On June 2, 2025, SpyGlass Pharma announced the close of a $75 million Series D financing round to further develop its innovative drug delivery platform. The round was led by Sands Capital, with participation from Gilde Healthcare. Existing investors—New Enterprise Associates (NEA), RA Capital, Vensana Capital, Samsara BioCapital, and Vertex Ventures HC—also joined the round. Wilson Sonsini Goodrich & Rosati advised SpyGlass on the transaction.

SpyGlass is developing a novel intraocular lens (IOL)-based drug delivery platform designed to provide sustained therapy for multiple years, targeting long-term treatment of glaucoma and other chronic ophthalmic diseases. The company plans to use the new funding to advance the platform through the readout of two registrational Phase III trials, both expected to begin later this year.

The IOL-based system is designed for use with standard cataract surgery techniques, allowing surgeons to deliver therapy without the need to adopt new surgical skills. The implant provides sustained release of bimatoprost for up to three years. In fall 2024, SpyGlass released 18-month follow-up data demonstrating the platform’s strong potential.

The Wilson Sonsini team advising SpyGlass included Dan Koeppen, Kassandra Castillo, and Bridget Balisy.

For more information, please see SpyGlass Pharma’s press release.