8-K
Sight Sciences, Inc. (SGHT)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): August 07, 2025 |
|---|
Sight Sciences, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-40587 | 80-0625749 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 4040 Campbell Avenue<br><br>Suite 100 | ||
| Menlo Park, California | 94025 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: 877 266-1144 | ||
| --- | ||
| N/A | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value per share | SGHT | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 7, 2025, Sight Sciences, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.*
Item 7.01 Regulation FD Disclosure
On August 7, 2025, the Company posted an investor presentation to its website at https://investors.sightsciences.com/. The Company expects to use the investor presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts, and others. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.*
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated August 7, 2025 |
| 99.2 | Sight Sciences Presentation dated August 7, 2025 |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL. |
| * | The information in Item 2.02, Item 7.01, Exhibit 99.1, and Exhibit 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. |
| --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Sight Sciences, Inc. | |||
|---|---|---|---|
| Date: | August 7, 2025 | By: | /s/ Alison Bauerlein |
| Alison Bauerlein<br>Chief Financial Officer<br>(Principal Financial and Accounting Officer) |
EX-99.1
Exhibit 99.1
Sight Sciences Reports Second Quarter 2025 Financial Results and
Raises Full Year 2025 Revenue Guidance
MENLO PARK, Calif., August 7, 2025 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (Sight Sciences or the Company), an eyecare technology company focused on developing and commercializing innovative, interventional technologies intended to transform care and improve patients’ lives,today reported financial results for the second quarter ended June 30, 2025, and raised its revenue guidance while reaffirming its adjusted operating expense guidance, both for full year 2025.
Recent Financial and Business Highlights
- Generated second quarter 2025 total revenue of $19.6 million, a decrease of 8% compared to the same period in the prior year. This expected decline was primarily due to lower revenue from the Company’s Surgical Glaucoma segment, which decreased 5% compared to the second quarter of 2024. The decrease was primarily due to the recent Medicare local coverage determinations (LCDs) that restricted Medicare coverage in most states for multiple MIGS procedures when performed at the same time as a cataract procedure.
- Reduced total operating expenses to $28.3 million in the second quarter of 2025, representing a 9% decrease compared to $31.0 million in the same period in the prior year.
- Surgical Glaucoma ordering accounts increased to an all-time high of 1,174 accounts, up 4% compared to the second quarter of 2024.
Recent Clinical Highlights
- Announced publication of the 24-month results of the SAHARA randomized controlled trial (RCT), demonstrating the durability of the TearCare® System (TearCare) procedure for the treatment of dry eye disease (DED). Mean signs and symptoms for participants in Stage 3 of the SAHARA trial remained statistically significantly better than study baseline at all time points measured up to 24 months.
- Announced publication of a cost-utility analysis (CUA) assessing the cost-effectiveness of TearCare compared to cyclosporine 0.05% (CsA) for the treatment of moderate to severe meibomian gland disease (MGD) associated DED. The analysis demonstrated that TearCare not only improved patient outcomes but also resulted in significant cost savings compared to CsA.
Management Commentary
“Our second-quarter results reflect strong execution and growing momentum, with positive trends including sequential growth in both surgical glaucoma ordering accounts and procedural utilization that mark meaningful progress as we strengthen our position as the market leader in implant-free MIGS,” said Paul Badawi, Co-Founder and Chief Executive Officer of Sight Sciences. “Our focus has been on equipping interventional eyecare providers with innovative technologies that enhance patient outcomes. As we enter the second half of 2025, these developments reinforce our confidence in our ability to deliver long-term value and elevate the standard of care for glaucoma and dry eye disease management.”
Second Quarter 2025 Financial Results
Revenue for the second quarter of 2025 was $19.6 million, a decrease of 8% compared to the same period in the prior year. Surgical Glaucoma revenue was $19.2 million, a decrease of 5% compared to the same period in the prior year. This expected decline was due to a decrease in account utilization, which decreased by 11%, primarily due to coverage restrictions on the performance of multiple MIGS procedures in combination with cataract surgery for Medicare patients in most states, partially offset by higher ordering accounts and higher average selling prices. Dry Eye revenue was $0.3 million, a decrease from $1.1 million in the same period in the prior year, primarily due to fewer SmartLids® sales, which was a result of the Company’s focus on achieving reimbursed market access for TearCare procedures.
Gross profit for the second quarter of 2025 was $16.6 million, compared to $18.3 million in the same period in the prior year. Gross margin for the second quarter of 2025 was 85%, down slightly compared to 86% in the same period in the prior year. Surgical Glaucoma gross margin in the second quarter of 2025 was 86%, compared to 88% in the same period in the prior year, primarily due to higher overhead costs per unit, tariff costs and product sales mix, partially offset by higher average selling prices. The Company incurred $0.1 million in Surgical Glaucoma cost of goods sold associated with tariffs in the second quarter of 2025. Dry Eye gross margin in the second quarter of 2025 was 38%, compared to 47% in the same period in the prior year, primarily due to product sales mix and higher overhead costs per unit.
