MeritValue

SpyGlass Pharma, Inc.

SGPdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue——
Net income−$29.2M1−$39.9M1
Operating cash flow−$22M2−$32.7M2
Capital expenditure$1.99M3$789,0003
Free cash flow (derived)−$24M2−$33.5M2
Total debt——
Cash & equivalents$16.3M4$96.4M4
Diluted shares1.8M2.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$445.79
your share of equity
Profit it earned you last year
−$179.82
Free cash flow it threw off
−$151.05
Debt you’d be carrying
—

10 shares is a claim on −$445.79 of net worth that earned you −$179.82 and generated −$151.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 2y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+24% shares · 2y

Share count is up 24% over 2 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001778922-26-000020 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001778922-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2024-12-31 · accession 0001778922-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  4. 10-K · period ending 2024-12-31 · accession 0001778922-26-000020 (CashAndCashEquivalentsAtCarryingValue)