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): November 04, 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 November 6, 2025, Sight Sciences, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report).*
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Promotion of Alison Bauerlein to Chief Operating Officer
Effective as of November 5, 2025, the board of directors of the Company (the “Board”) promoted Alison Bauerlein to the position of Chief Operating Officer of the Company. Ms. Bauerlein will also serve as the Company’s Principal Operating Officer. In connection with her appointment as Chief Operating Officer and Principal Operating Officer, Ms. Bauerlein will no longer serve as Chief Financial Officer, Treasurer, Principal Financial Officer or Principal Accounting Officer, in each case effective November 5, 2025.
Ms. Bauerlein, age 43, has served as our Chief Financial Officer and Treasurer since April 2023. Ms. Bauerlein co-founded Inogen, Inc. (“Inogen”) (Nasdaq: INGN), a publicly traded medical technology company, in 2001, and previously served as Inogen’s Executive Advisor from December 2021 to April 2022, Chief Financial Officer from 2009 until December 2021, Executive Vice President of Finance from March 2014 until December 2021, Corporate Secretary from 2002 until July 2021, and Corporate Treasurer from 2002 until December 2021. Ms. Bauerlein also serves as a member of the board of directors of Koya Medical, Inc. and Balance Ophthalmics, Inc, two private medical device companies. Ms. Bauerlein previously served as a member of the board of Pear Therapeutics, Inc., a software-based digital therapeutics company, from December 2021 to May 2024, and served as a member of the board of directors of Gelesis Holdings, Inc, a biotherapeutics company, from January 2022 until October 2023 and as a member of the board of directors of Equinox Ophthalmic, Inc. from June 2020 until March 2023. Ms. Bauerlein received a B.A. in Economics/Mathematics with high honors from the University of California, Santa Barbara.
In connection with her appointment as Chief Operating Officer, on November 5, 2025, Ms. Bauerlein entered into an amended and restated employment agreement with the Company (the “A&R Bauerlein Agreement”), effective November 5, 2025, which amends and restates in full that employment agreement previously entered into by the Company and Ms. Bauerlein on April 3, 2023. Pursuant to the terms of the A&R Bauerlein Agreement, Ms. Bauerlein will receive an initial annual base salary of $485,000 (as may be adjusted by the Board from time to time) and will be eligible to participate in the Company’s annual cash incentive program, with an initial annual cash bonus targeted at 65% of her base salary (as may be adjusted by the Board from time to time). Additionally, in connection with her promotion, Ms. Bauerlein will be entitled to receive a grant of restricted stock units (the “Bauerlein RSU Award”) pursuant to the terms of the Company’s 2021 Incentive Award Plan (the “2021 Plan”) with a fair market value of $150,000, which shall vest in sixteen equal, quarterly installments, commencing December 31, 2025 and continuing through September 30, 2029,, subject to Ms. Bauerlein’s continued service through each vesting date. The number of shares issuable pursuant to the Bauerlein RSU Award shall be based on the closing price of the Company’s common stock on the grant date, which shall be the first trading day after November 5, 2025 during which the Company is in an open trading window.
If Ms. Bauerlein’s employment is terminated by the Company without cause, or Ms. Bauerlein resigns from the Company with good reason, the Company shall: (i) pay Ms. Bauerlein an amount equal to her then in effect base salary for the subsequent 12-month period, (ii) pay Ms. Bauerlein an amount equal to any unpaid annual bonus earned for the year prior to the year of termination, payable when annual bonuses for such year are paid to other executives of the Company, and (iii) make direct payment of, or reimbursement for, COBRA premiums, less the amount Ms. Bauerlein would have paid for coverage as an active employee, commencing on Ms. Bauerlein’s separation date and ending upon the earliest of: (1) the expiration of the subsequent 12-month period, (2) the date Ms. Bauerlein and/or her dependents become no longer eligible for COBRA, or (3) the date Ms. Bauerlein becomes eligible to receive benefits from a subsequent employer.
Under the A&R Bauerlein Agreement, “cause” generally means, subject to notice and cure rights, her: (i) refusal to substantially perform duties or carry out reasonable and lawful instructions concerning duties, (ii) material breach of a policy of the Company, provision of the A&R Bauerlein Agreement or any other material agreement between Ms. Bauerlein and the Company, (iii) conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, (iv) unlawful use or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing her duties and responsibilities under the A&R Bauerlein Agreement, or (v) commission of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company or any of its affiliates.
