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Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Narrative (Details)		1 Months Ended					3 Months Ended		12 Months Ended
	Feb. 09, 2026 shares	Jun. 30, 2025 USD ($) $ / shares shares	May 31, 2025 USD ($) $ / shares	Mar. 31, 2025 USD ($) shares	Jul. 31, 2023 USD ($) tranches $ / shares	May 31, 2019 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)							0		116,618,581
Redeemable convertible preferred stock, shares issued (in shares)							0		20,341,968
Redeemable convertible preferred stock, shares outstanding (in shares)				14,542,503			0	14,542,503	20,341,968		9,608,914
Common stock, shares authorized (in shares)							1,000,000,000		154,383,336
Common stock, par value per share (in dollars per share) \| $ / shares							$ 0.00001		$ 0.00001
Common stock, shares issued (in shares)							33,432,555		2,203,620
Common stock, shares outstanding (in shares)							33,432,555		2,203,620
Company repurchased shares (in shares)		174,432
Common stock at per share (in dollars per share) \| $ / shares		$ 8.31
Redeemable convertible preferred stock, par value per share (in dollars per share) \| $ / shares							$ 0.00001		$ 0.00001
Issuance of redeemable convertible preferred stock (in shares)								4,933,589
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability \| $								$ 54,939,000
Payments of temporary equity issuance costs \| $							$ 0	$ 14,000
Conversion of redeemable convertible preferred stock into common stock on the initial public offering (in shares)	20,341,968						20,341,968
Common Stock
Class of Stock [Line Items]
Outstanding shares of preferred stock were converted into common stock (in shares)	20,341,968
Series A preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)									5,483,956
Redeemable convertible preferred stock, shares issued (in shares)									956,575
Redeemable convertible preferred stock, shares outstanding (in shares)									956,575
Redeemable convertible preferred stock, par value per share (in dollars per share) \| $ / shares									$ 0.00001
Issuance of redeemable convertible preferred stock (in shares)						956,575
Purchase price (in dollars per share) \| $ / shares						$ 6.31
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability \| $						$ 6,000,000.0
Payments of temporary equity issuance costs \| $						$ 100,000
Series B preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)									21,317,825
Redeemable convertible preferred stock, shares issued (in shares)									3,718,503
Redeemable convertible preferred stock, shares outstanding (in shares)									3,718,503
Redeemable convertible preferred stock, par value per share (in dollars per share) \| $ / shares									$ 0.00001
Purchase price (in dollars per share) \| $ / shares										$ 7.40
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability \| $										$ 27,500,000
Payments of temporary equity issuance costs \| $										200,000
Redeemable Convertible Series C Preferred Stock
Class of Stock [Line Items]
Payments of temporary equity issuance costs \| $									$ 20,772	$ 300,000
Number of tranches \| tranches					2
Series C-1 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)									4,933,836
Redeemable convertible preferred stock, shares outstanding (in shares)									4,933,836
Purchase price (in dollars per share) \| $ / shares					$ 8.11
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability \| $					$ 40,000,000.0
Series C-2 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)									4,933,589
Redeemable convertible preferred stock, shares outstanding (in shares)									4,933,589
Issuance of redeemable convertible preferred stock (in shares)				4,933,589
Purchase price (in dollars per share) \| $ / shares					$ 10.14
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability \| $				$ 50,000,000.0
Payments of temporary equity issuance costs \| $									$ 300,000
Series D preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)									5,799,465
Redeemable convertible preferred stock, shares outstanding (in shares)									5,799,465
Purchase price (in dollars per share) \| $ / shares			$ 13.34
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability \| $		$ 2,300,000	$ 75,000,000.0
Payments of temporary equity issuance costs \| $		$ 5,254	$ 300,000						$ 300,000

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates as a single reportable and single operating segment in the development of the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. The Company has not generated revenues since inception. The Company’s chief operating decision maker (CODM) is its chief executive officer. The CODM reviews financial information on a basis consistent with the information presented in the condensed financial statements for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company’s CODM uses operating loss as the measure to evaluate the segment’s operating performance and to monitor budgeted to actual expenditures associated with capital projects. The measure of segment assets is reported on the Company’s condensed balance sheets as total assets. During the current period, the Company modified its internal reporting structure and the information provided to its CODM. As a result, the CODM does not review or utilize more disaggregated expense information for purposes of assessing segment performance or allocating resources. Accordingly, disaggregated expense information previously presented is no longer provided, and the Company has not presented additional disaggregated expense information for its reportable single operating segment beyond the expense categories presented in the condensed statements of operations and comprehensive loss.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

In connection with the Company's IPO on February 9, 2026, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into shares of common stock at the applicable conversion ratio then in effect. The Company's outstanding shares of preferred stock were converted into 20,341,968 shares of common stock. As a result of the conversion, as of March 31, 2026, there were no authorized, issued or outstanding shares of redeemable convertible preferred stock.

Common Stock

As of March 31, 2026, the Company had authorized 1,000,000,000 shares of common stock with a par value of $0.00001, and as of December 31, 2025, the Company had authorized 154,383,336 shares of common stock with a par value of $0.00001. As of March 31, 2026 and December 31, 2025, 33,432,555 and 2,203,620 shares of common stock were issued and outstanding, respectively.

The Company repurchased 174,432 shares of its common stock at $8.31 per share in June 2025. The repurchased common stock was retired and returned to the status of authorized and unissued shares.

Redeemable Convertible Series A Preferred Stock

As of December 31, 2025, the Company had authorized 5,483,956 shares of Series A redeemable convertible preferred stock (Series A) with a par value of $0.00001. 956,575 shares of Series A were issued and outstanding as of December 31, 2025.

Prior to 2024, the Company entered into a Series A Preferred Stock Purchase Agreement which provided for the sale and issuance of the Company’s Series A to investors. The financing provided for multiple closings and was completed in May 2019 whereby an aggregate amount of 956,575 shares of Series A were sold and issued at a purchase price of $6.31 per share for an aggregate purchase price of $6.0 million in cash. Related issuance costs for the Series A aggregated to $0.1 million.

Redeemable Convertible Series B Preferred Stock

As of December 31, 2025, the Company had authorized 21,317,825 shares of Series B redeemable convertible preferred stock (Series B) with a par value of $0.00001.

