<SEC-DOCUMENT>0001231919-26-000122.txt : 20260209
<SEC-HEADER>0001231919-26-000122.hdr.sgml : 20260209
<ACCEPTANCE-DATETIME>20260209170543
ACCESSION NUMBER:		0001231919-26-000122
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260205
FILED AS OF DATE:		20260209
DATE AS OF CHANGE:		20260209

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RA Capital Healthcare Fund LP
		CENTRAL INDEX KEY:			0001315082
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-43105
		FILM NUMBER:		26612386

	BUSINESS ADDRESS:	
		STREET 1:		200 BERKELEY STREET
		STREET 2:		18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		6177782500

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET
		STREET 2:		18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER NAME:	
		FORMER CONFORMED NAME:	RA Capital Biotech Fund LP
		DATE OF NAME CHANGE:	20050121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RA CAPITAL MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001346824
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-43105
		FILM NUMBER:		26612387

	BUSINESS ADDRESS:	
		STREET 1:		200 BERKELEY STREET, 18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-778-2500

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET, 18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER NAME:	
		FORMER CONFORMED NAME:	RA CAPITAL MANAGEMENT, LLC
		DATE OF NAME CHANGE:	20051213

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RA Capital Nexus Fund III, L.P.
		CENTRAL INDEX KEY:			0001883840
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-43105
		FILM NUMBER:		26612385

	BUSINESS ADDRESS:	
		STREET 1:		200 BERKELEY STREET, 18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-778-2500

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET, 18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Shah Rajeev M.
		CENTRAL INDEX KEY:			0001619841
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-43105
		FILM NUMBER:		26612383

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET
		STREET 2:		18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kolchinsky Peter
		CENTRAL INDEX KEY:			0001384859
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-43105
		FILM NUMBER:		26612384

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET
		STREET 2:		18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SpyGlass Pharma, Inc.
		CENTRAL INDEX KEY:			0001778922
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				833044245
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		27081 ALISO CREEK ROAD
		STREET 2:		SUITE 125
		CITY:			ALISO VIEJO
		STATE:			CA
		ZIP:			92656
		BUSINESS PHONE:		949-284-6904

	MAIL ADDRESS:	
		STREET 1:		27081 ALISO CREEK ROAD
		STREET 2:		SUITE 125
		CITY:			ALISO VIEJO
		STATE:			CA
		ZIP:			92656

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SpyGlassPharma, Inc.
		DATE OF NAME CHANGE:	20230711

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SpyGlass Ophthalmics, Inc.
		DATE OF NAME CHANGE:	20190605
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>form4-02092026_100237.xml
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-02-05</periodOfReport>

    <issuer>
        <issuerCik>0001778922</issuerCik>
        <issuerName>SpyGlass Pharma, Inc.</issuerName>
        <issuerTradingSymbol>SGP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001346824</rptOwnerCik>
            <rptOwnerName>RA CAPITAL MANAGEMENT, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>200 BERKELEY STREET, 18TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001315082</rptOwnerCik>
            <rptOwnerName>RA Capital Healthcare Fund LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RA CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>200 BERKELEY STREET, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001883840</rptOwnerCik>
            <rptOwnerName>RA Capital Nexus Fund III, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RA CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>200 BERKELEY STREET, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001384859</rptOwnerCik>
            <rptOwnerName>Kolchinsky Peter</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RA CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>200 BERKELEY STREET, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001619841</rptOwnerCik>
            <rptOwnerName>Shah Rajeev M.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RA CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>200 BERKELEY STREET, 18TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-02-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>27400</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2036-02-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>27400</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>27400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This option was granted to Dr. Zachary Scheiner pursuant to the Issuer's non-employee director compensation policy. Subject to Dr. Scheiner's continuing as an Outside Director (as defined in the Issuer's 2026 Equity Incentive Plan) through such applicable vesting date, one thirty-sixth (1/36th) of the shares subject to the option shall vest each month following the Date of Grant on the same day of the month as the Date of Grant (and if there is no corresponding day, on the last day of the month). &quot;Date of Grant&quot; shall mean February 5, 2026.</footnote>
        <footnote id="F2">RA Capital Management, L.P. (the &quot;Adviser&quot;) is the investment manager for RA Capital Healthcare Fund, L.P. (the &quot;Fund&quot;) and RA Capital Nexus Fund III, L.P. (the &quot;Nexus Fund III&quot;). The general partner of the Adviser is RA Capital Management GP, LLC (the &quot;Adviser GP&quot;), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. Each of the Adviser, the Adviser GP, the Fund, the Nexus Fund III, Dr. Kolchinsky, and Mr. Shah disclaim beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein.</footnote>
        <footnote id="F3">Under Dr. Scheiner,'s arrangement with the Adviser, Dr. Scheiner holds the option for the benefit of the Fund and the Nexus Fund III. Dr. Scheiner is obligated to turn over to the Adviser any net cash or stock received upon exercise of the option, which will offset advisory fees owed by the Fund and the Nexus Fund III to the Adviser. The Reporting Persons therefore disclaim beneficial ownership of the option and underlying common stock.</footnote>
    </footnotes>

    <remarks>Dr. Zachary Scheiner, a Principal of the Adviser, serves on the Issuer's board of directors.</remarks>

    <ownerSignature>
        <signatureName>/s/ Peter Kolchinsky, Manager of RA Capital Management, L.P.</signatureName>
        <signatureDate>2026-02-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Peter Kolchinsky, Manager of RA Capital Healthcare Fund GP, LLC, the General Partner of RA Capital Healthcare Fund, L.P.</signatureName>
        <signatureDate>2026-02-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Peter Kolchinsky, Manager of RA Capital Nexus Fund III GP, LLC, the General Partner of RA Capital Nexus Fund III, L.P.</signatureName>
        <signatureDate>2026-02-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Peter Kolchinsky, individually</signatureName>
        <signatureDate>2026-02-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Rajeev Shah, individually</signatureName>
        <signatureDate>2026-02-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
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