Under the A&R Bauerlein Agreement, “good reason” generally means, subject to notice and cure rights, (i) a reduction in his base salary or annual bonus, (ii) a material decrease in authority or areas of responsibility, (iii) the relocation of his primary office to a location more than 35 miles from his primary office as of the date of the A&R Bauerlein Agreement, (iv) the failure of any successor of all or substantially all of the Company’s assets to assume the A&R Bauerlein Agreement, to the extent such assumption does not occur automatically by operation of law, or (v) the Company’s breach of a material provision of the A&R Bauerlein Agreement.
The foregoing description of the A&R Bauerlein Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full and complete text of the A&R Bauerlein Agreement, a copy of which shall be attached as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Ms. Bauerlein does not have a family relationship with any of the officers or directors of the Company. There were no understandings or arrangements between Ms. Bauerlein and any other person pursuant to which she was appointed as Chief Operating Officer of the Company. There are no transactions involving Ms. Bauerlein that would require disclosure under Item 404(a) of Regulation S-K.
Promotion of Jim Rodberg to Chief Financial Officer and Treasurer
Effective as of November 5, 2025, the Board promoted James Rodberg to the roles of Chief Financial Officer and Treasurer of the Company, to fill the vacancies created by Ms. Bauerlein’s promotion to Chief Operating Officer. Mr. Rodberg will also serve as the Company’s Principal Financial Officer and Principal Accounting Officer.
Mr. Rodberg, age 42, has served as the Company’s Vice President of Finance and Corporate Controller since May 2021, and also served as Interim Chief Financial Officer of the Company from January 2023 until April 2023. Prior to joining the Company, Mr. Rodberg served as the Vice President of Finance from 2020 to 2021, and the Vice President of Internal Audit from 2018 to 2020, at nVent Electric PLC. From 2017 to 2018, Mr. Rodberg served as Director of Finance at Abbott Laboratories (“Abbott”). In 2017, Abbott acquired St. Jude Medical, Inc., where Mr. Rodberg served in progressive leadership positions in finance and accounting since 2009. From 2005 to 2009, Mr. Rodberg worked in the audit and assurance division of Deloitte Touche Tohmatsu Limited. Mr. Rodberg holds a B.S. in Accounting from the University of Minnesota.
In connection with his appointment as Chief Financial Officer and Treasurer, Mr. Rodberg entered into an employment agreement with the Company (the “Rodberg Agreement”), effective November 5, 2025. Pursuant to the terms of the Rodberg Agreement, Mr. Rodberg will receive an initial annual base salary of $400,000 (as may be adjusted by the Board from time to time) and will be eligible to participate in the Company’s annual cash incentive program, with an initial annual cash bonus targeted at 50% of his base salary (as may be adjusted by the Board from time to time). Additionally, in connection with his promotion, Mr. Rodberg will be entitled to receive a grant of restricted stock units (the “Rodberg RSU Award”) pursuant to the terms of the 2021 Plan with a fair market value of $100,000, which shall vest in sixteen equal, quarterly installments, commencing December 31, 2025 and continuing through September 30, 2029, subject to Mr. Rodberg’s continued service through each vesting date. The number of shares issuable pursuant to the Rodberg RSU Award shall be based on the closing price of the Company’s common stock on the grant date, which shall be the first trading day after November 5, 2025 during which the Company is in an open trading window.
If Mr. Rodberg’s employment is terminated by the Company without cause, or Mr. Rodberg resigns from the Company with good reason, the Company shall: (i) pay Mr. Rodberg an amount equal to his then in effect base salary for the subsequent 12-month period, (ii) pay Mr. Rodberg an amount equal to any unpaid annual bonus earned for the year prior to the year of termination, payable when annual bonuses for such year are paid to other executives of the Company, and (iii) make direct payment of, or reimbursement for, COBRA premiums, less the amount Mr. Rodberg would have paid for coverage as an active employee, commencing on Mr. Rodberg’s separation date and ending upon the earliest of: (1) the expiration of the subsequent 12-month period, (2) the date Mr. Rodberg and/or his dependents become no longer eligible for COBRA, or (3) the date Mr. Rodberg becomes eligible to receive benefits from a subsequent employer.