Prior to 2024, the Company entered into a Series B Preferred Stock Purchase Agreement which provided for the sale and issuance of the Company’s Series B to investors at a purchase price of $7.40 per share. As of December 31, 2025, 3,718,503 shares of Series B were issued and outstanding. Gross cash proceeds raised from Series B totaled $27.5 million. Related issuance costs for the Series B aggregated to $0.2 million.

Redeemable Convertible Series C Preferred Stock

In July 2023, the Company entered into a Series C Preferred Stock Purchase Agreement which provided for the sale and issuance of the Company’s Series C redeemable convertible preferred stock in two tranches, Series C-1 and Series C-2, to investors at a purchase price of $8.11 per share and $10.14 per share, respectively. As of December 31, 2025, 4,933,836 shares of Series C-1 were issued and outstanding. Gross cash proceeds raised from Series C-1 totaled $40.0 million and were issued contemporaneously with the execution of the Series C Preferred Stock Purchase Agreement. The Company completed the issuance of the Series C-2 in March 2025. Gross cash proceeds raised from the issuance of 4,933,589 Series C-2 shares totaled $50.0 million. Related issuance costs for the Series C totaled $0.3 million from the original issuance in 2023 and an additional $20,772 in 2025 in conjunction with the Series C-2 issuance aggregating to $0.3 million.

Redeemable Convertible Preferred Stock Tranche Liability

The Company determined the right of the investors to purchase shares of Series C-2 redeemable convertible preferred stock at a fixed cash issuance price per share at a future date met the definition of a freestanding financial instrument as the instrument is legally detachable and separately exercisable (the Redeemable Convertible Preferred Stock Tranche Liability) from the shares of Series C-1 Preferred Stock. The Redeemable Convertible Preferred Stock Tranche Liability was recognized at fair value upon the issuance of the Series C-1 redeemable convertible preferred stock in July 2023. The Redeemable Convertible Preferred Stock Tranche Liability was subject to remeasurement at each balance sheet date, with changes in fair value recognized within other income (expense) in the condensed statement of operations and comprehensive loss. The Redeemable Convertible Preferred Stock Tranche Liability was measured at level 3 of the fair value hierarchy in accordance with ASC 820. Upon closing of the Series C-2 preferred stock tranche in March 2025, the Redeemable Convertible Preferred Stock Tranche Liability was settled.

Redeemable Convertible Series D Preferred Stock

In May 2025, the Company entered into a Series D Preferred Stock Purchase Agreement which provides for the sale and issuance of the Company’s Series D redeemable convertible preferred stock (Series D) to investors at a purchase price of $13.34. As of December 31, 2025, 5,799,465 shares of Series D were issued and outstanding. Gross cash proceeds raised from Series D in the initial closing in May 2025 totaled $75.0 million and were issued contemporaneously with the execution of the Series D Preferred Stock Purchase Agreement. Gross proceeds raised from the Series D in the subsequent closing in June 2025 totaled $2.3 million. Related issuance costs for the Series D totaled $0.3 million from the original issuance and an additional $5,254 in the subsequent issuance aggregating to $0.3 million.

Redeemable convertible preferred stock consisted of the following at December 31, 2025:


(in thousands, except share data)	Redeemable Convertible Preferred Stock
As of December 31, 2025	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		27,500
Series C-1 preferred stock	4,933,836	39,760		40,010
Series C-2 preferred stock	4,933,589	54,932		50,010
Series D preferred stock	5,799,465	77,059		77,326
Total redeemable convertible preferred stock	20,341,968	$	204,537	$	200,878

The Company completed its IPO on February 9, 2026. In connection with the IPO, all outstanding shares of redeemable convertible preferred stock converted into an aggregate of 20,341,968 shares of common stock. As a result, no shares of redeemable convertible preferred stock remain outstanding as of March 31, 2026.

For a description of the rights, preferences and privileges of the redeemable convertible preferred stock prior to its conversion, refer to Note 4 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

- Definition

The entire disclosure for equity.

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of March 31, 2026 and December 31, 2025, set forth by level within the fair value hierarchy:


	As of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,501	$	—	$	—	$	9,501
Short-term investments	—		12,100		—		12,100
Total Assets	$	9,501	$	12,100	$	—	$	21,601


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,416	$	—	$	—	$	9,416
Short-term investments	—		11,078		—		11,078
Total Assets	$	9,416	$	11,078	$	—	$	20,494

The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was based on significant inputs not observable in the market, which represent a level 3 measurement within the fair value hierarchy. The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was determined using a Monte Carlo simulation forecasting the timing and likelihood of certain development milestone events being achieved and discounting the probability adjusted payments using an appropriate discount rate based on market interest rates. The main assumptions when determining the fair value of the Redeemable Convertible Preferred Stock Tranche Liability is the timing of and probability of achieving certain milestones, the estimated volatility of the Company’s common stock, and the discount rate. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value.

The following table reflects the fair value of the Company's level 3 Redeemable Convertible Preferred Stock Tranche Liability for the three months ended March 31, 2025:


(in thousands)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024	$	3,417
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 2025	1,526
Settlement of tranche in March 2025	(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of March 31, 2025	$	—

Short-term investments consist of fixed income U.S. treasury securities and certificates of deposit with maturities primarily between three and twelve months. The United States Treasury securities and Certificate of Deposit investments are classified as held-to-maturity and are reported at amortized cost, plus any additional costs incurred, as of March 31, 2026 and December 31, 2025. The amortized cost and fair value of held-to-maturity securities approximated each other at March 31, 2026 and December 31, 2025.

