$SPRO
Spero Therapeutics, Inc.

2020 Form 10-K Financial Statement

#000156459021012514 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $9.330M $696.0K $18.15M
YoY Change -48.59% -58.87% 357.56%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.44M $3.790M $15.59M
YoY Change 37.52% 3.84% 20.95%
% of Gross Profit
Research & Development $67.00M $25.73M $65.78M
YoY Change 1.87% 181.82% 94.11%
% of Gross Profit
Depreciation & Amortization $800.0K -$110.0K $800.0K
YoY Change 0.0% -178.57% 95.6%
% of Gross Profit
Operating Expenses $88.44M $29.51M $81.36M
YoY Change 8.7% 131.0% 73.96%
Operating Profit -$79.11M -$63.22M
YoY Change 25.15% 47.68%
Interest Expense $400.0K $1.550M $1.550M
YoY Change -74.19%
% of Operating Profit
Other Income/Expense, Net $833.0K -$650.0K $2.291M
YoY Change -63.64% -232.65% 100.26%
Pretax Income -$78.28M -$24.99M -$62.62M
YoY Change 25.0% 135.75% 88.42%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$78.30M -$24.99M -$60.90M
YoY Change 28.57% 135.74% 46.04%
Net Earnings / Revenue -839.23% -3589.94% -335.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.496M -$1.311M -$3.355M
COMMON SHARES
Basic Shares Outstanding 19.13M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.9M $82.00M $82.00M
YoY Change 54.76% -28.94% -28.94%
Cash & Equivalents $85.20M $29.73M $29.70M
Short-Term Investments $41.70M $52.30M $52.30M
Other Short-Term Assets $6.100M $4.800M $4.800M
YoY Change 27.08% -36.0% -36.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $139.1M $95.41M $95.40M
YoY Change 45.81% -23.19% -23.19%
LONG-TERM ASSETS
Property, Plant & Equipment $8.800M $2.273M $7.100M
YoY Change 23.94% -21.43% 144.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.200M $3.520M $3.500M
YoY Change 48.57% 111.92% 105.88%
Total Long-Term Assets $14.40M $10.69M $10.70M
YoY Change 34.58% 123.29% 122.92%
TOTAL ASSETS
Total Short-Term Assets $139.1M $95.41M $95.40M
Total Long-Term Assets $14.40M $10.69M $10.70M
Total Assets $153.5M $106.1M $106.1M
YoY Change 44.67% -17.75% -17.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $4.147M $4.100M
YoY Change -70.73% 15.1% 13.89%
Accrued Expenses $13.20M $22.50M $22.50M
YoY Change -41.33% 171.08% 171.08%
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 $14.30M $26.66M $26.70M
YoY Change -46.44% 116.46% 117.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.100M $4.900M $4.900M
YoY Change 44.9% 512.5% 512.5%
Total Long-Term Liabilities $7.100M $4.900M $4.900M
YoY Change 44.9% 512.5% 512.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.30M $26.66M $26.70M
Total Long-Term Liabilities $7.100M $4.900M $4.900M
Total Liabilities $21.40M $31.53M $31.50M
YoY Change -32.06% 139.75% 133.33%
SHAREHOLDERS EQUITY
Retained Earnings -$199.4M
YoY Change 43.99%
Common Stock $274.0M
YoY Change 7.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $132.0M $74.57M $74.60M
YoY Change
Total Liabilities & Shareholders Equity $153.5M $106.1M $106.1M
YoY Change 44.67% -17.75% -17.75%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$78.30M -$24.99M -$60.90M
YoY Change 28.57% 135.74% 46.04%
Depreciation, Depletion And Amortization $800.0K -$110.0K $800.0K
YoY Change 0.0% -178.57% 95.6%
Cash From Operating Activities -$85.87M -$17.37M -$50.02M
YoY Change 71.68% 28.57% 26.23%
INVESTING ACTIVITIES
Capital Expenditures $157.0K -$120.0K $314.0K
YoY Change -50.0% -95.04% -87.11%
Acquisitions
YoY Change
Other Investing Activities $10.63M -$3.970M $29.84M
YoY Change -64.38% -140.93% -136.97%
Cash From Investing Activities $10.47M -$4.100M $29.53M
YoY Change -64.54% -156.32% -135.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.17M $15.79M
YoY Change -16.62%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.9M 5.600M 16.14M
YoY Change 710.91% -3211.11% -76.78%
NET CHANGE
Cash From Operating Activities -85.87M -17.37M -50.02M
Cash From Investing Activities 10.47M -4.100M 29.53M
Cash From Financing Activities 130.9M 5.600M 16.14M
Net Change In Cash 55.48M -15.87M -4.350M
YoY Change -1375.38% 147.58% -91.83%
FREE CASH FLOW
Cash From Operating Activities -$85.87M -$17.37M -$50.02M
Capital Expenditures $157.0K -$120.0K $314.0K
Free Cash Flow -$86.03M -$17.25M -$50.33M
YoY Change 70.92% 55.55% 19.67%

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<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;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 full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has contemplated the impact of COVID-19 within its financial statements and is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. There may be changes to those estimates in future periods. 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>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and of Significant Suppliers </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains most of its cash and cash equivalents at one accredited financial institution. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. As of December 31, 2020, and 2019, the Company had no off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements.</p>
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200000

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