$SPRO
Spero Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000095017021000924 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $3.064M $5.148M $1.727M
YoY Change -23.3% 198.09% -19.9%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.15M $9.229M $4.550M
YoY Change 110.02% 102.84% 20.37%
% of Gross Profit
Research & Development $14.44M $14.46M $15.66M
YoY Change -18.47% -7.63% 30.14%
% of Gross Profit
Depreciation & Amortization $148.0K $147.0K $190.0K
YoY Change -22.11% -22.63% 0.0%
% of Gross Profit
Operating Expenses $25.59M $23.69M $20.20M
YoY Change 11.18% 17.26% 27.8%
Operating Profit -$22.52M -$18.54M -$18.48M
YoY Change 18.42% 0.36% 35.34%
Interest Expense $90.00K $82.00K $90.00K
YoY Change 200.0% -8.89% -82.07%
% of Operating Profit
Other Income/Expense, Net $3.000K -$30.00K $975.0K
YoY Change -96.43% -103.08% 94.22%
Pretax Income -$22.52M -$18.57M -$17.50M
YoY Change 18.91% 6.13% 33.08%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$22.50M -$18.60M -$17.50M
YoY Change 19.05% 6.29% 32.58%
Net Earnings / Revenue -734.33% -361.31% -1013.32%
Basic Earnings Per Share -$0.70 -$0.63
Diluted Earnings Per Share -$700.9K -$0.63 -$848.3K
COMMON SHARES
Basic Shares Outstanding 32.15M 29.68M
Diluted Shares Outstanding 32.13M 29.68M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.4M $99.22M $71.40M
YoY Change -2.97% 38.96% -30.95%
Cash & Equivalents $112.9M $71.56M $65.34M
Short-Term Investments $10.56M $27.66M $6.000M
Other Short-Term Assets $5.768M $4.901M $7.200M
YoY Change 8.83% -31.93% 33.33%
Inventory
Prepaid Expenses
Receivables $2.000M
Other Receivables $4.800M
Total Short-Term Assets $131.8M $106.3M $85.30M
YoY Change -7.66% 24.64% -24.31%
LONG-TERM ASSETS
Property, Plant & Equipment $1.214M $1.362M $6.800M
YoY Change -86.8% -79.97% 152.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.212M $5.211M $5.078M
YoY Change 0.23% 2.62% 107.35%
Total Long-Term Assets $12.92M $13.28M $12.25M
YoY Change -9.64% 8.44% 24.96%
TOTAL ASSETS
Total Short-Term Assets $131.8M $106.3M $85.30M
Total Long-Term Assets $12.92M $13.28M $12.25M
Total Assets $144.7M $119.6M $97.55M
YoY Change -7.84% 22.6% -20.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.161M $1.632M $1.562M
YoY Change 26.44% 4.48% 50.34%
Accrued Expenses $12.40M $10.02M $17.50M
YoY Change -17.89% -42.77% 150.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.26M $12.83M $19.00M
YoY Change -1.73% -32.49% 130.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.54M $16.52M $4.800M
YoY Change 131.91% 244.08% 4.35%
Total Long-Term Liabilities $15.54M $16.52M $4.800M
YoY Change 131.91% 244.08% 4.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.26M $12.83M $19.00M
Total Long-Term Liabilities $15.54M $16.52M $4.800M
Total Liabilities $32.80M $29.34M $23.80M
YoY Change 34.96% 23.29% 85.65%
SHAREHOLDERS EQUITY
Retained Earnings -$338.2M -$315.7M -$240.2M
YoY Change 30.53% 31.43% 53.26%
Common Stock $450.1M $406.0M $313.9M
YoY Change 14.85% 29.34% 1651815.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.9M $90.25M $73.71M
YoY Change
Total Liabilities & Shareholders Equity $144.7M $119.6M $97.55M
YoY Change -7.86% 22.6% -20.37%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$22.50M -$18.60M -$17.50M
YoY Change 19.05% 6.29% 32.58%
Depreciation, Depletion And Amortization $148.0K $147.0K $190.0K
YoY Change -22.11% -22.63% 0.0%
Cash From Operating Activities -$4.952M -$16.57M -$24.90M
YoY Change -76.71% -33.47% 106.3%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0% -88.89%
Acquisitions
YoY Change
Other Investing Activities $17.03M $10.92M $18.50M
YoY Change 325.63% -40.96% -25.79%
Cash From Investing Activities $17.03M $10.92M $18.48M
YoY Change 331.01% -40.9% -25.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.22M 167.0K 7.390M
YoY Change -62.15% -97.74% -17.52%
NET CHANGE
Cash From Operating Activities -4.952M -16.57M -24.90M
Cash From Investing Activities 17.03M 10.92M 18.48M
Cash From Financing Activities 29.22M 167.0K 7.390M
Net Change In Cash 41.30M -5.477M 970.0K
YoY Change -31.06% -664.64% -95.54%
FREE CASH FLOW
Cash From Operating Activities -$4.952M -$16.57M -$24.90M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$4.952M -$16.57M -$24.89M
YoY Change -76.64% -33.44% 107.76%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:12.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the accrual for clinical trial costs and other research and development expenses, and the valuation of share-based awards. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has contemplated the impact of COVID-19 within its financial statements and is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. There may be changes to those estimates in future periods. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentrations of Credit Risk and of Significant Suppliers</span></p><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:12.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains most of its cash and cash equivalents at one accredited financial institution. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span></p><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:12.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">As of </span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">June 30, 2021</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, and December 31, 2020, the Company had </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">no</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.</span><span style="font-size:10.0pt;font-family:Times New Roman;"/></span></p>
us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of June 30, 2021, and December 31, 2020, the Company had no off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.
CY2021Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Asset
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0
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spro Cares Act Percentage Of Bonus Depreciation
CARESActPercentageOfBonusDepreciation
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CashAndCashEquivalentsFairValueDisclosure
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CashAndCashEquivalentsFairValueDisclosure
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CY2021Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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CY2021Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
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CY2021Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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spro Cares Act Percentage Of Corporate Charitable Deduction Limitation On Taxable Income
CARESActPercentageOfCorporateCharitableDeductionLimitationOnTaxableIncome
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spro Cares Act Eligible Cost Recovery Period
CARESActEligibleCostRecoveryPeriod
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CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2021Q2 us-gaap Available For Sale Securities Debt Securities
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CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2020Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021Q2 spro Accrued Expenses And Other Current Liabilities
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spro Number Of Equity Compensation Plans
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0
us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4579708
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2260040
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.19
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y8M1D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
13066000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
5549873
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2163000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1214000
us-gaap Share Based Compensation
ShareBasedCompensation
4172000
us-gaap Share Based Compensation
ShareBasedCompensation
2324000
spro Contract Term
ContractTerm
P2Y
us-gaap Separate Account Liability Premium
SeparateAccountLiabilityPremium
12500000
spro Performance Obligation Allocated Transaction Price
PerformanceObligationAllocatedTransactionPrice
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CY2021Q2 us-gaap Profit Loss
ProfitLoss
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CY2020Q2 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
-37995000
us-gaap Profit Loss
ProfitLoss
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CY2021Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0
CY2020Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
549000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18572000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17501000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29675399
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20633402
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29545496
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20095415
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.63
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.29
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.06
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10946708
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8708761
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10946708
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8708761

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