Total operating expenses were $28.3 million in the second quarter of 2025, representing a 9% decrease compared to $31.0 million in the same period in the prior year, primarily due to lower legal expenses. Research and development expenses were $4.4 million, compared to $4.3 million in the same period in the prior year. Selling, general and administrative expenses were $23.9 million, compared to $26.7 million in the same period in the prior year, representing an 11% decrease. Adjusted operating expenses1,2 were $24.4 million, down from $26.6 million in the same period in the prior year, representing an 8% decrease.
Net loss was $11.9 million, or a loss of $0.23 per share, compared to a net loss of $12.3 million, or a loss of $0.25 per share, in the same period in the prior year.
Cash and cash equivalents totaled $101.5 million and total long-term debt was $40.0 million (before unamortized discount and debt issuance costs) as of June 30, 2025, compared to $108.8 million and $40.0 million, respectively, as of March 31, 2025. Cash used in the second quarter of 2025 totaled $7.3 million, compared to $9.1 million in the same period in the prior year.
2025 Financial Guidance
Sight Sciences raises revenue guidance expectations for full year 2025 to $72.0 million to $76.0 million, representing a 5% to 10% decline compared to full year 2024 revenue, versus prior revenue guidance of $70.0 million to $75.0 million.
The Company reiterates adjusted operating expenses1,3 guidance for full year 2025 of $101.0 million to $105.0 million, representing an increase of 0% to 4% compared to adjusted operating expenses for full year 2024.
The Company has exposure to the tariffs imposed by the U.S. on China because most of its products are produced and assembled in China. Based on the current China tariff rate of 30%, revenue expectations by product, and inventory levels, the Company expects its Surgical Glaucoma segment’s unmitigated tariff exposure would increase the segment’s cost of goods sold by between $1.0 million to $1.5 million for full year 2025, down from the prior estimate of $3.5 million to $4.5 million.
The Company's full year 2025 financial guidance is forward-looking in nature, reflecting management’s expectations as of the date of this press release, and is subject to significant risks and uncertainties that limit its ability to accurately forecast results. This outlook assumes no meaningful changes to the Company's business or prospects, or to the risks and uncertainties identified by management that could impact future results, which include, but are not limited to: incremental or unanticipated changes in tariff policies or rates impacting our products or the medical device industry; changes to reimbursement coverage, payment decisions or reimbursement rates for our products; changes to product pricing or market share resulting from the evolving competitive landscape; unforeseen changes in regulatory requirements; and disruptions to or increased costs associated with our supply chain, including as a result of having a limited number of suppliers.
1 “Adjusted operating expenses” is a financial measure not prepared in accordance with generally accepted accounting principles in the United States (GAAP), and therefore such a measure, is a “non-GAAP financial measure”, and is calculated as operating expenses less stock-based compensation, depreciation and amortization, restructuring costs, and other one-time or non-recurring costs. Please see the “Non-GAAP Financial Measures” section below for additional information.
2 A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table titled "Non-GAAP to GAAP Reconciliation" attached to this press release.
3 Consistent with Securities and Exchange Commission (SEC) regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.
Non-GAAP Financial Measures
Certain non-GAAP financial measures, including adjusted operating expenses, are presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period.
Conference Call
Sight Sciences' management team will host a conference call today, August 7, 2025, beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.sightsciences.com, on the Investors page in the News & Events section.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative and interventional solutions intended to transform care and improve patients’ lives. Using minimally invasive or non-invasive approaches to target the underlying causes of the world’s most prevalent eye diseases, Sight Sciences seeks to create more effective treatment paradigms that enhance patient care and supplant conventional outdated approaches. The Company’s OMNI® Surgical System and OMNI® Edge Surgical System are implant-free, minimally invasive glaucoma surgery technologies indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma. The OMNI Surgical System is CE Marked for the catheterization and transluminal viscodilation of Schlemm’s canal and cutting of the trabecular meshwork to reduce intraocular pressure in adult patients with open-angle glaucoma. Glaucoma is the world’s leading cause of irreversible blindness. The SION® Surgical System is a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The Company’s TearCare® System is 510(k) cleared in the United States for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland disease (MGD), enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease.
Visit www.sightsciences.com for more information.
Sight Sciences, the Sight Sciences logo, TearCare, and SmartLids are trademarks of Sight Sciences registered in the United States. OMNI and SION are trademarks of Sight Sciences registered in the United States, European Union and other territories.
© 2025 Sight Sciences. All rights reserved.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release or during the earnings call that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include, but are not limited to, statements concerning our progress against our strategic initiatives; the adoption and utilization of our technology; our ability to achieve future growth and transform our business; the expected impacts to the MIGS market associated with the new Medicare LCDs; our ability to deliver long-term value and elevate the standard of care for glaucoma and dry eye disease management; our 2025 revenue and adjusted operating expenses guidance, and the primary factors impacting our ability to achieve our guidance; our ability to achieve reimbursed market access for TearCare procedures; and the impact of tariffs on our business and financial results.