Under the Rodberg Agreement, “cause” generally means, subject to notice and cure rights, his: (i) refusal to substantially perform duties or carry out reasonable and lawful instructions concerning duties, (ii) material breach of a policy of the Company, provision of the Rodberg Agreement or any other material agreement between Mr. Rodberg and the Company, (iii) conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, (iv) unlawful use or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing his duties and responsibilities under the Rodberg Agreement, or (v) commission of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company or any of its affiliates.
Under the Rodberg Agreement, “good reason” generally means, subject to notice and cure rights, (i) a reduction in his base salary or annual bonus, (ii) a material decrease in authority or areas of responsibility, (iii) the relocation of his primary office to a location more than 35 miles from his primary office as of the date of the Rodberg Agreement, (iv) the failure of any successor of all or substantially all of the Company’s assets to assume the Rodberg Agreement, to the extent such assumption does not occur automatically by operation of law, or (v) the Company’s breach of a material provision of the Rodberg Agreement.
The foregoing description of the Rodberg Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full and complete text of the Rodberg Agreement, a copy of which shall be attached as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Mr. Rodberg does not have a family relationship with any of the officers or directors of the Company. There were no understandings or arrangements between Mr. Rodberg and any other person pursuant to which he was appointed as an executive officer of the Company. There are no transactions involving Mr. Rodberg that would require disclosure under Item 404(a) of Regulation S-K.
In connection with his appointment, Mr. Rodberg has entered into the Company’s standard form of executive officer indemnification agreement. The form of indemnification agreement was previously filed as Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 7, 2025.
Board Changes
Effective as of November 4, 2025, each of Brenda Becker and Erica Rogers tendered their resignations from the Board and the committees of the Board on which they serve. Mses. Becker and Rogers advised their decisions to resign from their positions as Class I directors on the Board were not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On November 4, 2025, the Board adopted a resolution to decrease the size of the Board from nine to seven members, effective upon Mses. Becker’s and Rogers’ resignations. Additionally, effective upon, and in light of, Mses. Becker’s and Rogers’ resignations as Class I directors, the Board reassigned Catherine Mazzacco from Class II to Class I of the Board in order to maintain the three classes of the Board as nearly equal in number as possible as prescribed by the Company’s Restated Certificated of Incorporation. Ms. Mazzacco will serve as a Class I director for a term ending at the Company’s 2028 annual meeting of stockholders.
Item 7.01 Regulation FD Disclosure
On November 6, 2025, the Company issued a press release announcing the management and board changes disclosed in Item 5.02 of this Current Report. A copy of the press release is furnished as Exhibit 99.2 to this Current Report.
On November 6, 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 99.3 to this Current Report on Form 8-K.*
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Earnings Press Release dated November 6, 2025 |
| 99.2 | Leadership Press Release dated November 6, 2025 |
| 99.3 | Sight Sciences Presentation dated November 6, 2025 |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL. |
| * | The information in Item 2.02, Item 7.01, Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 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: | November 6, 2025 | By: | /s/ James Rodberg |
| James Rodberg<br>Chief Financial Officer<br>(Principal Financial and Accounting Officer) |
EX-99.1
Exhibit 99.1
Sight Sciences Reports Third 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 third quarter ended September 30, 2025, and raised its revenue guidance and reduced its adjusted operating expense guidance, both for full year 2025.
Recent Financial and Business Highlights
Generated third quarter 2025 total revenue of $19.9 million, a decrease of 1% compared to the same period in the prior year. The Company’s Surgical Glaucoma revenue increased 6% compared to the same period in the prior year, offset by the expected decline in revenue from the Company’s Dry Eye segment, which decreased 88% compared to the third quarter of 2024 as result of the Company’s focus on efforts to achieve reimbursed market access.
Reduced total operating expenses to $25.1 million in the third quarter of 2025, representing an 11% decrease compared to $28.1 million in the same period in the prior year. Operating expenses included $2.8 million in restructuring costs associated with the reduction in force announced on August 27, 2025.
Increased Surgical Glaucoma ordering accounts to an all-time high of 1,197 accounts, up 8% compared to the third quarter of 2024.
Appointed Alison Bauerlein as Chief Operating Officer and James Rodberg as Chief Financial Officer, effective November 5, 2025.
