IPOs this week : Feb 9 - 13, 26 (wk 7)

 IPOs expected to price

• AGI (AGBK), 

• Arko Petroleum (APC), and 

• Clear Street Group (CLRS) are expected to price their IPOs and begin to trade. 

IPO lockup expirations

The IPO lockup period expires for blocks of shares of 

• Bullish (BLSH), 

• Nasus Pharma (NSRX), and 

• Magnitude International (MAGH).

== SpyGlass Pharma (SGP) began trading on the Nasdaq on Fri 6 Feb 26

 

• SpyGlass Pharma (SGP) roared onto the public markets today, as its IPO of 9.375 mln shares priced at the $16 midpoint of its $15-$17 range, opened for trading at $24 (a 50% gain), and is currently trading near $29.
• The company's lead product candidate, the Bimatoprost Drug Pad-IOL System, targets the $13 bln glaucoma market by attaching drug-eluting pads to an intraocular lens implanted during routine cataract surgery, delivering three years of medication to solve the critical issue of patient non-adherence to daily drops.
• While SGP remains pre-revenue with a net loss of $27.3 mln for the first nine months of 2025, its growth strategy relies on leveraging a known drug (bimatoprost) and a standard surgical procedure to pursue a streamlined regulatory pathway.
• Beyond its lead asset, the company is advancing a "Drug Ring System" for standalone procedures, positioning its proprietary platform as a versatile, lifetime solution for chronic eye conditions.
• The enthusiastic investor reception reflects high confidence in a technology that integrates seamlessly into the existing cataract workflow without requiring surgeons to learn complex new techniques.
• Ultimately, the market is pricing in a "de-risked" commercialization path, supported by the company's plan to utilize existing CPT reimbursement codes to align provider economics with improved patient outcomes.
• SpyGlass, based in California, is making drug-device combinations for ocular conditions. One program is a lens implanted during cataract surgery. With the help of attached drug pads, it’s meant to treat glaucoma and ocular hypertension by slowly releasing a medication that lowers eye pressure. The therapy, codenamed BIM-IOL, is currently in two Phase 3 studies that started last month. SpyGlass expects to complete enrollment in 2027.

SpyGlass Pharma is a biopharmaceutical company focused on developing sustained drug delivery systems for chronic eye diseases, particularly glaucoma. Their approach uses a proprietary non-bioerodible platform to deliver medications long-term, often integrated with existing procedures like cataract surgery.Their main drug candidates, based on their pipeline and recent clinical advancements (as of early 2026), are:

• BIM-IOL System (Bimatoprost Drug Pad-Intraocular Lens System): This is their lead product candidate. It involves proprietary non-bioerodible drug pads attached to a monofocal intraocular lens (IOL), implanted during routine cataract surgery. It delivers bimatoprost (a prostaglandin analog) sustained over up to 3 years to reduce intraocular pressure (IOP) in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT).
  • It is in Phase III development, with two registrational trials (SGP-005 and SGP-006) having started randomization in January 2026.
  • Earlier trials (including 36-month first-in-human data) showed positive results, such as ~37% mean IOP reduction and safety comparable to standard cataract surgery.
• BIM-DRS (Bimatoprost Drug Ring System): This is their next-generation sustained-release implant. It is a removable and replaceable ring-shaped device for multi-year drug delivery (also bimatoprost). It targets a broader glaucoma population (including those not undergoing cataract surgery) and enables retreatment for patients previously treated with the BIM-IOL System. It has potential for lifelong disease management.
  • It is earlier in development, with first-in-human studies planned for 2026.

The company's platform is designed to be flexible for other approved medications and conditions (e.g., front/back of the eye diseases), with early/preclinical mentions of potential applications like postoperative steroids, NSAIDs, chronic uveitis, or age-related macular degeneration. However, the primary focus and most advanced candidates center on the bimatoprost-based systems for glaucoma.

OpenAI

OpenAI is not owned by a single entity, but rather operates under a complex hybrid structure. As of late 2025, it is controlled by the non-profit OpenAI Foundation (holding ~26-30%), while Microsoft holds a major stake (approx. 27-49%). Employees and other investors like Thrive Capital and Khosla Ventures hold the remaining equity. 

Key Details on Ownership & Structure:

• Non-Profit Control: The OpenAI Foundation (parent company) governs the for-profit, capped-profit subsidiary (OpenAI LP) to ensure the mission of safe AI development is prioritized over pure profit.

• Microsoft's Role: Microsoft has invested over $13 billion in total. While some reports indicate they hold 49% of the profit-sharing, other 2025 reports indicate a ~27-30% direct equity stake following company restructuring.

• Structure: OpenAI restructured into a for-profit "Group PBC" (Public Benefit Corporation) to allow for greater investment while keeping the non-profit as a majority stakeholder of the company's direction.

• Employee & Investor Ownership: A large portion of the company (roughly 30–47% depending on the report) is held by employees and various venture capital firms.