$SPRO
Spero Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016443 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.006M $1.993M $2.069M
YoY Change -34.53% -61.29% -71.66%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.632M $8.051M $15.31M
YoY Change -40.53% -12.76% 84.4%
% of Gross Profit
Research & Development $7.360M $8.173M $16.97M
YoY Change -49.02% -43.48% -7.79%
% of Gross Profit
Depreciation & Amortization $257.0K $294.0K $189.0K
YoY Change 73.65% 100.0% 18.87%
% of Gross Profit
Operating Expenses $13.84M $28.07M $32.28M
YoY Change -45.91% 18.5% 20.87%
Operating Profit -$11.83M -$26.08M -$30.21M
YoY Change -47.46% 40.65% 55.68%
Interest Expense $182.0K $989.0K -$2.609M
YoY Change 102.22% 1106.1% -2709.0%
% of Operating Profit
Other Income/Expense, Net $159.0K -$2.602M -$2.622M
YoY Change 5200.0% 8573.33% 13010.0%
Pretax Income -$11.68M -$28.68M -$32.83M
YoY Change -48.16% 54.44% 69.05%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$11.70M -$28.70M -$32.80M
YoY Change -48.0% 54.3% 69.07%
Net Earnings / Revenue -583.25% -1440.04% -1585.31%
Basic Earnings Per Share -$0.33 -$0.87 -$1.01
Diluted Earnings Per Share -$0.33 -$0.87 -$1.007M
COMMON SHARES
Basic Shares Outstanding 35.07M 32.98M 32.76M
Diluted Shares Outstanding 35.88M 32.98M 32.61M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.45M $45.40M $122.0M
YoY Change -59.13% -54.24% 5.42%
Cash & Equivalents $50.45M $45.40M $72.11M
Short-Term Investments $0.00 $0.00 $49.86M
Other Short-Term Assets $1.488M $4.975M $8.747M
YoY Change -74.2% 1.51% 68.21%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $52.89M $51.95M $132.7M
YoY Change -59.86% -51.13% 2.47%
LONG-TERM ASSETS
Property, Plant & Equipment $494.0K $623.0K $888.0K
YoY Change -59.31% -54.26% -89.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.739M $5.467M $5.929M
YoY Change 10.11% 4.91% 14.02%
Total Long-Term Assets $11.59M $11.67M $13.13M
YoY Change -10.32% -12.08% -5.57%
TOTAL ASSETS
Total Short-Term Assets $52.89M $51.95M $132.7M
Total Long-Term Assets $11.59M $11.67M $13.13M
Total Assets $64.48M $63.63M $145.8M
YoY Change -55.44% -46.8% 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.582M $1.711M $4.780M
YoY Change -18.32% 4.84% 25.79%
Accrued Expenses $9.776M $10.04M $10.43M
YoY Change -21.15% 0.24% -24.97%
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 $16.23M $14.23M $69.20M
YoY Change -5.99% 10.94% 288.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.77M $13.48M $14.16M
YoY Change 1.47% -18.41% 108.21%
Total Long-Term Liabilities $15.77M $13.48M $14.16M
YoY Change 1.47% -18.41% 108.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.23M $14.23M $69.20M
Total Long-Term Liabilities $15.77M $13.48M $14.16M
Total Liabilities $31.99M $27.71M $83.36M
YoY Change -2.45% -5.58% 238.85%
SHAREHOLDERS EQUITY
Retained Earnings -$440.6M -$429.0M -$400.3M
YoY Change 30.28% 35.89% 34.74%
Common Stock $473.1M $464.9M $462.8M
YoY Change 5.11% 14.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.48M $35.92M $62.47M
YoY Change
Total Liabilities & Shareholders Equity $64.48M $63.63M $145.8M
YoY Change -55.44% -46.8% 1.69%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$11.70M -$28.70M -$32.80M
YoY Change -48.0% 54.3% 69.07%
Depreciation, Depletion And Amortization $257.0K $294.0K $189.0K
YoY Change 73.65% 100.0% 18.87%
Cash From Operating Activities -$957.0K -$23.03M -$28.22M
YoY Change -80.67% 39.04% 82.33%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$129.0K $50.00M -$16.06M
YoY Change -100.76% 357.79% -635.47%
Cash From Investing Activities -$129.0K $50.00M -$16.06M
YoY Change -100.76% 357.79% -634.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.626M
YoY Change -14.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.131M -53.68M 3.814M
YoY Change -79.02% -32241.92% -11.49%
NET CHANGE
Cash From Operating Activities -957.0K -23.03M -28.22M
Cash From Investing Activities -129.0K 50.00M -16.06M
Cash From Financing Activities 6.131M -53.68M 3.814M
Net Change In Cash 5.045M -26.71M -40.47M
YoY Change -87.78% 387.68% 395.57%
FREE CASH FLOW
Cash From Operating Activities -$957.0K -$23.03M -$28.22M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-18571000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-61509000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-37990000
us-gaap Profit Loss
ProfitLoss
-61511000
us-gaap Profit Loss
ProfitLoss
-37995000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
483000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
307000
spro Non Cash Lease Cost
NonCashLeaseCost
218000
spro Non Cash Lease Cost
NonCashLeaseCost
402000
us-gaap Share Based Compensation
ShareBasedCompensation
4520000
us-gaap Share Based Compensation
ShareBasedCompensation
4172000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-7000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-10000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-13000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-124000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
802000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0
spro Non Cash Interest Expense Associated With The Sale Of Future Royalties
NonCashInterestExpenseAssociatedWithTheSaleOfFutureRoyalties
2605000
spro Non Cash Interest Expense Associated With The Sale Of Future Royalties
NonCashInterestExpenseAssociatedWithTheSaleOfFutureRoyalties
0
CY2022Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
577000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1258000
spro Increase Decrease In Tax Incentives Receivable
IncreaseDecreaseInTaxIncentivesReceivable
-333000
CY2022Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1317000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-721000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-3479000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3646000
spro Increase Decrease In Tax Incentives Receivable
IncreaseDecreaseInTaxIncentivesReceivable
-800000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-905000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