Recent Reimbursement Highlights
Announced Novitas Solutions and First Coast Service Options, two Medicare Administrative Contractors (MACs), established fee schedules that include jurisdiction-wide pricing for 0563T, the CPT® code that describes the Company’s TearCare interventional dry eye procedure. The states and regions covered by these two MACS have 10.4 million in estimated total covered lives and represent approximately 30% of the total Medicare fee-for-service covered lives nationwide.
Announced UnitedHealthcare’s® (UHC) expanded coverage of glaucoma surgical treatments, including those using the OMNI® Surgical System (OMNI). This coverage policy, effective October 1, 2025, applies to UHC’s commercial and individual exchange benefit plans. The commercial and individual exchange benefits plans currently cover approximately 30 million of the over 50 million total covered lives under UHC.
Recent Clinical Highlights
- Announced the inclusion of the TearCare® System (TearCare) in Tear Film and Ocular Surface Society (TFOS) Dry Eye Workshop (DEWS) III Global Dry Eye Guidelines published in the American Journal of Ophthalmology, a report that discusses diagnostic approaches and therapeutic strategies for managing dry eye disease (DED), such as TearCare, based on clinical data.
- Announced publication of a systematic literature review and meta-analysis in the European Journal of Ophthalmology showing that OMNI achieved clinically significant, long-term reductions in intraocular pressure (IOP) and medication use, with sustained improvements over time.
Management Commentary
“Our robust third-quarter performance and recent progress across both our interventional dry eye and glaucoma business segments demonstrates strong consistent commercial, clinical, market access, and operational execution as we build a leading interventional eye care company. Our Surgical Glaucoma revenue growth underscores the clinical significance of our OMNI technology in the glaucoma treatment paradigm and the effectiveness of our team, as we simultaneously streamlined the organization and drove efficiencies to reduce operating expenses,” said Paul Badawi, Co-Founder and Chief Executive Officer of Sight Sciences.
“In October, we achieved a transformational milestone within our Dry Eye segment, with new carrier-priced fee schedules established for TearCare. We believe we are well-positioned for sustained long-term growth as the pioneer in reimbursed interventional dry eye procedures. Our strengthened executive team is structured to ensure the organization continues to execute effectively on the opportunities in front of us. We are confident in our ability to maintain the momentum we are building in both segments, while driving strong gross margins and disciplined expense management,” continued Mr. Badawi.
Third Quarter 2025 Financial Results
Revenue for the third quarter of 2025 was $19.9 million, a decrease of 1% compared to the same period in the prior year. Surgical Glaucoma revenue was $19.7 million, an increase of 6% compared to the same period in the prior year. Surgical glaucoma revenue growth was primarily due to increased ordering accounts and average selling price, partially offset by lower account utilization primarily due to coverage restrictions on the performance of multiple MIGS procedures in combination with cataract surgery for Medicare patients in most states. Dry Eye revenue was $0.2 million, a decrease from $1.5 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 third quarter of 2025 was $17.2 million, compared to $16.9 million in the same period in the prior year. Gross margin for the third quarter of 2025 was 86%, up compared to 84% in the same period in the prior year. Surgical Glaucoma gross margin in the third quarter of 2025 was 87%, compared to 87% in the same period in the prior year, primarily due to tariff costs, higher overhead costs per unit, and product sales mix, offset by higher average selling prices. The Company incurred $0.4 million in Surgical Glaucoma cost of goods sold associated with tariffs in the third quarter of 2025. Dry Eye gross margin in the third quarter of 2025 was 38%, compared to 48% in the same period in the prior year, primarily due to higher overhead costs per unit, partially offset by higher average selling prices.
Total operating expenses were $25.1 million in the third quarter of 2025, representing an 11% decrease compared to $28.1 million in the same period in the prior year, primarily due to lower stock-based compensation expense, personnel-related expenses, and research and development expenses. The Company incurred $2.8 million in restructuring costs and a reduction of $0.6 million in stock-based compensation associated with the reduction in force. Research and development expenses were $3.4 million, compared to $4.7 million in the same period in the prior year, representing a 29% decrease.
Selling, general and administrative expenses were $21.8 million, compared to $23.4 million in the same period in the prior year, representing a 7% decrease. Adjusted operating expenses1,2 were $19.8 million, down from $23.8 million in the same period in the prior year, representing a 17% decrease.
