UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of Chief Financial Officer and Treasurer
Effective April 3, 2023, Alison Bauerlein was appointed by the Board of Directors (the “Board”) of Sight Sciences, Inc. (the “Company”) to serve as the Company’s Chief Financial Officer and Treasurer. Ms. Bauerlein will also serve as the Company’s Principal Financial Officer and Principal Accounting Officer.
Ms. Bauerlein, age 41, co-founded Inogen, Inc. (Nasdaq: INGN) (“Inogen”), a medical technology company, in 2001, and previously served as Inogen’s Executive Advisor from December 2021 to April 2022, and Chief Financial Officer, from 2009 until December 2021. Ms. Bauerlein also served as Inogen’s 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 has served as a member of the board of directors, and a member of the audit committee, of Pear Therapeutics, Inc. (Nasdaq: PEAR) (“Pear”), a software-based digital therapeutics company, since December 2021, as a member of the board of directors, and a member of the audit committee, of Gelesis Holdings, Inc. (NYSE: GLS), a biotherapeutics company, since January 2022, and as a member of the board of directors of Koya Medical, Inc., a private company, since January 2021. Ms. Bauerlein has over 20 years of experience in treasury, finance, accounting, and risk management, as well as strategic and tactical cost analysis and forecasting. Ms. Bauerlein received a B.A. in economics/mathematics with high honors from the University of California, Santa Barbara.
In connection with Ms. Bauerlein’s appointment as Chief Financial Officer and Treasurer, Ms. Bauerlein entered into an employment agreement with the Company (the “Employment Agreement”), effective April 3, 2023. Pursuant to the terms of the Employment Agreement, Ms. Bauerlein will receive an initial annual base salary of $410,000 (such annual base salary, as may be adjusted by the Board from time to time, the “Base Salary”) and will be eligible to receive an initial annual cash bonus, targeted at 50% of the Base Salary (such target, as may be adjusted by the Board from time to time, the “Annual Bonus”).
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: (a) pay Ms. Bauerlein an amount equal to the Base Salary for the subsequent 12-month period, (b) 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 (c) make direct payment of, or reimbursement for, the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) premiums, less the amount the Ms. Bauerlein would have paid for coverage as an active employee, commencing on Ms. Bauerlein’s separation date and ending upon the earliest of: (i) the expiration of the subsequent 12-month period, (ii) the date Ms. Bauerlein and/or her dependents become no longer eligible for COBRA, or (iii) the date Ms. Bauerlein becomes eligible to receive benefits from a subsequent employer.
Under the Employment Agreement, “cause” generally means, subject to notice and cure rights, an executive officer’s: (a) refusal to substantially perform duties or carry out reasonable and lawful instructions concerning duties, (b) material breach of a policy of the Company, provision of the employment agreement or any other material agreement between the executive officer and the Company, (c) conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, (d) unlawful use or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing the executive officer’s duties and responsibilities under the employment agreement, or (e) 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 Employment Agreement, “good reason” generally means, subject to notice and cure rights, (a) a reduction in Annual Base salary or target Annual Bonus, (b) a material decrease in authority or areas of responsibility, (c) the relocation of the executive officer’s primary office to a location more than 35 miles from the executive officer’s primary office as of the date of the Employment Agreement, (d) the failure of any successor of all or substantially all of the Company’s assets to assume the Employment Agreement, to the extent such assumption does not occur automatically by operation of law, or (e) the Company’s breach of a material provision of the Employment Agreement.
The foregoing description of the Employment 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 Employment Agreement, attached as an exhibit to the Company’s Quarterly Report on Form 10-Q, which will be filed on or around May 15, 2023.
Additionally, in connection with Ms. Bauerlein’s appointment as Chief Financial Officer and Treasurer, the Board approved the following grants to Ms. Bauerlein: (a) an Option (as defined in the Company’s 2021 Incentive Award Plan (the “Plan”)) to purchase 71,800 shares of the Company’s common stock, par value $0.001, and (b) an award of 103,000 restricted stock units subject to the terms and conditions of the Plan. Ms. Bauerlein has also entered into the Company's standard indemnification agreement for directors and officers.
Ms. Bauerlein has no family relationships with any director or executive officer of the Company. There are no arrangements or understandings between Ms. Bauerlein and any other person pursuant to which Ms. Bauerlein was appointed as an executive officer. Additionally, there are no transactions involving Ms. Bauerlein that would require disclosure under Item 404(a) of Regulation S-K.