During the three months ended March 31, 2026 and 2025, there were no transfers between level 1, level 2 and level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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+ Details

Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value of Each Option Grant Using the Black-scholes Option Pricing Model

The fair value of each option grant during the three months ended March 31, 2026 and 2025 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,
	2026			2025
Expected volatility	78	-	79%	60%
Dividend yield	0%			0%
Risk free interest rates	3.87	-	3.97%	4.11	-	4.16%
Expected term (years)	6.5	-	7	6	-	7

Schedule of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2026 is as follows:


(in thousands, except share and per share data)	Number of Shares Underlying Options	Weighted Average Exercise Price		Aggregate Intrinsic Value




Outstanding at January 1, 2026	3,405,906	$	4.64	$	19,279
Granted	1,325,644	16.11
Cancelled / Expired	—	—
Exercised	(105,717)	0.52
Outstanding at March 31, 2026	4,625,833	$	8.02	$	82,770
Vested and expected to vest at March 31, 2026	4,625,833	$	8.02	$	82,770

The following table summarizes information concerning outstanding and exercisable stock options at March 31, 2026:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding at March 31, 2026	4,625,833	$	8.02	9.00
Exercisable at March 31, 2026	860,703	$	2.07	7.57

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Dr. Malik Y. Kahook, the Company’s co-founder, board chair, and chief medical officer, is a party to a services agreement with the Company and the University of Colorado Medicine, pursuant to which he provides services to the Company in connection with the responsibilities associated with his positions. Such service expenses are recorded within general and administrative operating expenses given the executive management and corporate governance related nature of Dr. Kahook’s positions. In conjunction with this agreement, the Company paid the University of Colorado Medicine $0.1 million and $0.1 million during the three months ended March 31, 2026 and 2025, respectively. The terms of the services agreement, which automatically renews each year, were approved by the Company’s board of directors. $43,005 and $24,995 was payable to the University of Colorado Medicine under this agreement as of March 31, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes primarily relates to projected federal and state income taxes calculated on the projected taxable income for the period. To determine the quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is generally based on expected annual income as well as statutory tax rates in the various jurisdictions in which the Company operates. In addition, the tax effects of certain significant or unusual items are recognized discretely in the quarter during which they occur and can be a source of variability in the effective tax rates from quarter to quarter. As per ASC 740-270, the Company’s interim tax provision is computed based on the estimated annual effective tax rate approach. The estimated annual effective tax rate approach is used to determine the tax related to ordinary income unless certain exceptions apply. The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. Based upon the Company’s review of all positive and negative evidence, the Company continues to have a full valuation allowance on its deferred tax assets as of March 31, 2026. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in condensed financial statements of any uncertain tax positions that have been taken or are expected to be taken on an income tax return. Additionally, the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the condensed financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized upon settlement. Accordingly, the Company establishes reserves for uncertain tax positions. There was no income tax provision for each of the three months ended March 31, 2026 and 2025. The effective tax rate was 0% for each of the three months ended March 31, 2026 and 2025, and differs from the statutory federal income tax rate due to the deferred tax assets being subject to a full valuation allowance. On July 4, 2025, the “One Big, Beautiful Bill Act” (OBBBA) was signed into federal law. The OBBBA included multiple provisions applicable to U.S. income tax for businesses, including bonus depreciation for qualified tangible property, immediate expensing of research expenditures, and updates to the calculation of disallowed interest. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The OBBBA provisions have an immaterial effect on the Company’s estimated annual effective tax rate and the condensed financial statements due to the full valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (13,818)	$ (8,823)
Comprehensive loss	$ (13,818)	$ (8,823)
Basic weighted-average shares outstanding (in shares)	19,927,848	2,229,637
Diluted weighted-average share outstanding (in shares)	19,927,848	2,229,637
Basic net loss per share (in dollars per share)	$ (0.69)	$ (3.96)
Diluted net loss per share (in dollars per share)	$ (0.69)	$ (3.96)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,177	$ 3,453
Less: accumulated depreciation	(1,432)	(1,114)
Property and equipment, net	2,745	2,339
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,125	2,098
Construction in progress - machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	864	393
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	96	96
Computers and hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	108	108
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	99	99
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	622	622
Construction in progress - leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 263	$ 37

