Slide 1: Creating a New Category for Reimbursed Interventional Dry Eye Treatment
Creating a New Category for Reimbursed Interventional Dry Eye Treatment Investor Presentation October 2025
Slide 2: Forward-Looking Statements
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 o
Slide 3: TearCare Procedure Pricing Established
TearCare® Procedure Pricing Established First two MACs, representing approximately 30% of Medicare fee-for-service covered lives1, each established jurisdiction-wide pricing for CPT code 0563T, specifically associated with the TearCare® System treatment Medicare Administrative Contractor (MAC) Estim
Slide 4: FDA-cleared interventional technology for treating the root cause of meibomian gland associated dry eye disease
FDA-cleared interventional technology for treating the root cause of meibomian gland associated dry eye disease (DED) 3 1 19.4M US patients diagnosed with DED, >6% prevalence in US population 2, 7 2 Experienced and dedicated dry eye commercial team has driven significant eyecare provider (ECP) and p
Slide 5: Dry Eye Disease (DED) Affects Millions of People
Dry Eye Disease (DED) Affects Millions of People 38.5M People affected by Signs & Symptoms of DED in the US 7 Symptoms 11 Linked to 12 Signs 11 Screen time Age (postmenopausal women, men 50+) Systemic medication use Visual disturbances Burning, itching, and eye pain Tearing Light sensitivity Gritty/
Slide 6: Meibomian Gland Disease (MGD) is the most common cause of DED
Meibomian Gland Disease (MGD) is the most common cause of DED 12 Meibomian glands are located in the undersurface of the upper and lower eyelids. They secrete meibum, a natural oil that makes up the outermost lipid layer of the tear film and prevents accelerated tear evaporation 10 Normal Glands Dis
Slide 7: Up to 50% of DED is due to MGD
Up to of DED is due to MGD 12 50% of US MGD patients are reported to have moderate to severe symptoms 7 86% MGD is the most important factor that contributes to the severity of dry eye symptoms 12 Effective management of DED involves addressing the underlying MGD, rather than focusing solely on symp
Slide 8: MGD Opportunity
MGD Opportunity U.S. patients diagnosed with Dry Eye Disease (DED) 7 Million DED patients 19.4 Up to 86% of DED is associated with poor tear quality due to MGD 7, 9 Million MGD patients 13.6 – 16.7 ~50% of DED patients have moderate to severe symptoms 7 (most likely to seek treatment + targeted pati
Slide 9: MGD is an Underserved Disease State
MGD is an Underserved Disease State The current market is dominated by eyedrops that do not address the underlying causes of MGD 7 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 compl
Slide 10: TearCare: Targeted + Intuitive Intervention
TearCare: Targeted + Intuitive Intervention Safe and effective early intervention in treating the root underlying cause for the majority of DED 4, 5, 6 Decreases signs and symptom severity fast and maintains durability over time 4, 5, 6 , 26, 34 Clinically and cost-effective choice for payors as com
Slide 11: TearCare System: Designed to Preserve and Improve Gland Functionality
TearCare® System: Designed to Preserve and Improve Gland Functionality 4, 20-24 Application TearCare is the only interventional, open-eye, thermal-activated restorative gland expression therapy (TARGET) designed to safely and effectively treat MGD. Therapy Expression Thin, wearable SmartLids® confor
Slide 12: Smart MGD Technology Built for Therapeutic Precision, Optimization, and Consistency
Smart MGD Technology Built for Therapeutic Precision, Optimization, and Consistency Conformant, Open Eye Therapeutic Device Design: Thin (<1mm), flexible, and conformant to variable tarsal plate eyelid anatomy for consistent energy delivery into the meibomian glands Software and Sensor-Controlled Te
Slide 13: TearCare Clinical & Market Access Milestones