These statements often include words such as "anticipate," "expect," “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors
could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. These forward-looking statements are subject to and involve numerous risks, uncertainties and assumptions, including those discussed under the caption “Risk Factors” in our filings with the SEC, as may be updated from time to time in subsequent filings, and you should not place undue reliance on these statements. These cautionary statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor contact: Philip Taylor Gilmartin Group 415.937.5406 Investor.Relations@Sightsciences.com
Media contact:
pr@SightSciences.com
SIGHT SCIENCES, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| December 31, | |||||
|---|---|---|---|---|---|
| 2024 | |||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 101,500 | $ | 120,357 | ||
| Accounts receivable, net of allowance for credit losses of 356 and 689 at June 30, 2025 and December 31, 2024, respectively | 9,614 | 10,786 | |||
| Inventory, net | 6,214 | 6,325 | |||
| Prepaid expenses and other current assets | 2,103 | 2,306 | |||
| Total current assets | 119,431 | 139,774 | |||
| Property and equipment, net | 1,460 | 1,580 | |||
| Operating lease right-of-use assets | 694 | 935 | |||
| Other noncurrent assets | 386 | 550 | |||
| Total assets | 121,971 | $ | 142,839 | ||
| Liabilities and stockholders’ equity | |||||
| Current liabilities: | |||||
| Accounts payable | 2,076 | $ | 1,691 | ||
| Accrued compensation | 5,227 | 9,680 | |||
| Accrued and other current liabilities | 4,633 | 4,097 | |||
| Total current liabilities | 11,936 | 15,468 | |||
| Long-term debt, net | 39,821 | 39,356 | |||
| Other noncurrent liabilities | 202 | 492 | |||
| Total liabilities | 51,959 | 55,316 | |||
| Commitments and contingencies | |||||
| Stockholders’ equity: | |||||
| Preferred stock, par value 0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 | — | — | |||
| Common stock, par value 0.001 per share; 200,000,000 shares authorized; 52,033,403 and 50,937,999 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 52 | 51 | |||
| Additional paid-in-capital | 442,352 | 433,769 | |||
| Accumulated deficit | (372,392 | ) | (346,297 | ) | |
| Total stockholders’ equity | 70,012 | 87,523 | |||
| Total liabilities and stockholders’ equity | 121,971 | $ | 142,839 |
All values are in US Dollars.
SIGHT SCIENCES, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)
| Three Months Ended <br>June 30, | Six Months Ended <br>June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 19,564 | $ | 21,370 | $ | 37,072 | $ | 40,635 | ||||
| Cost of goods sold | 2,977 | 3,025 | 5,391 | 5,819 | ||||||||
| Gross profit | 16,587 | 18,345 | 31,681 | 34,816 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 4,387 | 4,316 | 8,817 | 8,952 | ||||||||
| Selling, general and administrative | 23,867 | 26,680 | 48,390 | 53,239 | ||||||||
| Total operating expenses | 28,254 | 30,996 | 57,207 | 62,191 | ||||||||
| Loss from operations | (11,667 | ) | (12,651 | ) | (25,526 | ) | (27,375 | ) | ||||
| Investment income | 1,026 | 1,526 | 2,174 | 3,174 | ||||||||
| Interest expense | (1,284 | ) | (1,145 | ) | (2,547 | ) | (2,350 | ) | ||||
| Loss on debt extinguishment | — | — | — | (1,962 | ) | |||||||
| Other income (expense), net | 24 | (44 | ) | (115 | ) | (50 | ) | |||||
| Loss before income taxes | (11,901 | ) | (12,314 | ) | (26,014 | ) | (28,563 | ) | ||||
| Provision for income taxes | 40 | 15 | 81 | 32 | ||||||||
| Net loss and comprehensive loss | $ | (11,941 | ) | $ | (12,329 | ) | $ | (26,095 | ) | $ | (28,595 | ) |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.23 | ) | $ | (0.25 | ) | $ | (0.51 | ) | $ | (0.58 | ) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 51,821,773 | 49,903,386 | 51,557,686 | 49,694,825 |
SIGHT SCIENCES, INC.
Gross Margin Disaggregation (Unaudited)
(in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2023 | |||||||||
| Revenue | ||||||||||||
| Surgical Glaucoma | $ | 19,231 | $ | 20,244 | $ | 36,345 | $ | 38,501 | ||||
| Dry Eye | 333 | 1,126 | 727 | 2,134 | ||||||||
| Total revenue | 19,564 | 21,370 | 37,072 | 40,635 | ||||||||
| Cost of goods sold | ||||||||||||
| Surgical Glaucoma | 2,772 | 2,423 | 5,070 | 4,632 | ||||||||
| Dry Eye | 205 | 602 | 321 | 1,187 | ||||||||
| Total cost of goods sold | 2,977 | 3,025 | 5,391 | 5,819 | ||||||||
| Gross profit | ||||||||||||
| Surgical Glaucoma | 16,459 | 17,821 | 31,275 | 33,869 | ||||||||
| Dry Eye | 128 | 524 | 406 | 947 | ||||||||
| Total gross profit | 16,587 | 18,345 | 31,681 | 34,816 | ||||||||
| Gross margin | ||||||||||||
| Surgical Glaucoma | 85.6 | % | 88.0 | % | 86.1 | % | 88.0 | % | ||||
| Dry Eye | 38.4 | % | 46.5 | % | 55.8 | % | 44.4 | % | ||||
| Total gross margin | 84.8 | % | 85.8 | % | 85.5 | % | 85.7 | % |
SIGHT SCIENCES, INC.