8000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
612000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
478000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5839000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3314000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-393000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1356000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-21000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-19000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-334000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-400000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-51256000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-32046000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
26970000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
12578000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
60777000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
26500000
spro Property And Equipment Written Off
PropertyAndEquipmentWrittenOff
129000
spro Property And Equipment Written Off
PropertyAndEquipmentWrittenOff
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
33936000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
13922000
spro Repayment Of Liability Related To The Sale Of Future Royalties
RepaymentOfLiabilityRelatedToTheSaleOfFutureRoyalties
54485000
spro Repayment Of Liability Related To The Sale Of Future Royalties
RepaymentOfLiabilityRelatedToTheSaleOfFutureRoyalties
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4203000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4253000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
146000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
419000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
370000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-49863000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4477000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-67183000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13647000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
112584000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
85209000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45401000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
71562000
spro Offering And Financing Costs Included In Accounts Payable And Accrued Expenses
OfferingAndFinancingCostsIncludedInAccountsPayableAndAccruedExpenses
0
spro Offering And Financing Costs Included In Accounts Payable And Accrued Expenses
OfferingAndFinancingCostsIncludedInAccountsPayableAndAccruedExpenses
80000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
62473000
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
231000
CY2022Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
6000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-28682000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
35923000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
88289000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
419000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4203000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4520000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2000
us-gaap Profit Loss
ProfitLoss
-61511000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
35923000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
118846000
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
277000
CY2021Q2 spro Adjustments To Additional Paid In Capital Premium For Commitment To Sell Common Stock
AdjustmentsToAdditionalPaidInCapitalPremiumForCommitmentToSellCommonStock
-12463000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2163000
CY2021Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-18572000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
90252000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
132040000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
370000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4123000
spro Adjustments To Additional Paid In Capital Premium For Commitment To Sell Common Stock
AdjustmentsToAdditionalPaidInCapitalPremiumForCommitmentToSellCommonStock
-12463000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4172000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
5000
us-gaap Profit Loss
ProfitLoss
-37995000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
90252000
CY2022Q2 us-gaap Property Plant And Equipment Salvage Value Percentage
PropertyPlantAndEquipmentSalvageValuePercentage
0.75
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-28700000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-18600000
us-gaap Net Income Loss
NetIncomeLoss
-61500000
us-gaap Net Income Loss
NetIncomeLoss
-38000000.0
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-429000000.0
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">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>
spro Cares Act Percentage Of Limitation On Adjusted Taxable Income Plus Business Interest Income Under Tax Cut And Jobs Act2017
CARESActPercentageOfLimitationOnAdjustedTaxableIncomePlusBusinessInterestIncomeUnderTaxCutAndJobsAct2017
0.30
spro Cares Act Percentage Of Corporate Charitable Deduction Limitation On Taxable Income
CARESActPercentageOfCorporateCharitableDeductionLimitationOnTaxableIncome
0.25
spro Cares Act Eligible Cost Recovery Period
CARESActEligibleCostRecoveryPeriod
P15Y
spro Cares Act Percentage Of Bonus Depreciation
CARESActPercentageOfBonusDepreciation
1
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and of Significant Suppliers</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">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:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">As of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, and December 31, 2021, the Company had </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.</span></span></p>
us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of June 30, 2022, and December 31, 2021, the Company had no off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.