Resignation of Interim Chief Financial Officer and Treasurer
In connection with Ms. Bauerlein’s appointment as Chief Financial Officer and Treasurer, Jim Rodberg will no longer serve as interim Chief Financial Officer, interim Treasurer, Principal Financial Officer or Principal Accounting Officer, effective immediately.
Item 7.01 Regulation FD Disclosure.
On April 3, 2023, the Company issued a press release announcing the appointment of Ms. Bauerlein and the resignation of Mr. Rodberg as discussed above. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and is incorporated into Item 7.01 by reference.
On April 3, 2023, the Company posted an investor presentation to its website at https://investors.sightsciences.com/. The Company expects to use the investor presentation, in whole or in part, in connection with presentations to investors, analysts and other interested parties. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report.
The information in Item 7.01 of this Current Report, including Exhibit 99.1 and 99.2 attached hereto, is being furnished and 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. Such information shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as otherwise expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description of Exhibit |
99.1 |
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99.2 |
Sight Sciences, Inc. Investor Presentation dated April 3, 2023. |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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 hereunto duly authorized.
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Sight Sciences, Inc. |
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Date: |
April 3, 2023 |
By: |
/s/ Paul Badawi |
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President and Chief Executive Officer |
Exhibit 99.1
Sight Sciences Appoints Ali Bauerlein as Chief Financial Officer
MENLO PARK, Calif. - April 3, 2023 - (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences” or the “Company”), an eyecare technology company focused on creating innovative solutions intended to transform care and improve patients’ lives, today announces the appointment of Alison “Ali” Bauerlein as its Chief Financial Officer and Treasurer, effective April 3, 2023.
“I am incredibly excited to have Ali join Sight Sciences as we scale our business and drive towards profitable growth. Ali is an exceptionally talented professional with a proven track record of leading a rapidly growing medtech organization through multiple phases of growth. Her experience and talent will provide an immediate and valuable impact,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “A proven entrepreneur and executive, Ali will partner with our team to advance our strategic plan and ensure we have the appropriate financial infrastructure to support our growth. I would like to thank Jim Rodberg for his ever-increasing leadership and commitment to our mission as he stepped into the interim Chief Financial Officer and Treasurer role and managed the finance organization exceptionally well.”
Ms. Bauerlein added, “Sight Sciences is a leader in eyecare technology innovation with a portfolio and pipeline of products disrupting two distinct multibillion dollar markets and generating top-tier revenue growth. I have firsthand experience with this stage of transformational growth and development and 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 and the Sight Sciences team to support our current growth and profitability plans, while improving the lives of our patients and striving to create maximum value for the ophthalmic community and our stockholders.”
Ms. Bauerlein joins Sight Sciences from Inogen, Inc. (“Inogen”), a medical technology company offering innovative respiratory products for use in the homecare setting. Ms. Bauerlein cofounded Inogen in 2001 and served as its Chief Financial Officer from 2009 through 2021. In this role, Ms. Bauerlein oversaw the global finance and accounting functions, including revenue management, financial planning and analysis, strategic and tactical cost analysis and forecasting, treasury, U.S. Securities and Exchange Commission (“SEC”) reporting, investor relations, business development, risk management, tax, and treasury functions, as Inogen scaled from start-up operations to over $350 million in annual sales. Ms. Bauerlein has served as a member of the board of directors of Pear Therapeutics, Inc. (Nasdaq: PEAR) (“Pear”), a software-based digital therapeutics company, since December 2021, and as a member of the board of directors of Gelesis Holdings, Inc. (NYSE: GLS) (“Gelesis”), a biotherapeutics company, since January 2022. She serves as chair of the Audit Committees of both Pear and Gelesis. Ms. Bauerlein has also served as a member of the board of directors of Koya Medical, Inc., a private company, since January 2021. Ms. Bauerlein received a B.A. in economics/mathematics with high honors from the University of California, Santa Barbara.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative solutions intended to transform care and improve patients’ lives. Using minimally invasive or non-invasive approaches to target the underlying causes of the world’s most prevalent eye diseases, Sight Sciences seeks to create more effective treatment paradigms that enhance patient care and supplant conventional
outdated approaches. The Company’s OMNI® Surgical System is a minimally invasive glaucoma surgery (MIGS) device indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma (POAG), the world’s leading cause of irreversible blindness. The SION™ Surgical Instrument 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 dysfunction (MGD), enabling office-based clearance of gland obstructions by physicians to address the leading cause of dry eye disease.