GAAP to Non-GAAP Reconciliation (Unaudited)
(in thousands)
| Three Months Ended <br>June 30, | Six Months Ended <br>June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating Expenses: | ||||||||||||
| Total Operating Expenses | $ | 28,254 | $ | 30,996 | $ | 57,207 | $ | 62,191 | ||||
| Less: Stock-based Compensation | (3,735 | ) | (4,223 | ) | (7,863 | ) | (8,623 | ) | ||||
| Less: Depreciation and Amortization | (125 | ) | (186 | ) | (274 | ) | (378 | ) | ||||
| Adjusted Operating Expenses(4) | 24,394 | 26,587 | 49,070 | 53,190 |
4 Please see section titled "Non-GAAP Financial Measures" for additional information.
SIGHT SCIENCES, INC.
Supplemental Financial Measures (Unaudited)
| Three Months Ended <br>June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Surgical Glaucoma active customers (5) | 1,174 | 1,131 | ||
| Dry Eye lid treatment units sold (6) | 1,142 | 4,088 | ||
| Dry Eye active customers (7) | 39 | 277 |
5 “Surgical Glaucoma active customers” means the number of customers who ordered the OMNI Surgical System or the SION Surgical Instrument during the three months ended June 30, 2025 and 2024.
6 “Dry Eye lid treatment units sold” means the quantity of TearCare SmartLids® sold during the three months ended June 30, 2025 and 2024.
7 “Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended June 30, 2025 and 2024.
Sight Sciences Investor Presentation August 2025
Forward-Looking Statements This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact, including statements regarding our future results of operations, product development, market opportunity, clinical trial results and timeline, and business strategy and plans. The forward-looking statements in this presentation include, but are not limited to, statements concerning the following: the Company's mission; the Company's projected financial or operational results including expectations for revenue and gross margins; estimates of the Company’s addressable markets for its products; the Company’s ability to gain share in existing markets and enter into and compete in new markets; the Company’s ability to successfully develop and commercialize its product pipeline; the Company’s ability to compete effectively; the Company’s ability to manage and grow its business, including execution of value creation initiatives; the Company's plans to invest in research and development, clinical and commercial infrastructure; the Company’s ability to successfully execute its clinical trial roadmap; the Company’s ability to successfully execute its strategic initiatives and objectives; and the Company’s ability to obtain and maintain sufficient reimbursement for its products; the Company’s expectations with respect to tariffs and other economic matters; and regulatory requirements applicable to the Company. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. Management bases these forward-looking statements on its current expectations, plans and assumptions affecting the Company’s business and industry, and such statements are based on information available to it as of the time such statements are made. Although management believes these forward-looking statements are based upon reasonable assumptions, it cannot guarantee their accuracy or completeness. Forward-looking statements are subject to and involve risks, uncertainties and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements predicted, assumed or implied by such forward-looking statements. Some of the risks and uncertainties that may cause actual results to materially differ from those expressed or implied by these forward-looking statements are discussed under the caption “Risk Factors” in the Company’s annual and quarterly reports with the U.S. Securities and Exchange Commission, as such may be updated from time to time in subsequent filings. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this presentation. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Certain information contained in this presentation relates to, or is based on, studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party sources to be reliable, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its own estimates and research are reliable, such estimates and research have not been verified by any independent source. The Company has proprietary rights to trademarks, trade names and service marks appearing in this presentation that are important to its business. Solely for convenience, the trademarks, trade names and service marks may appear in this presentation without the ® and ™ symbols, but any such references are not intended to indicate that the Company forgoes or will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensors to these trademarks, trade names and service marks. All trademarks, trade names and service marks appearing in this presentation are the property of their respective owners. The Company does not intend its use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of the Company by, these other parties. Without limitation, SIGHT SCIENCES™, SIGHT SCIENCES (with design)®, OMNI®, SION®, TEARCARE®, and SMARTLIDS® are trademarks of Sight Sciences, Inc. in the United States and other countries. RESTASIS® is a registered trademark of Allergan, Inc., and IRIS® is a registered trademark of the American Academy of Ophthalmology. Certain financial measures, including adjusted operating expenses (“non-GAAP financial measures”), were not prepared in accordance with generally accepted accounting principles in the United States (“GAAP") and are presented in this presentation to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period. Consistent with Securities and Exchange Commission regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures. For a reconciliation of non-GAAP financial measures referenced in this presentation to the most directly comparable GAAP measures, please refer to the Company's earnings release issued on August 7, 2025.
