Nielsen Kirk G. 4

What Happened

• Kirk G. Nielsen, a director of SpyGlass Pharma (SGP), made an open-market/private purchase of 165,000 shares on 2026-02-09 at $16.00 per share for a total of $2,640,000. The Form 4 also reports multiple automatic conversions of preferred/derivative securities into common stock on the same date (reported as "Conversion of derivative security (C)").
• Conversion entries in the filing include several acquired conversion amounts (totaling 3,145,619 shares) and several disposition conversion amounts (totaling 18,033,525 shares). These conversion entries are non-cash, automatic conversions tied to the company's initial public offering.

Key Details

• Transaction date: 2026-02-09; Form 4 filed 2026-02-10 (appears timely).
• Purchase: 165,000 shares @ $16.00, total $2,640,000 (code P).
• Conversions (code C): multiple entries converting preferred into common — acquired conversions: 1,690,230; 548,067; 548,067; 359,255. Disposed conversions: 9,689,922; 3,142,015; 3,142,015; 2,059,573 (all reported as derivative conversions).
• Footnote F1: Series B, C‑1, C‑2 and D preferred stock automatically converted to common on a 1-for-5.7329 basis immediately prior to the IPO (non-cash).
• Footnote F2: Some shares are held directly by Vensana Capital I, L.P.; Nielsen is a managing director of the GP and may be deemed to share voting/investment power but disclaims beneficial ownership of those securities per the filing.
• Shares owned after the transactions: not specified in the summary details provided here—see the Form 4 for total beneficial ownership counts.

Context

• The conversion entries reflect automatic preferred-to-common conversions tied to the IPO (per F1) and are non-cash corporate actions, not open-market sales. Such conversions are routine in IPO processes.
• The 165,000-share purchase (P) is a direct acquisition by Nielsen and is the clearest "buy" signal in this filing; purchases by insiders are often of particular interest to retail investors.