spro-10q_20200930.htm
false 2020 Q3 0001701108 --12-31 true true true true us-gaap:AccountingStandardsUpdate201815ProspectiveMember true true true true true true true true P3Y P4Y P2Y 0 0 0 0 us-gaap:LicenseMember us-gaap:LicenseMember us-gaap:LicenseMember us-gaap:LicenseMember us-gaap:PropertyPlantAndEquipmentMember P6Y2M19D P6Y3M P7Y11M8D P7Y11M26D P7Y11M26D P7Y2M23D 0001701108 2020-01-01 2020-09-30 xbrli:shares 0001701108 2020-10-29 iso4217:USD 0001701108 2020-09-30 0001701108 2019-12-31 iso4217:USD xbrli:shares 0001701108 2020-07-01 2020-09-30 0001701108 2019-07-01 2019-09-30 0001701108 2019-01-01 2019-09-30 0001701108 us-gaap:RightsMember 2020-01-01 2020-09-30 0001701108 spro:UnderwrittenPublicOfferingMember 2020-01-01 2020-09-30 0001701108 us-gaap:SeriesCPreferredStockMember us-gaap:RightsMember 2020-01-01 2020-09-30 0001701108 spro:SeriesDConvertiblePreferredStockMember spro:UnderwrittenPublicOfferingMember 2020-01-01 2020-09-30 0001701108 2018-12-31 0001701108 2019-09-30 0001701108 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001701108 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001701108 us-gaap:SeriesCPreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:SeriesDConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 spro:SeriesDConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2020-06-30 0001701108 us-gaap:CommonStockMember 2020-06-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001701108 us-gaap:RetainedEarningsMember 2020-06-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001701108 us-gaap:ParentMember 2020-06-30 0001701108 2020-06-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001701108 us-gaap:ParentMember 2020-07-01 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember spro:SeriesDConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember spro:SeriesDConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 us-gaap:ParentMember spro:SeriesDConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001701108 us-gaap:RetainedEarningsMember 2020-07-01 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2020-09-30 0001701108 us-gaap:CommonStockMember 2020-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001701108 us-gaap:RetainedEarningsMember 2020-09-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001701108 us-gaap:ParentMember 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2019-12-31 0001701108 us-gaap:CommonStockMember 2019-12-31 0001701108 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001701108 us-gaap:RetainedEarningsMember 2019-12-31 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001701108 us-gaap:ParentMember 2019-12-31 0001701108 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-09-30 0001701108 us-gaap:ParentMember 2020-01-01 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember us-gaap:SeriesCPreferredStockMember 2020-01-01 2020-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember us-gaap:SeriesCPreferredStockMember 2020-01-01 2020-09-30 0001701108 us-gaap:ParentMember us-gaap:SeriesCPreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember spro:SeriesDConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember spro:SeriesDConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 us-gaap:ParentMember spro:SeriesDConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001701108 us-gaap:RetainedEarningsMember 2020-01-01 2020-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2019-06-30 0001701108 us-gaap:CommonStockMember 2019-06-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001701108 us-gaap:RetainedEarningsMember 2019-06-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001701108 us-gaap:ParentMember 2019-06-30 0001701108 us-gaap:NoncontrollingInterestMember 2019-06-30 0001701108 2019-06-30 0001701108 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001701108 us-gaap:ParentMember 2019-07-01 2019-09-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001701108 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2019-09-30 0001701108 us-gaap:CommonStockMember 2019-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001701108 us-gaap:RetainedEarningsMember 2019-09-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001701108 us-gaap:ParentMember 2019-09-30 0001701108 us-gaap:NoncontrollingInterestMember 2019-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2018-12-31 0001701108 us-gaap:CommonStockMember 2018-12-31 0001701108 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001701108 us-gaap:RetainedEarningsMember 2018-12-31 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001701108 us-gaap:ParentMember 2018-12-31 0001701108 