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Forensic Analysis · Medical Devices · as of Nov 8, 2026

SpyGlass Pharma, Inc. (SGP)

A forensic read on SpyGlass Pharma, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
-9.9
Distress distance
1
Forensic signals

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

SpyGlass Pharma, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -9.9, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

FCF ($33M)
FY2025
Shareholder returns. Returned $1M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($33M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

Key fundamentals

Free Cash Flow-$33.5M

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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