2025 Inclusion in TFOS DEWS III AJO TearCare Clinical & Market Access Milestones 2025 Two MACs establish pricing for TearCare CPT code 2017 TearCare Pilot Study Single TearCare vs Daily Warm Compress (prospective) 25 2018 TearCare Pilot Study Long-Term Extension TearCare Retreatment Effect (prospect
Slide 14: SAHARA RCT: Randomized Controlled Trial comparing TearCare and Restasis
SAHARA RCT 4, 5, 6 Randomized Controlled Trial comparing TearCare and Restasis Signs Superiority 4, 32 + Durability 6, 32 + Head-to-Head Study TearCare vs Restasis + Large Trial (N=345) + Randomized + Assessor Masked + 3 Stages + Long-term (2-year trial)
Slide 15: SAHARA RCT: Stage Results, TearCare Superior to Restasis in Tear Breakup Time
SAHARA RCT: Stage 1 & 2 Results TearCare Superior to Restasis in Tear Breakup Time Improvement 4 TearCare Results at 6 Months 4, 32 Superior to Restasis in tear break-up time (TBUT) Non-inferior to Restasis in ocular surface disease index (OSDI) Significant improvements in all signs and symptoms mea
Slide 16: SAHARA RCT: Stage Results, 2 Years of Relief
SAHARA RCT: Stage 3 Results 2 TearCare therapies in the first 5 months provided 2 years of relief for a majority of study patients 6, 33 24 Month Data 6 All mean signs and symptoms remained statistically significantly better than study baseline at all time points measured through the end of study at
Slide 17: TearCare is a Cost-Effective Choice for Payors
Demonstrates clinical efficacy and economic value, showing how TearCare aligns with payor priorities TearCare is a Cost-Effective Choice for Payors 16 Payors can assess upfront costs and forecast potential savings or additional costs over time Comprehensive Financial Perspective Enhanced Payor Decis
Slide 18: A new order of care
A new order of care Effective intervention shouldn’t wait, because meibomian gland dropout is irreversible and critical to ocular health 13, 34-37 TearCare targets the root cause of MGD: obstructed glands with demonstrated improvement of meibomian gland function 4, 5, 6, 33 SAHARA Results: TearCare
Slide 19: Enabling Patient Access is Critical
Enabling Patient Access is Critical We believe patients should have coverage for interventional MGD therapy—and doctors should be fairly reimbursed for delivering it. That’s why we’re investing in the change required to drive insurance coverage and fair reimbursement for TearCare and the patients it
Slide 20: Financial Guidance
Financial Guidance 38, 39 $72 - $76 million $95 - $99 million 2025 Revenue Adjusted Operating Expense This current revenue guidance range assumes revenue of approximately $1.0 million for full year 2025 for the Dry Eye segment and does not reflect achievement of positive reimbursement coverage or pa
Slide 21: Thank you!
Thank you! If you have any questions, please contact investor.relations@sightsciences.com © Sight Sciences and/or certain of its affiliates, All rights reserved. Sight Sciences, the Sight Sciences logo and TearCare are trademarks or registered trademarks of Sight Sciences.
Slide 22: Source Appendix
Source Appendix Covered lives estimate is derived from publicly available information and includes Medicare fee for service and Medicare fee for service - Medicaid Dual-Eligible beneficiaries. Farrand, KF, Fridman M, Stillman IO, Schaumberg DA. Prevalence of Diagnosed Dry Eye Disease in the United S
Slide 23: Source Appendix
Source Appendix Restasis is a registered trademark of Allergan™ an AbbVie company. Response results from opt-in patient rebate surveys administered by TearCare® from January 2021 through November 2021, Data on file. Top 2 box responses (very/somewhat comfortable). Sight Sciences, Inc. Internal Sales
Slide 24: Source Appendix
Source Appendix Endpoints for SAHARA include superiority over Restasis at six months in our primary objective endpoint, tear break-up time. Study completed for 24 months to assess duration of effectiveness. In Stage 1, TearCare patients had a second treatment at month 5. In Stage, 2, patients previo