For more information, visit www.sightsciences.com.
OMNI® and TearCare® are registered trademarks of Sight Sciences.
SION™ is a trademark of Sight Sciences.
© 2023 Sight Sciences. All rights reserved.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 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. Forward-looking statements include all statements other than statements of historical fact, including statements concerning the perceived benefits of the Company’s announced Chief Financial Officer appointment, 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 management believes these forward-looking statements are based upon reasonable assumptions at the time they are made, management cannot guarantee their accuracy or completeness. Forward-looking statements are subject to and involve risks, uncertainties and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements predicted, assumed or implied by such forward-looking statements. Some of the risks and uncertainties that may cause actual results to materially differ from those expressed or implied by these forward-looking statements are discussed under the caption “Risk Factors” in the Company’s filings with the SEC, as may be updated from time to time in subsequent filings. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this press release. Sight Sciences 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.
Investor contact:
Philip Taylor
Gilmartin Group
415.937.5406
Investor.Relations@Sightsciences.com
Delivering the Power of Sight Investor Presentation April 2023 ™
1 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, 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. These forward-looking statements include, but are not limited to, statements concerning the following: estimates of the Company’s total addressable market; the Company’s ability to enter into and compete in new markets; the Company’s ability to compete effectively with existing competitors and new market entrants; the Company’s ability to scale our infrastructure; the Company’s ability to manage and grow its business by expanding our sales to existing customers or introducing our products to new customers; the Company’s ability to obtain and maintain regulatory approvals and clearances for its products that support its revenue projections, business strategies and growth; the Company’s ability to successfully execute its clinical trial roadmap; and the Company’s ability to obtain and maintain sufficient reimbursement for its products. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. Management bases these forward-looking statements on its current expectations, plans and assumptions affecting the Company’s business and industry, and such statements are based on information available as of the time such statements are made. Although management believes these forward-looking statements are based upon reasonable assumptions, it cannot guarantee their accuracy or completeness. Forward-looking statements are subject to and involve risks, uncertainties and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements predicted, assumed or implied by such forward-looking statements. Some of the risks and uncertainties that may cause actual results to materially differ from those expressed or implied by these forward-looking statements are discussed under the caption “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, as may be updated from time to time in subsequent filings. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this press release. 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. 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. We have proprietary rights to trademarks, trade names and service marks appearing in this presentation that are important to our business. Solely for convenience, the trademarks, trade names and service marks may appear in this presentation without the ® and ™ symbols, but any such references are not intended to indicate, in any way, that we forgo or will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, trade names and service marks. All trademarks, trade names and service marks appearing in this presentation are the property of their respective owners. We do not intend our 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 us by, these other parties. Without limitation, SIGHT SCIENCES™, OMNI®, SION™ and TEARCARE® are trademarks of Sight Sciences, Inc. in the United States and other countries. 1
