SpyGlass Pharma filed on Friday with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering.

Founded in 2019, the Aliso Viejo, California–based company is developing durable drug delivery solutions aimed at providing long-term disease control and preserving vision in patients with chronic eye conditions. Its lead product candidate is the 'Bimatoprost Drug Pad–IOL System' (BIM-IOL System), which consists of proprietary drug pads attached to an IOL and is implanted during routine cataract surgery.

The BIM-IOL System is designed to reduce elevated IOP in patients with open-angle glaucoma or ocular hypertension by consistently delivering bimatoprost for up to 3 years. Bimatoprost, a prostaglandin analog, was approved by the FDA in 2001 for topical use to lower IOP in these patients.

Beyond its lead program, SpyGlass is also developing a nonintraocular lens–based, ring-shaped sustained-release implant containing bimatoprost. The company believes this implant could be used in a standalone procedure, enable retreatment of patients who previously received the BIM-IOL System, and provide extended care options for glaucoma and ocular hypertension patients who have already undergone cataract surgery.

SpyGlass Pharma plans to list its shares on the Nasdaq under the ticker symbol “SGP.”