us-gaap:NoncontrollingInterestMember 2018-12-31 0001701108 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0001701108 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0001701108 us-gaap:ParentMember 2019-01-01 2019-09-30 0001701108 spro:SeriesABCAndDConvertiblePreferredStockMember 2019-01-01 2019-09-30 0001701108 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0001701108 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0001701108 spro:ShareBasedCompensationAwardPerformanceBasedVestingCriteriaMember 2020-01-01 2020-09-30 xbrli:pure 0001701108 spro:SperoGyraseINCMember 2019-11-30 0001701108 spro:SperoGyraseINCMember 2019-12-31 0001701108 spro:LaboratoryEquipmentMember 2020-01-01 2020-09-30 0001701108 us-gaap:ComputerEquipmentMember 2020-01-01 2020-09-30 0001701108 us-gaap:FurnitureAndFixturesMember 2020-01-01 2020-09-30 0001701108 us-gaap:MachineryAndEquipmentMember 2020-01-01 2020-09-30 0001701108 us-gaap:LeaseholdImprovementsMember 2020-01-01 2020-09-30 0001701108 srt:MaximumMember 2020-01-01 2020-09-30 0001701108 us-gaap:AccountingStandardsUpdate201613Member 2020-09-30 0001701108 us-gaap:AccountingStandardsUpdate201815Member 2020-09-30 0001701108 us-gaap:AccountingStandardsUpdate201815Member 2020-01-01 2020-09-30 0001701108 us-gaap:AccountingStandardsUpdate201813Member 2020-09-30 0001701108 us-gaap:AccountingStandardsUpdate201818Member 2020-09-30 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2020-09-30 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2020-09-30 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-09-30 0001701108 us-gaap:FairValueMeasurementsRecurringMember 2020-09-30 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-09-30 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateBondSecuritiesMember 2020-09-30 0001701108 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2019-12-31 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2019-12-31 0001701108 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001701108 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001701108 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2019-12-31 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2019-12-31 0001701108 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateBondSecuritiesMember 2019-12-31 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateBondSecuritiesMember 2019-12-31 0001701108 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialPaperMember 2019-12-31 0001701108 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommercialPaperMember 2019-12-31 0001701108 us-gaap:CorporateBondSecuritiesMember 2020-09-30 0001701108 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember 2019-12-31 0001701108 us-gaap:CorporateBondSecuritiesMember 2019-12-31 0001701108 us-gaap:CommercialPaperMember 2019-12-31 0001701108 spro:SperoGyraseINCMember spro:AntiDilutionRightsMember 2019-09-30 0001701108 spro:SperoGyraseINCMember 2020-01-01 2020-09-30 0001701108 spro:OfficeSpaceMember 2015-08-01 2015-08-31 0001701108 spro:OfficeSpaceMember 2015-08-31 utr:sqft 0001701108 us-gaap:LeaseAgreementsMember spro:OfficeSpaceMember spro:CambridgeMassachusettsMember spro:USREIFCentralPlazaMassachusettsLLCMember 2018-01-17 0001701108 us-gaap:LeaseAgreementsMember spro:OfficeSpaceMember spro:CambridgeMassachusettsMember spro:USREIFCentralPlazaMassachusettsLLCMember 2018-01-16 2018-01-17 0001701108 us-gaap:LeaseAgreementsMember spro:OfficeSpaceMember spro:CambridgeMassachusettsMember spro:USREIFCentralPlazaMassachusettsLLCMember 2019-12-16 0001701108 us-gaap:LeaseAgreementsMember spro:OfficeSpaceMember spro:CambridgeMassachusettsMember spro:USREIFCentralPlazaMassachusettsLLCMember 2019-12-16 2019-12-16 spro:Option 0001701108 us-gaap:LeaseAgreementsMember spro:OfficeSpaceMember spro:CambridgeMassachusettsMember spro:USREIFCentralPlazaMassachusettsLLCMember 2020-01-01 2020-09-30 0001701108 spro:OfficeSpaceMember spro:USREIFCentralPlazaMassachusettsLLCMember spro:CambridgeMassachusettsMember us-gaap:LeaseAgreementsMember 2020-05-03 2020-05-04 0001701108 spro:LaboratorySpaceMember 2016-07-01 2016-07-31 0001701108 spro:LaboratorySpaceMember 2019-08-01 2019-08-31 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember 2020-07-01 2020-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-09-30 0001701108 us-gaap:GeneralAndAdministrativeExpenseMember 2020-07-01 2020-09-30 0001701108 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-09-30 0001701108 spro:MeijiLicenseAgreementMember 2018-10-01 2018-12-31 0001701108 spro:MeijiLicenseAgreementMember 2020-09-30 0001701108 spro:MeijiLicenseAgreementMember srt:ScenarioForecastMember 2020-12-31 0001701108 