Spero Therapeutics (NASDAQ: SPRO) is a clinical-stage biopharmaceutical company focused on developing treatments for bacterial infections. Revenue comes from government grants and collaboration agreements rather than product sales. For FY2025, total revenues were $66.8 million, comprising $47.0 million in collaboration revenue from a related party, $12.6 million in non-related-party collaboration revenue, and $7.2 million in grant revenue, primarily from a BARDA contract supporting tebipenem HBr development. This compares to $48.0 million in total revenues for FY2024. The company reported net income of $8.6 million in FY2025 after years of net losses, including a $68.6 million net loss in FY2024. As of December 31, 2025, Spero carried federal net operating loss carryforwards of $226.1 million. The company has disclosed going concern risks and relies on external funding, including equity or debt financings and collaboration deals, to fund operations. CEO is Esther Rajavelu, per employment agreements filed with the SEC.

Revenue model

Grant revenue from government contracts (primarily BARDA) and collaboration revenue from licensing or co-development agreements, including a related-party collaboration. No product sales revenue recorded in FY2025 or FY2024 per the 10-K filed 2026-03-26.

Products and services

Tebipenem HBr, a bacterial infection treatment candidate supported by a BARDA government contract. The pipeline is pre-commercialization; no products are approved or generating product sales revenue as of the FY2025 10-K.

Customers and end markets

U.S. government agencies (BARDA) as grant revenue source. Collaboration partners, including at least one related party, as the primary revenue counterparty. End market is treatment of bacterial infections.

Value-chain role

Drug developer operating upstream of commercialization. Relies on contract research organizations for clinical trial execution. No internal manufacturing or commercial sales force disclosed in the filing excerpts.

Geographic exposure

Primarily United States operations. Foreign net operating loss carryforwards of $4.7 million as of December 31, 2025 indicate some non-U.S. activity, but no geographic revenue breakdown is provided in the excerpts.

Source: SEC 10-K, filed 2026-03-26

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