$SPRO
Spero Therapeutics Inc

2018 Q4 Form 10-Q Financial Statement

#000156459018028526 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $1.692M $658.0K $597.0K
YoY Change 70.39% 10.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.650M $3.130M $3.650M
YoY Change 46.59% -14.25% 91.1%
% of Gross Profit
Research & Development $9.130M $8.459M $6.910M
YoY Change -26.96% 22.42% 15.07%
% of Gross Profit
Depreciation & Amortization $140.0K $80.00K $90.00K
YoY Change 40.0% -11.11% 28.57%
% of Gross Profit
Operating Expenses $12.78M $11.59M $10.56M
YoY Change -14.79% 9.75% 33.47%
Operating Profit -$10.94M -$9.966M
YoY Change 9.72% 25.93%
Interest Expense $0.00 $472.0K $124.0K
YoY Change -100.0% 280.65%
% of Operating Profit
Other Income/Expense, Net $490.0K $472.0K $122.0K
YoY Change 250.0% 286.89% -3150.0%
Pretax Income -$10.60M -$10.46M -$9.840M
YoY Change -23.58% 6.3% 24.24%
Income Tax
% Of Pretax Income
Net Earnings -$10.60M -$10.46M -$9.836M
YoY Change -23.54% 6.37% 55.73%
Net Earnings / Revenue -626.42% -1590.12% -1647.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$596.8K -$598.7K -$707.9K
COMMON SHARES
Basic Shares Outstanding 18.19M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.4M $131.2M $25.40M
YoY Change 32.19% 416.54%
Cash & Equivalents $34.08M $40.48M $25.37M
Short-Term Investments $81.40M $90.70M
Other Short-Term Assets $7.500M $1.200M $1.000M
YoY Change 316.67% 20.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $124.2M $133.7M $26.96M
YoY Change 34.93% 395.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.893M $2.200M $1.264M
YoY Change 148.54% 74.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.661M $200.0K $2.400M
YoY Change 453.67% -91.67%
Total Long-Term Assets $4.787M $2.420M $4.591M
YoY Change 237.11% -47.29%
TOTAL ASSETS
Total Short-Term Assets $124.2M $133.7M $26.96M
Total Long-Term Assets $4.787M $2.420M $4.591M
Total Assets $129.0M $136.1M $31.55M
YoY Change 38.01% 331.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.603M $1.364M $2.011M
YoY Change 3.83% -32.17%
Accrued Expenses $8.300M $8.600M $4.500M
YoY Change 93.02% 91.11%
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 $12.32M $10.28M $6.874M
YoY Change 51.01% 49.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $800.0K $300.0K $400.0K
YoY Change 100.0% -25.0%
Total Long-Term Liabilities $800.0K $300.0K $400.0K
YoY Change 100.0% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.32M $10.28M $6.874M
Total Long-Term Liabilities $800.0K $300.0K $400.0K
Total Liabilities $13.15M $10.57M $7.273M
YoY Change 54.32% 45.3%
SHAREHOLDERS EQUITY
Retained Earnings -$138.5M -$127.9M -$82.19M
YoY Change 43.02% 55.61%
Common Stock $254.0M $18.00K $0.00
YoY Change 1814400.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.5M $125.2M -$82.19M
YoY Change
Total Liabilities & Shareholders Equity $129.0M $136.1M $31.55M
YoY Change 38.01% 331.44%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$10.60M -$10.46M -$9.836M
YoY Change -23.54% 6.37% 55.73%
Depreciation, Depletion And Amortization $140.0K $80.00K $90.00K
YoY Change 40.0% -11.11% 28.57%
Cash From Operating Activities -$13.51M -$5.520M -$10.51M
YoY Change 6.04% -47.48% 60.7%
INVESTING ACTIVITIES
Capital Expenditures -$2.420M -$20.00K $0.00
YoY Change 7966.67% -100.0%
Acquisitions
YoY Change
Other Investing Activities $9.700M -$72.59M
YoY Change
Cash From Investing Activities $7.280M -$72.61M $0.00
YoY Change -24366.67% -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 -180.0K 69.90M -410.0K
YoY Change -100.24% -17148.78%
NET CHANGE
Cash From Operating Activities -13.51M -5.520M -10.51M
Cash From Investing Activities 7.280M -72.61M 0.000
Cash From Financing Activities -180.0K 69.90M -410.0K
Net Change In Cash -6.410M -8.230M -10.92M
YoY Change -110.35% -24.63% 61.78%
FREE CASH FLOW
Cash From Operating Activities -$13.51M -$5.520M -$10.51M
Capital Expenditures -$2.420M -$20.00K $0.00
Free Cash Flow -$11.09M -$5.500M -$10.51M
YoY Change -12.75% -47.67% 66.03%

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<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 September&#160;30, 2018, and for the three and nine months ended September&#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 September&#160;30, 2018, and results of operations for the three and nine months ended September&#160;30, 2018 and 2017, and cash flows for the nine months ended September&#160;30, 2018 and 2017 have been made. The results of operations for the three and nine months ended September&#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>
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<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>
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2018Q3 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 Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
25000
CY2018Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
90745000
CY2018Q3 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
4146000
CY2017Q4 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1770000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1622000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1369000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
727000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
878000
CY2018Q3 spro Accrued Manufacturing Equipment Current
AccruedManufacturingEquipmentCurrent
1559000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
510000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
304000
CY2017Q2 spro Convertible Preferred Shares To Common Shares Conversion Ratio
ConvertiblePreferredSharesToCommonSharesConversionRatio
1
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
705000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
931000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
248000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1323000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1016000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
957000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1076000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2200000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6820000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4406378
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9603877
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4406378
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9603877

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