$SPRO
Spero Therapeutics Inc

2018 Q2 Form 10-Q Financial Statement

#000156459018021018 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2015
Revenue $463.0K $249.0K $0.00
YoY Change 85.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.060M $2.960M $2.200M
YoY Change 3.38%
% of Gross Profit
Research & Development $7.374M $7.457M $11.13M
YoY Change -1.11%
% of Gross Profit
Depreciation & Amortization $90.00K $80.00K $11.00K
YoY Change 12.5% -33.33%
% of Gross Profit
Operating Expenses $10.43M $10.41M $13.33M
YoY Change 0.19% 28.89%
Operating Profit -$9.971M -$10.17M -$13.33M
YoY Change -1.91%
Interest Expense $15.00K $52.00K $170.0K
YoY Change -71.15%
% of Operating Profit
Other Income/Expense, Net $15.00K $402.0K $174.0K
YoY Change -96.27%
Pretax Income -$9.960M -$9.760M -$12.83M
YoY Change 2.05%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.956M -$9.169M -$10.20M
YoY Change 8.58% 51.33%
Net Earnings / Revenue -2150.32% -3682.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$692.6K -$659.7K -$730.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.60M $36.30M $5.700M
YoY Change 83.47%
Cash & Equivalents $48.72M $36.35M $5.700M
Short-Term Investments $17.90M
Other Short-Term Assets $1.200M $900.0K $300.0K
YoY Change 33.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $70.50M $37.50M $6.000M
YoY Change 88.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000M $1.300M $900.0K
YoY Change -23.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $500.0K $200.0K
YoY Change 40.0%
Total Long-Term Assets $2.100M $2.600M $1.200M
YoY Change -19.23%
TOTAL ASSETS
Total Short-Term Assets $70.50M $37.50M $6.000M
Total Long-Term Assets $2.100M $2.600M $1.200M
Total Assets $72.60M $40.10M $7.200M
YoY Change 81.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $1.400M $1.800M
YoY Change -50.0%
Accrued Expenses $5.500M $4.700M $600.0K
YoY Change 17.02%
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 $6.600M $6.400M $6.400M
YoY Change 3.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $400.0K $1.000M
YoY Change -25.0%
Total Long-Term Liabilities $300.0K $400.0K $1.000M
YoY Change -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.600M $6.400M $6.400M
Total Long-Term Liabilities $300.0K $400.0K $1.000M
Total Liabilities $7.300M $8.300M $7.000M
YoY Change -12.05%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.30M $31.80M $200.0K
YoY Change
Total Liabilities & Shareholders Equity $72.60M $40.10M $7.200M
YoY Change 81.05%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2015
OPERATING ACTIVITIES
Net Income -$9.956M -$9.169M -$10.20M
YoY Change 8.58% 51.33%
Depreciation, Depletion And Amortization $90.00K $80.00K $11.00K
YoY Change 12.5% -33.33%
Cash From Operating Activities -$8.640M -$8.880M -$9.610M
YoY Change -2.7% -32.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $232.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $5.000M
YoY Change
Cash From Investing Activities $5.000M $0.00 -$230.0K
YoY Change -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 -200.0K -1.160M 15.28M
YoY Change -82.76% -104.48%
NET CHANGE
Cash From Operating Activities -8.640M -8.880M -9.610M
Cash From Investing Activities 5.000M 0.000 -230.0K
Cash From Financing Activities -200.0K -1.160M 15.28M
Net Change In Cash -3.840M -10.04M 5.440M
YoY Change -61.75% -181.43%
FREE CASH FLOW
Cash From Operating Activities -$8.640M -$8.880M -$9.610M
Capital Expenditures $0.00 $232.0K
Free Cash Flow -$8.880M -$9.842M
YoY Change -30.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
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-0.69
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CY2017Q4 spro Accrued Expenses And Other Current Liabilities
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334788
us-gaap Earnings Per Share Basic And Diluted
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Other Receivables
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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spro Increase Decrease In Tax Incentives Receivable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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spro Increase Decrease In Tax Incentives Receivable
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us-gaap Profit Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Redeemable Preferred Stock Dividends
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CY2017Q2 spro Accretion Of Redeemable Bridge Units And Redeemable Convertible Preferred Shares To Redemption Value
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Payments To Minority Shareholders
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us-gaap Net Cash Provided By Used In Financing Activities
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spro Elimination Of Noncontrolling Interest Balance Upon Purchase Of Noncontrolling Interest
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spro Conversion Of Bridge Units Into Preferred Units
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spro Settlement Of Derivative Liability Upon Issuance Of Preferred Units
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us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Interim Financial Information</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;">&nbsp;</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The consolidated balance sheet at December&#160;31, 2017 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited consolidated financial statements as of June&#160;30, 2018, and for the three and six months ended June&#160;30, 2018 and 2017, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) 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&#8217;s audited consolidated financial statements and the notes thereto for the year ended December&#160;31, 2017, included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2017,&#160;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&#8217;s financial position as of June&#160;30, 2018, and results of operations for the three and six months ended June&#160;30, 2018 and 2017, and cash flows for the six months ended June&#160;30, 2018 and 2017 have been made. The results of operations for the three and six months ended June&#160;30, 2018 are not necessarily indicative of the results of operations that may be expected for the year ending December&#160;31, 2018.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;">&nbsp;</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 research and development expenses, the valuation of common shares prior to the Company&#8217;s completion of its IPO, the valuation of share-based awards and the valuation of derivative liabilities. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. 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.</p></div>
CY2017Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0
CY2018Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
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EntityIncorporationMonthAndYear
2013-12
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
us-gaap Business Acquisition Date Of Acquisition Agreement1
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2017-06-30
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CY2017Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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CY2018Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
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CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
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0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
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0
CY2018Q2 us-gaap Available For Sale Securities Amortized Cost
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17937000
CY2018Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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15000
CY2018Q2 us-gaap Available For Sale Securities
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17922000
CY2018Q2 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
3089000
CY2017Q4 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1770000
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EmployeeRelatedLiabilitiesCurrent
1205000
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EmployeeRelatedLiabilitiesCurrent
1369000
CY2018Q2 us-gaap Accrued Professional Fees Current
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869000
CY2017Q4 us-gaap Accrued Professional Fees Current
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CY2018Q2 us-gaap Other Accrued Liabilities Current
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CY2017Q4 us-gaap Other Accrued Liabilities Current
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CY2017Q2 spro Convertible Preferred Shares To Common Shares Conversion Ratio
ConvertiblePreferredSharesToCommonSharesConversionRatio
1
CY2018Q2 us-gaap Share Based Compensation
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661000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
61000
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453000
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1323000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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1016000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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957000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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1076000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2200000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7025000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2236949
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8051078
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2236949
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8051078

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