BASKETT FOREST 4

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.