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 03, 2023 |
|---|
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 3, 2023, Sight Sciences, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2023 and reaffirming its guidance for the fiscal year ending December 31, 2023. 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 3, 2023, 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 3, 2023 |
| 99.2 | Sight Sciences Presentation dated August 3, 2023 |
| 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 3, 2023 | By: | /s/ Alison Bauerlein |
| Chief Financial Officer |
EX-99.1
Sight Sciences Reports Second Quarter 2023 Financial Results and
Reaffirms Guidance for Full Year 2023
MENLO PARK, Calif., August 3, 2023 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the "Company"), an eyecare technology company focused on developing and commercializing innovative technology intended to transform care and improve patients' lives, today reported financial results for the second quarter ended June 30, 2023 and reaffirmed guidance for full year 2023.
Recent Business and Financial Highlights
• Generated record second quarter 2023 total revenue of $23.5 million, an increase of 36% compared to the prior year period
• Achieved total gross margin of 85.6% in the second quarter of 2023 compared to 84.1% in the prior year period
Dry Eye Highlights
• The SAHARA randomized controlled clinical trial successfully met its primary objective signs endpoint at six months, showing that interventional eyelid procedures enabled by TearCare® technology provided statistically significant improvements as compared to Restasis1 in tear break up time (TBUT), a key measure of aqueous retention, tear stability and the tear film’s ability to protect the ocular surface
• The SAHARA trial also observed that the improvement in Ocular Surface Disease Index (OSDI) at six months among the TearCare group was non-inferior to the Restasis group. OSDI was the primary subjective symptoms endpoint in the study
• Throughout the trial, patients in the TearCare group also demonstrated clinically and statistically significant improvements in all ten signs and symptoms endpoints at every measurement interval evaluated to date (one week, one month, three months, and six months)
Surgical Glaucoma Highlights
• Procedures enabled by the OMNI® Surgical System technology were categorized as medically necessary and covered by Cigna Healthcare effective June 15, 2023, expanding access to OMNI for close to 15 million covered lives
• Published two-year multicenter study results showing sustained reductions in both intraocular pressure (IOP) and glaucoma medication use in mild-moderate primary open angle glaucoma patients treated with the OMNI Surgical System technology
• Announced 12-month results from the first minimally invasive glaucoma surgery (MIGS) comparative analysis of real-world data from the American Academy of Ophthalmology IRIS® Registry, reporting that patients treated with OMNI in combination with cataract surgery experienced the greatest average reduction in IOP-lowering medication usage compared to the two most commonly used MIGS implants in combination with cataract surgery and cataract surgery alone; the difference was statistically significant for OMNI compared to the most commonly used MIGS implant in combination with cataract surgery as well as cataract surgery alone
"In the second quarter we made great progress executing our strategic initiatives. We generated strong growth in both our Surgical Glaucoma and Dry Eye segments, and we successfully achieved superiority in the six-month primary endpoint in our landmark SAHARA trial, a mission critical milestone on our path to transforming the dry eye category and establishing interventional dry eye procedures as a standard of care,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “Eyecare provider interest in our portfolio of products continues to increase and we plan to leverage our library of clinical evidence to maintain and expand patient access and utilization of our technologies. We believe we are well positioned
to drive further growth in two of the largest segments in eyecare while expanding our operating leverage in the coming years.”
Second Quarter 2023 Financial Results
Revenue for the second quarter of 2023 was $23.5 million, an increase of $6.2 million, or 36%, compared to the prior year period. Surgical Glaucoma revenue was $21.4 million, an increase of 35% compared to the prior year period. The growth was primarily driven by an increase in both the number of ordering facilities and utilization per ordering facility. Dry Eye revenue was $2.1 million, an increase of 56% from the prior year period. This growth was primarily driven by an increase in sales of TearCare SmartLids® and SmartHubs™ to new and existing customers.
Gross profit for the second quarter of 2023 was $20.1 million compared to $14.5 million for the prior year period. Gross margin for the second quarter was 85.6%, compared to 84.1% in the prior year period. Gross margin improvement was attributed to growth in both Surgical Glaucoma and Dry Eye gross margin. Surgical Glaucoma gross margin improved primarily due to manufacturing efficiencies generated as a result of higher production volumes, partially offset by lower average selling price due to product mix. Dry Eye gross margin improved primarily due to an increased mix of higher gross margin SmartLids versus SmartHubs and higher average selling price of SmartHubs.