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2026
Accounting Policies [Abstract]
Description of Business	Description of Business Business SpyGlass Pharma, Inc. (the Company) was incorporated on January 7, 2019. The Company is a late-stage biopharmaceutical company and has initiated its Phase 3 clinical trials for its lead product, an IOL mounted, controlled release, drug delivery system intended to treat glaucoma through the delivery of the drug bimatoprost. Reverse Stock Split The Company’s board of directors and stockholders approved a one-for-5.7329 reverse stock split effective on January 28, 2026 of its issued and outstanding common stock, Series A, Series B, Series C-1, Series C-2, and Series D redeemable convertible preferred stock. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the effects of the reverse stock split. The authorized shares and par value of the common stock and preferred stock remained unchanged as a result of the reverse stock split. As the number, issuance price, and conversion price of all outstanding preferred stock were adjusted, the conversion ratios for each series of the Company’s preferred stock were unchanged. Additionally, the number of shares of common stock underlying outstanding stock options were proportionately reduced and the respective exercise prices were proportionately increased in accordance with the terms of the appropriate agreements. Initial Public Offering of Common Stock On February 9, 2026, the Company closed its initial public offering (IPO) of 10,781,250 shares of common stock, which included the exercise in full of the underwriters’ option to purchase 1,406,250 additional shares of common stock, at a public offering price of $16.00 per share. The aggregate gross proceeds from the offering were $172.5 million, before deducting underwriting discounts and commissions and other offering expenses. Upon the pricing of the IPO, on February 5, 2026, the Company granted 1,312,044 options to purchase shares of common stock at the public offering price under the Company’s 2026 Equity Incentive Plan (the 2026 Plan), which became effective in connection with the IPO of common stock. The Company’s 2019 Equity Incentive Plan (the 2019 Plan) terminated upon the effectiveness of the 2026 Plan, and the Company will not grant any additional awards under the 2019 Plan following its termination. However, the 2019 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under our 2019 Plan. Risks, uncertainties, going concern and management’s plans The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the availability of future financing; the ability to obtain regulatory approval and market acceptance of, and reimbursement for, the Company’s drug candidates if approved; the performance of third-party clinical research organizations and manufacturers; licenses of intellectual property; future development of intellectual property; litigation or claims against the Company, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support commercial operations. In addition, significant changes in the biotechnology industry or the approval of competitive products or therapies could adversely affect the Company’s development and operating results. The accompanying condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which contemplate continuation of the Company as a going concern. To date, the Company has relied on equity financing to fund its operations. The Company has an accumulated deficit of $118.5 million as of March 31, 2026, and used cash in operations of $13.5 million during the three months ended March 31, 2026. While the Company has no revenue-generating activities, working capital totaled $246.7 million as of March 31, 2026. Successful completion of development of the Company’s initial commercial products is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial obligations. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. The Company expects to seek additional funding through equity financings, debt financings or other sources. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any future financing may adversely affect the holdings or the rights of the Company’s existing stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce or eliminate its research and development. In February 2026, the Company completed the IPO of its common stock, with aggregate gross proceeds from the offering of $172.5 million, before deducting underwriting discounts and commissions and other offering expenses. As of the issuance of these interim financial statements, management believes the Company’s existing cash, cash equivalents, and short-term investments provide sufficient liquidity to continue as a going concern for the next twelve months. The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The condensed financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit
Balance at the beginning (in shares) at Dec. 31, 2024	9,608,914
Balance at the beginning at Dec. 31, 2024	$ 72,546
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability (in shares)	4,933,589
Issuance of Series C-2 redeemable convertible preferred stock, net of issuance costs and tranche liability	$ 54,939
Balance at the end (in shares) at Mar. 31, 2025	14,542,503
Balance at the end at Mar. 31, 2025	$ 127,485
Beginning balance (in shares) at Dec. 31, 2024		2,196,423
Beginning balance at Dec. 31, 2024	(60,474)	$ 0	$ 4,387	$ (64,861)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		86,579
Stock option exercises	100		100
Stock-based compensation	345		345
Net loss	(8,823)			(8,823)
Comprehensive loss	(8,823)			(8,823)
Ending balance (in shares) at Mar. 31, 2025		2,283,002
Ending balance at Mar. 31, 2025	$ (68,852)	$ 0	4,832	(73,684)
Balance at the beginning (in shares) at Dec. 31, 2025	20,341,968
Balance at the beginning at Dec. 31, 2025	$ 204,537
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock on the initial public offering (in shares)	(20,341,968)
Conversion of redeemable convertible preferred stock into common stock on the initial public offering	$ (204,537)
Balance at the end (in shares) at Mar. 31, 2026	0
Balance at the end at Mar. 31, 2026	$ 0
Beginning balance (in shares) at Dec. 31, 2025	2,203,620	2,203,620
Beginning balance at Dec. 31, 2025	$ (98,837)	$ 0	5,893	(104,730)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)	105,717	105,717
Stock option exercises	$ 55		55
Stock-based compensation	1,675		1,675
Conversion of redeemable convertible preferred stock into common stock on the initial public offering (in shares)		20,341,968
Conversion of redeemable convertible preferred stock into common stock on the initial public offering	204,537		204,537
Issuance of common stock in initial public offering, net of underwriting discounts and commissions and offering costs (in shares)		10,781,250
Issuance of common stock in initial public offering, net of underwriting discounts and commissions and offering costs	156,500		156,500
Net loss	(13,818)			(13,818)
Comprehensive loss	$ (13,818)			(13,818)
Ending balance (in shares) at Mar. 31, 2026	33,432,555	33,432,555
Ending balance at Mar. 31, 2026	$ 250,112	$ 0	$ 368,660	$ (118,548)

Commitments and Contingencies - Schedule of Additional Balance Sheet Information Related to Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
ROU asset	$ 1,490	$ 1,552
Lease liabilities, current	0	0
Lease liabilities, non-current	$ 1,607	$ 1,582

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 238,902	$ 96,358
Short-term investments	12,100	11,078
Other receivables	653	431
Prepaid expenses and other current assets	1,707	901
Total current assets	253,362	108,768
Other non-current assets	789	492
Property and equipment, net	2,745	2,339
Deferred offering costs	0	2,715
Right-of-use asset	1,490	1,552
Total assets	258,386	115,866
Current liabilities
Accounts payable	3,514	2,696
Payroll-related accruals	882	2,182
Other current liabilities	2,271	3,706
Total current liabilities	6,667	8,584
Lease liability, non-current	1,607	1,582
Total liabilities	8,274	10,166
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $.00001 par value; zero shares authorized, issued and outstanding as of March 31, 2026; 116,618,581 shares authorized, 20,341,968 shares issued and outstanding as of December 31, 2025 (aggregate liquidation preference of $zero and $200,878 as of March 31, 2026 and December 31, 2025, respectively)	0	204,537
Stockholders' equity (deficit)
Preferred stock, $.00001 par value; 200,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026; zero shares authorized, issued, and outstanding as of December 31, 2025	0	0
Common stock, $.00001 par value; 1,000,000,000 shares authorized; 33,432,555 shares issued and outstanding as of March 31, 2026; 154,383,336 shares authorized; 2,203,620 shares issued and outstanding as of December 31, 2025	0	0
Common stock additional paid-in capital	368,660	5,893
Accumulated deficit	(118,548)	(104,730)
Total stockholders' equity (deficit)	250,112	(98,837)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 258,386	$ 115,866

Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1.7	$ 0.3
Dividend yield	0.00%	0.00%
Aggregate intrinsic value of exercisable options	$ 20.5
Unrecognized compensation cost related to non-vested options	$ 27.4
Weighted-average period expected to recognize compensation expense (in years)	2 years 10 months 24 days
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 11.86	$ 4.38
Research and Development Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.6	$ 0.1
General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1.1	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Feb. 09, 2026 USD ($) $ / shares shares	Feb. 05, 2026 shares	Jan. 28, 2026	Feb. 28, 2026 USD ($)	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Class of Stock [Line Items]
Stock split ratio, common stock			0.1744
Aggregate gross proceeds from the offering					$ 160,425	$ 0
Granted (in shares) \| shares		1,312,044			1,325,644
Accumulated deficit					$ 118,548		$ 104,730
Net cash used in operating activities					13,544	$ 8,201
Working capital					$ 246,700
IPO
Class of Stock [Line Items]
Shares sold in offering (in shares) \| shares	10,781,250
Offering price per share (in dollars per share) \| $ / shares	$ 16.00
Aggregate gross proceeds from the offering	$ 172,500			$ 172,500
Over-Allotment Option
Class of Stock [Line Items]
Shares sold in offering (in shares) \| shares	1,406,250