Net loss was $8.2 million, or a loss of $0.16 per share, compared to a net loss of $11.1 million, or a loss of $0.22 per share, in the same period in the prior year.
Cash and cash equivalents totaled $92.4 million and total long-term debt was $40.0 million (before unamortized discount and debt issuance costs) as of September 30, 2025, compared to $101.5 million and $40.0 million, respectively, as of June 30, 2025. Cash used in the third quarter of 2025 totaled $9.1 million, including $1.5 million of restructuring costs.
2025 Financial Guidance
Sight Sciences raises its revenue guidance expectations for full year 2025 to $76.0 million to $78.0 million, representing a 2% to 5% decline compared to full year 2024 revenue, versus prior revenue guidance of $72.0 million to $76.0 million.
The Company also reduces its adjusted operating expenses1,3 guidance for full year 2025 to $90 million to $92 million, representing a decrease of 9% to 11% compared to adjusted operating expenses for full year 2024, versus prior adjusted operating expenses guidance of $95 million to $99 million. The Company still estimates the workforce reductions announced in August 2025 will yield savings of approximately $12.0 million on an annualized basis.
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. The Company still expects its Surgical Glaucoma segment’s tariff exposure will increase the segment’s cost of goods sold by between $1.0 million to $1.5 million for full year 2025.
Conference Call
Sight Sciences' management team will host a conference call today, November 6, 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.
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.
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, 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.
CPT is a registered trademark of the American Medical Association. UnitedHealthcare is a registered trademark of UnitedHealth Group Incorporated.
© 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 belief that we are well-positioned for sustained long-term growth as the pioneer in reimbursed interventional dry eye procedures; our confidence in our short- and long-term outlook; the benefits we expect to realize from our recent executive management restructuring; our projected 2025 revenue and adjusted operating expenses guidance; 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 forward looking statements reflect management’s current expectations and 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.
The Company’s full year 2025 financial projections assume 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, in addition to those risks identified above, 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. These risks and uncertainties limit our ability to accurately forecast results, and our actual results may differ materially from the forecasts included in this press release.
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 | 92,373 | $ | 120,357 | ||
| Accounts receivable, net of allowance for credit losses of 224 and 689 at September 30, 2025 and December 31, 2024, respectively | 9,744 | 10,786 | |||
| Inventory, net | 7,984 | 6,325 | |||
| Prepaid expenses and other current assets | 3,494 | 2,306 | |||
| Total current assets | 113,595 | 139,774 | |||
| Property and equipment, net | 1,545 | 1,580 | |||
| Operating lease right-of-use assets | 568 | 935 | |||
| Other noncurrent assets | 548 | 550 | |||
| Total assets | 116,256 | $ | 142,839 | ||
| Liabilities and stockholders’ equity | |||||
| Current liabilities: | |||||
| Accounts payable | 1,742 | $ | 1,691 | ||
| Accrued compensation | 6,192 | 9,680 | |||
| Accrued and other current liabilities | 3,897 | 4,097 | |||
| Total current liabilities | 11,831 | 15,468 | |||
| Long-term debt, net | 40,069 | 39,356 | |||
| Other noncurrent liabilities | 66 | 492 | |||
| Total liabilities | 51,966 | 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 September 30, 2025 and December 31, 2024 | — | — | |||
| Common stock, par value 0.001 per share; 200,000,000 shares authorized; 52,474,227 and 50,937,999 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 52 | 51 | |||
| Additional paid-in-capital | 444,799 | 433,769 | |||
| Accumulated deficit | (380,561 | ) | (346,297 | ) | |
| Total stockholders’ equity | 64,290 | 87,523 | |||
| Total liabilities and stockholders’ equity | 116,256 | $ | 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>September 30, | Nine Months Ended <br>September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 19,906 | $ | 20,157 | $ | 56,978 | $ | 60,792 | ||||
| Cost of goods sold | 2,709 | 3,250 | 8,100 | 9,068 | ||||||||
| Gross profit | 17,197 | 16,907 | 48,878 | 51,724 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 3,352 | 4,746 | 12,169 | 13,698 | ||||||||
| Selling, general and administrative | 21,750 | 23,390 | 70,139 | 76,629 | ||||||||
| Total operating expenses | 25,102 | 28,136 | 82,308 | 90,327 | ||||||||
| Loss from operations | (7,905 | ) | (11,229 | ) | (33,430 | ) | (38,603 | ) | ||||
| Investment income | 965 | 1,454 | 3,139 | 4,628 | ||||||||
| Interest expense | (1,306 | ) | (1,151 | ) | (3,853 | ) | (3,501 | ) | ||||
| Loss on debt extinguishment | — | — | — | (1,962 | ) | |||||||
| Other (expense) income, net | (2 | ) | 26 | (118 | ) | (25 | ) | |||||
| Loss before income taxes | (8,248 | ) | (10,900 | ) | (34,262 | ) | (39,463 | ) | ||||
| Provision for income taxes | (79 | ) | 166 | 2 | 198 | |||||||
| Net loss and comprehensive loss | $ | (8,169 | ) | $ | (11,066 | ) | $ | (34,264 | ) | $ | (39,661 | ) |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.16 | ) | $ | (0.22 | ) | $ | (0.66 | ) | $ | (0.79 | ) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 52,377,805 | 50,340,603 | 51,834,063 | 49,911,655 |
SIGHT SCIENCES, INC.