Operating expenses were $35.3 million for the second quarter of 2023 representing a 6% decrease compared to $37.4 million in the prior year period, reflecting improved operating expense leverage. The decrease in operating expenses was driven by focused spend optimization efforts. Adjusted operating expenses2 were $31.5 million in the second quarter of 2023, down from $33.7 million in the prior year period.
Net loss was $14.8 million ($0.30 per share) in the second quarter of 2023, as compared to $23.8 million ($0.50 per share) in the prior year period.
Cash and cash equivalents totaled $154.5 million and long-term debt was $35.0 million (before debt discount and amortized debt issuance costs) as of June 30, 2023.
2023 Financial Guidance
Sight Sciences reaffirms revenue guidance expectations for the full year 2023 of $89.0 million to $94.0 million, which represents growth of approximately 25% to 32% compared to 2022. The Company reaffirms its expectation for average adjusted operating expenses on a quarterly basis of approximately $30.5 million for the full year 2023.
1Restatis® is a trademark of Allergan™, an AbbVie Inc. company
2Adjusted operating expenses is a non-GAAP financial measure and is calculated as operating expenses less stock-based compensation and depreciation. Please see section title "Non-GAAP Financial Measures" for additional information.
Non-GAAP Financial Measures
Certain financial measures, including adjusted operating expenses, were not prepared in accordance with generally accepted accounting principles in the United States ("non-GAAP financial measures") and 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. A reconciliation of the GAAP financial measures to the most directly comparable non-GAAP financial measures has been provided in the table titled "GAAP to Non-GAAP Reconciliation" attached to this press release.
Conference Call
Sight Sciences' management team will host a conference call today, August 3, 2023, 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. The webcast will be available for replay for at least 90 days after the event.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative 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 is an implant-free glaucoma surgery technology indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma (POAG), the world's leading cause of irreversible blindness. The Company's TearCare System technology is 510(k) cleared for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland dysfunction (MGD) when used in conjunction with manual expression of the meibomian glands, enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease. The Company's SION™ Surgical Instrument is a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork.
For more information, visit http://www.sightsciences.com.
OMNI, TearCare, and SmartLids are registered trademarks of Sight Sciences. IRIS is a registered trademark of the American Academy of Ophthalmology, Inc.
SION and SmartHub are trademarks of Sight Sciences. © 2023 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. 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 that 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 that 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 include, but are not limited to, statements concerning the following: our goals of transforming the dry eye category and establishing interventional dry eye procedures as a standard of care; leveraging clinical evidence to maintain and expand patient access and utilization of our technologies; our belief that we are well positioned to drive further growth in two of the largest segments in eyecare and continue to expand our operating leverage over the coming years; and our 2023 revenue and average adjusted operating expenses guidance. 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 U.S. Securities and Exchange Commission, 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
SIGHT SCIENCES, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| December 31, | |||||
|---|---|---|---|---|---|
| 2022 | |||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 154,515 | $ | 185,000 | ||
| Accounts receivable, net of allowance for credit losses of 1,037 and 1,024 at June 30, 2023 and December 31, 2022, respectively | 18,103 | 15,148 | |||
| Inventory, net | 7,907 | 6,114 | |||
| Prepaid expenses and other current assets | 1,795 | 3,415 | |||
| Total current assets | 182,320 | 209,677 | |||
