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Spero Therapeutics Inc. (SPRO+19.63%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Spero's focus on developing novel treatments for rare diseases and multi-drug resistant bacterial infections. The company's lead candidate, tebipenem HBr, is in Phase 3 development for complicated urinary tract infections. Other programs include SPR206, which has been discontinued, and SPR720, which is under evaluation following a suspension of its oral formulation.
Spero reported a net loss of $68.6 million for 2024, compared to a net income of $22.8 million in 2023. The company's operating expenses increased to $121.3 million, driven by higher research and development costs, particularly for tebipenem HBr.
Grant revenue increased significantly to $20.6 million in 2024, primarily due to funding from BARDA for the tebipenem HBr program. Collaboration revenue from GSK and Pfizer totaled $27.4 million, a decrease from the previous year.
Spero's cash and cash equivalents stood at $52.9 million at the end of 2024. The company acknowledges substantial doubt about its ability to continue as a going concern beyond the second quarter of 2026 without additional funding.
The company has implemented a restructuring plan, resulting in a workforce reduction and estimated costs of $1.1 million, with $0.9 million incurred in 2024.
Spero is currently facing legal challenges, including securities class actions and a derivative lawsuit, related to its disclosures about the tebipenem HBr program. The company also received a Wells Notice from the SEC, indicating potential enforcement action.
The company is actively seeking additional capital through various means, including equity offerings and potential collaborations, to support its ongoing 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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.