Gross Margin Disaggregation (Unaudited)
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2023 | |||||||||
| Revenue | ||||||||||||
| Surgical Glaucoma | $ | 19,718 | $ | 18,632 | $ | 56,063 | $ | 57,132 | ||||
| Dry Eye | 188 | 1,525 | 915 | 3,660 | ||||||||
| Total revenue | 19,906 | 20,157 | 56,978 | 60,792 | ||||||||
| Cost of goods sold | ||||||||||||
| Surgical Glaucoma | 2,592 | 2,453 | 7,662 | 7,084 | ||||||||
| Dry Eye | 117 | 797 | 438 | 1,984 | ||||||||
| Total cost of goods sold | 2,709 | 3,250 | 8,100 | 9,068 | ||||||||
| Gross profit | ||||||||||||
| Surgical Glaucoma | 17,126 | 16,179 | 48,401 | 50,048 | ||||||||
| Dry Eye | 71 | 728 | 477 | 1,676 | ||||||||
| Total gross profit | 17,197 | 16,907 | 48,878 | 51,724 | ||||||||
| Gross margin | ||||||||||||
| Surgical Glaucoma | 86.9 | % | 86.8 | % | 86.3 | % | 87.6 | % | ||||
| Dry Eye | 37.8 | % | 47.7 | % | 52.1 | % | 45.8 | % | ||||
| Total gross margin | 86.4 | % | 83.9 | % | 85.8 | % | 85.1 | % |
SIGHT SCIENCES, INC.
GAAP to Non-GAAP Reconciliation (Unaudited)
(in thousands)
| Three Months Ended <br>September 30, | Nine Months Ended <br>September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating Expenses: | ||||||||||||
| Total Operating Expenses | $ | 25,102 | $ | 28,136 | $ | 82,308 | $ | 90,327 | ||||
| Less: Stock-based Compensation | (2,382 | ) | (4,225 | ) | (10,245 | ) | (12,848 | ) | ||||
| Less: Depreciation and Amortization | (105 | ) | (158 | ) | (379 | ) | (536 | ) | ||||
| Less: Restructuring Costs(4) | (2,803 | ) | — | (2,803 | ) | — | ||||||
| Adjusted Operating Expenses(5) | 19,812 | 23,753 | 68,881 | 76,943 |
4 Restructuring costs include personnel severance expense, payroll tax expense on severance expense, COBRA benefits expense, and legal expense associated with the reduction in force in August 2025.
5 Please see section titled "Non-GAAP Financial Measures" for additional information.
SIGHT SCIENCES, INC.
Supplemental Financial Measures (Unaudited)
| Three Months Ended <br>September 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Surgical Glaucoma active customers (6) | 1,197 | 1,107 | ||
| Dry Eye lid treatment units sold (7) | 271 | 5,379 | ||
| Dry Eye active customers (8) | 50 | 296 |
6 “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 September 30, 2025 and 2024.
7 “Dry Eye lid treatment units sold” means the quantity of TearCare SmartLids® sold during the three months ended September 30, 2025 and 2024.
8 “Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended September 30, 2025 and 2024.