spro:UnderwrittenPublicOfferingMember us-gaap:CommonStockMember 2020-09-15 2020-09-15 0001701108 spro:UnderwrittenPublicOfferingMember spro:SeriesDConvertiblePreferredStockMember 2020-09-15 2020-09-15 0001701108 spro:UnderwrittenPublicOfferingMember us-gaap:CommonStockMember 2020-09-15 0001701108 spro:UnderwrittenPublicOfferingMember spro:SeriesDConvertiblePreferredStockMember 2020-09-15 0001701108 spro:UnderwrittenPublicOfferingMember 2020-09-15 2020-09-15 0001701108 spro:UnderwrittenPublicOfferingMember srt:MaximumMember 2020-09-15 2020-09-15 0001701108 spro:SeriesDConvertiblePreferredStockMember 2020-09-15 0001701108 us-gaap:SeriesCPreferredStockMember 2020-02-11 2020-02-11 0001701108 us-gaap:SeriesCPreferredStockMember 2020-02-09 2020-02-10 0001701108 us-gaap:SeriesCPreferredStockMember 2020-02-11 0001701108 spro:CommonStockAndSeriesCPreferredStockMember 2020-09-30 0001701108 us-gaap:CommonStockMember 2020-03-05 2020-03-05 0001701108 us-gaap:SeriesCPreferredStockMember 2020-03-05 2020-03-05 0001701108 spro:CommonStockAndSeriesCPreferredStockMember 2020-03-05 2020-03-05 0001701108 us-gaap:SeriesCPreferredStockMember 2020-09-30 0001701108 us-gaap:SeriesCPreferredStockMember 2020-03-05 0001701108 spro:SeriesAConvertiblePreferredStockMember 2020-03-05 0001701108 spro:AtTheMarketOfferingProgramMember spro:SalesAgreementMember srt:MaximumMember spro:CantorFitzgeraldCoMember 2018-12-11 0001701108 spro:AtTheMarketOfferingProgramMember spro:SalesAgreementMember spro:CantorFitzgeraldCoMember 2020-09-09 2020-09-09 0001701108 spro:AtTheMarketOfferingProgramMember spro:SalesAgreementMember spro:CantorFitzgeraldCoMember 2020-09-09 0001701108 us-gaap:CommonStockMember spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember srt:MaximumMember 2019-06-12 0001701108 us-gaap:CommonStockMember spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-06-12 0001701108 us-gaap:CommonStockMember spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-06-13 2019-06-14 0001701108 spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-06-14 0001701108 spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-06-13 2019-06-14 0001701108 spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-10-17 2019-10-18 0001701108 us-gaap:CommonStockMember spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-10-17 2019-10-18 0001701108 spro:SecuritiesPurchaseAgreementMember spro:NovoHoldingsASMember 2019-10-18 0001701108 spro:SeriesAConvertiblePreferredStockMember 2019-06-01 2019-06-30 0001701108 spro:SeriesAConvertiblePreferredStockMember 2019-06-30 0001701108 us-gaap:CommonStockMember 2020-03-01 2020-03-31 0001701108 2020-03-01 2020-03-31 0001701108 us-gaap:CommonStockMember 2020-03-31 0001701108 us-gaap:CommonStockMember spro:UnderwrittenPublicOfferingMember 2020-09-01 2020-09-30 0001701108 spro:SeriesDConvertiblePreferredStockMember spro:UnderwrittenPublicOfferingMember 2020-09-01 2020-09-30 0001701108 spro:UnderwrittenPublicOfferingMember 2020-09-01 2020-09-30 0001701108 us-gaap:CommonStockMember spro:AtTheMarketOfferingProgramMember 2020-01-01 2020-09-30 0001701108 us-gaap:CommonStockMember spro:AtTheMarketOfferingProgramMember 2020-09-30 0001701108 spro:AtTheMarketOfferingProgramMember 2020-01-01 2020-09-30 spro:Plan 0001701108 spro:TwoThousandAndNineteenInducementEquityIncentivePlanMember 2020-09-30 0001701108 spro:ShareBasedCompensationAwardPerformanceBasedVestingCriteriaMember us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001701108 spro:ShareBasedCompensationAwardPerformanceBasedVestingCriteriaMember us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-12-31 0001701108 spro:ShareBasedCompensationAwardPerformanceBasedVestingCriteriaOneMember 2019-01-01 2019-12-31 0001701108 spro:ShareBasedCompensationAwardPerformanceBasedVestingCriteriaTwoMember 2019-01-01 2019-12-31 0001701108 spro:NumberOfPerformanceBasedOptionSharesMember spro:TwoThousandSeventeenStockIncentivePlanMember 2019-12-31 0001701108 spro:NumberOfPerformanceBasedRSUsSharesMember spro:TwoThousandSeventeenStockIncentivePlanMember 2019-12-31 0001701108 spro:NumberOfPerformanceBasedOptionSharesMember spro:TwoThousandSeventeenStockIncentivePlanMember 2020-01-01 2020-09-30 0001701108 spro:NumberOfPerformanceBasedRSUsSharesMember spro:TwoThousandSeventeenStockIncentivePlanMember 2020-01-01 2020-09-30 0001701108 spro:NumberOfPerformanceBasedOptionSharesMember spro:TwoThousandSeventeenStockIncentivePlanMember 2020-09-30 0001701108 spro:NumberOfPerformanceBasedRSUsSharesMember spro:TwoThousandSeventeenStockIncentivePlanMember 2020-09-30 0001701108 2019-01-01 2019-12-31 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember 2019-07-01 