$SPRO
Spero Therapeutics, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022024971 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $47.44M $2.006M $3.064M
YoY Change 1628.9% -34.53% -23.3%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.495M $6.632M $11.15M
YoY Change -50.12% -40.53% 110.02%
% of Gross Profit
Research & Development $15.09M $7.360M $14.44M
YoY Change -12.4% -49.02% -18.47%
% of Gross Profit
Depreciation & Amortization $129.0K $257.0K $148.0K
YoY Change -32.46% 73.65% -22.11%
% of Gross Profit
Operating Expenses $21.58M $13.84M $25.59M
YoY Change -28.64% -45.91% 11.18%
Operating Profit -$11.83M -$22.52M
YoY Change -47.46% 18.42%
Interest Expense $856.0K $182.0K $90.00K
YoY Change -151.57% 102.22% 200.0%
% of Operating Profit
Other Income/Expense, Net -$9.000K $159.0K $3.000K
YoY Change -88.46% 5200.0% -96.43%
Pretax Income $26.77M -$11.68M -$22.52M
YoY Change -191.56% -48.16% 18.91%
Income Tax $0.00
% Of Pretax Income
Net Earnings $26.77M -$11.70M -$22.50M
YoY Change -191.56% -48.0% 19.05%
Net Earnings / Revenue 56.43% -583.25% -734.33%
Basic Earnings Per Share -$0.33 -$0.70
Diluted Earnings Per Share $0.55 -$0.33 -$700.9K
COMMON SHARES
Basic Shares Outstanding 51.78M 35.07M 32.15M
Diluted Shares Outstanding 35.88M 32.13M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.1M $50.45M $123.4M
YoY Change -25.47% -59.13% -2.97%
Cash & Equivalents $109.1M $50.45M $112.9M
Short-Term Investments $0.00 $0.00 $10.56M
Other Short-Term Assets $3.379M $1.488M $5.768M
YoY Change -61.73% -74.2% 8.83%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $113.6M $52.89M $131.8M
YoY Change -28.06% -59.86% -7.66%
LONG-TERM ASSETS
Property, Plant & Equipment $368.0K $494.0K $1.214M
YoY Change -64.13% -59.31% -86.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.740M $5.739M $5.212M
YoY Change 1.7% 10.11% 0.23%
Total Long-Term Assets $11.23M $11.59M $12.92M
YoY Change -14.91% -10.32% -9.64%
TOTAL ASSETS
Total Short-Term Assets $113.6M $52.89M $131.8M
Total Long-Term Assets $11.23M $11.59M $12.92M
Total Assets $124.8M $64.48M $144.7M
YoY Change -27.05% -55.44% -7.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $617.0K $2.582M $3.161M
YoY Change -43.96% -18.32% 26.44%
Accrued Expenses $10.66M $9.776M $12.40M
YoY Change -32.13% -21.15% -17.89%
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 $21.65M $16.23M $17.26M
YoY Change 15.96% -5.99% -1.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $27.22M $15.77M $15.54M
YoY Change 73.38% 1.47% 131.91%
Total Long-Term Liabilities $27.22M $15.77M $15.54M
YoY Change -57.55% 1.47% 131.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.65M $16.23M $17.26M
Total Long-Term Liabilities $27.22M $15.77M $15.54M
Total Liabilities $48.87M $31.99M $32.80M
YoY Change -40.97% -2.45% 34.96%
SHAREHOLDERS EQUITY
Retained Earnings -$413.9M -$440.6M -$338.2M
YoY Change 12.64% 30.28% 30.53%
Common Stock $489.8M $473.1M $450.1M
YoY Change 7.47% 5.11% 14.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.93M $32.48M $111.9M
YoY Change
Total Liabilities & Shareholders Equity $124.8M $64.48M $144.7M
YoY Change -27.05% -55.44% -7.86%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $26.77M -$11.70M -$22.50M
YoY Change -191.56% -48.0% 19.05%
Depreciation, Depletion And Amortization $129.0K $257.0K $148.0K
YoY Change -32.46% 73.65% -22.11%
Cash From Operating Activities $44.48M -$957.0K -$4.952M
YoY Change -262.65% -80.67% -76.71%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$129.0K $17.03M
YoY Change -100.0% -100.76% 325.63%
Cash From Investing Activities $0.00 -$129.0K $17.03M
YoY Change -100.0% -100.76% 331.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.18M 6.131M 29.22M
YoY Change -71.84% -79.02% -62.15%
NET CHANGE
Cash From Operating Activities 44.48M -957.0K -4.952M
Cash From Investing Activities 0.000 -129.0K 17.03M
Cash From Financing Activities 14.18M 6.131M 29.22M
Net Change In Cash 58.66M 5.045M 41.30M
YoY Change -21431.27% -87.78% -31.06%
FREE CASH FLOW
Cash From Operating Activities $44.48M -$957.0K -$4.952M
Capital Expenditures $0.00
Free Cash Flow -$4.952M
YoY Change -76.64%