EX-99.2
Exhibit 99.2
Sight Sciences Appoints Ali Bauerlein as Chief Operating Officer and Jim Rodberg as Chief Financial Officer
New leadership appointments strengthen Sight Sciences’ commitment to advancing our interventional dry eye initiatives and driving scalable operations and growth
MENLO PARK, Calif., November 6, 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 that elevate the standard of care, announced today the appointment of Alison (Ali) Bauerlein as its Chief Operating Officer (COO) and James (Jim) Rodberg as its Chief Financial Officer (CFO), effective November 5, 2025.
“We are very excited to promote both Ali and Jim into new roles at Sight Sciences as we continue to elevate our market leadership position in MIGS and begin to scale the reimbursed interventional dry eye category. We believe the many contributions they each have made over their tenure at Sight Sciences as well as their unique skill sets directly align with our vision of the future of eyecare and the needs of the organization. Ali has a proven track record of leading a rapidly growing medtech organization through multiple phases of growth, and Jim has a strong finance background from a leading medtech organization, which will be critical to our execution in the coming years,” said Paul Badawi, Founder and Chief Executive Officer of Sight Sciences. “We are confident the addition of the COO role will accelerate our growth across the business with enhanced focus and leadership. We are looking forward to both Ali and Jim advancing our strategic plans and ensuring we have the appropriate infrastructure to support profitable growth over time.”
Mrs. Bauerlein, Chief Operating Officer of Sight Sciences, commented, “I am delighted to be moving into the COO role at Sight Sciences at this critical juncture as we look to scale our business. I am excited to leverage my background in high growth medtech to help Sight Sciences achieve its fullest potential. I look forward to working with Paul, the rest of the Sight Sciences team, and the ophthalmic community as we shift towards earlier procedural intervention and improve the lives of our patients.”
Mr. Rodberg, Chief Financial Officer of Sight Sciences, added, “It’s an exciting time at Sight Sciences given the significant patient impact we are positioned to make over the coming years by enabling our customers to treat two major obstructive ophthalmic diseases with proven procedural interventions. I look forward to supporting our growth and profitability goals, while striving to create significant value for the ophthalmic community, our patients, and our shareholders.”
Board of Directors Update
Erica Rogers and Brenda Becker have stepped down from the Sight Sciences Board of Directors. “I would like to thank both Erica and Brenda for their contributions to our vision and mission over the last six and three years, respectively. Erica’s high-growth medtech leadership experience was invaluable as we scaled our business from early commercialization, and Brenda’s decades of public service and private sector expertise helped support our execution in both glaucoma and dry eye with steadfast advice and support,” said Staffan Encrantz, Chairman of the Board of Directors of Sight Sciences.
Mrs. Bauerlein Biography
Mrs. Bauerlein was appointed Chief Operating Officer of Sight Sciences effective November 2025, prior to which she served as Sight Sciences’ Chief Financial Officer since joining the Company in April 2023. She brings experience leading global finance and accounting functions, including revenue management, reporting, investor relations and business development. She joined Sight Sciences from Inogen, a medical technology company offering innovative respiratory products for use in the homecare setting. She cofounded Inogen in 2001 and served as its Chief Financial Officer from 2009 through 2021, as Inogen scaled from start-up operations to over $350 million in annual sales. She also serves as member of the board of directors of Koya Medical since January 2021 and Balance Ophthalmics since July 2024. She received a B.A. in economics/mathematics with high honors from the University of California, Santa Barbara.
Mr. Rodberg Biography
Mr. Rodberg was appointed Chief Financial Officer of Sight Sciences effective November 2025. Previously, he served as Sight Sciences’ Vice President of Finance and Corporate Controller since joining the Company in early 2021 prior to its IPO. He also served as interim CFO at Sight Sciences in 2023. Mr. Rodberg has 20 years of public accounting and company finance leadership experience. Prior to joining Sight Sciences, he served as VP, FP&A at nVent Electric, Director of Finance at Abbott Laboratories and had several progressive finance and accounting roles at St. Jude Medical (prior to its acquisition by Abbott). He began his career at Deloitte in the audit and assurance practice. He received a B.S. in Accounting from the University of Minnesota and is a Certified Public Accountant (inactive).