2019-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-09-30 0001701108 us-gaap:GeneralAndAdministrativeExpenseMember 2019-07-01 2019-09-30 0001701108 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-09-30 0001701108 us-gaap:PerformanceSharesMember 2020-01-01 2020-09-30 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember 2018-07-31 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember spro:BasePeriodContractsMember 2018-07-31 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember spro:BasePeriodContractsMember 2019-05-31 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember spro:BasePeriodContractsMember 2018-07-01 2018-07-31 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember spro:FirstOptionMember 2020-02-10 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember spro:SecondOptionMember 2020-02-10 0001701108 spro:DefenseThreatReductionAgencyMember srt:MaximumMember 2020-09-30 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityAndDefenseThreatReductionAgencyMember 2020-09-30 0001701108 spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityAndSperosAchievementOfSpecifiedMilestonesMember 2020-09-30 0001701108 us-gaap:GrantMember spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember 2020-07-01 2020-09-30 0001701108 us-gaap:GrantMember spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember 2019-07-01 2019-09-30 0001701108 us-gaap:GrantMember spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember 2020-01-01 2020-09-30 0001701108 us-gaap:GrantMember spro:BiomedicalAdvancedResearchAndDevelopmentAuthorityMember 2019-01-01 2019-09-30 0001701108 spro:DepartmentOfDefenseCongressionallyDirectedMedicalResearchProgramsAndJointWarfighterMedicalResearchProgramMember spro:SPRTwoZeroSixMember 2019-07-01 0001701108 spro:DepartmentOfDefenseCongressionallyDirectedMedicalResearchProgramsAndJointWarfighterMedicalResearchProgramMember spro:SPRTwoZeroSixMember 2019-07-01 2019-07-01 0001701108 spro:USDepartmentOfDefenseMember 2016-09-01 2016-09-30 0001701108 spro:USDepartmentOfDefenseMember 2016-09-30 0001701108 spro:USDepartmentOfDefenseMember us-gaap:GrantMember 2020-07-01 2020-09-30 0001701108 spro:USDepartmentOfDefenseMember us-gaap:GrantMember 2020-01-01 2020-09-30 0001701108 spro:USDepartmentOfDefenseMember us-gaap:GrantMember srt:MaximumMember 2019-07-01 2019-09-30 0001701108 spro:USDepartmentOfDefenseMember us-gaap:GrantMember srt:MaximumMember 2019-01-01 2019-09-30 0001701108 spro:NiaidMember 2017-02-01 2017-02-28 0001701108 spro:NiaidMember spro:BasePeriodContractsMember 2017-02-28 0001701108 spro:NiaidMember spro:OptionPeriodContractsMember 2017-02-28 0001701108 spro:NiaidMember spro:OptionPeriodContractsMember 2018-02-28 0001701108 spro:NiaidMember spro:OptionPeriodContractsMember 2018-02-01 2018-02-28 0001701108 spro:NiaidMember us-gaap:GrantMember 2020-07-01 2020-09-30 0001701108 spro:NiaidMember us-gaap:GrantMember 2020-01-01 2020-09-30 0001701108 spro:NiaidMember us-gaap:GrantMember srt:MaximumMember 2019-07-01 2019-09-30 0001701108 spro:NiaidMember us-gaap:GrantMember srt:MaximumMember 2019-01-01 2019-09-30 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember 2016-06-30 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember 2016-06-01 2016-06-30 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember spro:FirstOptionMember 2018-01-01 2018-12-31 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember 2018-01-01 2018-12-31 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember us-gaap:GrantMember srt:MaximumMember 2020-07-01 2020-09-30 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember us-gaap:GrantMember 2019-07-01 2019-09-30 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember 2020-01-01 2020-09-30 0001701108 spro:NiaidMember spro:SperoCantabMember spro:CantabAntiInfectivesLtdMember spro:CantabAgreementsMember 2019-01-01 2019-09-30 0001701108 spro:VaxartAgreementMember 2016-03-01 2016-03-31 0001701108 spro:CantabRelatedAgreementsMember 2016-06-01 2016-06-30 iso4217:GBP 0001701108 spro:CantabRelatedAgreementsMember 2020-01-01 2020-09-30 0001701108 spro:CantabRelatedAgreementsMember 2019-01-01 2019-12-31 0001701108 spro:CantabRelatedAgreementsMember 2020-07-01 2020-09-30 0001701108 spro:VertexLicenseAgreementMember 2016-05-01 2016-05-31 0001701108 spro:VertexLicenseAgreementMember 2020-07-01 2020-09-30 0001701108 spro:VertexLicenseAgreementMember 2020-01-01 2020-09-30 0001701108 spro:MeijiLicenseAgreementMember 2017-06-01 2017-06-30 0001701108 spro:MeijiLicenseAgreementMember srt:MaximumMember 2017-06-01 2017-06-30 0001701108 spro:MeijiLicenseAgreementMember srt:MaximumMember 