| Property and equipment, net | 1,477 | 1,571 | |||
| Operating lease right-of-use assets | 1,125 | 1,614 | |||
| Other noncurrent assets | 367 | 211 | |||
| Total assets | 185,289 | $ | 213,073 | ||
| Liabilities and stockholders’ equity | |||||
| Current liabilities: | |||||
| Accounts payable | 2,947 | $ | 2,688 | ||
| Accrued compensation | 5,720 | 7,352 | |||
| Accrued and other current liabilities | 5,386 | 7,777 | |||
| Total current liabilities | 14,053 | 17,817 | |||
| Long-term debt | 33,607 | 33,313 | |||
| Other noncurrent liabilities | 1,498 | 1,867 | |||
| Total liabilities | 49,158 | 52,997 | |||
| Commitments and contingencies (Note 6) | |||||
| Stockholders’ equity: | |||||
| Preferred stock, par value of 0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | — | — | |||
| Common stock, par value of 0.001 per share; 200,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; 48,649,343 and 48,298,138 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 49 | 48 | |||
| Additional paid-in-capital | 407,146 | 399,271 | |||
| Accumulated deficit | (271,064 | ) | (239,243 | ) | |
| Total stockholders’ equity | 136,131 | 160,076 | |||
| Total liabilities and stockholders’ equity | 185,289 | $ | 213,073 |
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, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Revenue | $ | 23,471 | $ | 17,229 | $ | 42,296 | $ | 32,111 | ||||
| Cost of goods sold | 3,381 | 2,736 | 6,429 | 5,768 | ||||||||
| Gross profit | 20,090 | 14,493 | 35,867 | 26,343 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 5,221 | 5,926 | 9,890 | 11,573 | ||||||||
| Selling, general and administrative | 30,056 | 31,431 | 58,731 | 59,826 | ||||||||
| Total operating expenses | 35,277 | 37,357 | 68,621 | 71,399 | ||||||||
| Loss from operations | (15,187 | ) | (22,864 | ) | (32,754 | ) | (45,056 | ) | ||||
| Interest expense | (1,349 | ) | (1,065 | ) | (2,625 | ) | (2,112 | ) | ||||
| Other income, net | 1,790 | 95 | 3,580 | 80 | ||||||||
| Loss before income taxes | (14,746 | ) | (23,834 | ) | (31,799 | ) | (47,088 | ) | ||||
| Provision for income taxes | 8 | 9 | 22 | 18 | ||||||||
| Net loss and comprehensive loss | $ | (14,754 | ) | $ | (23,843 | ) | $ | (31,821 | ) | $ | (47,106 | ) |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.30 | ) | $ | (0.50 | ) | $ | (0.66 | ) | $ | (0.99 | ) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 48,536,310 | 47,701,451 | 48,471,153 | 47,635,840 |
SIGHT SCIENCES, INC.
Gross Margin Disaggregation (Unaudited)
(in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| (unaudited) | (unaudited) | |||||||||||
| Revenue | ||||||||||||
| Surgical Glaucoma | $ | 21,398 | $ | 15,899 | $ | 38,733 | $ | 29,770 | ||||
| Dry Eye | 2,073 | 1,330 | 3,563 | 2,341 | ||||||||
| Total | 23,471 | 17,229 | 42,296 | 32,111 | ||||||||
| Cost of goods sold | ||||||||||||
| Surgical Glaucoma | 2,444 | 1,949 | 4,806 | 3,440 | ||||||||
| Dry Eye | 937 | 787 | 1,623 | 2,328 | ||||||||
| Total | 3,381 | 2,736 | 6,429 | 5,768 | ||||||||
| Gross profit | ||||||||||||
| Surgical Glaucoma | 18,954 | 13,950 | 33,927 | 26,330 | ||||||||
| Dry Eye | 1,136 | 543 | 1,940 | 13 | ||||||||
| Total | 20,090 | 14,493 | 35,867 | 26,343 | ||||||||
| Gross margin | ||||||||||||
| Surgical Glaucoma | 88.6 | % | 87.7 | % | 87.6 | % | 88.4 | % | ||||
| Dry Eye | 54.8 | % | 40.8 | % | 54.4 | % | 0.6 | % | ||||
| Total | 85.6 | % | 84.1 | % | 84.8 | % | 82.0 | % |
SIGHT SCIENCES, INC.
GAAP to Non-GAAP Reconciliation (Unaudited)
(in thousands)
| Three Months Ended <br>June 30, | Three Months Ended <br>June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Operating expenses: | ||||||||||||
| Total Operating expenses | $ | 35,277 | $ | 37,357 | $ | 68,621 | $ | 71,399 | ||||
| Less: Stock-based Compensation | (3,671 | ) | (3,490 | ) | (7,135 | ) | (6,428 | ) | ||||
| Less: Depreciation | (150 | ) | (197 | ) | (295 | ) | (375 | ) | ||||
| Adjusted Operating Expenses(3) | 31,456 | 33,670 | 61,191 | 64,596 |
3 Please see section titled "Non-GAAP Financial Measures" for additional information
SIGHT SCIENCES, INC.
Supplemental Financial Measures (Unaudited)
| Three Months Ended <br>June 30, | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Surgical Glaucoma active customers (4) | 1,134 | 875 | ||
| Dry Eye lid treatment units sold (5) | 5,934 | 3,476 | ||
| Dry Eye active customers (6) | 370 | 212 |
4 "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, 2023 and 2022.