Equity Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 05, 2026	Mar. 31, 2026	Dec. 31, 2025
Number of Shares Underlying Options
Outstanding balances at beginning of period (in shares)		3,405,906
Granted (in shares)	1,312,044	1,325,644
Cancelled / Expired (in shares)		0
Exercised (in shares)		(105,717)
Outstanding balances at end of period (in shares)		4,625,833
Vested and expected to vest (in shares)		4,625,833
Weighted Average Exercise Price
Outstanding balances at beginning of period (in dollars per share)		$ 4.64
Granted (in dollars per share)		16.11
Cancelled / Expired (in dollars per share)		0
Exercised (in dollars per share)		0.52
Outstanding balances at end of period (in dollars per share)		8.02
Vested and expected to vest (in dollars per share)		$ 8.02
Aggregate Intrinsic Value		$ 82,770	$ 19,279
Vested and expected to vest, outstanding, aggregate intrinsic value		$ 82,770

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Mar. 31, 2026
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees who meet minimum age and eligibility requirements and allows participants to defer a portion of their annual compensation on a pretax and/or after-tax basis. Company contributions to the plan may be made at the discretion of the Company’s board of directors. There were no contributions made by the Company during each of the three months ended March 31, 2026 and 2025.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (13,818)	$ (8,823)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	318	124
Non-cash lease expense	63	99
Stock-based compensation	1,675	345
Change in fair value of redeemable convertible preferred stock tranche liability	0	1,526
Interest receivable	(31)	0
Changes in:
Other receivables	(222)	(205)
Prepaid expenses and other current assets	(805)	157
Other non-current assets	(298)	(26)
Accounts payable	953	(372)
Payroll-related accruals	(1,300)	(883)
Other current liabilities	(104)	(35)
Lease liability	25	(108)
Net cash used in operating activities	(13,544)	(8,201)
Cash flows from investing activities
Property and equipment	(676)	(164)
Purchases of short-term investments	(4,000)	0
Redemptions of short-term investments	3,009	0
Net cash used in investing activities	(1,667)	(164)
Cash flows from financing activities
Proceeds from exercise of stock options	55	100
Gross proceeds from issuance of redeemable convertible preferred stock	0	50,010
Issuance costs of redeemable convertible preferred stock	0	(14)
Gross proceeds from initial public offering of common stock, net of underwriting discounts and commissions	160,425	0
Payments for deferred initial public offering costs	(2,725)	0
Net cash provided by financing activities	157,755	50,096
Net increase in cash and cash equivalents	142,544	41,731
Cash and cash equivalents, beginning of period	96,358	16,268	$ 16,268
Cash and cash equivalents, end of period	238,902	57,999	$ 96,358
Supplemental cash flow information
Cash paid for taxes	0	4
Conversion of redeemable convertible preferred stock upon initial public offering	204,537	0
Settlement of redeemable convertible preferred stock tranche liability	0	4,943
Purchases of property and equipment included in accounts payable and other current liabilities	296	36
Deferred offering costs included in accounts payable and other current liabilities	$ 17	$ 0

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, shares authorized (in shares)	0	116,618,581
Redeemable convertible preferred stock, shares issued (in shares)	0	20,341,968
Redeemable convertible preferred stock, shares outstanding (in shares)	0	20,341,968
Aggregate Liquidation Preference	$ 0	$ 200,878
Preferred stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	200,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	154,383,336
Common stock, shares issued (in shares)	33,432,555	2,203,620
Common stock, shares outstanding (in shares)	33,432,555	2,203,620

Property and Equipment - Narrative (Details) - USD ($)	3 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 318,000	$ 124,000
Loss on disposal of property and equipment	0	0
Asset impairment	$ 0	$ 0

Equity Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

Stock-based compensation expense is included in the accompanying condensed statements of operations and comprehensive loss and is allocated to operating expenses based on the function of the related employee. Total stock-based compensation expense for the three months ended March 31, 2026 and 2025 was $1.7 million and $0.3 million, respectively. Of these amounts, $0.6 million and $0.1 million were recorded to research and development expenses and $1.1 million and $0.2 million were recorded to general and administrative expenses for the three months ended March 31, 2026 and 2025, respectively.

The fair value of each option grant during the three months ended March 31, 2026 and 2025 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,
	2026			2025
Expected volatility	78	-	79%	60%
Dividend yield	0%			0%
Risk free interest rates	3.87	-	3.97%	4.11	-	4.16%
Expected term (years)	6.5	-	7	6	-	7

Expected volatility – Since the Company does not have sufficient stock price history, the expected volatility is calculated based on the average volatility for a peer group of companies in the industry and a similar stage of development in which the Company does business.

Dividend yield of zero – The Company has not, and does not, intend to pay, dividends.

Risk-free interest rates – The Company applies the risk-free interest rate based on the U.S. Treasury yield for the expected term of the option.

Expected term - For employee and non-employee stock options, the Company calculated the expected term as the average of the contractual term of the option and the vesting period.

The estimated fair value of the Company’s Common Stock was determined by the Company’s management and board of directors and considered valuation estimates from a qualified, independent third-party valuation firm.

Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2026 is as follows:


(in thousands, except share and per share data)	Number of Shares Underlying Options	Weighted Average Exercise Price		Aggregate Intrinsic Value




Outstanding at January 1, 2026	3,405,906	$	4.64	$	19,279
Granted	1,325,644	16.11
Cancelled / Expired	—	—
Exercised	(105,717)	0.52
Outstanding at March 31, 2026	4,625,833	$	8.02	$	82,770
Vested and expected to vest at March 31, 2026	4,625,833	$	8.02	$	82,770

The following table summarizes information concerning outstanding and exercisable stock options at March 31, 2026:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding at March 31, 2026	4,625,833	$	8.02	9.00
Exercisable at March 31, 2026	860,703	$	2.07	7.57

The aggregate intrinsic value of exercisable options at March 31, 2026 was $20.5 million. As of March 31, 2026, unrecognized compensation cost related to non-vested options was $27.4 million, and the weighted average period over which this amount is expected to be recognized is 2.9 years. The weighted average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $11.86 per share and $4.38 per share, respectively.

