SpyGlass Pharma Secures $75 Million Series D Financing to Advance Long-Term Glaucoma Drug Delivery Platform

SpyGlass Pharma has closed a $75 million Series D financing round to support the continued development of its proprietary long-acting drug delivery platform. This funding will be directed toward advancing pivotal phase 3 clinical trials and accelerating efforts to address unmet needs in the long-term treatment of glaucoma and other chronic ophthalmic diseases.

A Novel Approach to Sustained Glaucoma Therapy

SpyGlass Pharma’s innovative platform is designed to deliver bimatoprost—a well-established therapy for intraocular pressure (IOP) reduction—over a three-year period. The device is implanted during routine cataract surgery and targets tissues involved in IOP regulation, offering a potentially transformative alternative to daily eye drops and other standard treatments.

Strong Financial Support from Leading Healthcare Investors

The Series D round was led by Sands Capital and included participation from Gilde Healthcare, alongside returning investors:

       • New Enterprise Associates (NEA)

       • RA Capital

       • Vensana Capital

       • Samsara BioCapital

       • Vertex Ventures HC

“We appreciate the strong support from our new and existing investors, underscoring their confidence in our innovative Drug Delivery Platform,” said Patrick Mooney, CEO of SpyGlass Pharma.
“We are excited to advance our platform through pivotal phase 3 trials as we accelerate our commitment to addressing significant unmet needs for ophthalmic patients.”

Clinical Development Progress

In November 2024, SpyGlass completed enrollment in its phase 1/2 randomized, multi-center clinical trial (NCT06120842), evaluating the safety and efficacy of the bimatoprost delivery platform in patients with glaucoma or ocular hypertension.

“The long-term safety and efficacy demonstrated from both the first-in-human feasibility trial and the phase 2, multi-center, randomized clinical trial showed significant and sustained intraocular pressure-lowering in glaucoma patients,” noted Malik Y. Kahook, MD, Co-founder and President of SpyGlass Pharma.

Upcoming Milestones

       • 24-month follow-up data from the ongoing trial will be presented at the American Academy of Ophthalmology (AAO) meeting in October 2025.

       • The company plans to collaborate closely with the U.S. Food and Drug Administration (FDA) to progress toward phase 3 trials and pursue potential commercial approval.

SpyGlass Pharma’s platform represents a potential shift in glaucoma treatment by offering a sustained, minimally invasive drug delivery method designed for long-term IOP control.