$SPRO
Spero Therapeutics Inc

2017 Q4 Form 10-Q Financial Statement

#000119312517369457 Filed on December 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $993.0K $597.0K $335.0K
YoY Change 196.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.490M $3.650M $2.220M
YoY Change 12.16% 91.1%
% of Gross Profit
Research & Development $12.50M $6.910M $6.930M
YoY Change 80.38% 15.07%
% of Gross Profit
Depreciation & Amortization $100.0K $90.00K $90.00K
YoY Change 11.11% 28.57%
% of Gross Profit
Operating Expenses $14.99M $10.56M $9.145M
YoY Change 63.95% 33.47%
Operating Profit -$9.966M
YoY Change 25.93%
Interest Expense -$10.00K $124.0K $620.0K
YoY Change -101.61%
% of Operating Profit
Other Income/Expense, Net $140.0K $122.0K $0.00
YoY Change -3150.0%
Pretax Income -$13.87M -$9.840M -$8.200M
YoY Change 69.15% 24.24%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.86M -$9.836M -$7.211M
YoY Change 92.23% 55.73%
Net Earnings / Revenue -1395.97% -1647.57% -2152.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$964.5K -$707.9K -$518.7K
COMMON SHARES
Basic Shares Outstanding 14.37M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.30M $25.40M
YoY Change
Cash & Equivalents $87.29M $25.37M $10.32M
Short-Term Investments
Other Short-Term Assets $1.800M $1.000M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $92.06M $26.96M $11.87M
YoY Change 675.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.164M $1.264M $1.500M
YoY Change -22.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $2.400M
YoY Change
Total Long-Term Assets $1.420M $4.591M $1.900M
YoY Change -25.26%
TOTAL ASSETS
Total Short-Term Assets $92.06M $26.96M $11.87M
Total Long-Term Assets $1.420M $4.591M $1.900M
Total Assets $93.48M $31.55M $13.77M
YoY Change 578.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.470M $2.011M $1.139M
YoY Change 204.65%
Accrued Expenses $4.300M $4.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.157M $6.874M $6.918M
YoY Change 17.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $400.0K $400.0K
YoY Change
Total Long-Term Liabilities $400.0K $400.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.157M $6.874M $6.918M
Total Long-Term Liabilities $400.0K $400.0K
Total Liabilities $8.522M $7.273M $7.411M
YoY Change 14.99%
SHAREHOLDERS EQUITY
Retained Earnings -$96.84M -$82.19M -$45.44M
YoY Change 113.12%
Common Stock $14.00K $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.60M -$82.19M -$45.44M
YoY Change
Total Liabilities & Shareholders Equity $93.48M $31.55M $13.77M
YoY Change 578.76%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income -$13.86M -$9.836M -$7.211M
YoY Change 92.23% 55.73%
Depreciation, Depletion And Amortization $100.0K $90.00K $90.00K
YoY Change 11.11% 28.57%
Cash From Operating Activities -$12.74M -$10.51M -$9.200M
YoY Change 38.48% 60.7%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00 -$260.0K
YoY Change -88.46% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K $0.00 -$260.0K
YoY Change -88.46% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 74.68M -410.0K 8.500M
YoY Change 778.59%
NET CHANGE
Cash From Operating Activities -12.74M -10.51M -9.200M
Cash From Investing Activities -30.00K 0.000 -260.0K
Cash From Financing Activities 74.68M -410.0K 8.500M
Net Change In Cash 61.91M -10.92M -960.0K
YoY Change -6548.96% 61.78%
FREE CASH FLOW
Cash From Operating Activities -$12.74M -$10.51M -$9.200M
Capital Expenditures -$30.00K $0.00 -$260.0K
Free Cash Flow -$12.71M -$10.51M -$8.940M
YoY Change 42.17% 66.03%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Interim Financial Information</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The consolidated balance sheet at December&#xA0;31, 2016 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited consolidated financial statements as of September&#xA0;30, 2017 and for the three and nine months ended September&#xA0;30, 2017 and 2016 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company&#x2019;s audited consolidated financial statements and the notes thereto for the year ended December&#xA0;31, 2016 included in the Company&#x2019;s Registration Statement on Form <font style="WHITE-SPACE: nowrap">S-1,</font> File Number <font style="WHITE-SPACE: nowrap">333-220858</font> on file with SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company&#x2019;s financial position as of September&#xA0;30, 2017 and results of operations for the three and nine months ended September&#xA0;30, 2017 and 2016 and cash flows for the nine months ended September&#xA0;30, 2017 and 2016 have been made. The results of operations for the three and nine months ended September&#xA0;30, 2017 are not necessarily indicative of the results of operations that may be expected for the year ending December&#xA0;31, 2017.</p> </div>
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
194000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-70.15
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5005000