Net Loss Per Share - Schedule of Anti-dilutive (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	4,625,833	16,099,251
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	4,625,833	1,556,748
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	14,542,503

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
Research and development	$ 8,542,000	$ 6,052,000
General and administrative	6,867,000	1,371,000
Total operating expenses	15,409,000	7,423,000
Loss from operations	(15,409,000)	(7,423,000)
Other income (expense)
Interest income	1,591,000	126,000
Change in fair value of redeemable convertible preferred stock tranche liability	0	(1,526,000)
Total other income (expense)	1,591,000	(1,400,000)
Loss before income tax	(13,818,000)	(8,823,000)
Income tax provision	0	0
Net loss	(13,818,000)	(8,823,000)
Comprehensive loss	$ (13,818,000)	$ (8,823,000)
Net loss per share
Weighted average common stock outstanding, basic (in shares)	19,927,848	2,229,637
Weighted average common stock outstanding, diluted (in shares)	19,927,848	2,229,637
Net loss per share, basic (in dollars per share)	$ (0.69)	$ (3.96)
Net loss per share, diluted (in dollars per share)	$ (0.69)	$ (3.96)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax provision	$ 0	$ 0
Effective income tax rate reconciliation, percent	0.00%	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Fair Value Measurements - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Short-term investments	$ 12,100	$ 11,078
Total Assets	21,601	20,494
Level 1
Assets
Short-term investments	0	0
Total Assets	9,501	9,416
Level 2
Assets
Short-term investments	12,100	11,078
Total Assets	12,100	11,078
Level 3
Assets
Short-term investments	0	0
Total Assets	0	0
Money market funds
Assets
Money market funds	9,501	9,416
Money market funds \| Level 1
Assets
Money market funds	9,501	9,416
Money market funds \| Level 2
Assets
Money market funds	0	0
Money market funds \| Level 3
Assets
Money market funds	$ 0	$ 0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis


	As of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,501	$	—	$	—	$	9,501
Short-term investments	—		12,100		—		12,100
Total Assets	$	9,501	$	12,100	$	—	$	21,601


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,416	$	—	$	—	$	9,416
Short-term investments	—		11,078		—		11,078
Total Assets	$	9,416	$	11,078	$	—	$	20,494

Schedule of Fair Value of Level 3 Redeemable Convertible Preferred Stock Tranche Liability

The following table reflects the fair value of the Company's level 3 Redeemable Convertible Preferred Stock Tranche Liability for the three months ended March 31, 2025:


(in thousands)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024	$	3,417
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 2025	1,526
Settlement of tranche in March 2025	(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of March 31, 2025	$	—

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Disclosure

Additional balance sheet information related to the operating leases at March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	March 31, 2026		December 31, 2025
ROU asset	$	1,490	$	1,552
Lease liabilities, current	—		—
Lease liabilities, non-current	1,607		1,582

Schedule of Lease Cost

The components of operating lease expense for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Operating lease cost (net of lease modification)	$	88	$	161
Short-term and variable lease cost	1		31

Supplemental cash flows information related to leases for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1	$	201
ROU asset in exchange for lease liability	$	—	$	—
Weighted average remaining lease term (years)	7.25		6.25
Weighted average discount rate	6.42%		6.52%

Fair Value Measurements - Schedule of Fair Value of Level 3 Redeemable Convertible Preferred Stock Tranche Liability (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024	$ 3,417
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 2025	1,526
Settlement of tranche in March 2025	(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of March 31, 2025	$ 0

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consisted of the following at December 31, 2025:


(in thousands, except share data)	Redeemable Convertible Preferred Stock
As of December 31, 2025	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		27,500
Series C-1 preferred stock	4,933,836	39,760		40,010
Series C-2 preferred stock	4,933,589	54,932		50,010
Series D preferred stock	5,799,465	77,059		77,326
Total redeemable convertible preferred stock	20,341,968	$	204,537	$	200,878

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share of common stock. Diluted net loss per share considers the more dilutive of the two-class method and if-converted method. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Net loss and comprehensive loss	$	(13,818)	$	(8,823)
Basic and diluted weighted-average shares outstanding	19,927,848		2,229,637
Basic and diluted net loss per share	$	(0.69)	$	(3.96)

As of March 31, 2026, the Company’s stock-based compensation awards could have the most significant impact on diluted shares should the instruments represent dilutive instruments. However, securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price of stock options exceeds the average closing price of the Company’s shares of common stock during the period, because their inclusion would result in an anti-dilutive effect on the per share amounts.

The following amounts were not included in the calculation of net loss per diluted share for the periods presented because their effects were anti-dilutive:


	Three Months Ended March 31,
	2026	2025
Stock options	4,625,833	1,556,748
Redeemable convertible preferred stock	—	14,542,503
Total	4,625,833	16,099,251

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	0	20,341,968
Redeemable convertible preferred stock, shares outstanding (in shares)	0	20,341,968	14,542,503	9,608,914
Amount	$ 0	$ 204,537	$ 127,485	$ 72,546
Aggregate Liquidation Preference	$ 0	$ 200,878
Series A preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)		956,575
Redeemable convertible preferred stock, shares outstanding (in shares)		956,575
Amount		$ 5,465
Aggregate Liquidation Preference		$ 6,032
Series B preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)		3,718,503
Redeemable convertible preferred stock, shares outstanding (in shares)		3,718,503
Amount		$ 27,321
Aggregate Liquidation Preference		$ 27,500
Series C-1 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)		4,933,836
Redeemable convertible preferred stock, shares outstanding (in shares)		4,933,836
Amount		$ 39,760
Aggregate Liquidation Preference		$ 40,010
Series C-2 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)		4,933,589
Redeemable convertible preferred stock, shares outstanding (in shares)		4,933,589
Amount		$ 54,932
Aggregate Liquidation Preference		$ 50,010
Series D preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)		5,799,465
Redeemable convertible preferred stock, shares outstanding (in shares)		5,799,465
Amount		$ 77,059
Aggregate Liquidation Preference		$ 77,326

Equity Based Compensation - Schedule of Fair Value of Each Option Grant Using the Black-scholes Option Pricing Model (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	78.00%
Expected volatility, maximum	79.00%
Expected volatility		60.00%
Dividend yield	0.00%	0.00%
Risk free interest rates, minimum	3.87%	4.11%
Risk free interest rates, maximum	3.97%	4.16%
Minimum \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	6 years 6 months	6 years
Maximum \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	7 years	7 years

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and short-term investments. Management mitigates such potential risks by maintaining the Company’s cash equivalents and short-term investment balances with entities that management believes possess high-credit quality. As of March 31, 2026 and December 31, 2025, the Company had $49.0 million and $18.9 million, respectively, on deposit that was not federally-insured or insured by the Securities Investor Protection Corporation.

