SEC Filings

Sight Sciences Gets Six More Months Of Interest-Only Payments On Its $40.0 Million Hercules Loan

A fourth amendment moves the start of repayment to August 1, 2027, and most of the debt stays long-term on the balance sheet.

Sight Sciences, which makes devices that treat glaucoma and dry eye with procedures rather than drops alone, pushed back repayment of its $40.0 million Hercules loan again, according to its 10-Q filed Wednesday. A fourth amendment signed in October moves the end of interest-only payments to August 1, 2027, and the company still booked $34,966 thousand of the debt as long-term at September 30.

Debt stays out of current liabilities

The extension is six months, from February 1, 2027. The company's schedule now shows $16,136 thousand of principal due in 2027, down from $23,675 thousand, and $23,864 thousand in 2028, up from $16,325 thousand. The loan matures July 1, 2028, when a $2.4 million final payment fee comes due on top of the principal.

The prior quarter's 10-Q carried $10,131 thousand as short-term debt and $30,645 thousand as long-term. The new filing shows $6,063 thousand short-term. The company said the long-term classification rests on its "intent and ability to extend the interest only period via amendment."

The loan carries a floating rate of the greater of 10.35% or prime plus 2.35%; it was 10.35% at September 30. The company said it was in compliance with all covenants.

Cash cushion and a continuing loss

Sight Sciences held $77.4 million of cash at September 30, against $91,965 thousand at the end of 2025. Its net loss was $6.8 million for the third quarter and $24.2 million for the first nine months. The company said it expects to keep losing money for at least the next several years and believes its cash will fund operations for at least 12 months.

Revenue rose 25% to $24.9 million in the third quarter, according to the company's earnings release, which also raised full-year revenue guidance to $92 million to $93 million.

The business splits into Interventional Glaucoma, which sells the OMNI Surgical System and SION instrument, and Interventional Dry Eye, which sells the TearCare system. Dry Eye revenue was $3.9 million in the quarter, against $0.2 million a year earlier.

Undrawn tranches need Hercules' sign-off

Up to $25.0 million more is available through the end of the interest-only period, but only with the sole approval of Hercules' investment committee, in minimum increments of $5.0 million. Each draw would also trigger new Hercules warrants, sized at 2.0% of the amount funded and priced off the exercise price when drawn.

Milestones that would have lengthened the interest-only period earlier were not met. A third amendment, in September 2025, had already extended it to February 1, 2027.

After the interest-only period ends on August 1, 2027, Sight Sciences must make monthly principal and interest payments until the July 1, 2028 maturity.