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Spero Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a restructuring plan announced on October 29, 2024, which includes a workforce reduction of approximately 39% and a suspension of development activities for SPR720 due to interim analysis results.
Spero's financial results for the quarter show a net loss of $17.1 million, compared to a net loss of $3.2 million in the same quarter the previous year, attributed to increased research and development expenses.
Grant revenue increased to $5.7 million from $2.1 million in the previous year, primarily due to an increase in qualified expenses under the BARDA contract for tebipenem HBr.
Collaboration revenue decreased to $7.8 million from $23.2 million, primarily due to milestone payments received in the prior year under the GSK (GSK+1.95%) License Agreement.
Research and development expenses increased to $26.9 million from $16.4 million, driven by continued clinical activities related to the Phase 3 trial of tebipenem HBr.
General and administrative expenses decreased slightly to $5.2 million from $5.7 million, reflecting reduced professional and consultant fees.
Spero's cash and cash equivalents stood at $76.3 million as of September 30, 2024, with expectations of sufficient funding into mid-2026 based on current cash reserves and non-dilutive funding commitments.
The company remains focused on advancing the clinical development of tebipenem HBr and evaluating potential paths forward for SPR720.
Spero acknowledges the risks associated with its restructuring and the potential need for additional funding to support future operations and development programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spero Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.