University of Colorado License Agreement

In March 2020, the Company entered into a license agreement with the Regents of the University of Colorado, which was amended in December of 2020, May of 2023 and October of 2025, under which the Company obtained an exclusive, royalty-bearing, sublicensable, worldwide license under a patent application co-owned by the University of Colorado and the Company relating to an intra-ocular drug dispenser and all patents claiming priority to such patent to develop, manufacture, and commercialize products for use in the treatment of various ophthalmic diseases. The Company has the right to grant sublicenses to third parties.

The Company is required to reimburse the University of Colorado for costs incurred in applying and maintaining patents, which are recorded as a research and development expense as incurred. The Company is also required to pay the maintenance fees on an annual basis as each of the anniversary dates from the effective date. The Company expenses this annual license fee to research and development. The Company is required to make payments to the University of Colorado for contingent milestones achieved in the development and commercialization process. The future contingent milestone payments under the Agreements made prior to FDA approval (or the equivalent) are considered contingent upon future research and development outcomes and will be expensed to research and development when issuable. If milestones are achieved, the milestone payment related to FDA approval and any subsequent milestone payments will be capitalized. In addition, the Company is required to pay future royalty payments. The future royalty payments are contingent consideration and should be recorded when payment is probable and estimable. These payments will only be made if commercialization of the Licensed Product(s) is achieved. Therefore, the Company will record royalty payable if or when commercialization is completed and revenues associated with the Licensed Product are estimable and probable. Additionally, the Company must pay the University of Colorado a percentage of the sublicense income received if the Company decides to sublicense their rights to the Licensed Patents.

The Company recorded research and development expense in the amount of $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively, under the agreement.

Legal Proceedings

From time to time, the Company may be involved in legal proceedings, investigations and claims generally incidental to its normal business activities. In accordance with GAAP, loss contingencies are accrued when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These estimates are based on an analysis made by management and external legal counsel considering information known at the time.

On September 17, 2025, Glaukos Corporation (Glaukos) filed a lawsuit in the United States District Court for the Central District of California against the Company and against one of its employees (together, the Defendants) (Case No. 8:25-cv-02105) (the Complaint). Glaukos asserted two causes of action against the Company: trade secret misappropriation under the federal Defend Trade Secrets Act, and a similar claim under California’s unfair competition statute. Glaukos asserted three claims against the employee: breach of contract, fraud regarding employee exit documentation, and a violation of the Computer Fraud and Abuse Act. The Complaint requests customary remedies, including (a) a judgment that the Company misappropriated Glaukos’ trade secrets, (b) seizure of Defendants’ computers to arrange for the deletion of any of Glaukos’ trade secrets, (c) a temporary, preliminary and permanent injunction against the Defendants from the use of certain intellectual property, (d) damages, (e) attorneys’ fees, (f) interest on any foregoing sums, and (g) any relief as the court deems just and equitable, which could include future royalty payments. Although the Company believes it has meritorious defenses, vehemently denies the allegations and intends to defend the case vigorously, the outcome of this matter is inherently uncertain. Based on management’s review of the facts and circumstances currently available, the Company does not believe that a loss is probable, and no accrual has been recorded related to this matter as of March 31, 2026 and December 31, 2025.

Legal costs in connection with loss contingencies are generally expensed as incurred, net of insurance reimbursements as applicable. Insurance reimbursements related to such legal costs are recognized when realized or when recovery is probable and reasonably estimable, and are presented as a reduction of the related legal expense. Legal costs that are contingent upon the outcome of a proceeding are recognized upon resolution of the matter.

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for certain indemnifications. The Company’s exposure under these agreements is unknown because any such claims may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2026 and December 31, 2025, the Company does not have any material indemnification claims that were probably or reasonably possible and consequently have not recorded related liabilities.

Leases

The Company has entered into two operating lease agreements for office and lab space in Aliso Viejo, California. The Company entered into a lease termination agreement on December 1, 2023 and subsequently reinstated the lease on October 1, 2024 for a 12 month period where the Company elected the short-term lease practical expedient and expenses lease cost on a straight line basis. The Company entered into a new lease on January 1, 2024 with a noncancelable period of 90 months, an early termination option with a substantive penalty, and a five-year renewal option. The Company did not include the termination or renewal option in considering the lease term as the Company determined it was not likely to exercise the option. The lease was classified as an operating lease in accordance with the provisions of ASC 842, “Leases”, and discounted using an estimated incremental borrowing rate of 6.52%.

On November 22, 2025, the Company entered into a lease termination agreement related to its office and lab space in Aliso Viejo, California due to the necessity of additional space for operational needs. Under the terms of this agreement, the Company expects to terminate the lease no later than July 2026. Additionally, on November 22, 2025, the Company entered into a new operating lease agreement for office and lab space in Irvine, California. The new lease commenced on December 1, 2025 with a noncancelable period of 91 months, with a five-year renewal option, and no early termination option. The Company did not include the renewal option in considering the lease in accordance with the provisions of ASC 842 as the Company determined it was not likely to exercise the option, and discounted using an estimated incremental borrowing rate of 6.42%. The Company’s operating leases do not contain any significant residual value guarantees or restrictive covenants.

Additional balance sheet information related to the operating leases at March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	March 31, 2026		December 31, 2025
ROU asset	$	1,490	$	1,552
Lease liabilities, current	—		—
Lease liabilities, non-current	1,607		1,582

The components of operating lease expense for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Operating lease cost (net of lease modification)	$	88	$	161
Short-term and variable lease cost	1		31

Variable lease costs were immaterial for the three months ended March 31, 2026 and 2025. Rent expense for the three months ended March 31, 2026 and 2025 was $0.1 million and $0.2 million, respectively.

Supplemental cash flows information related to leases for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1	$	201
ROU asset in exchange for lease liability	$	—	$	—
Weighted average remaining lease term (years)	7.25		6.25
Weighted average discount rate	6.42%		6.52%

Commitments and Contingencies

Concentrations of Credit Risk

University of Colorado License Agreement

The Company recorded research and development expense in the amount of $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively, under the agreement.