2 Transform Ophthalmology and Optometry through products that target the underlying causes of the world’s most prevalent eye diseases Establish new treatment paradigms and create an interventional mindset in Eyecare to replace conventional outdated approaches Our Mission Goal: Products that Restore Natural Functionality of Diseased Eyes to Deliver Consistent, Effective and Safe Outcomes for Patients
CURRENT PRODUCT PORTFOLIO Additional products in development to build comprehensive portfolio of POAG and DED treatment options Glaucoma is #1 cause of irreversible blindness Microinvasive Glaucoma Surgery (MIGS) is the leading innovation in primary open-angle glaucoma (POAG) treatment Underdeveloped Standalone MIGS segment represents $5 billion U.S. market opportunity OMNI® indicated to treat all severities of POAG in adults with or without concomitant cataract surgery Introduced innovative SION™ Surgical Instrument for bladeless goniotomy 3Q2022 Increasing dry eye disease (DED) prevalence linked to many prominent demographic, medical and sociological trends Meibomian gland disease (MGD) is associated with 86% of DED cases but severely undertreated in current DED practice Massive need for patient access to effective MGD treatments TearCare® indicated for patients with evaporative DED due to MGD 3.4M Diagnosed U.S. patients $6Bn U.S. TAM Surgical Glaucoma Dry Eye 14M Evaporative DED diagnosed U.S. patients $10Bn U.S. TAM >150k Cases Performed1 >25k Cases Performed1 As of December 31, 2022. 3
Strategic Value-Creation Initiatives Expand Presence in Established Combination Cataract MIGS Segment in POAG Continue gaining adoption among existing base of >5,700 MIGS-trained surgeons Continue penetrating Combination Cataract segment by leveraging superior efficacy of OMNI® Establish SION as best-in-class goniotomy device among targeted customer subsets More established market with compelling growth : $1BN U.S. TAM, ~1/3 penetrated Develop and Grow Underserved Standalone MIGS Segment in POAG Significant untapped opportunity in 5x larger Standalone MIGS segment Enable surgeons to intervene earlier in disease progression with minimally invasive procedure, treating patients not requiring cataract surgery Expand use by existing OMNI-trained surgeons from Combination Cataract cases to Standalone cases Educate POAG community regarding earlier potential Standalone interventions, help connect with OMNI-trained surgeons Develop Market Access for TearCare® Procedures Long term strategy with multiple complementary elements SAHARA RCT versus Restasis® – designed with input from eight payor medical directors to demonstrate effectiveness and durability Increase real-world usage and claims submissions December 2021 FDA clearance expanded indication for use Convert existing Category III CPT code (0563T) to permanent Category I code Bedrock of Clinical Excellence: numerous completed, ongoing and planned trials in POAG and DED 4
Surgical glaucoma ™
5 OMNI: Leading Indication for Use for Both Combination Cataract and Standalone MIGS OMNI enables two sequential, ab interno MIGS procedures up to 360° each in adults with POAG – intuitive, minimally invasive, performed through a single clear corneal microincision Trabeculotomy using OMNI Canaloplasty using OMNI “for canaloplasty (microcatheterization and transluminal viscodilation of Schlemm's canal) followed by trabeculotomy (cutting of trabecular meshwork) to reduce intraocular pressure (IOP) in adult patients with primary open–angle glaucoma” Conventional ab externo canaloplasty and trabeculotomy procedures are effective, but invasive (deep scleral incisions) and can be associated with significant complications + longer recovery times Schlemm’s Canal Schlemm’s Canal Trabecular Meshwork Trabecular Meshwork Collector Channels Cannula Tip Cannula Tip Microcatheter Microcatheter Clear Corneal Microincision Clear Corneal Microincision Collector Channels
We believe (i) there is NO diagnostic to determine where the resistance is in the conventional outflow pathway and (ii) OMNI® is singularly well-suited to address all 3 primary points of resistance OMNI®: Comprehensive Mechanisms of Action TRABECULAR MESHWORK SCHLEMM’S CANAL COLLECTOR CHANNELS Trabecular Bypass Stents Canaloplasty Only Trabeculotomy Only 1 2 3 1 2 3 TRABECULAR MESHWORK SCHLEMM’S CANAL DISTAL COLLECTOR CHANNELS Canaloplasty using OMNI expands and dilates Schlemm’s canal and collector channels We believe OMNI is singularly well-suited among MIGS devices to comprehensively address all 3 primary points of resistance in the conventional outflow pathway Trabeculotomy using OMNI unroofs the trabecular meshwork 6