2017-06-30 0001701108 spro:MeijiLicenseAgreementMember 2017-10-31 0001701108 spro:EverestLicenseAgreementMember 2020-01-01 2020-09-30 0001701108 spro:EverestLicenseAgreementMember 2019-01-01 2019-03-31 0001701108 spro:EverestLicenseAgreementMember spro:SPRTwoZeroSixMember 2019-01-01 2019-03-31 0001701108 spro:EverestLicenseAgreementMember spro:SPRSevenFourOneMember 2019-01-01 2019-03-31 0001701108 spro:EverestLicenseAgreementMember 2019-01-03 2019-01-04 0001701108 spro:EverestLicenseAgreementMember srt:MaximumMember 2019-01-03 2019-01-04 0001701108 spro:EverestLicenseAgreementMember srt:MinimumMember 2019-01-03 2019-01-04 0001701108 spro:LicenseAndKnowHowTransferMember spro:EverestLicenseAgreementMember 2020-09-30 0001701108 spro:ExclusiveOptionMember spro:EverestLicenseAgreementMember 2020-09-30 0001701108 spro:ResearchAndDevelopmentServicesMember spro:EverestLicenseAgreementMember 2020-09-30 0001701108 spro:EverestLicenseAgreementMember 2020-09-30 0001701108 spro:LicenseAndKnowHowTransferMember spro:EverestLicenseAgreementMember 2020-01-01 2020-09-30 0001701108 spro:ExclusiveOptionMember spro:EverestLicenseAgreementMember 2020-01-01 2020-09-30 0001701108 spro:ResearchAndDevelopmentServicesMember spro:EverestLicenseAgreementMember 2020-01-01 2020-09-30 0001701108 spro:EverestLicenseAgreementMember us-gaap:LicenseMember srt:MaximumMember 2020-07-01 2020-09-30 0001701108 spro:EverestLicenseAgreementMember us-gaap:LicenseMember 2020-01-01 2020-09-30 0001701108 spro:EverestLicenseAgreementMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-09-30 0001701108 spro:GatesMRICollaborationAgreementMember 2020-07-01 2020-09-30 0001701108 spro:GatesMRICollaborationAgreementMember 2020-01-01 2020-09-30 0001701108 spro:SaviorServiceAgreementMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-11-01 2018-11-30 0001701108 spro:SaviorServiceAgreementMember 2018-11-01 2018-11-30 0001701108 spro:SaviorServiceAgreementMember us-gaap:OtherNoncurrentAssetsMember 2020-01-01 2020-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember srt:SubsidiariesMember 2020-01-01 2020-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember srt:SubsidiariesMember 2020-07-01 2020-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember srt:SubsidiariesMember srt:MaximumMember 2020-07-01 2020-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember srt:SubsidiariesMember 2019-07-01 2019-09-30 0001701108 us-gaap:ResearchAndDevelopmentExpenseMember srt:SubsidiariesMember 2019-01-01 2019-09-30 0001701108 srt:SubsidiariesMember country:AU 2020-09-30 0001701108 srt:SubsidiariesMember country:AU 2019-12-31 0001701108 spro:OptionsToPurchaseCommonStockMember 2020-07-01 2020-09-30 0001701108 spro:OptionsToPurchaseCommonStockMember 2019-07-01 2019-09-30 0001701108 spro:OptionsToPurchaseCommonStockMember 2020-01-01 2020-09-30 0001701108 spro:OptionsToPurchaseCommonStockMember 2019-01-01 2019-09-30 0001701108 us-gaap:RestrictedStockUnitsRSUMember 2020-07-01 2020-09-30 0001701108 us-gaap:RestrictedStockUnitsRSUMember 2019-07-01 2019-09-30 0001701108 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-09-30 0001701108 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001701108 spro:SeriesAConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 spro:SeriesAConvertiblePreferredStockMember 2019-07-01 2019-09-30 0001701108 spro:SeriesAConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:SeriesAConvertiblePreferredStockMember 2019-01-01 2019-09-30 0001701108 spro:SeriesBConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 spro:SeriesBConvertiblePreferredStockMember 2019-07-01 2019-09-30 0001701108 spro:SeriesBConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:SeriesBConvertiblePreferredStockMember 2019-01-01 2019-09-30 0001701108 spro:SeriesCConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 spro:SeriesCConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:SeriesDConvertiblePreferredStockMember 2020-07-01 2020-09-30 0001701108 spro:SeriesDConvertiblePreferredStockMember 2020-01-01 2020-09-30 0001701108 spro:UnderwrittenPublicOfferingMember 2020-09-10 2020-09-10 0001701108 spro:UnderwrittenPublicOfferingMember srt:MaximumMember 2020-09-10 2020-09-10 0001701108 us-gaap:SubsequentEventMember spro:UnderwrittenPublicOfferingMember us-gaap:CommonStockMember 2020-10-01 2020-10-01 0001701108 us-gaap:SubsequentEventMember spro:UnderwrittenPublicOfferingMember us-gaap:CommonStockMember 2020-10-01 0001701108 spro:EverestLicenseAgreementMember spro:SPRTwoZeroSixMember us-gaap:SubsequentEventMember 2020-10-31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from                   to                     

