$SPRO
Spero Therapeutics, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019039770 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $696.0K $4.643M $658.0K
YoY Change -58.87% 605.62% 10.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.790M $4.130M $3.130M
YoY Change 3.84% 31.95% -14.25%
% of Gross Profit
Research & Development $25.73M $18.50M $8.459M
YoY Change 181.82% 118.64% 22.42%
% of Gross Profit
Depreciation & Amortization -$110.0K $490.0K $80.00K
YoY Change -178.57% 512.5% -11.11%
% of Gross Profit
Operating Expenses $29.51M $22.63M $11.59M
YoY Change 131.0% 95.19% 9.75%
Operating Profit -$17.99M -$10.94M
YoY Change 64.47% 9.72%
Interest Expense $1.550M $268.0K $472.0K
YoY Change -43.22% 280.65%
% of Operating Profit
Other Income/Expense, Net -$650.0K $268.0K $472.0K
YoY Change -232.65% -43.22% 286.89%
Pretax Income -$24.99M -$17.72M -$10.46M
YoY Change 135.75% 69.41% 6.3%
Income Tax
% Of Pretax Income
Net Earnings -$24.99M -$17.70M -$10.46M
YoY Change 135.74% 69.17% 6.37%
Net Earnings / Revenue -3589.94% -381.22% -1590.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.311M -$949.6K -$598.7K
COMMON SHARES
Basic Shares Outstanding 19.13M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.00M $93.90M $131.2M
YoY Change -28.94% -28.43% 416.54%
Cash & Equivalents $29.73M $45.60M $40.48M
Short-Term Investments $52.30M $48.30M $90.70M
Other Short-Term Assets $4.800M $2.700M $1.200M
YoY Change -36.0% 125.0% 20.0%
Inventory
Prepaid Expenses
Receivables $1.000M
Other Receivables $6.400M
Total Short-Term Assets $95.41M $104.0M $133.7M
YoY Change -23.19% -22.24% 395.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.273M $2.519M $2.200M
YoY Change -21.43% 14.5% 74.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.520M $2.077M $200.0K
YoY Change 111.92% 938.5% -91.67%
Total Long-Term Assets $10.69M $8.540M $2.420M
YoY Change 123.29% 252.89% -47.29%
TOTAL ASSETS
Total Short-Term Assets $95.41M $104.0M $133.7M
Total Long-Term Assets $10.69M $8.540M $2.420M
Total Assets $106.1M $112.5M $136.1M
YoY Change -17.75% -17.34% 331.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.147M $2.524M $1.364M
YoY Change 15.1% 85.04% -32.17%
Accrued Expenses $22.50M $12.30M $8.600M
YoY Change 171.08% 43.02% 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 $26.66M $15.06M $10.28M
YoY Change 116.46% 46.51% 49.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.900M $4.400M $300.0K
YoY Change 512.5% 1366.67% -25.0%
Total Long-Term Liabilities $4.900M $4.400M $300.0K
YoY Change 512.5% 1366.67% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.66M $15.06M $10.28M
Total Long-Term Liabilities $4.900M $4.400M $300.0K
Total Liabilities $31.53M $19.48M $10.57M
YoY Change 139.75% 84.29% 45.3%
SHAREHOLDERS EQUITY
Retained Earnings -$199.4M -$174.4M -$127.9M
YoY Change 43.99% 36.39% 55.61%
Common Stock $274.0M $19.00K $18.00K
YoY Change 7.86% 5.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.57M $92.68M $125.2M
YoY Change
Total Liabilities & Shareholders Equity $106.1M $112.5M $136.1M
YoY Change -17.75% -17.34% 331.44%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$24.99M -$17.70M -$10.46M
YoY Change 135.74% 69.17% 6.37%
Depreciation, Depletion And Amortization -$110.0K $490.0K $80.00K
YoY Change -178.57% 512.5% -11.11%
Cash From Operating Activities -$17.37M -$9.660M -$5.520M
YoY Change 28.57% 75.0% -47.48%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$20.00K -$20.00K
YoY Change -95.04% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$3.970M -$15.87M -$72.59M
YoY Change -140.93% -78.14%
Cash From Investing Activities -$4.100M -$15.89M -$72.61M
YoY Change -156.32% -78.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.600M 10.00K 69.90M
YoY Change -3211.11% -99.99% -17148.78%
NET CHANGE
Cash From Operating Activities -17.37M -9.660M -5.520M
Cash From Investing Activities -4.100M -15.89M -72.61M
Cash From Financing Activities 5.600M 10.00K 69.90M
Net Change In Cash -15.87M -25.54M -8.230M
YoY Change 147.58% 210.33% -24.63%
FREE CASH FLOW
Cash From Operating Activities -$17.37M -$9.660M -$5.520M
Capital Expenditures -$120.0K -$20.00K -$20.00K
Free Cash Flow -$17.25M -$9.640M -$5.500M
YoY Change 55.55% 75.27% -47.67%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-46858000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
34080000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
87338000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45597000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40480000
spro Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
246000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
109669000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1980000
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
51000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
38000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
981000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
410000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9815000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2847000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
65668000
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
146000
CY2018Q3 spro Common And Preferred Stock Issued During Period Value Net Of Issuance Costs
CommonAndPreferredStockIssuedDuringPeriodValueNetOfIssuanceCosts
69504000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
705000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
125552000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
84957000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
197000
spro Common And Preferred Stock Issued During Period Value Net Of Issuance Costs
CommonAndPreferredStockIssuedDuringPeriodValueNetOfIssuanceCosts
69504000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
917000
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 September&#160;30, 2019, and for the three and nine months ended September&#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 the 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, 2019, and results of operations for the three and nine months ended September&#160;30, 2019 and 2018, and cash flows for the nine months ended September&#160;30, 2019 and 2018 have been made. The results of operations for the three and nine months ended September&#160;30, 2019 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2019.</p>
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
554000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
426000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3635225
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
371443
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
981000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
705000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5864930
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>
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
81363000
CY2019Q3 us-gaap Lease Cost
LeaseCost
464000
us-gaap Lease Cost
LeaseCost
1219000
us-gaap Operating Lease Payments
OperatingLeasePayments
1006000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1267000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:PropertyPlantAndEquipmentMember
CY2019Q3 spro Operating And Finance Lease Assets
OperatingAndFinanceLeaseAssets
5211000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4604000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
228000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
928000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
943000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1061000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1076000
CY2019Q3 spro Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
1092000
CY2019Q3 spro Lessee Operating Lease Liability Payments Due Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueThereafter
1108000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6436000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1832000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1361000
CY2018Q3 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
5864930
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4406378
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
spro Entity Incorporation Month And Year
EntityIncorporationMonthAndYear
2013-12
us-gaap Business Acquisition Date Of Acquisition Agreement1
BusinessAcquisitionDateOfAcquisitionAgreement1
2017-06-30
spro Business Combination Exchange Ratio
BusinessCombinationExchangeRatio
1
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
2100000
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
5400000
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q3 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
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
48241000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
48259000
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
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
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2019Q3 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
8364000
CY2018Q4 spro Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
4541000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2315000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2379000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
636000

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