Legal Proceedings

Guarantees and Indemnifications

Leases

Additional balance sheet information related to the operating leases at March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	March 31, 2026		December 31, 2025
ROU asset	$	1,490	$	1,552
Lease liabilities, current	—		—
Lease liabilities, non-current	1,607		1,582

The components of operating lease expense for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Operating lease cost (net of lease modification)	$	88	$	161
Short-term and variable lease cost	1		31

Supplemental cash flows information related to leases for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1	$	201
ROU asset in exchange for lease liability	$	—	$	—
Weighted average remaining lease term (years)	7.25		6.25
Weighted average discount rate	6.42%		6.52%

Related Party Transactions (Details) - University of Colorado License Agreement - Related Party - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Amounts of transaction	$ 100,000	$ 100,000
Accounts payable	$ 43,005		$ 24,995

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 01, 2025	Oct. 01, 2024	Jan. 01, 2024	Dec. 01, 2023 operating_lease
Other Commitments [Line Items]
Uninsured amount	$ 49,000		$ 18,900
Research and development	8,542	$ 6,052
Number of operating lease agreements \| operating_lease							2
Operating lease term					12 months
Non-cancellable lease period				91 months		90 months
Renewal term				5 years		5 years
Discount rate				6.42%		6.52%
Rent expense	100	200
University of Colorado License Agreement
Other Commitments [Line Items]
Research and development	$ 100	$ 100

Equity Based Compensation - Schedule of Outstanding and Exercisable Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Options
Options outstanding (in shares)	4,625,833	3,405,906
Options exercisable (in shares)	860,703
Weighted Average Exercise Price
Weighted average exercise price, options outstanding (in dollars per share)	$ 8.02	$ 4.64
Weighted average exercise price, options exercisable (in dollars per share)	$ 2.07
Weighted Average Remaining Contractual Life (Years)
Options outstanding, weighted-average remaining contractual life	9 years
Options exercisable, weighted-average remaining contractual life	7 years 6 months 25 days

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1	$ 201
ROU asset in exchange for lease liability	$ 0	$ 0
Weighted average remaining lease term (years)	7 years 3 months	6 years 3 months
Weighted average discount rate	6.42%	6.52%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed financial statements and accompanying notes are prepared on the accrual basis of accounting in accordance with GAAP. The condensed interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position at March 31, 2026 and the results of its operations and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any other subsequent interim period. The accompanying condensed balance sheet at December 31, 2025 was derived from the Company’s audited annual financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025; however, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed financial statements. The significant accounting policies and estimates used in the preparation of the accompanying condensed financial statements are described in the Company’s audited financial statements for the year ended December 31, 2025. There have been no material changes to the Company’s accounting policies during the three months ended March 31, 2026. Additionally, there have been no updates to the Company’s evaluation of recently issued accounting standards since the issuance of the Company’s audited financial statements for the year ended December 31, 2025.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following at March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Machinery and equipment	$	2,125	$	2,098
Construction in progress - machinery and equipment	864		393
Furniture and fixtures	96		96
Computers and hardware	108		108
Software	99		99
Leasehold improvements	622		622
Construction in progress - leasehold improvements	263		37
Property and equipment, gross	4,177		3,453
Less: accumulated depreciation	(1,432)		(1,114)
Property and equipment, net	$	2,745	$	2,339

Depreciation expense for the three months ended March 31, 2026 and 2025 was $0.3 million and $0.1 million respectively, and was allocated as follows:


(in thousands)	March 31, 2026		March 31, 2025
Research and development	$	301	$	106
General and administrative	17		18
Depreciation expense	$	318	$	124

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Net loss and comprehensive loss	$	(13,818)	$	(8,823)
Basic and diluted weighted-average shares outstanding	19,927,848		2,229,637
Basic and diluted net loss per share	$	(0.69)	$	(3.96)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following amounts were not included in the calculation of net loss per diluted share for the periods presented because their effects were anti-dilutive:


	Three Months Ended March 31,
	2026	2025
Stock options	4,625,833	1,556,748
Redeemable convertible preferred stock	—	14,542,503
Total	4,625,833	16,099,251

Commitments and Contingencies - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost (net of lease modification)	$ 88	$ 161
Short-term and variable lease cost	$ 1	$ 31

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 20, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-43105
Entity Registrant Name	SpyGlass Pharma, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3044245
Entity Address, Address Line One	27061 Aliso Creek Rd.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Aliso Viejo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92656
City Area Code	949
Local Phone Number	284-6904
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	SGP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,433,355
Central Index Key	0001778922
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Defined Contribution Plan (Details) - USD ($)	3 Months Ended
Defined Contribution Plan (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Contribution made by employer	$ 0	$ 0

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following at March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Machinery and equipment	$	2,125	$	2,098
Construction in progress - machinery and equipment	864		393
Furniture and fixtures	96		96
Computers and hardware	108		108
Software	99		99
Leasehold improvements	622		622
Construction in progress - leasehold improvements	263		37
Property and equipment, gross	4,177		3,453
Less: accumulated depreciation	(1,432)		(1,114)
Property and equipment, net	$	2,745	$	2,339

Depreciation expense for the three months ended March 31, 2026 and 2025 was $0.3 million and $0.1 million respectively, and was allocated as follows:


(in thousands)	March 31, 2026		March 31, 2025
Research and development	$	301	$	106
General and administrative	17		18
Depreciation expense	$	318	$	124

There were no gains or losses on dispositions of property and equipment for the three months ended March 31, 2026 and 2025. Additionally, there were no impairment losses recognized during the three months ended March 31, 2026 and 2025.

Property and Equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 318	$ 124
Research and development
Property, Plant and Equipment [Line Items]
Depreciation expense	301	106
General and administrative
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 17	$ 18

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The condensed financial statements and accompanying notes are prepared on the accrual basis of accounting in accordance with GAAP. The condensed interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position at March 31, 2026 and the results of its operations and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any other subsequent interim period. The accompanying condensed balance sheet at December 31, 2025 was derived from the Company’s audited annual financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025; however, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed financial statements. The significant accounting policies and estimates used in the preparation of the accompanying condensed financial statements are described in the Company’s audited financial statements for the year ended December 31, 2025. There have been no material changes to the Company’s accounting policies during the three months ended March 31, 2026. Additionally, there have been no updates to the Company’s evaluation of recently issued accounting standards since the issuance of the Company’s audited financial statements for the year ended December 31, 2025.

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segment	1
Number of operating segments	1