5 "Dry Eye lid treatment units sold" means quantity of TearCare SmartLids sold during the three months ended June 30, 2023 and 2022.
6 "Dry Eye active customers" means the number of customers who ordered lid treatment units during the three months ended June 30, 2023 and 2022.
Delivering the Power of Sight Investor Presentation August 2023
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 results, including revenue/revenue guidance, operating expenditures and timeframe for achieving cash flow break-even; 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 with existing competitors; the Company’s ability to manage and grow its business by expanding its sales to existing customers or introducing our products to new customers; the Company’s ability to successfully execute its clinical trial roadmap so as to achieve its strategic objectives, including use of clinical data to reimbursed market access; the Company’s ability to successfully execute its strategic initiatives and objectives, including its strategies for penetration and growth of the standalone procedure market; and the Company’s ability to obtain and maintain sufficient reimbursement for its products. 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 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 filings with the U.S. Securities and Exchange Commission, as 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 press release. 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 our 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 we forgo or will not assert, to the fullest extent under applicable law, our 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® , SMARTLIDS™ and DELIVERING THE POWER OF SIGHT ™ 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. 2
Our Mission Transform treatment of Eye Diseases by treating underlying causes Earlier intervention to help restore the natural functionality of healthy eyes Eyecare Innovation in Glaucoma and Dry Eye
1 Represents Company analysis of third-party estimates. 2 Source: Market Scope 2022 reports. Large + Underserved Markets $6 billion addressable market1 3.4 million US patients diagnosed with Primary Open-Angle Glaucoma2 Leading cause of irreversible blindness $2.5 billion core addressable market1 >11 million US patients diagnosed with Meibomian Gland Disease1,2 Linked to screen time, age (postmenopausal women, men 50+), systemic medication use Glaucoma Dry Eye Disease 4 Normal Mild Moderate Severe Normal Mild Moderate Severe
1 Based on units of OMNI (and predicates) and SION units shipped as of June 30, 2023. 2 Based on Dry Eye Treatment Lids shipped as of June 30, 2023. Our Technologies: Efficacy + Intuitive Use Surgical Glaucoma Comprehensive treatment of diseased conventional outflow pathway Leading Clinical Trial Results: ROMEO, GEMINI, AAO IRIS® Registry >180K Cases performed1 Dry Eye Comprehensive treatment of diseased meibomian glands Leading Clinical Trial Results: SAHARA, OLYMPIA >40K Cases performed2 5
Increase OMNI Utilization Maintain and optimize market access Train new OMNI surgeons Gain share in combination cataract segment Continue penetrating standalone MIGS segment Expand international markets TearCare Access + Acceleration Drive market access Complete phase 2 of SAHARA RCT Expand adoption and usage Strategic Value Creation Initiatives 6
POAG is similar to a clog in a kitchen sink: when the eye’s natural drainage system (known as the trabeculocanalicular outflow pathway) is blocked and aqueous fluid cannot drain, intraocular pressure (IOP) rises which can cause optic nerve damage and irreversible blindness The Trabeculocanalicular Outflow Pathway is an important focal point in treating POAG Primary Open-Angle Glaucoma 1 2 3 Drain Cover (trabecular meshwork): allows excess aqueous fluid to enter drainage system Sink Pipe (Schlemm’s Canal): conducts excess aqueous fluid to exit pathways known as distal collector channels House Plumbing (distal collector channels): leads excess aqueous fluid out of the eye into the venous system 1 2 3 1 TRABECULAR MESHWORK SCHLEMM’S CANAL DISTAL COLLECTOR CHANNELS 2 3 7
OMNI: Minimally Invasive + Efficacious Treatment Two sequential, ab interno MIGS procedures to help restore natural drainage in the eye Up to 360° treatment of all three sources of resistance in trabeculocanalicular outflow pathway OMNI comprehensively treats the trabeculocanalicular outflow pathway Schlemm’s Canal Collector Channels Cannula Tip Clear Corneal Microincision Microcatheter Canaloplasty Using OMNI expands and dilates Schlemm’s Canal And Collector Channels 2 3 2 3 Trabecular Meshwork Cannula Tip Microcatheter Clear Corneal Microincision 1 Trabeculotomy Using OMNI unroofs the Trabecular Meshwork 1 8