[[ Sight Sciences Mission Develop transformative, interventional technologies that allow eyecare providers to procedurally elevate the standards of care — empowering people to keep seeing. | 3
A Glimpse Ahead Innovation leader in two large, growing, underserved markets 1 Near-term catalyst expected in TearCare market access 2 Strong balance sheet supports investments in R&D pipeline, clinical and commercial infrastructure 3 Healthy gross margin and disciplined operating expense spend 4 The transformation of chronic eye disease treatment is underway 5 | 4
A strategic roadmap to transform eyecare for glaucoma and dry eye patients by reducing patient burden, slowing disease progression, and improving outcomes. Embrace intervention as a better alternative to medication management Shift the care continuum to address underlying disease over symptom management EMBRACE SHIFT Identify patients who can benefit from intervention as a better alternative to medication management IDENTIFY The Path to Early Intervention
Glaucoma
Glaucoma Leading cause of irreversible blindness1 Predominantly managed with daily eye drops (compliance often poor)2 Normal Mild Moderate Severe Large + Underserved Markets ¹ Source: Market Scope 2024 report and JAMA Ophthalmology Prevalence of Glaucoma Among US Adults in 2022 Oct 17, 2024 . ² Newman-Casey PA, Robin AL, Blachley T, Farris KB, Heisler M, Resnicow K, Lee PP. The most common barriers to glaucoma medication adherence: A cross-sectional survey. Ophthalmology. 2015 Jul;122(7):1308-16. doi: 10.1016/j.ophtha.2015.03.026. ³ Represents Company analysis of third-party estimates in 2024. addressable U.S. market3 U.S. patients diagnosed with Glaucoma1 $6.0 BILLION >4 MILLION
POAG is similar to a clog in a kitchen sink: 01 TRABECULAR MESHWORK 02 SCHLEMM‘S CANAL 03 COLLECTOR CHANNELS 01 02 03 THE CONVENTIONAL OUTFLOW PATHWAY IS AN IMPORTANT FOCAL POINT IN TREATING POAG, THE MOST COMMON FORM OF GLAUCOMA. The eye’s natural drainage system is called the conventional outflow pathway. Blockage of this system prevents aqueous fluid from draining. When aqueous fluid cannot drain, intraocular pressure (IOP) rises. Elevated IOP can lead to optic nerve damage and may result in irreversible blindness. A B C D Drain Cover (trabecular meshwork): allows excess aqueous fluid to enter drainage system 01 02 Sink Pipe (Schlemm’s Canal): conducts excess aqueous fluid to exit pathways known as collector channels 03 House Plumbing (collector channels): leads excess aqueous fluid out of the eye into the venous system Primary Open-Angle Glaucoma (POAG)
Effective + Intuitive Intervention OUR FLAGSHIP TECHNOLOGY SURGICAL GLAUCOMA Offering a comprehensive intervention that drives leading clinical outcomes for Primary Open-Angle Glaucoma (POAG) ¹ Estimate based on units of OMNI (and predicates) and SION products shipped as of June 30, 2025 Comprehensive treatment of diseased conventional outflow pathway Leading clinical trial and registry results: ROMEO, GEMINI, AAO IRIS® Registry >330K Procedures Performed1
OMNI Comprehensively Treats the Conventional Outflow Pathway Minimally Invasive + Efficacious A comprehensive procedure enabled by the OMNI® Surgical System to help restore natural outflow in the eye with up to 360° treatment of all three areas of resistance* in the conventional outflow pathway * Trabecular meshwork, Schlemm’s Canal, and collector channels
OMNI is Proven with Robust Clinical Evidence & Broad FDA Indication AGIS-7 Findings3 <18 mmHg is the target IOP to limit the progression of glaucoma. On average, there was zero change in visual field defect score for patients whose IOP stayed below 18 mmHg over 6 years. OMNI is the most comprehensive implant-free Minimally Invasive Glaucoma Surgery (MIGS) technology, designed to effectively treat the full spectrum of primary open-angle glaucoma (POAG)1 OMNI with patented TruSync™ Technology is the only MIGS device with an FDA indication that allows for: Use in combination cataract or standalone (without cataract) procedures Access to 360 degrees of the diseased conventional outflow pathway through a clear corneal microincision Comprehensive treatment of all three areas of resistance2 in the diseased conventional outflow pathway Use in adult patients with POAG across the spectrum of disease severity 1 Dickerson J, et al. Ab Interno Canaloplasty and Trabeculotomy Outcomes for Mild, Moderate, and Advanced Open-Angle Glaucoma: A ROMEO Analysis. Clin Ophthalmol. 2024: 18 1433-1440. 2 Trabecular meshwork, Schlemm’s Canal, and collector channels 3 The Advanced Glaucoma Intervention Study (AGIS): 7. The relationship between control of intraocular pressure and visual field deterioration. The AGIS Investigators
