (XLV) | 24.9% | 20.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SGP Return | 0% | 0% | 0% | 0% | 0% | -29% | -29% |
| Peers Return | -16% | -11% | 28% | 40% | 19% | 10% | 75% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| SGP Win Rate | 0% | 0% | 0% | 0% | 0% | 14% | |
| Peers Win Rate | 54% | 52% | 50% | 58% | 62% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
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 7/14/2026 (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.
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| 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)
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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.
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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.
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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.
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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.
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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.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 86.22 |
| Mkt Cap | 7.3 |
| Rev LTM | 2,880 |
| Op Inc LTM | 132 |
| FCF LTM | -17 |
| FCF 3Y Avg | -54 |
| CFO LTM | 166 |
| CFO 3Y Avg | 195 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 9.9% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 20.7% |
| Op Inc Chg 3Y Avg | 5.7% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | 4.5% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 6.5% |
| CFO/Rev 3Y Avg | 3.9% |
| FCF/Rev LTM | 0.0% |
| FCF/Rev 3Y Avg | -2.2% |
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 | 0.57 | 0.58 | 1.56 | 1.05 | 0.66 | 0.15 |
| Up Beta | 1.88 | 1.89 | 3.67 | 2.61 | 1.74 | 0.27 |
| Down Beta | 0.92 | 0.39 | -0.22 | 0.46 | 0.33 | 0.05 |
| Up Capture | 107% | 14% | 45% | 29% | 13% | 1% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 22 | 32 | 48 | 48 | 48 |
| Down Capture | -63% | 45% | 136% | 103% | 68% | 37% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 18 | 30 | 50 | 50 | 50 |
[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 | -24.4% | 70.0% | -0.65 | - |
| Sector ETF (XLV) | 18.7% | 15.8% | 0.89 | 20.7% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 30.3% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | 14.6% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -20.2% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 11.0% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 18.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGP | |
|---|---|---|---|---|
| SGP | -5.4% | 70.0% | -0.65 | - |
| Sector ETF (XLV) | 5.9% | 14.9% | 0.22 | 20.7% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 30.3% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 14.6% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | -20.2% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 11.0% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 18.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGP | |
|---|---|---|---|---|
| SGP | -2.7% | 70.0% | -0.65 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 20.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 30.3% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 14.6% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | -20.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 11.0% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 18.9% |
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Recent Forward Guidance
Updated 7/12/2026Latest: 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 Jul 15, 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 and community-bank filers are excluded.
| Active Manager |
|---|
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