SpyGlass Pharma, Inc. Common Stock Citigroup’s Biopharma Back to School Summit 2026

Yeah, thanks for having us.

Yeah. Thanks, Yigal. Appreciate the invite to be here today. SpyGlass was originally founded to improve lives of patients suffering with chronic eye conditions. Two of the world's leading causes of preventable blindness, cataracts and cataract formation, which all of us will undergo at some point in our life. It's biology. For some percentage of population, they also have a comorbidity of glaucoma, and so there's an intersection of patients with chronic glaucoma, which means they're on some type of medical therapy or laser therapy to manage that. Then as those patients make their way to the operating room for cataracts, why can't we really address in a meaningful way, in a simple way, that serves the patients to meet both of those needs, improving their life from their glaucoma management as well as restore their vision from cataracts?

SpyGlass' lead asset currently in phase III clinical trials is essentially addressing both. We're correcting the vision with an intraocular lens, and attached to that intraocular lens is three years of payload of a very commonplace first-line therapy for glaucoma management, bimatoprost. That agent's been in use commercially for over two decades, so we know the drug works very well. Essentially with a simple one-step implantation of the intraocular lens and these drug pads attached, this is what cataract surgeons do in their normal workflow, and so it's easy for the surgeon to implement, and it's also a step for the patient because it's one trip to the operating room, and we can solve and address both issues at one time.

Yeah, great question. Cataract surgery is either number one or number two surgery in an outpatient setting in the United States every year. Annually today, there's about 5 million annual cataract procedures done in the United States. About 20% of those 5 million procedures are patients also with glaucoma. If you take the arithmetic, you have 1 million incident procedures annually every year growing at around 3% of these patients with glaucoma and cataracts that are having surgery. The market is clearly there. This is knowable. It's addressable. We don't have to create that market. We're just simply serving a very knowable, unmet need and addressing both conditions at the time when patients are already there.

One option is to do nothing, which means they stay on their drops.

or some type of medical therapy. Two-thirds of the cataract surgeons in the U.S. are not doing surgical glaucoma type of procedures. They are very skilled at their cataract procedures, so they routinely just perform cataract surgery and unaddress, say, the glaucoma portion of it. About two-thirds of surgeons could definitely be engaged in this procedure and now meaningful help patients. About one-third of surgeons do perform glaucoma filtration surgeries, implantation of minimally invasive glaucoma surgical devices. That is great. We love the fact that a third of surgeons are intervening and actively trying to manage that. Our aim is to not only engage the one-third but all 10,000 cataract surgeons in a meaningful way, and we think SpyGlass technology does that because cataract surgery, regardless of whether you are a glaucoma specialist or a general surgeon, cataract surgery is your bread and butter procedure.

Our procedure is essentially adoptable immediately from all 10,000 surgeons.