Commission File Number: 001-38266

 

SPERO THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

46-4590683

 

 

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

675 Massachusetts Avenue, 14th  Floor

Cambridge, Massachusetts

02139

 

 

(Address of principal executive offices)

(Zip Code)

 

(857) 242-1600

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

SPRO

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

As of October 29, 2020, the registrant had 27,187,489 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 


Forward-Looking STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:

 

the initiation, timing, design, progress and results of, including interim data from, our preclinical studies and clinical trials, and our research and development programs;

 

the timing and outcome of the New Drug Application approval process for tebipenem HBr;

 

our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals;

 

our ability to advance product candidates into, and successfully complete, clinical trials;

 

the timing or likelihood of regulatory filings and approvals;

 

the direct and indirect impact of the pandemic caused by an outbreak of a new strain of coronavirus (“COVID-19”) on our business and operations, including manufacturing, research and development costs, clinical trials, regulatory processes and employee expenses;

 

the commercialization of our product candidates, if approved;

 

the pricing, coverage and reimbursement of our product candidates, if approved;

 

the implementation of our business model and strategic plans for our business and product candidates and our Potentiator Platform;

 

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our Potentiator Platform;

 

our ability to enter into strategic arrangements and/or collaborations and the potential benefits of such arrangements;

 

our estimates regarding expenses, capital requirements and needs for additional financing;

 

our financial performance;

 

developments relating to our competitors and our industry; and

 

other risks and uncertainties, including those listed under Part II, Item 1A. “Risk Factors”.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Part II, Item 1A. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business, and the markets for certain diseases, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources.

 

 

i


Spero Therapeutics, Inc.

Table of Contents

 

 

 

 

Page

 

 

PART I – FINANCIAL INFORMATION

 

Item 1.

 

Financial Statements (Unaudited)

3

 

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

3

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2020 and 2019

4

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

 

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

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

 

Controls and Procedures

41

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

Item 1A.

 

Risk Factors

42

Item 6.