Consistent Efficacy of OMNI in Combination Cataract (CC) and Standalone (SA) Clinical Trials COMBINATION CATARACT STANDALONE EFFICACY DEMONSTRATED OUT TO 3 YEARS GEMINI (12 Months)* ROMEO Elevated IOP CC (24 Months) ROMEO Elevated IOP SA (24 Months) TREY SA (11 Months)* GEMINI 2 IOP Outcomes CC (36 Months) GEMINI 2 # of Medications Outcomes CC (36 Months) IOP (mmHg) IOP (mmHg) IOP (mmHg) # of Medications References: GEMINI (Clin Ophthalmol. 2022;16:1225–1234); TREY (Int Ophthalmol (2022)); ROMEO 2 Year (Clin Ophthalmol. 2023:17 1057–1066); GEMINI 2: Greenwood MD et al. 36-Month Outcomes from the Prospective GEMINI Study: Canaloplasty and Trabeculotomy Combined with Cataract Surgery for Patients with Primary Open-Angle Glaucoma. Clinical Ophthalmology (December 2023). *Data refers to sub-populations of POAG patients
OMNI Addresses All Six MIGS POAG Categories Allows surgeons to customize treatment ¹ Represents Company analysis of third-party estimates based on 2024 data MILD DISEASE (40%) MODERATE DISEASE (40%) ADVANCED DISEASE (20%) ~$2B opportunity ~$2B opportunity ~$1B opportunity ~$0.4B opportunity ~$0.4B opportunity ~$0.2B opportunity $5B Opportunity1 $1B Opportunity1 STANDALONE MIGS >85%1 of POAG Eyes COMBINATION CATARACT MIGS <15%1 of POAG Eyes MARKET OPPORTUNITY1
Large and Unmet Clinical Need for Standalone MIGS Combination Cataract Standalone | 14 <15% of POAG eyes1, >90% of MIGS procedures2 Established, growing market Benefits from inherent IOP-lowering effect of cataract surgery Share-taking driven by efficacy, fast recovery times and attractive safety profile >85% of POAG eyes¹, <10% of MIGS procedures² Large, underserved patient population MIGS procedure is the SOLE reason for operating room visit Standalone adoption requires a procedure with robust safety and efficacy, without the benefit of cataract surgery ¹ Represents Company analysis of third-party estimates based on 2024 data. ² Company estimates based on independent third-party analytics data based on 2024 data.
MIGS for the Pseudophakic Patient The Glaucoma Patient Journey1 1 ESCRS. “Glaucoma Treatment Paradigm Shift.” By Dr. Karl Mercieca. EuroTimes. 2 SLT is Selective Laser Trabeculoplasty . Zone of unmet clinical need Pseudophakic POAG Patients 3-7 yrs post-op Glaucoma Diagnosis Patient diagnosed with glaucoma and begins their journey fighting the disease Topical Meds +/or SLT Prescribed glaucoma Rx and/or treated using a laser therapy Cataract +/- MIGS Now a candidate for cataract surgery, which may or may not include a MIGS procedure Topical Meds +/or SLT Disease progresses and prescribed glaucoma Rx and/or treated using a laser therapy Advanced Filtration Continues to progress until it needs to be treated with a trabeculectomy or tube shunt
Standalone Market Development is Underway Claims data indicate increasing usage of codes associated with OMNI1 for billing of standalone procedures OMNI technology meets enhanced efficacy and safety needs for standalone procedures ROMEO ROMEO two-year extension TREY Sole purpose of OR visit – degree and consistency of efficacy crucial to surgery decision Market development efforts to expand MIGS both in combination cataract and pseudophakic standalone use cases and train new MIGS surgeons Commercial team is focused on driving awareness of benefits of interventions for appropriate POAG patients who do not require cataract surgery ¹ Based on estimated patient visits with CPT codes 66174 and 65820 from a third-party data analytics provider from 2021 to 2024.
Implantable Canalicular Scaffold (MIGS)* 01 Suprachoroidal Implant (MIGS)* 02 Sustained Release Pharmaceutical (Rx)* 03 CURRENT PRODUCTS IN THE PIPELINE *This pipeline product is under development and is not commercially available. The Company may suspend or discontinue pipeline development projects at any time. Surgical Glaucoma Pipeline DEVELOPING COMPREHENSIVE BEST-IN-CLASS PORTFOLIO
Dry Eye Disease
Dry Eye Disease Linked to screen time, age (postmenopausal women, men 50+), systemic medication use Predominantly managed with daily eye drops (compliance often poor)1 Normal Mild Moderate Severe Large + Underserved Markets ~$3.0 billion addressable U.S. market2,3 >19.4 million U.S. patients diagnosed with dry eye disease2 ¹ Uchino M. Adherence to Eye Drops Usage in Dry Eye Patients and Reasons for Non-Compliance: A Web-Based Survey. J Clin Med. 2022 Jan; 11(2): 367.1. ²2024 Market Scope Report. ³Represents Company analysis of third-party estimates in 2024.
