SpyGlass Pharma, Inc. (SGP) Balance Sheet
SGP balance sheet, 2025
December 31, 2025 · U.S. dollars$115.9M assets = $214.7M liabilities + −$98.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$98.8M).
Both columns are drawn to the same scale: what SGP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SGP financial health
Descriptive bands, not a rating. Fiscal 2025.
SGP balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $41.1M2023 | $115.9M2025 | +67.8%/yr | |
| Total liabilities | $74.1M2023 | $214.7M2025 | +70.2%/yr | |
| Shareholders’ equity | −$33.0M2023 | −$98.8M2025 | — | |
| Cash & short-term investments | $40.3M2023 | $107.4M2025 | +63.2%/yr | |
| Working capital | $39.0M2023 | $100.2M2025 | +$61.2M | |
| Book value per share | −$1.032023 | −$3.102025 | — | |
| Shares outstanding | 31.9M2023 | 31.9M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SGP assets
SGP liabilities and equity
SGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SGP balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $107.4M | $16.3M | $40.3M |
| Cash & equivalents | $96.4M | $16.3M | $15.8M |
| Short-term investments | $11.1M | $0 | $24.5M |
| Receivables | $431,000 | $0 | $0 |
| Inventory | $0 | $0 | $0 |
| Other current assets | $901,000 | $1.1M | $298,384 |
| Total current assets | $108.8M | $17.4M | $40.6M |
| Property, plant & equipment (net) | $3.9M | $5.5M | $448,491 |
| Goodwill & intangible assets | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $3.2M | $453,000 | $86,116 |
| Total assets | $115.9M | $23.3M | $41.1M |
| Liabilities | |||
| Accounts payable | $2.7M | $2.0M | $639,161 |
| Total current liabilities | $8.6M | $7.8M | $1.6M |
| Long-term debt | $0 | $0 | $0 |
| Lease obligations | $1.6M | $3.9M | $0 |
| Other long-term liabilities | $206.1M | $76.0M | $72.5M |
| Total liabilities | $214.7M | $83.8M | $74.1M |
| Shareholders' equity | |||
| Retained earnings (deficit) | −$104.7M | −$64.9M | −$35.7M |
| Total shareholders' equity | −$98.8M | −$60.5M | −$33.0M |
| Key figures | |||
| Total debt | $1.6M | — | — |
| Net cash (debt) | $105.9M | — | — |
| Working capital | $100.2M | $9.6M | $39.0M |
| Tangible book value | −$98.8M | −$60.5M | −$33.0M |
| Book value per share | −$3.10 | −$1.90 | −$1.03 |
| Shares outstanding | 31.9M | 31.9M | 31.9M |
| Current ratio | 12.67 | 2.23 | 25.57 |
| Quick ratio | 12.57 | 2.09 | 25.38 |
| Equity / assets | −85.3% | −259.3% | −80.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Dec '24 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $234.2M | $251.0M | $107.4M | $118.0M | $16.3M |
| Cash & equivalents | $223.1M | $238.9M | $96.4M | $106.0M | $16.3M |
| Short-term investments | $11.0M | $12.1M | $11.1M | $12.0M | $0 |
| Receivables | $678,000 | $653,000 | $431,000 | $418,007 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.6M | $1.7M | $901,000 | $1.2M | $1.1M |
| Total current assets | $236.5M | $253.4M | $108.8M | $119.7M | $17.4M |
| Property, plant & equipment (net) | $6.2M | $4.2M | $3.9M | $5.1M | $5.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $759,000 | $789,000 | $3.2M | $2.2M | $453,000 |
| Total assets | $243.4M | $258.4M | $115.9M | $127.0M | $23.3M |
| Liabilities | |||||
| Accounts payable | $4.2M | $3.5M | $2.7M | $1.7M | $2.0M |
| Short-term debt | — | — | — | $479,438 | — |
| Total current liabilities | $9.4M | $6.7M | $8.6M | $6.6M | $7.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.6M | $1.6M | $1.6M | $3.6M | $3.9M |
| Other long-term liabilities | $1.6M | $1.6M | $206.1M | $207.6M | $76.0M |
| Total liabilities | $11.1M | $8.3M | $214.7M | $214.2M | $83.8M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | — | — | — | $41 | — |
| Retained earnings (deficit) | −$138.4M | −$118.5M | −$104.7M | −$92.2M | −$64.9M |
| Total shareholders' equity | $232.4M | $250.1M | −$98.8M | −$87.2M | −$60.5M |
| Key figures | |||||
| Total debt | $1.6M | $1.6M | $1.6M | $3.6M | — |
| Net cash (debt) | $232.6M | $249.4M | $105.9M | $114.5M | — |
| Working capital | $227.0M | $246.7M | $100.2M | $113.1M | $9.6M |
| Tangible book value | $232.4M | $250.1M | −$98.8M | −$87.2M | −$60.5M |
| Book value per share | $6.95 | $12.55 | −$2.96 | −$2.61 | −$1.90 |
| Shares outstanding | 33.4M | 19.9M | 33.4M | 33.4M | 31.9M |
| Current ratio | 25.06 | 38.00 | 12.67 | 18.11 | 2.23 |
| Quick ratio | 24.89 | 37.75 | 12.57 | 17.92 | 2.09 |
| Debt / equity | 0.01 | 0.01 | — | — | — |
| Equity / assets | 95.5% | 96.8% | −85.3% | −68.7% | −259.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
SGP financial position
At the end of fiscal 2025 (December 31, 2025), SpyGlass Pharma had total assets of $115.9 million (up 396.9% from a year earlier), total liabilities of $214.7 million and shareholders' equity of -$98.8 million. It held $107.4 million in cash and short-term investments against $1.6 million of debt, a net cash position of $105.9 million. Its current ratio was 12.67. In the latest quarter (ended June 30, 2026) total assets were $243.4 million and equity $232.4 million.
Related: SGP income statement, SGP cash flow statement, SGP key metrics. See the SGP stock overview for the latest quote and news.
SGP balance sheet FAQ
What are SpyGlass Pharma's total assets?
SpyGlass Pharma reported total assets of $115.9 million at the end of fiscal 2025 (December 31, 2025), compared with $23.3 million a year earlier.
How much debt does SpyGlass Pharma have?
SpyGlass Pharma had $1.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does SpyGlass Pharma have?
SpyGlass Pharma held $107.4 million in cash and short-term investments at the end of fiscal 2025; with $1.6 million of debt that is net cash of $105.9 million.
What is SpyGlass Pharma's book value?
SpyGlass Pharma's shareholders' equity (book value) was -$98.8 million at the end of fiscal 2025, or −$3.10 per share.
What is SpyGlass Pharma's current ratio?
SpyGlass Pharma had current assets of $108.8 million and current liabilities of $8.6 million, a current ratio of 12.67 (it can cover its short-term obligations).