 

Exhibits

79

 

 

 

 

Signatures

80

 

 

 

ii


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

125,242

 

 

$

29,730

 

Marketable securities

 

 

2,002

 

 

 

52,315

 

Other receivables

 

 

7,074

 

 

 

7,760

 

Tax incentive receivable, current

 

 

1,052

 

 

 

786

 

Prepaid expenses and other current assets

 

 

7,297

 

 

 

4,823

 

Total current assets

 

 

142,667

 

 

 

95,414

 

Property and equipment, net

 

 

1,849

 

 

 

2,273

 

Tax incentive receivable

 

 

-

 

 

 

21

 

Operating lease right of use assets

 

 

7,313

 

 

 

4,875

 

Other assets

 

 

5,211

 

 

 

3,520

 

Total assets

 

$

157,040

 

 

$

106,103

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,480

 

 

$

4,147

 

Accrued expenses and other current liabilities

 

 

13,556

 

 

 

21,588

 

Operating lease liabilities

 

 

1,526

 

 

 

928

 

Total current liabilities

 

 

17,562

 

 

 

26,663

 

Non-current operating lease liabilities

 

 

6,503

 

 

 

4,617

 

Other long-term liabilities

 

 

186

 

 

 

249

 

Total liabilities

 

 

24,251

 

 

 

31,529

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 10,000,000 shares authorized, 3,220,007 shares issued and outstanding as of September 30, 2020 and 2,720 shares issued and outstanding as of December 31, 2019

 

 

3

 

 

 

-

 

Common stock, $0.001 par value; 60,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 25,970,105 shares issued and outstanding as of September 30, 2020 and 19,190,695 shares issued and outstanding as of December 31, 2019

 

 

26

 

 

 

19

 

Additional paid-in capital

 

 

391,881

 

 

 

273,966

 

Accumulated deficit

 

 

(259,122

)

 

 

(199,427

)

Accumulated other comprehensive gain (loss)

 

 

1

 

 

 

16

 

Total stockholders' equity

 

 

132,789

 

 

$

74,574

 

Total liabilities and stockholders' equity

 

$

157,040

 

 

$

106,103

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant revenue

 

$

3,957

 

 

$

4,471

 

 

$

7,165

 

 

$

10,471

 

Collaboration revenue

 

 

38

 

 

 

172

 

 

 

258

 

 

 

4,046

 

Total revenues

 

 

3,995

 

 

 

4,643

 

 

 

7,423

 

 

 

14,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

17,706

 

 

 

18,495

 

 

 

53,798

 

 

 

40,047

 

General and administrative

 

 

5,309

 

 

 

4,133

 

 

 

13,942

 

 

 

11,803

 

Total operating expenses

 

 

23,015

 

 

 

22,628

 

 

 

67,740

 

 

 

51,850

 

Loss from operations

 

 

(19,020

)

 

 

(17,985

)

 

 

(60,317

)

 

 

(37,333

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

29

 

 

 

403

 

 

 

352

 

 

 

1,008

 

Other income (expense), net

 

 

55

 

 

 

(135

)

 

 

270

 

 

 

386

 

Total other income (expense), net

 

 

84

 

 

 

268

 

 

 

622

 

 

 

1,394

 

Net loss

 

$

(18,936

)

 

$

(17,717

)

 

$

(59,695

)

 

$

(35,939

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.86

)

 

$

(0.95

)

 

$

(2.91

)

 

$

(2.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic and diluted:

 

 

21,933,922

 

 

 

18,659,079

 

 

 

20,712,720

 

 

 

17,859,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(18,936

)

 

 

(17,717

)

 

 

(59,695

)

 

 

(35,939

)

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities

 

 

(14

)

 

 

12

 

 

 

(15

)

 

 

40

 

Reclassification adjustment for gains included in net loss

 

 

 

 

 

 

 

 

 

 

 

6

 

Net unrealized gains (losses) on securities

 

 

(14

)

 

 

12

 

 

 

(15

)

 

 

46

 

Total comprehensive loss

 

$

(18,950

)

 

$

(17,705

)

 

$

(59,710

)

 

$

(35,893

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(59,695

)

 

$

(35,939

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

570

 

 

 

861

 

Non-cash lease cost

 

 

386

 

 

 

 

Share-based compensation

 

 

3,523

 

 

 

2,847

 

Realized (gain) loss on investments

 

 

 

 

 

(1

)