Overview: Tears and Meibomian Gland Disease (MGD) TEAR FILM ANATOMY MEIBOMIAN GLANDS Tears consist of three layers Outermost layer consists of oily substance called meibum Coats and protects inner layers Prevents premature evaporation Healthy meibomian glands release liquid meibum with each blink In patients with MGD, obstructions form within glands and prevent release of meibum Results in premature tear evaporation and dry eye These obstructions need to be melted or liquified and evacuated from the glands to allow for the healthy production of liquid meibum
A new order of care Effective intervention shouldn’t wait, because atrophy is irreversible1-3 TearCare targets the root cause of MGD: obstructed glands4 TearCare has been proven clinically superior to Restasis/cyclosporine5 Efficacy has been demonstrated within 1 week, with the power to last up to 1.5 years5 Providers can intervene sooner with the power to preserve Making the case for TearCare® CATEGORY 1 OTC/Compresses CATEGORY 2 Rx/Steroids CATEGORY 3 Non-Invasive (IPL, Plugs, Thermal) 1. Gutgesell VJ et al. Am J Ophthalmol. 1982;94(3):383-387. 2. Liu S, et al. Invest Ophthalmol Vis Sci. 2011;52(5):2727-2740. doi: 10.1167/iovs.10-6482. 3. Finis D, et al Curr Eye Res. 2015;40(10):982-989. doi:10.3109/02713683.2014.971929. 4. Gupta PK, et al. Cornea. 2022;41(4):417-426. doi:10.1097/ICO.0000000000002837. 5. Chester T, et al. Optom Vis Sci. 2023;100:625-630. doi:10.1097/OPX.0000000000002053, Hovanesian, J; Ayres, BD; Bloomenstein, MR; Loh, J; Chester, T; Saenz, B; Echegoyen, J; Kannarr, SR; Rodriguez, T; Dickerson, J. Durability of the TearCare treatment effect in subjects with dry eye disease: Stage 3 of the Sahara randomized controlled trial. Optometry and Vision Science ():10.1097/OPX.0000000000002278, July 28, 2025. | DOI: 10.1097/OPX.0000000000002278
~$3.0 Billion Core MGD Opportunity ¹ Market Scope 2024 Dry Eye Products Report. ² Lemp MA, Crews LA, Bron AJ, Foulks GN, Sullivan BD. Distribution of aqueous-deficient and evaporative dry eye in a clinic-based patient cohort: a retrospective study. Cornea. 2012;31(5):472-478. ³ Assuming one treatment per year for patients with moderate MGD and two treatments per year for patients with severe MGD. ⁴ At 2024 ASP for Dry Eye treatment lids. U.S. patients diagnosed with Dry Eye Disease (DED)¹ Up to 86% of DED is associated with poor tear quality due to meibomian gland disease (MGD) 1,2 Targeted patients estimated to need 1.3 procedures per year3 million1 million U.S. MGD patients1,2 billion core opportunity4 19.4 $2.6 - $3.3 13.6 – 16.7
6.8 – 8.3 Dry Eye Disease (DED): Large + Underserved Disease State ¹ Market Scope 2024 Dry Eye Products Report and internal estimates. ² Lemp MA, Crews LA, Bron AJ, Foulks GN, Sullivan BD. Distribution of aqueous-deficient and evaporative dry eye in a clinic-based patient cohort: a retrospective study. Cornea. 2012;31(5):472-478. ³ Uchino M. Adherence to Eye Drops Usage in Dry Eye Patients and Reasons for Non-Compliance: A Web-Based Survey. J Clin Med. 2022 Jan; 11(2): 367.1. The current market is dominated by eyedrops that do not address the underlying causes of MGD1 ~50% of DED patients are moderate to severe¹ (most likely to seek treatment + targeted patient population in SAHARA RCT) million moderate to severe MGD DED patients1,2 Many dry eye treatments focus on increasing tear volume in aqueous deficient patients No interventional standard of care for treatment of MGD The U.S. market for dry eye treatments was $1.7 billion in 20241 There is poor compliance with the use of Rx and OTC eyedrops treatment3
Targeted + Intuitive Intervention OUR TECHNOLOGIES DRY EYE Offering a comprehensive therapy intervention that drives leading clinical outcomes for evaporative dry eye disease ¹ Estimate based on Dry Eye Treatment Lids shipped as of June 30, 2025. Comprehensive therapy to treat diseased meibomian glands Leading Clinical Trial Results: SAHARA, OLYMPIA >70K Procedures Performed1
TearCare: Designed to Preserve and Restore Gland Functionality TearCare is the only FDA-cleared interventional, open-eye, thermal-activated restorative gland expression therapy (TARGET) designed to treat MGD conveniently and comfortably ¹ Gupta et al. Cornea 2022;41:417–426 Thin, wearable SmartLids® conform to the eyelid and allow natural blinking Precise, consistent, software- controlled thermal therapeutic melting cycle (at 45°C +/- 0.7°C for 15 minutes)¹ Comprehensive gland clearing protocol allows providers to manually evacuate the melted meibum comfortably 01 Application 02 Therapy 03 Expression
SAHARA RCT Randomized Controlled Trial comparing TearCare and Restasis®1 Signs Superiority + Durability2 + Head-to-Head Study TearCare vs Restasis1 + Large Trial (N=345) + Randomized + Assessor Masked ¹ Restasis is a trademark of Allergan™ an AbbVie company ² Endpoints for SAHARA include superiority over Restasis at six months in our primary objective endpoint, tear break-up time. Study through 24 months to show duration of effectiveness. Ayres BD, Bloomenstein MR, Loh J, et al. A Randomized, Controlled Trial Comparing TearCare® and Cyclosporine Ophthalmic Emulsion for the Treatment of Dry Eye Disease (SAHARA). Clin Ophthalmol. 2023;17:3925-3940. Hovanesian, J; Ayres, BD; Bloomenstein, MR; Loh, J; Chester, T; Saenz, B; Echegoyen, J; Kannarr, SR; Rodriguez, T; Dickerson, J. Durability of the TearCare treatment effect in subjects with dry eye disease: Stage 3 of the Sahara randomized controlled trial. Optometry and Vision Science ():10.1097/OPX.0000000000002278, July 28, 2025. | DOI: 10.1097/OPX.0000000000002278