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ComprehensiveIncomeNetOfTax
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
-60516000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
740000
spro Non Cash Lease Cost
NonCashLeaseCost
446000
spro Non Cash Lease Cost
NonCashLeaseCost
611000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
635000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Share Based Compensation
ShareBasedCompensation
6626000
us-gaap Share Based Compensation
ShareBasedCompensation
6502000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-8000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-17000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-13000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-197000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
776000
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
spro Loss On Extinguishment Of Liability Related To The Sale Of Future Royalties
LossOnExtinguishmentOfLiabilityRelatedToTheSaleOfFutureRoyalties
3581000
spro Loss On Extinguishment Of Liability Related To The Sale Of Future Royalties
LossOnExtinguishmentOfLiabilityRelatedToTheSaleOfFutureRoyalties
0
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-1366000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-3088000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-7133000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2758000
spro Increase Decrease In Tax Incentives Receivable
IncreaseDecreaseInTaxIncentivesReceivable
-312000
spro Increase Decrease In Tax Incentives Receivable
IncreaseDecreaseInTaxIncentivesReceivable
-797000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-7000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1483000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2007000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-6257000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3185000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3525000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10898000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-31000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-29000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-434000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-605000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-52213000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36998000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
26970000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
13601000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
60777000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
44548000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
33807000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30947000
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
10334000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5357000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
411000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
419000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1218000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-43732000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
33701000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-62138000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
27650000
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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
50446000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
112859000
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
2300000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
35923000
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6128000
CY2022Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
2000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2106000
CY2022Q3 us-gaap Profit Loss
ProfitLoss
-11675000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
32484000
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
10331000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
3000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6626000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2000
us-gaap Profit Loss
ProfitLoss
-73186000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
32484000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
90252000
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
826000
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1105000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2330000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-22521000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
111895000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
132040000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1218000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5357000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6502000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
5000
us-gaap Profit Loss
ProfitLoss
-60516000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
111895000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-11700000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-22500000
us-gaap Net Income Loss
NetIncomeLoss
-73200000
us-gaap Net Income Loss
NetIncomeLoss
-60500000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-440600000
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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;"><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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">September 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, and December 31, 2021, the Company had </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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 September 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.
CY2022Q3 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
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
CY2022Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
900000
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
CY2022Q3 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
CY2022Q3 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
CY2022Q3 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1219000
CY2021Q4 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
6315000
CY2022Q3 spro Accrued Restructuring Expenses
AccruedRestructuringExpenses
967000
CY2021Q4 spro Accrued Restructuring Expenses
AccruedRestructuringExpenses
0
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4860000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5884000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
836000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
909000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
211000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1242000
CY2022Q3 spro Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
8093000
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
7.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.57
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
956604
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.12
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
56120
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.48
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1775539
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.23
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4015661
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y5M23D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4015661
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y5M23D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2606480
CY2022Q3 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
P4Y8M23D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10720127
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4806802
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2106000
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2330000
us-gaap Share Based Compensation
ShareBasedCompensation
6626000
us-gaap Share Based Compensation
ShareBasedCompensation
6502000
CY2022Q3 spro Remaining Transaction Price Allocated To Performance Obligations
RemainingTransactionPriceAllocatedToPerformanceObligations
12500000
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
54500000
CY2022Q3 spro Liability For Contingent Payment
LiabilityForContingentPayment
100000
us-gaap Restructuring Charges
RestructuringCharges
11700000
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
-200000
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
8600000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
600000
CY2022Q3 us-gaap Liabilities Subject To Compromise Early Contract Termination Fees
LiabilitiesSubjectToCompromiseEarlyContractTerminationFees
2500000
CY2022Q3 us-gaap Severance Costs1
SeveranceCosts1
-105000
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
3480000
CY2022Q3 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0
CY2022Q3 us-gaap Other Restructuring Costs
OtherRestructuringCosts
-47000
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
-152000
us-gaap Severance Costs1
SeveranceCosts1
8552000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
635000
us-gaap Other Restructuring Costs
OtherRestructuringCosts
2510000
us-gaap Restructuring Charges
RestructuringCharges
11697000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
0
us-gaap Restructuring Charges
RestructuringCharges
11697000
us-gaap Payments For Restructuring
PaymentsForRestructuring
7250000
CY2022Q3 us-gaap Restructuring Reserve
RestructuringReserve
967000
CY2022Q3 spro Outstanding Accrued Expense
OutstandingAccruedExpense
1000000.0
CY2022Q3 us-gaap Profit Loss
ProfitLoss
-11675000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-22521000
us-gaap Profit Loss
ProfitLoss
-73186000
us-gaap Profit Loss
ProfitLoss
-60516000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11675000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22521000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-73186000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-60516000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35882076
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35882076
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32132500
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32132500
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33834198
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33834198
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30417305
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30417305
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.70
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.70
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.99
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.99
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5161421
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11559243
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5161421
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11559243

Files In Submission

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spro-20220930_lab.xml Edgar Link unprocessable
spro-20220930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
spro-20220930_def.xml Edgar Link unprocessable
0000950170-22-024971-index-headers.html Edgar Link pending
0000950170-22-024971-index.html Edgar Link pending
0000950170-22-024971.txt Edgar Link pending
0000950170-22-024971-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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spro-20220930.htm Edgar Link pending
spro-20220930.xsd Edgar Link pending
spro-ex10_1.htm Edgar Link pending
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spro-20220930_htm.xml Edgar Link completed
spro-20220930_cal.xml Edgar Link unprocessable