References: GEMINI (Clin Ophthalmol. 2022;16:1225–1234); ROMEO (J Cataract Refract Surg. 2021;47(7):907–915; Ophthalmol Glaucoma. 2021;4(2):173–81); TREY (Int Ophthalmol (2022)); ROMEO 2 Year (Clin Ophthalmol. 2023:17 1057–1066). OMNI® Clinical Highlights Consistent Efficacy Across Clinical Trials in Standalone and Combination Cataract Efficacy Demonstrated Out to 2 Years 9 Combination Cataract Standalone
Combination Cataract MIGS <15%1 of POAG Eyes $1B Opportunity1 1 Represents Company analysis of third-party estimates. Mild Disease (40%)1 Moderate Disease (40%)1 Advanced Disease (20%)1 Standalone MIGS >85%1 of POAG Eyes $5B Opportunity1 ~$0.4B Opportunity1 ~$2B Opportunity1 ~$2B Opportunity1 ~$1B Opportunity1 ~$0.4B Opportunity1 ~$0.2B Opportunity1 OMNI® Addresses All Six MIGS POAG Categories Allows Surgeons to Customize Treatment 10
1 Represents Company analysis of third-party estimates. 2 Company estimates based on independent third-party analytics data. Severely Underserved Standalone MIGS Opportunity ~15% of POAG eyes1, >90% of procedures2 Combination Cataract Established, growing market Share-taking driven by efficacy, fast recovery times & attractive safety profile Benefits from inherent IOP-lowering effect of cataract surgery ~85% of POAG eyes1, <10% of procedures2 Standalone Large, underserved patient population, <10% of MIGS procedures2 MIGS procedure is the SOLE reason for operating room visit Standalone adoption requires a procedure with robust safety & efficacy, without the benefit of cataract surgery 11
OMNI® Surgical System is the only MIGS device based on clinical data that can: 12 12 FDA Indication Supports Standalone and Combination Cataract Utilization Use in Standalone or combo cataract procedures Access to 360 degrees of the diseased trabeculocanalicular outflow pathway Comprehensive treatment of all three points of resistance in the diseased trabeculocanalicular outflow pathway Use in adult patients with POAG across the spectrum of disease severity OMNI® Surgical System is the only MIGS device with an FDA Clearance supporting: 12
Standalone Market Development is Underway 1 Based on estimated patient visits with CPT codes 66174 and 65820 from a third-party data analytics provider. OMNI technology meets enhanced efficacy and safety needs ROMEO ROMEO 2-year extension TREY Sole purpose of OR visit – degree and consistency of efficacy crucial to surgery decision Market development efforts to convert combination cataract MIGS surgeons to standalone MIGS surgeons Commercial team focused on expanding important interventions to POAG patients who do not require cataract surgery Claims data indicate increasing Standalone usage of codes associated with OMNI1 13
14 *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 Pipeline Current Products In-office Injection of Sustained Release Pharmaceutical (Rx)* Suprachoroidal Implant (MIGS)* Implantable Canalicular Scaffold (MIGS)* 14
1 Market Scope 2022 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. Dry Eye Disease: Large + Underserved TRABECULAR MESHWORK US patients diagnosed with Dry Eye Disease (DED)1 ~18M of DED is associated with poor tear quality due to meibomian gland disease (MGD) 1,2 Current market dominated by Rx and OTC eyedrops that do not address the underlying causes of MGD1 95% Existing dry eye treatments focus on increasing tear volume Existing treatments do not address the underlying causes of MGD No meaningful reimbursement for MGD procedures ! 15 Up to 86%
1 Blackie CA, Solomon JD, Greiner JV, Holmes M, Korb DR. Inner eyelid surface temperature as a function of warm compress methodology. Optom Vis Sci. 2008 Aug;85(8):675-83. doi: 10.1097/OPX.0b013e318181adef. PMID: 18677234. Overview: Tears and MGD Meibomian Glands 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 Liquefying obstructed meibum requires precise (40-42° C at the inner eyelid) and consistent (15 minutes) heat1 Tear Film Anatomy Tears consist of three layers Outermost layer consists of oily substance called meibum Coats and protects inner layers Prevents premature evaporation OIL Layer WATER Layer MUCUS Layer 16