Unrealized foreign currency transaction (gain) loss

 

 

(235

)

 

 

164

 

Accretion of discount on marketable securities

 

 

(57

)

 

 

(663

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Other receivables

 

 

686

 

 

 

(4,637

)

Prepaid expenses and other current assets

 

 

(2,474

)

 

 

3,802

 

Tax incentive receivables

 

 

(238

)

 

 

(319

)

Other assets

 

 

(1,890

)

 

 

(432

)

Accounts payable

 

 

(1,656

)

 

 

(1,041

)

Accrued expenses and other current liabilities

 

 

(8,346

)

 

 

2,749

 

Other long-term liabilities

 

 

(63

)

 

 

(44

)

Net cash used in operating activities

 

 

(69,489

)

 

 

(32,653

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(3,995

)

 

 

(76,523

)

Proceeds from maturities of marketable securities

 

 

54,350

 

 

 

110,337

 

Purchases of property and equipment

 

 

(145

)

 

 

(185

)

Net cash provided by (used in) investing activities

 

 

50,210

 

 

 

33,629

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from the issuance of common stock, net of commissions

 

 

9,163

 

 

 

10,289

 

Proceeds from the issuance of common stock related to Rights Offering

 

 

9,416

 

 

 

 

Proceeds from the issuance of common stock related to the Underwritten Public Offering

 

 

44,979

 

 

 

 

Proceeds from issuance of Series C Preferred Shares related to Rights Offering

 

 

20,583

 

 

 

 

Proceeds from issuance of Series D Preferred Shares related to the Underwritten Public Offering

 

 

30,221

 

 

 

 

Payment of offering costs

 

 

(580

)

 

 

(158

)

Proceeds from stock option exercises

 

 

1,009

 

 

 

410

 

Net cash provided by financing activities

 

 

114,791

 

 

 

10,541

 

Net increase (decrease) in cash and cash equivalents

 

 

95,512

 

 

 

11,517

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

29,730

 

 

 

34,080

 

Cash, cash equivalents and restricted cash at end of period

 

$

125,242

 

 

$

45,597

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

 

Offering costs in accounts payable and accruals

 

$

389

 

 

$

 

Right of use assets and lease obligations recorded upon commencement of new lease

 

$

2,626

 

 

$

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5


SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

 

 

Series A, B, C and D

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

 

 

Spero Therapeutics, Inc.

 

 

Non-

 

 

Total

 

 

Convertible Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Other Comprehensive

 

 

Stockholders'

 

 

controlling

 

 

Stockholders'

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances at June 30, 2020

 

5,007

 

 

 

 

 

 

21,014,095

 

 

 

21

 

 

 

313,864

 

 

 

(240,186

)

 

 

15

 

 

 

73,714

 

 

 

 

 

 

73,714

 

Issuance of common stock upon the exercise of stock options

 

 

 

 

 

 

 

29,781

 

 

 

 

 

 

201

 

 

 

 

 

 

 

 

 

201

 

 

 

 

 

 

201

 

Issuance of common stock, net of offering costs of $280 and net of issuance costs

 

 

 

 

 

 

 

4,926,229

 

 

 

5

 

 

 

46,399

 

 

 

 

 

 

 

 

 

46,404

 

 

 

 

 

 

46,404

 

Issuance of Series D preferred stock, net of offering costs of $186

 

3,215,000

 

 

 

3

 

 

 

 

 

 

 

 

 

30,218

 

 

 

 

 

 

 

 

 

30,221

 

 

 

 

 

 

30,221

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

1,199

 

 

 

 

 

 

 

 

 

1,199

 

 

 

 

 

 

1,199

 

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

(14

)

 

 

 

 

 

(14

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,936

)

 

 

 

 

 

(18,936

)

 

 

 

 

 

(18,936

)

Balances at September 30, 2020

 

3,220,007

 

 

 

3

 

 

 

25,970,105

 

 

 

26

 

 

 

391,881

 

 

 

(259,122

)

 

 

1

 

 

 

132,789

 

 

 

 

 

 

132,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A, B, C and D

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

 

 

Spero Therapeutics, Inc.

 

 

Non-

 

 

Total

 

 

Convertible Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Other Comprehensive

 

 

Stockholders'

 

 

controlling

 

 

Stockholders'

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances at December 31, 2019

 

2,720

 

 

 

 

 

 

19,190,695

 

 

 

19

 

 

 

273,966

 

 

 

(199,427

)