CY2022Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Asset
FairValueDisclosureOffbalanceSheetRisksAmountAsset
0
CY2021Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Asset
FairValueDisclosureOffbalanceSheetRisksAmountAsset
0
spro Cares Act Eliminated Percentage On Limitation Of Taxable Income
CARESActEliminatedPercentageOnLimitationOfTaxableIncome
0.80
spro Cares Act Percentage Of Adjusted Taxable Income Plus Business Interest Income
CARESActPercentageOfAdjustedTaxableIncomePlusBusinessInterestIncome
0.50
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
3900000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
600000
spro Fair Value Liabilities Of Level2 To Level1 Transfers Amount
FairValueLiabilitiesOfLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
33820000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
33818000
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
100000
us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
100000
CY2021Q4 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
1000000.0
CY2021 spro Percent Of Aggregate Payment Received
PercentOfAggregatePaymentReceived
2.50
CY2021Q4 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
1000000.0
CY2021 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
200000
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
800000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
56120
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.48
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1165413
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14.17
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4624387
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.06
CY2022Q2 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2535000
CY2021Q4 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
6315000
CY2022Q2 spro Accrued Restructuring Expenses
AccruedRestructuringExpenses
2088000
CY2021Q4 spro Accrued Restructuring Expenses
AccruedRestructuringExpenses
0
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2207000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5884000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1165000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
909000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
516000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1242000
CY2022Q2 spro Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
8511000
CY2021Q4 spro Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
14350000
spro Number Of Equity Compensation Plans
NumberOfEquityCompensationPlans
2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.05
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4890716
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.75
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M13D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24263000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
955204
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
11.14
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4624387
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y10D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2957172
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.65
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y10M28D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
8720127
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2638276
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1317000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2163000
us-gaap Share Based Compensation
ShareBasedCompensation
4520000
us-gaap Share Based Compensation
ShareBasedCompensation
4172000
spro Performance Obligation Allocated Transaction Price
PerformanceObligationAllocatedTransactionPrice
12500000
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
54500000
CY2022Q2 spro Liability For Contingent Payment
LiabilityForContingentPayment
100000
us-gaap Restructuring Charges
RestructuringCharges
11800000
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
8700000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
600000
CY2022Q2 us-gaap Liabilities Subject To Compromise Early Contract Termination Fees
LiabilitiesSubjectToCompromiseEarlyContractTerminationFees
2600000
us-gaap Severance Costs1
SeveranceCosts1
8657000
CY2022Q2 us-gaap Severance Costs1
SeveranceCosts1
8657000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
635000
CY2022Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
635000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
2557000
CY2022Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
2557000
us-gaap Restructuring Charges
RestructuringCharges
11849000
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
11849000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
0
us-gaap Restructuring Charges
RestructuringCharges
11849000
us-gaap Payments For Restructuring
PaymentsForRestructuring
6053000
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
3480000
CY2022Q2 us-gaap Restructuring Reserve
RestructuringReserve
2316000
CY2022Q2 spro Outstanding Accrued Expense
OutstandingAccruedExpense
2300000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-28682000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-18572000
us-gaap Profit Loss
ProfitLoss
-61511000
us-gaap Profit Loss
ProfitLoss
-37995000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28682000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18572000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-61511000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-37995000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32977807
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32977807
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29675399
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29675399
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32793288
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32793288
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29545496
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29545496
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.87
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.87
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.29
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9892234
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10946708
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9892234
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10946708

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