SpyGlass Pharma is a late-stage, pre-revenue biopharmaceutical company focused entirely on a single lead product: the Bimatoprost Drug Pad-IOL System (BIM-IOL System), a drug-device combination for treating glaucoma and elevated eye pressure. The product works by attaching two small drug pads loaded with bimatoprost — a prostaglandin analog already approved in eye drop form — to the arms of a standard intraocular lens (IOL). During routine cataract surgery, the surgeon implants the modified IOL as usual, and the pads release bimatoprost steadily over three years, reducing or eliminating the patient's need for daily eye drops. The core problem SpyGlass is addressing is patient non-adherence to daily drop regimens, which drives disease progression and irreversible vision loss in glaucoma patients. SpyGlass's Phase 3 trials launched in July 2025, with NDA submission planned for 2028 via the FDA's 505(b)(2) pathway. The commercial model, if approved, would be a pharmaceutical buy-and-bill structure common in ophthalmology, where surgeons or ASCs purchase and implant the device, then bill Medicare Part B. Reimbursement would follow the ASP-plus-6% model under a new J-code, and implantation rides on existing cataract surgery billing codes, reducing adoption friction. SpyGlass is also developing a ring-shaped implant version for patients who have already had cataract surgery, extending the addressable market. SpyGlass has funded operations through approximately $200M in investor financing since inception.