Short answer
Spero Therapeutics Inc (SPRO) filed its fiscal 2017 10-K annual report with the SEC on Apr 2, 2018. It reported revenue of $2M (+490.7% year over year) and net income of −$39M.
- Top risk flagged: FDA acceptance risk for SPR994: Japanese Phase 2 trials differed materially from FDA cUTI guidance, potentially requiring additional trials
FY2017 key financial metrics · XBRL
- Revenue
- $2M
- +490.7% YoY
- Net income
- −$39M
- −52.0% YoY
- Operating margin
- -2108.6%
- +7808.1 pp YoY
- ROE
- -45.8%
- −101.9 pp YoY
- Operating cash flow
- −$39M
- −35.1% YoY
Source: XBRL data from the Spero Therapeutics Inc (SPRO) FY2017 10-K on SEC EDGAR. USD.
Spero Therapeutics Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Clinical-stage antibiotic developer targeting MDR bacterial infections through oral, IV potentiator and orphan-disease programs
- SPR994 Phase 1 trial initiated in Australia, positioning potential first broad-spectrum oral carbapenem for adults
- SPR741 Phase 1b trial launched in the UK with 27 healthy volunteers, while SPR206 emerged as potential faster single-agent path
- 35 full-time employees, including 22 primarily engaged in research and development and 12 with M.D. or Ph.D. degrees
- 2017 expansion marked by Meiji SPR994 license, IPO-related financing milestones and up to $10.1 million in non-dilutive funding support
Management Discussion & Analysis
- Grant revenue $2.0M, up $0.3M YoY from $1.6M, with no product sales
- Operating loss $41.7M vs $33.2M, operating margin -2,108.2% vs -2,020.8%
- SPR741 best-funded program at $10.4M, SPR206 fastest-growing at $1.4M versus $0
- Operating cash use $39.1M, IPO proceeds $74.2M, total financing cash $116.1M
- Cash $87.3M, runway into Q2 2019, with additional funding needed before SPR994 Phase 3 completion
Risk Factors
- FDA acceptance risk for SPR994: Japanese Phase 2 trials differed materially from FDA cUTI guidance, potentially requiring additional trials
- Government funding uncertainty: NIAID and CARB-X awards subject to termination for convenience and Congressional appropriations
- Manufacturing vulnerability: small number of contract manufacturers, no long-term agreements, and no internal production capability
- Competitive disruption: oral candidates C-Scape, sulopenem, eravacycline and omadacycline advancing for UTIs
- Capital risk: $39.9 million 2017 net loss with cash expected to fund operations only into second quarter 2019
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