BASKETT FOREST 4
4 · SpyGlass Pharma, Inc. · Filed Feb 11, 2026
Research Summary
AI-generated summary of this filing
SpyGlass (SGP) 10% Owner Baskett Forest Buys $15M, Converts Preferred
What Happened
- Baskett Forest, reported as a 10% owner of SpyGlass Pharma (SGP), completed two types of transactions on February 9, 2026: an open market/private purchase of 937,500 common shares at $16.00 per share (totaling $15,000,000) and a series of conversions of derivative securities into common stock totaling 6,454,801 shares.
- The conversion entries reflect the automatic one-for-one conversion of the issuer’s preferred stock into common stock prior to the company’s IPO (see footnote F1). The conversion is reported as acquisitions of common stock and corresponding dispositions of derivative securities (the preferred shares), not as cash sales.
Key Details
- Transaction date(s): February 9, 2026; Form 4 filed February 11, 2026 (covers the Feb 9 transactions).
- Purchase: 937,500 shares at $16.00 each = $15,000,000 (transaction code P).
- Conversions (transaction code C): total of 6,454,801 common shares acquired via conversion of preferred stock (individual conversion lots reported on the Form 4).
- Dispositions: matching entries show disposition of the derivative securities (preferred) corresponding to the same share amounts — these are the conversion disposals, not open-market sales.
- Shares owned after transaction: not provided in the data you supplied / not listed here.
- Footnotes: F1 – preferred shares automatically converted one-for-one to common stock prior to the IPO. F2/F3 – filing contains manager/partnership disclaimers related to NEA entities (standard ownership-disclaimer language).
- Timeliness: filing covers Feb 9 transactions and was filed Feb 11; no late-filing flag indicated in the provided information.
Context
- This combination of a large cash purchase ($15M) plus conversion of preferred into common is typical around an IPO: preferred holders convert into common stock and some institutional owners also purchase common shares. Conversions are not sales — they simply change the security type.
- As a reported 10% owner (institutional), Baskett Forest is not necessarily an insider executive; institutional purchases can signal confidence but do not carry the same insider-sentiment implications as top executive buys/sells.
- No indications in the filing that shares were immediately sold or that this was a derivative exercise for cashless sale — the record shows conversions and a purchase.
Insider Transaction Report
Form 4
BASKETT FOREST
10% Owner
Transactions
- Conversion
Common Stock
[F1][F2]2026-02-09+1,619,240→ 1,619,240 total(indirect: See Note 2) - Conversion
Common Stock
[F1][F2]2026-02-09+1,370,168→ 2,989,408 total(indirect: See Note 2) - Conversion
Common Stock
[F1][F2]2026-02-09+1,370,168→ 4,359,576 total(indirect: See Note 2) - Conversion
Common Stock
[F1][F2]2026-02-09+737,962→ 5,097,538 total(indirect: See Note 2) - Purchase
Common Stock
[F2]2026-02-09$16.00/sh+937,500$15,000,000→ 6,035,038 total(indirect: See Note 2) - Conversion
Common Stock
[F1][F3]2026-02-09+954,990→ 954,990 total(indirect: See Note 3) - Conversion
Common Stock
[F1][F3]2026-02-09+402,273→ 1,357,263 total(indirect: See Note 3) - Conversion
Series B Preferred Stock
[F1][F2]2026-02-09−1,619,240→ 0 total(indirect: See Note 2)→ Common Stock (1,619,240 underlying) - Conversion
Series C-1 Preferred Stock
[F1][F2]2026-02-09−1,370,168→ 0 total(indirect: See Note 2)→ Common Stock (1,370,168 underlying) - Conversion
Series C-2 Preferred Stock
[F1][F2]2026-02-09−1,370,168→ 0 total(indirect: See Note 2)→ Common Stock (1,370,168 underlying) - Conversion
Series D Preferred Stock
[F1][F2]2026-02-09−737,962→ 0 total(indirect: See Note 2)→ Common Stock (737,962 underlying) - Conversion
Series A Preferred Stock
[F1][F3]2026-02-09−954,990→ 0 total(indirect: See Note 3)→ Common Stock (954,990 underlying) - Conversion
Series B Preferred Stock
[F1][F3]2026-02-09−402,273→ 0 total(indirect: See Note 3)→ Common Stock (402,273 underlying)
Footnotes (3)
- [F1]All shares of the preferred stock, par value $0.00001 per share, of the Issuer automatically converted on a one-for-one basis to shares of the Issuer's common stock, par value $0.00001 per share ("Common Stock"), prior to the closing of the Issuer's initial public offering of its Common Stock on February 9, 2026.
- [F2]The Reporting Person is a manager of NEA 17 GP, LLC, which is the sole general partner of NEA Partners 17, L.P. ("NEA Partners 17"). NEA Partners 17 is the sole general partner of New Enterprise Associates 17, L.P. ("NEA 17"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise of such portion of the securities held by NEA 17 in which the Reporting Person has no pecuniary interest.
- [F3]The Reporting Person is a manager of NEA 16 GP, LLC, which is the sole general partner of NEA Partners 16, L.P. ("NEA Partners 16"). NEA Partners 16 is the sole general partner of New Enterprise Associates 16, L.P. ("NEA 16"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Exchange Act or otherwise of such portion of the securities held by NEA 16 in which the Reporting Person has no pecuniary interest.
Signature
/s/ Zachary Bambach, attorney-in-fact|2026-02-11