SGHT

Sight Sciences is a classic pre-profit medical-device story where the balance sheet, not the income statement, is doing the heavy lifting. FY2025 revenue of $77.4M actually fell 3.1% YoY and now sits below both the FY2023 peak of $81.1M and FY2024's $79.9M — for a company the 10-K itself frames as executing a 'growth strategy,' a two-year top-line stall is the central problem. Offsetting that, the loss profile is improving meaningfully: net loss narrowed to -$38.4M from -$51.5M (+25.4%), operating loss improved 26.6% to -$37.1M, and diluted EPS improved to -$0.74. Gross margin is a genuinely attractive 86.2%, so incremental revenue would drop through hard if management can reignite it.

The balance sheet buys time to try. The company holds $92.0M cash against $40.3M long-term debt (zero current portion) and $63.9M equity, for ~$52M net cash — roughly a sixth of the $294M market cap. Against -$29.7M operating cash flow, that's a ballpark two-to-three-year runway before any raise, though burn and a secured credit facility the 10-K flags as needing covenant compliance are the constraints to watch. The accumulated deficit of -$385M and 15 straight years of losses since 2010 are a fair warning that this cash has been consumed before; shares outstanding already grew 5.2%.