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
-56000
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-53000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-679000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2226000
us-gaap Increase Decrease In Customer Advances And Deposits
IncreaseDecreaseInCustomerAdvancesAndDeposits
-929000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-10000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
759000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
4000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-569000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-19755000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21595000
us-gaap Operating Expenses
OperatingExpenses
24411000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
25913000
us-gaap Net Income Loss
NetIncomeLoss
-18280000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19406000
us-gaap Share Based Compensation
ShareBasedCompensation
117000
CY2016Q3 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
916000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6164000
us-gaap Operating Income Loss
OperatingIncomeLoss
-24411000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-33000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
569000
us-gaap Profit Loss
ProfitLoss
-24444000
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
2523000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
307852 shares
spro Accretion Of Redeemable Bridge Units And Redeemable Convertible Preferred Shares To Redemption Value
AccretionOfRedeemableBridgeUnitsAndRedeemableConvertiblePreferredSharesToRedemptionValue
792000
spro Issuance Of Tranche Rights With Preferred Units
IssuanceOfTrancheRightsWithPreferredUnits
909000
spro Accretion Of Redeemable Convertible Preferred Units To Redemption Value
AccretionOfRedeemableConvertiblePreferredUnitsToRedemptionValue
792000
spro Issuance Of Additional Shares Of Common Stock To Minority Investors Under Antidilutive Rights
IssuanceOfAdditionalSharesOfCommonStockToMinorityInvestorsUnderAntidilutiveRights
980000
spro Increase Decrease In Receivables From And Payables To Related Party
IncreaseDecreaseInReceivablesFromAndPayablesToRelatedParty
-14000
spro Issuance Of Stock For License
IssuanceOfStockForLicense
4595000
spro Fair Value Adjustment Of Derivative Liability
FairValueAdjustmentOfDerivativeLiability
37000
spro Deemed Contribution Of Capital
DeemedContributionOfCapital
2408000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
402857 shares
CY2017Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
5.90
CY2016 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
21116 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-23.23
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1909000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7410000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
7914000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-6316000
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1602000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7914000
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-7918000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6005000
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
60000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
318948 shares
CY2016Q3 spro Accretion Of Redeemable Bridge Units And Redeemable Convertible Preferred Shares To Redemption Value
AccretionOfRedeemableBridgeUnitsAndRedeemableConvertiblePreferredSharesToRedemptionValue
178000
CY2016Q3 spro Fair Value Adjustment Of Derivative Liability
FairValueAdjustmentOfDerivativeLiability
4000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-36.02
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3653000
CY2017Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
124000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12076000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
10563000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-9836000
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-8000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9966000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
122000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-9844000
CY2017Q3 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
2052000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6910000
CY2017Q3 us-gaap Revenue From Grants
RevenueFromGrants
597000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
931000
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
335285 shares
CY2017Q3 spro Accretion Of Redeemable Bridge Units And Redeemable Convertible Preferred Shares To Redemption Value
AccretionOfRedeemableBridgeUnitsAndRedeemableConvertiblePreferredSharesToRedemptionValue
188000
CY2017Q3 spro Fair Value Adjustment Of Derivative Liability
FairValueAdjustmentOfDerivativeLiability
2000

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