19 Designed in-house; microengineered & precision-manufactured using specialized lasers 7 Fully meets AAO definition of goniotomy, aligns with Category I CPT code 65820 Innovative design bladelessly excises diseased trabecular meshwork across several clock-hours Targeting specific subsets of customers; minimal expected overlap with OMNI Bladeless Goniotomy
Enabling an Interventional Mindset in POAG PRESCRIPTION MEDICATIONS Surgeons can use OMNI® to intervene across a broad population of POAG patients STANDALONE (>85%1 of POAG; ~5.4M eyes) COMBINATION CATARACT (<15%1; ~0.8M eyes) CONVENTIONAL TREATMENTS TRABECULAR BYPASS STENTS LASER TRABECULOPLASTY CONVENTIONAL SURGERY MILD (~40%) MODERATE (~40%) ADVANCED (~20%) Represents estimated % of U.S. POAG patients. 1 1 ALTERNATIVE BYPASS STENTS MIGS GONIOTOMY 1 8
OMNI®: Customizable to All 6 MIGS Categories in POAG Low Risk of Hyphema Consistency of Efficacy Degree of Efficacy Represents estimated % of U.S. POAG TAM. OMNI canaloplasty alone indication for use is currently investigational in the U.S. Mild Disease (40%)1 Moderate Disease (40%)1 Advanced Disease (20%)1 Primary Distinguishing Treatment Requirements for MIGS Procedures: 360° Canaloplasty alone2 or Goniotomy 360° Canaloplasty + 90° - 180° Trab 360° Canaloplasty + 90° - 180° Trab 360° Canaloplasty + 180° Trab 360° Canaloplasty + 180° - 360° Trab 360° Canaloplasty + 360° Trab Combination Cataract MIGS <15%1 Standalone MIGS >85%1 9
Pieces in place to deliver the benefits of Standalone Leading label and comprehensive treatment of conventional outflow pathway Significant investment in clinical trials, including multiple planned and ongoing OMNI studies Glaucoma Clinical Consultants educating POAG community Significant penetration among existing MIGS-trained surgeons Effective surgeon training program driving adoption OMNI efficacy, consistency and safety + Strong & growing base of adopted surgeons + Patient demand for better treatment alternatives + Methodical market education initiative 10
85% of glaucoma patients would be likely to get a Standalone intervention with OMNI if recommended by their doctor1 Development of Standalone MIGS Underway with OMNI Convert >5,700 MIGS-Trained Surgeons to OMNI Exceptional customer experience; hands-on training in dry labs and OR ~2,300 surgeons trained to use OMNI Penetrate Existing Combination Cataract MIGS Surgeons begin using OMNI in CC cases that are already on their schedule 941 ordering accounts in 2022Q4 Develop + Grow Underserved Standalone MIGS Educate patients and primary care eye doctors Work with OMNI customers to increase Standalone usage Company market research. Surgical Sales Representatives: train and support surgeons at ASCs and HOPDs + Strategic Account Managers: train and support surgeons at teaching institutions, VA hospitals Glaucoma Clinical Consultants: educate POAG community about potential benefits of Standalone interventions 11
ROMEO (Completed) GEMINI (Completed) TREY (Completed) Ongoing and Planned Trials 12-month multi-center retrospective real world study Elevated baseline IOP group: significant reduction in IOP and medications Controlled baseline IOP group: IOP controlled, significant reduction in medications Compelling and consistent data supported broad FDA cleared indication Multi-center retrospective real world study Standalone OMNI procedure in patients with a history of trabecular bypass stent + uncontrolled IOP Published in International Ophthalmology Targeted clinical program to meet specific commercial needs PRECISION IDE for canaloplasty alone indication for use Prospective and real-world study designs Standalone and Combination Cataract 12-month multi-center prospective, historic controlled N=150, Mild-to-Moderate, CC Significantly reduced IOP, medication use and daily fluctuations in IOP Outcomes confirmed by results from Hispanic subset Three published articles in peer-reviewed journals OMNI® Robust Clinical Roadmap MIGS Clinical Program 12 Note: Clinical trials, including their design, endpoints and timing, are subject to change at the Company’s discretion. Initial results may include preliminary data and interim analyses that are subject to change.
