Spero Therapeutics, Inc. SPRO
We are a clinical-stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and diseases with high unmet need. Since our inception in 2013, we have focused our efforts and financial resources on acquiring and developing product and technology rights, building our intellectual property portfolio and conducting research and development activities for our product candidates. We do not have any products approved for sale and have not generated any revenue from product sales.
Our clinical-stage product candidate, tebipenem HBr, has completed a second Phase 3 trial, and has the potential to be the first oral carbapenem to treat adult patients with complicated urinary tract infections ("cUTIs"), including pyelonephritis, caused by certain microorganisms. In September 2022, we entered into an exclusive license agreement with GSK for the development, manufacture and commercialization of tebipenem HBr, which includes the transfer of the IND and the NDA ownership to GSK. In May 2025, we and GSK announced that the pivotal Phase 3 PIVOT-PO trial evaluating tebipenem HBr met its primary endpoint and was stopped early for efficacy. Results from the Phase 3 PIVOT-PO trial were featured in a late breaking oral presentation in October 2025, at IDWeek. GSK submitted the data from the trial as part of a New Drug Application ("NDA") Class 2 resubmission to the FDA in December 2025, which has been accepted by the FDA. GSK reported that the Prescription Drug User Fee Act ("PDUFA") date has been set as June 18, 2026. We believe that tebipenem HBr, if approved, could provide a new oral treatment option for adult patients with cUTI, including pyelonephritis, caused by certain microorganisms.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.6M | $371.0K | $933.0K | $2.5M | $3.1M | $258.0K | $4.7M | $4.0M | $2.0M | $335.0K |
| R&D | $38.5M | $96.8M | $51.4M | $47.6M | $64.5M | $67.0M | $65.8M | $33.9M | $32.9M | $26.3M |
| SG&A | $21.2M | $23.7M | $25.6M | $36.5M | $41.7M | $21.4M | $15.6M | $12.9M | $10.8M | $7.2M |
| Total operating expenses | $60.5M | $121.3M | $82.3M | $95.7M | $106.2M | $88.4M | $81.4M | $46.8M | $43.7M | $33.6M |
| Operating income | $6.3M | -$73.4M | $21.5M | -$42.2M | -$88.0M | -$79.1M | -$63.2M | -$42.8M | -$41.7M | -$33.2M |
| Pre-tax income | $8.8M | -$68.6M | $25.4M | -$46.4M | -$89.8M | -$78.3M | -$60.9M | -$41.7M | -$39.9M | -$32.6M |
| Income tax | $261.0K | $0 | $2.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $8.6M | -$68.6M | $22.8M | -$46.4M | -$89.8M | -$78.3M | -$60.9M | -$41.7M | -$38.7M | -$25.5M |
| EPS, basic | 0.15 | -1.27 | 0.43 | -1.23 | -2.91 | — | — | — | — | — |
| EPS, diluted | 0.15 | -1.27 | 0.43 | -1.23 | -2.91 | -3.52 | -3.35 | -2.60 | -17.82 | -95.87 |
| Shares, diluted (wtd. avg.) | 59.0M | 54.0M | 53.0M | 37.6M | 30.9M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.3M | $52.9M | $76.3M | $109.1M | $112.6M | $85.2M | $29.7M | $34.1M | $87.3M | $10.3M |
| Short-term investments | — | — | — | $0 | $33.8M | $41.7M | $52.3M | $81.4M | — | — |
| Total current assets | $67.3M | $107.3M | $131.2M | $113.6M | $157.9M | $139.1M | $95.4M | $124.2M | $92.1M | $11.9M |
| Property, plant and equipment | — | $0 | $2.0K | $368.0K | $1.0M | $1.7M | $2.3M | $2.9M | $1.2M | $1.5M |
| Total assets | $68.9M | $110.5M | $182.4M | $124.8M | $171.1M | $153.5M | $106.1M | $129.0M | $93.5M | $13.8M |
| Accounts payable | $693.0K | $7.3M | $1.4M | $617.0K | $1.1M | $1.2M | $4.1M | $3.6M | $3.5M | $1.1M |
| Total current liabilities | $8.9M | $49.1M | $37.2M | $21.6M | $18.7M | $14.3M | $26.7M | $12.3M | $8.2M | $6.9M |
| Total liabilities | $9.9M | $64.4M | $75.5M | $48.9M | $82.8M | $21.4M | $31.5M | $13.2M | $8.5M | $7.4M |
| Retained earnings | -$451.1M | -$459.6M | -$391.1M | -$413.9M | -$367.5M | -$277.7M | -$199.4M | -$138.5M | -$96.8M | -$45.4M |
| Total equity | $59.0M | $46.1M | $106.9M | $75.9M | $88.3M | $132.0M | $74.6M | $115.9M | $85.0M | -$49.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.6M | -$23.4M | -$33.0M | -$7.7M | -$64.3M | -$85.9M | -$50.0M | -$39.6M | -$39.1M | -$29.0M |
| Depreciation and amortisation | $0 | $2.0K | $367.0K | $869.0K | $646.0K | $761.0K | $750.0K | $409.0K | $363.0K | $279.0K |
| Stock-based compensation | $4.3M | $7.8M | $7.9M | $9.1M | $9.4M | $4.9M | $3.8M | $2.7M | $1.4M | $180.0K |
| Capital expenditure | — | — | — | — | — | $157.0K | $314.0K | $2.4M | $27.0K | $830.0K |
| Investing cash flow | — | — | $0 | $33.8M | $7.7M | $10.5M | $29.5M | -$83.2M | -$27.0K | -$830.0K |
| Financing cash flow | — | $0 | $221.0K | -$29.6M | $84.0M | $130.9M | $16.1M | $69.5M | $116.1M | $34.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-182201.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $335.0K | $2.0M | $4.0M | $4.7M | $258.0K | $3.1M | $2.5M | $933.0K | $371.0K | $12.6M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$25.5M | -$38.7M | -$41.7M | -$60.9M | -$78.3M | -$89.8M | -$46.4M | $22.8M | -$68.6M | $8.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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