SAHARA RCT: Results ¹ Endpoints for SAHARA include superiority over Restasis at six months in our primary objective endpoint, tear break-up time. TearCare treatment at Baseline and Month 5, Restasis twice a day for six months. Study through 24 months to show duration of effectiveness. ² Restasis is a trademark of Allergan™ an AbbVie company 3 Ocular Surface Disease Index is a commonly used patient-reported survey to assess dry eye severity. TearCare Superior to Restasis in Tear Breakup Time Improvement TearCare Results at 6 Months Superior to Restasis1, 2 in tear break-up time (TBUT) Non-inferior to Restasis in OSDI3 Significant improvements in all signs and symptoms measured Seconds Absolute Change from Baseline at Each Time Point TearCare Restasis Patients previously treated with Restasis had additional clinically meaningful improvements in the signs and symptoms of DED when crossed over to TearCare at Month 6. These improvements persisted through Month twelve without continued Restasis use. TBUT improved by an additional 1.1 seconds three months after cross-over to TearCare and improvement persisted (0.6 seconds) at month twelve, six months later Restasis Cross-Over to TearCare Results at 12 Months Restasis Crossover to TearCare
SAHARA RCT: Results ¹ 66% of TearCare® patients experienced dry eye relief for 2 years from study baseline. Study baseline refers to assessment at the start of SAHARA prior to any treatment and 5 months prior to the start of the Stage 3 durability stage. Months are measured from Study Baseline. Error bars are ± 1 standard deviation. 2 TearCare therapies in the first 5 months provides 2 years of relief for most patients1 24 Month Data All mean signs and symptoms remained statistically significantly better than study baseline at all time points measured through the end of study at 24 months Showed the durability and procedural treatment effect of TearCare - the majority (66%) of participants treated with TearCare at baseline and again at Month 5 required no additional treatment based on pre-defined retreatment criteria1 Treatment twice per year can provide meaningful improvement and symptomatic relief for patients with moderate to severe dry eye. Seconds
TearCare Strategy: Targeted + Scalable Growth ¹ Estimated as of June 30, 2025 based on review of claims data and Company analytics 2 As of June 30, 2025 Actively Engaging in Pursuit of Equitable Market Access With the power of TearCare, we can: Improve the lives of U.S. MGD patients Scale commercial resources with market access wins Target ~6,500 physicians identified as most likely to adopt MGD treatment procedures¹ Leverage a large installed customer base, over 70,000 SmartLids Sold2, built across real-world testing and data collection since 2019
Annual Revenue and Gross Margin % SGHT DRY EYE SURGICAL GLAUCOMA GROSS MARGIN % $27.6 $1.6 $26.0 $49.0 $2.5 $46.5 $71.3 $5.7 $65.6 $81.1 $6.7 $74.3 $72.0M - $76.0M1 $79.9 $4.0 $75.9 +30% FY24 Gross Margin % Revenue CAGR FY20 to FY24 FY25 Guidance Revenue $72M - $76M¹ Adj. OpEx² $101M - $105M¹ 85.5% 87.6% 46.2% SGHT Surgical Glaucoma Dry Eye Historical financial results, including with respect to revenue and gross margin, may not be indicative of future financial results due to numerous risks and uncertainties, including those addressed in the "Risk Factors" section of the Company's filings with the U.S. Securities and Exchange Commission. ¹The Company expects full year 2025 revenue of approximately $72.0 to $76.0 million and adjusted operating expenses of $101.0 to $105.0 million, as of the Company's earnings release dated August 7, 2025. ²“Adjusted operating expenses” is a non-GAAP financial measure, which is calculated as operating expenses less stock-based compensation expense, depreciation and amortization, restructuring costs, and other one-time costs. For a reconciliation of adjusted operating expenses to operating expenses, please refer to our earnings release issued on August 7, 2025.
Strategic Value Creation Initiatives Represent Sustainable Growth Drivers Expand OMNI Utilization TearCare Access + Expansion Certify new OMNI surgeons Gain share in combination cataract segment Develop the standalone pseudophakic MIGS segment Generate additional clinical evidence Enhance coverage and equitable reimbursement Develop international markets Generate eyecare provider engagement and pursue coverage and equitable reimbursement Generate additional clinical evidence to drive procedural DED intervention Grow commercial team Expand adoption and usage
Why Now? Innovation leader in two large, growing, underserved markets 1 Near-term catalyst expected in TearCare market access 2 Strong balance sheet supports investments in R&D pipeline, clinical and commercial infrastructure 3 Strong gross margin and disciplined operating expense spend 4 The transformation of chronic eye disease treatment is underway 5 | 32
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