Dry Eye Disease ™
Dry Eye Disease and Meibomian Gland Dysfunction MEIBOMIAN GLANDS Dry Eye Disease (DED) can be extremely painful and can lead to permanent cornea damage and vision impairment MGD is present in the vast majority of diagnosed dry eye cases, linked to many prominent demographic, medical and sociological trends Clogged glands prevent meibum, an oily secretion that protects tears from premature evaporation, from reaching the tear DED treatment historically focused on aqueous deficiency and inflammation 38 million affected in U.S. (14 million diagnosed evaporative DED) 86% of DED caused by MGD $10 Bn U.S. TAM, hugely underserved 0% meaningful reimbursement for MGD procedures 13
Our Solution: TearCare® The Only Wearable Eyelid Technology designed to melt + remove meibomian gland obstructions Intuitive Design Designed for intuitive provider training and comfortable patient experience SmartLids™ are designed to conform to variable eyelid anatomy and heat glands to a steady temperature while allowing natural blinking Eyelid Therapy for Evaporative Dry Eye In patients with MGD, meibum hardens within the meibomian glands and forms obstructions TearCare delivers software and sensor-controlled, precise (41° C at the inner eyelid) and consistent (15 minutes) heat that has been clinically proven to melt gland obstructions Enables manual gland clearance by an ECP 14
TearCare® Cleared by FDA December 2021 December 2021 Indication for Use “For the application of localized heat therapy in adult patients with evaporative DED due to MGD, when used in conjunction with manual expression of the meibomian glands” Considerable benefits from expanded indication for use Reduce IOP in adult patients with POAG across the spectrum of disease severity Key step toward achieving ultimate IFU goal: treat signs and symptoms of DED due to MGD Backed by robust clinical data from OLYMPIA study; specifically mentions heat therapy and manual expression Enhances promotional capabilities: marketing collateral and sales reps can now explicitly address all key attributes of the TearCare System Allows patients and ECPs to have more intuitive understanding of the TearCare System’s ability to treat DED due to MGD Supported by favorable safety and efficacy data from our OLYMPIA RCT 15
1 Support Patient Access Strategy with Expanded Label and RCT Clinical Data vs. Rx Clinical and real-world data intended to support coverage, coding and payment Payor research: conducted eight 1:1s with medical directors from national and regional payors for feedback on our clinical programs (e.g., endpoints, value, messaging, pricing strategy) to drive patient access Goal: broad coverage and appropriate payment from private payors and Medicare for treating DED due to MGD Key Steps to Patient Access: Expand indications for use – ultimate IFU goal: “treat the signs and symptoms of evaporative DED due to MGD” Conduct SAHARA RCT, designed to provide key clinical data to support potential reimbursement decisions by third-party payors Utilize real-world prior authorization and claims data to demonstrate the value of TearCare® to payors Convert temporary Category III CPT code for TearCare to a permanent Category I CPT code Expand Indication 2 SAHARA 3 Real-World Claims 4 Category 1 Code 16
The OLYMPIA RCT OLYMPIA RCT (Completed) Head-to-head versus MGD device (LipiFlow®) Objective: To study effectiveness and safety of the TearCare System compared to LipiFlow® in reducing the signs and symptoms of DED Prospective multi‐center (10 sites), randomized controlled, masked 135 total subjects Completed with favorable results: Primary endpoint of non-inferiority to Lipiflow® met and no statistically significant differences between TearCare and LipiFlow® observed A single use of TearCare successfully reduced signs and symptoms of DED w/in 2 weeks In a post-hoc analysis, a significantly greater proportion of patients in the TearCare group showed improvements in at least one OSDI category from baseline compared to LipiFlow® 17 TearCare LipiFlow® Gupta P. TearCare for the Treatment of Meibomian Gland Dysfunction in Adult Patients With Dry Eye Disease: A Masked Randomized Controlled Trial. Cornea: September 29, 2021 doi: 10.1097/ICO.0000000000002837 Improvement by at least 1 OSDI category (p<0.05)
The SAHARA RCT Note: Clinical trials, including their design, endpoints and timing, are subject to change at the Company’s discretion. Initial results may include preliminary data and interim analyses that are subject to change. 2021 First patient, first visit 2Q 2021 2022 Enrollment completed 3Q 2022 2023 6-month read out of superiority endpoint expected 2H 2023 2024-25 12-month results expected 2H 2024 24-month results expected 2H 2025 18 SAHARA RCT (ongoing) Head-to-head vs. market leading DED Rx eyedrop Multi-center U.S. RCT; enrollment ongoing 24-month study period (n = 300) Designed with input from 8 payor medical directors with goal of driving reimbursement and coverage Goal: demonstrate safety and effectiveness of TearCare® procedures compared to Restasis® to treat the signs and symptoms of dry eye disease in adult patients 6-month period to study superiority to 2x / day use of Restasis® 18-24 month durability study period (Restasis® group crosses over) Primary outcome measures: tear break-up time, OSDI score