$2.5B Core MGD Opportunity 17.8 million1 11.6 – 15.4 million US MGD patients1,2 6.4 – 8.5 million moderate to severe1,2 $2.5B core opportunity4 1 Market Scope 2022 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 current ASP for Dry Eye treatment lids. US patients diagnosed with dry eye disease US MGD prevalence estimated at 65%-86%1,2 of dry eye sufferers 55% of DED patients are moderate to severe1 (most likely to seek treatment + targeted patient population in SAHARA RCT) Core population estimated 1.3 procedures per year3 17
1 Blackie CA, Solomon JD, Greiner JV, Holmes M, Korb DR. Inner eyelid surface temperature as a function of warm compress methodology. Optom Vis Sci. 2008 Aug;85(8):675-83. doi: 10.1097/OPX.0b013e318181adef. PMID: 18677234. TearCare: Custom-Designed to Treat MGD TearCare Technology Engineered to liquefy meibum obstructions1 Delivers precise (40-42° C at the inner eyelid) and consistent (15 minutes) heat1 Manual expression clears glands Single-use SmartLids conform to variable eyelid anatomy while allowing natural blinking Designed for intuitive provider training and comfortable patient experience The only wearable eyelid technology designed to melt and remove meibomian gland obstructions 18
Endpoints Primary Signs Endpoint: TearCare superior to Restasis®2 in tear break-up time Primary Symptoms Endpoint: Non-inferior to Restasis in OSDI3 Device vs. Drug Large study (n=345) Superiority+Durability1 Masked Randomized 1 Endpoints for SAHARA include superiority over Restasis at six months and additional 18 months of follow-up to assess 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. SAHARA RCT: Study Successful and Primary Signs Superiority Endpoint Achieved Abstract accepted for presentation at American Academy of Optometry October 2023 Manuscripts to be submitted for publication in leading peer-reviewed journals Statistically significant Improvements in all 10 signs and symptoms from baseline at all measurement periods 1 week, 1 month, 3 months, and 6 months 19
1 Eyelid treatment units sold means the number of TearCare SmartLids sold during the three-month periods ending June 30, 2023 and June 30, 2022. 2 Dry Eye Active customers means number of customers who ordered eyelid treatment units during the three-month periods ending June 30, 2023 and June 30, 2022. 3 As of June, 30, 2023 TearCare: Targeted + Scalable Growth Controlled launch (~20 sales territories) since 2019: real-world testing and studying market for DED procedures Identified ~9,000 physicians most likely to adopt MGD treatment procedures Plan to use SAHARA results and health economics and outcomes research to advocate for fair market access Targeted plan to scale commercial resources Significant opportunity to improve the lives of US MGD patients Over 40,000 SmartLids™ Sold3 20
*This pipeline product is under development and is not commercially available. The Company may suspend or discontinue pipeline development projects at any time. Dry Eye Pipeline Developing Comprehensive Best-in-Class Portfolio Pipeline Current Products OTC Artificial Tear Differentiated Lipid Layer Technology* Home-Based Eyelid Treatment Device* Dry Eye Disease Prescription Pharmaceutical Eyelid Ointment* 21
Robust Revenue Growth and Top-Tier Gross Margins $7.5 $23.3 $27.6 $49.0 $71.3 $91.5 Revenue CAGR FY18 to FY23E* +65% Q2’23 Y/Y Revenue +36% SGHT +35% Surgical Glaucoma +56% Dry Eye Q2’23 Gross Margin % 85.6% SGHT 88.6% Surgical Glaucoma 54.8% Dry Eye FY23E* figures based on the midpoint of annual revenue guidance as presented on August 3, 2023 of $89M to $94M. Annual Revenue & Gross Margin % 22
1 Figures based on guidance as presented on August 3, 2023. Strong Financial Profile with Significant Momentum $89 – 94M FY 2023E Revenue 25-32% YOY growth1 $30.5M FY 2023E quarterly average Adjusted Operating Expense ~6% YOY decline1 ~30% revenue growth target in medium-term1 Estimated free cash flow break-even during 20251 Financial Guidance1 Revenue Growth with Spend Discipline High revenue growth Top-tier gross margins (>80%) Disciplined spend management, with investments for R&D and clinical Strong balance sheet and cash position $154.5 million cash as of June 30, 2023 Financial Principles 23
Investment Highlights Two Large, Growing, Underserved Markets Competitive Differentiation Driven by Efficacy Compelling Clinical Data Proven Commercial Capabilities Driving High Growth Strong Balance Sheet and Cash Position Experienced Management Team 24