Pardo Geoffrey B 4

What Happened
Director Geoffrey B. Pardo reported transactions on February 9, 2026: he purchased 312,500 shares of SpyGlass Pharma common stock in an open-market/private purchase at $16.00 per share for $5,000,000. In the same filing he recorded the automatic conversion of 1,875,013 shares of the company's preferred stock into common stock (reported as a conversion of a derivative security), which converted on a one-for-one basis at $0.00 per share.

Key Details

• Transaction date: 2026-02-09 (Form 4 filed 2026-02-11). Filing appears timely.
• Open-market/private purchase: 312,500 shares @ $16.00 = $5,000,000 total cash paid.
• Conversion: 1,875,013 preferred shares converted 1-for-1 into common stock (recorded at $0.00).
• Total shares acquired on 2/9 (combining conversion + purchase): 2,187,513 common shares.
• Footnote F1: The preferred automatically converted to common immediately prior to the IPO.
• Footnote F2: Many shares are held of record by Cooperatieve Gilde Healthcare VG VI U.A.; Gilde’s manager and named individuals (including the reporting person in another capacity) may be deemed to share voting/dispositive power but disclaim beneficial ownership except for pecuniary interest.

Context
The conversion is a corporate action (preferred → common) tied to the company’s IPO and involves no cash outlay; the meaningful cash activity is the $5.0M purchase of 312,500 shares. Purchases by insiders are often watched by investors as direct acquisitions of stock, but this report only shows the facts — no inference about motives. The filing also discloses institutional/managerial relationships via Gilde that affect how beneficial ownership and voting power are reported.