Spero Therapeutics Files Q2 2024 10-Q

TL;DR

Spero's Q2 10-Q is in. R&D expenses detailed, GSK deal mentioned. Check financials.

AI Summary

Spero Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported research and development expenses for the first six months of 2024 and 2023. Key financial elements like retained earnings as of March 31, 2024, and additional paid-in capital as of March 31, 2023, were also detailed. The filing references agreements with GlaxoSmithKline and mentions stock-based compensation plans.

Why It Matters

This filing provides insight into Spero Therapeutics' financial health and operational expenses, particularly in research and development, which is crucial for a pharmaceutical company.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Spero Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-06-30 — Reporting Period End Date (This is the end date for the financial information presented in the 10-Q.)
• 2024-01-01 — Start of R&D Expense Period (Marks the beginning of the period for which Research and Development expenses are reported for 2024.)
• 2023-01-01 — Start of Comparative R&D Expense Period (Marks the beginning of the period for which Research and Development expenses are reported for 2023, allowing for year-over-year comparison.)

Key Players & Entities

• Spero Therapeutics, Inc. (company) — Filer of the 10-Q
• GlaxoSmithKline (company) — Mentioned in relation to licensing agreements
• 2024-06-30 (date) — End of the reporting period
• 2024-01-01 (date) — Start of the reporting period for R&D expenses
• 2023-01-01 (date) — Start of the comparative reporting period for R&D expenses

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share SPRO The Nasdaq

Filing Documents

• spro-20240630.htm (10-Q) — 2048KB
• spro-ex31_1.htm (EX-31.1) — 10KB
• spro-ex31_2.htm (EX-31.2) — 10KB
• spro-ex32.htm (EX-32) — 8KB
• 0000950170-24-090782.txt ( ) — 7480KB
• spro-20240630.xsd (EX-101.SCH) — 1282KB
• spro-20240630_htm.xml (XML) — 996KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72 Item 3. Defaults Upon Senior Securities 72 Item 4. Mine Safety Disclosures 72 Item 5. Other Information 72 Item 6. Exhibits 74

Signatures

Signatures 75 iv

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financi al Statements

Item 1. Financi al Statements. SPERO THERAPEUTICS, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 63,527 $ 76,333 Collaboration receivable, current - related party 50,761 49,152 Other receivables 4,734 1,545 Prepaid expenses and other current assets 3,196 4,178 Total current assets 122,218 131,208 Property and equipment, net — 2 Operating lease right of use assets 3,644 4,155 Collaboration receivable, non-current - related party 23,585 46,590 Other assets 434 435 Total assets $ 149,881 $ 182,390 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 2,696 1,378 Accrued expenses and other current liabilities 10,011 6,557 Operating lease liabilities 1,732 1,718 Income taxes payable 387 387 Deferred revenue, current 3,663 2,132 Deferred revenue, current - related party 27,144 24,981 Total current liabilities 45,633 37,153 Non-current operating lease liabilities 3,206 3,825 Deferred revenue, non-current 9,040 10,825 Deferred revenue, non-current - related party 11,477 23,606 Other long-term liabilities 25 87 Total liabilities 69,381 75,496 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 120,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 54,009,139 shares issued and outstanding as of June 30, 2024 and 52,999,680 shares issued and outstanding as of December 31, 2023 54 53 Additional paid-in capital 502,049 497,913 Accumulated deficit ( 421,603 ) ( 391,072 ) Total stockholders' equity 80,500 106,894 Total l

View Full Filing

View this 10-Q filing on SEC EDGAR