TearCare® Controlled Release Executing a controlled release of TearCare with ~10 direct outside sales reps since April 2019 (expanded to ~20 3Q 2022) Successful patient-pay adoption 1,042 facilities added (through 12/31/2022); sizable base of steady reordering accounts Nine consecutive quarters with sequential revenue growth Fair Access campaign launched April 2022 to engage physician and patient stakeholders to support insured access with fair physician reimbursement 19
26 New Product Overview ™
Four fundamental requirements to deliver consistent, effective and safe outcomes for patients Our Product Development Process Comprehensive Understanding of Disease Physiology Analyze available clinical data, science and literature to achieve sound understanding of disease Address the Underlying Causes Developing and marketing products designed to restore natural functionality of diseased eyes for optimal combination of effectiveness and safety Intuitive Design Innovate with intuitive, minimally invasive, user-friendly “go to” solutions and procedures for eyecare providers (ECPs) Patient Access Maximize availability and accessibility of solutions to patients with a data-driven approach and clinical rigor 20
Our product development initiatives further leverage: An unparalleled clinical understanding of the underlying causes of glaucoma & dry eye A differentiated and efficient development process Ongoing and substantial investment in specialized Sales, Marketing, Clinical and Market Access resources that are developing the deep, focused stakeholder relationships throughout eyecare Through OMNI and TearCare, substantial goodwill / credibility with ECPs that associates Sight Sciences with highly proprietary, “best-in-class” innovative treatments High-quality corporate infrastructure that has been built with specific lens on being able to scale with a high growth, diverse operating environment Lead the Glaucoma and Dry Eye Categories 1 2 3 4 5 Leverage Sight’s Proven Development Expertise and Commercial Infrastructure 21
Lead the Glaucoma and Dry Eye Disease Categories Portfolio will treat all severities of disease, ranging from mild to advanced Product suite will address the full continuum of care in tomorrow’s treatment paradigm + Portfolio will offer each of OTC, Sustained Rx, and Devices/Procedures Ability to treat patients in all appropriate care settings (home, in-office and operating room) Goal: global category leadership 22
Offer a Comprehensive Portfolio of Six Products SURGICAL GLAUCOMA PRODUCT DEVELOPMENT OVERVIEW 4. FDA-cleared canaloplasty followed by trabeculotomy 5. Canaloplasty alone IDE trial in process MILD TO MODERATE DISEASE In-office Injection of Sustained Release Pharmaceutical (Rx)* 1 MILD TO MODERATE DISEASE OR Performed Canal-based Glaucoma Surgery (MIGS) 4&5 MODERATE TO ADVANCED DISEASE OR Performed Suprachoroidal Implant (MIGS)* 6 MILD TO EARLY MODERATE DISEASE Implantable Canalicular Scaffold (MIGS)* 2 MILD TO EARLY MODERATE DISEASE Goniotomy 3 Launched 3Q2022 Launched 3rd Gen 1Q2023 23 *This pipeline product is under development and is not commercially available
Over-the-counter Artificial Tear With A Differentiated Lipid Layer Technology* Dry Eye Disease Prescription Pharmaceutical Eyelid Ointment* Office-Based Eyelid Procedure Home-Based Eyelid Device Treatment* 1 2 4 Offer a Comprehensive Portfolio of Four Products DRY EYE DISEASE PRODUCT DEVELOPMENT OVERVIEW 3 Anticipated Late 2023 Next Gen Controlled Release 24 *This pipeline product is under development and is not commercially available
26 Financial Overview ™
Strong Financial Profile 25 Annual Revenue FY18-FY22E CAGR: 76% Quarterly Revenue Q4E Growth: +40% Y/Y, +10% Q/Q Q4 Revenue: $20.5MM, +40% Y/Y, +10% Q/Q Surgical Glaucoma: $18.8MM, +35% Y/Y, +10% Q/Q Dry Eye: $1.8MM, +135% Y/Y, +12% Q/Q FY22 Revenue: $71.3MM, +46% Surgical Glaucoma: $65.6MM, +41% Dry Eye: $5.7MM, +133% 2023 Guidance Full Year Revenue of $89MM to $94MM, +25% - 32% growth compared to 2022 ($ Millions) ($ Millions) $14.7 $14.9 $17.2 $18.7 $20.5 $7.5 $23.3 $27.6 $49.0 $71.3 25 Cash and cash equivalents totaled $185.0 million and total debt was $33.3 million as of 12/31/22.
26 Appendix ™
OMNI® Clinical Timeline *Note: Clinical trials, including their design, endpoints and timing, are subject to change at the Company’s discretion. Initial results may include preliminary data and interim analyses that are subject to change. 26