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SpyGlass PharmaSGP -0.59%12 Net-Net Working Capital is $6.67 as of Jun. 2026. GuruFocus rates SGP with a GF Score™ of 12/100. Among 853 Biotechnology companies, SpyGlass Pharma ranks better than 65.89% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
SpyGlass Pharma's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $6.67.
The industry rank for SpyGlass Pharma's Net-Net Working Capital or its related term are showing as below:
SGP's Price-to-Net-Net-Working-Capital is ranked better than 65.89% of 853
companies
in the Biotechnology industry
Industry Median: 5.47
vs SGP: 3.45
SpyGlass Pharma (NAS:SGP) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
SpyGlass Pharma Net-Net Working Capital Related Terms
SpyGlass Pharma Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for SpyGlass Pharma's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SGP vs RIGL, NGNE, OCS: Net-Net Working Capital Comparison
For the Biotechnology subindustry, SpyGlass Pharma's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SpyGlass Pharma Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, SpyGlass Pharma's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where SpyGlass Pharma's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $6.67 mean?
SpyGlass Pharma (SGP) has a Net-Net Working Capital of $6.67 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on SpyGlass Pharma According to the industry distribution chart, SpyGlass Pharma ranks #291 out of 853 companies in the Biotechnology industry, placing it in the top 34.1%.
Is SpyGlass Pharma's Net-Net Working Capital too high?
SpyGlass Pharma's current Net-Net Working Capital is $6.67. The Biotechnology industry median Net-Net Working Capital is 5.47. SpyGlass Pharma's value of $6.67 is 21.9% above this industry median. Based on the distribution chart, SpyGlass Pharma ranks #291 out of 853 companies in the Biotechnology industry, which is above the industry midpoint. Overall, SpyGlass Pharma has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does SpyGlass Pharma's Net-Net Working Capital compare to RIGL and NGNE?
According to the Biotechnology industry distribution chart, SpyGlass Pharma ranks #291 out of 853 companies for Net-Net Working Capital. This puts SpyGlass Pharma in the upper half of its industry. The industry median Net-Net Working Capital is 5.47. SpyGlass Pharma's value of $6.67 is 21.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.47, based on 853 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SpyGlass Pharma's current Net-Net Working Capital of $6.67 is 21.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on SpyGlass Pharma For the Biotechnology industry, the median Net-Net Working Capital is 5.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SpyGlass Pharma's current Net-Net Working Capital is $6.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SpyGlass Pharma stock overvalued right now?
SpyGlass Pharma (SGP) has a current Net-Net Working Capital of $6.67. The current Net-Net Working Capital is $6.67 and 21.9% above the Biotechnology industry median of 5.47. SpyGlass Pharma's overall GF Score™ is 12/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For SpyGlass Pharma (SGP), the current Net-Net Working Capital is $6.67 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
SpyGlass Pharma Inc is a late-stage biopharmaceutical company focused on transforming the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. The company is developing two programs: the BIM-IOL System, which is intended for use during cataract surgery to deliver glaucoma treatment, and the BIM-DRS, which is designed for glaucoma patients who are not undergoing cataract surgery.
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