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 aare 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 and TearCare 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 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: the scaling of the Company’s operations; the advancement of the Company’s strategic plans; anticipated benefits arising out of our recent executive management restructuring, including with respect to the Company’s ability to accelerate and achieve its growth and profitability objectives; and the Company’s ability to elevate the standard of care, deliver best in class solutions and improve the lives of its patients. 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.
Media contact: pr@SightSciences.com
Investor contact: Philip Taylor Gilmartin Group 415.937.5406 Investor.Relations@Sightsciences.com
Sight Sciences Investor Presentation November 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 November 6, 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 TearCare market access has started with first 2 MACs establishing fee schedules Oct 2025 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 September 30, 2025 Comprehensive treatment of diseased conventional outflow pathway Leading clinical trial and registry results: ROMEO, GEMINI, AAO IRIS® Registry >350K 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 4 GEMINI 36-month paper (Greenwood MR, Yadgarov A, Flowers BE, Sarkisian SR, Ohene-Nyako A, Dickerson JE Jr. 36-month outcomes from the prospective GEMINI study: canaloplasty and trabeculotomy combined with cataract surgery for patients with primary open-angle glaucoma. Clin Ophthalmol 2023;17:3817-3824.) 4
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 $1.7 billion US market for dry eye treatments 2 >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.
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 meibomian gland dropout is irreversible and critical to ocular surface health1-3 TearCare targets the root cause of MGD: obstructed glands with demonstrated improvement of meibomian gland function4 SAHARA Results: TearCare was clinically superior in its primary signs endpoint (TBUT) as compared to Restasis, and showed significant improvements in all signs and symptoms 5 Published budget impact analysis demonstrates economic savings for payors 5 Providers can intervene sooner with the power to preserve 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
MGD Opportunity U.S. patients diagnosed with Dry Eye Disease (DED) 1 Million DED patients 19.4 Up to 86% of DED is associated with poor tear quality due to MGD 1, 2 Million MGD patients 13.6 – 16.7 ~50% of DED patients have moderate to severe symptoms 1 (most likely to seek treatment + targeted patient population in SAHARA RCT) Million moderate to severe MGD DED patients 6.8 – 8.3 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.
MGD is an Underserved Disease State The current market is dominated by eyedrops that do not address the underlying causes of MGD 1 Many dry eye treatments focus on increasing tear volume in aqueous deficient patients No interventional standard of care for treatment of MGD There is poor patient compliance with the use of Rx and OTC eyedrops for treatment 2 The US market for dry eye treatments was $1.7 billion in 2024 1 ¹ Market Scope 2024 Dry Eye Products Report and internal estimates. ² 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.
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 September 30, 2025. Comprehensive therapy to treat diseased meibomian glands Leading Clinical Trial Results: SAHARA, OLYMPIA >70K Procedures Performed1
TearCare: Designed to Preserve and Improve Gland Functionality TearCare is the only FDA-cleared interventional, open-eye, thermal-activated gland expression therapy 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 + Durability 2 + Head-to-Head Study TearCare vs Restasis1 + Large Trial (N=345) + Randomized + Assessor Masked + 3 Stages + Long-term (2-year trial) 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 ocular surface disease index (OSDI) 3 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. 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 2 TearCare therapies in the first 5 months provides 2 years of relief for the majority of study 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 September 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 $76.0M - $78.0M1 $79.9 $4.0 $75.9 +30% FY24 Gross Margin % Revenue CAGR FY20 to FY24 FY25 Guidance Revenue $76M - $78M¹ Adj. OpEx² 90M - $92M¹ 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 $76.0 to $78.0 million and adjusted operating expenses of $90.0 to $92.0 million, as of the Company's earnings release dated November 6, 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 November 6, 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 Generate eyecare provider engagement and pursue coverage and equitable reimbursement Grow commercial team Expand adoption and usage Generate additional clinical evidence to drive procedural DED intervention
Why Now? Innovation leader in two large, growing, underserved markets 1 TearCare market access has started with first 2 MACs establishing fee schedules Oct 2025 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
Thank you! If you have any questions, please contact investor.relations@sightsciences.com © 2025 Sight Sciences and/or certain of its affiliates, All rights reserved. Sight Sciences, the Sight Sciences logo, OMNI, SION, TearCare, and TruSync are trademarks or registered trademarks of Sight Sciences.