$SPRO
Spero Therapeutics, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019030746 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $2.156M $463.0K
YoY Change 365.66% 85.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.780M $3.060M
YoY Change 23.53% 3.38%
% of Gross Profit
Research & Development $12.03M $7.374M
YoY Change 63.14% -1.11%
% of Gross Profit
Depreciation & Amortization $190.0K $90.00K
YoY Change 111.11% 12.5%
% of Gross Profit
Operating Expenses $15.81M $10.43M
YoY Change 51.5% 0.19%
Operating Profit -$13.65M -$9.971M
YoY Change 36.92% -1.91%
Interest Expense $502.0K $15.00K
YoY Change 3246.67% -71.15%
% of Operating Profit
Other Income/Expense, Net $502.0K $15.00K
YoY Change 3246.67% -96.27%
Pretax Income -$13.15M -$9.960M
YoY Change 32.03% 2.05%
Income Tax
% Of Pretax Income
Net Earnings -$13.20M -$9.956M
YoY Change 32.58% 8.58%
Net Earnings / Revenue -612.24% -2150.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$744.2K -$692.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.4M $66.60M
YoY Change 55.26% 83.47%
Cash & Equivalents $71.13M $48.72M
Short-Term Investments $32.30M $17.90M
Other Short-Term Assets $5.400M $1.200M
YoY Change 350.0% 33.33%
Inventory
Prepaid Expenses
Receivables $900.0K
Other Receivables $3.000M
Total Short-Term Assets $112.7M $70.50M
YoY Change 59.84% 88.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.689M $1.000M
YoY Change 168.9% -23.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.449M $700.0K
YoY Change 249.86% 40.0%
Total Long-Term Assets $9.799M $2.100M
YoY Change 366.62% -19.23%
TOTAL ASSETS
Total Short-Term Assets $112.7M $70.50M
Total Long-Term Assets $9.799M $2.100M
Total Assets $122.5M $72.60M
YoY Change 68.72% 81.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.039M $700.0K
YoY Change 48.43% -50.0%
Accrued Expenses $7.000M $5.500M
YoY Change 27.27% 17.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.249M $6.600M
YoY Change 24.98% 3.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.600M $300.0K
YoY Change 1433.33% -25.0%
Total Long-Term Liabilities $4.600M $300.0K
YoY Change 1433.33% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.249M $6.600M
Total Long-Term Liabilities $4.600M $300.0K
Total Liabilities $12.82M $7.300M
YoY Change 75.62% -12.05%
SHAREHOLDERS EQUITY
Retained Earnings -$156.7M
YoY Change
Common Stock $19.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.3M $65.30M
YoY Change
Total Liabilities & Shareholders Equity $122.5M $72.60M
YoY Change 68.73% 81.05%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$13.20M -$9.956M
YoY Change 32.58% 8.58%
Depreciation, Depletion And Amortization $190.0K $90.00K
YoY Change 111.11% 12.5%
Cash From Operating Activities -$12.07M -$8.640M
YoY Change 39.7% -2.7%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $24.93M $5.000M
YoY Change 398.6%
Cash From Investing Activities $24.85M $5.000M
YoY Change 397.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.960M -200.0K
YoY Change -4580.0% -82.76%
NET CHANGE
Cash From Operating Activities -12.07M -8.640M
Cash From Investing Activities 24.85M 5.000M
Cash From Financing Activities 8.960M -200.0K
Net Change In Cash 21.74M -3.840M
YoY Change -666.15% -61.75%
FREE CASH FLOW
Cash From Operating Activities -$12.07M -$8.640M
Capital Expenditures -$90.00K
Free Cash Flow -$11.98M
YoY Change

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
614000
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-29000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-10644000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
74898000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
51000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
661000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
65668000
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <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;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated balance sheet at December&#160;31, 2018 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June&#160;30, 2019, and for the three and six months ended June&#160;30, 2019 and 2018, 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, 2018, included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2018,&#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, 2019, and results of operations for the three and six months ended June&#160;30, 2019 and 2018, and cash flows for the six months ended June&#160;30, 2019 and 2018 have been made. The results of operations for the three and six months ended June&#160;30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019.</p>
us-gaap Use Of Estimates
UseOfEstimates
<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;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 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>
spro Entity Incorporation Month And Year
EntityIncorporationMonthAndYear
2013-12
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
us-gaap Business Acquisition Date Of Acquisition Agreement1
BusinessAcquisitionDateOfAcquisitionAgreement1
2017-06-30
spro Business Combination Exchange Ratio
BusinessCombinationExchangeRatio
1
CY2019Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
4200000
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
5400000
CY2019Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
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 Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
32269000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
32275000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
81391000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
28000
us-gaap Lease Cost
LeaseCost
754000
us-gaap Operating Lease Payments
OperatingLeasePayments
632000
CY2019Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1346000
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:PropertyPlantAndEquipmentMember
CY2019Q2 spro Operating And Finance Lease Assets
OperatingAndFinanceLeaseAssets
5533000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4849000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
603000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
928000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
943000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1061000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1076000
CY2019Q2 spro Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
1092000
CY2019Q2 spro Lessee Operating Lease Liability Payments Due Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueThereafter
1108000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6811000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1962000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1361000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1054000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
995000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1107000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1123000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2246000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7886000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2019Q2 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
3583000
CY2018Q4 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
4541000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1654000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2379000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
636000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
917000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
543000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
426000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3635225
CY2019Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
376596
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
933000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
661000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5868481
CY2018Q2 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
5868481
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2236949

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