Workflow
Spero Therapeutics(SPRO) - 2024 Q4 - Annual Results
SPROSpero Therapeutics(SPRO)2025-03-27 21:19

Financial Position - Estimated cash and cash equivalents as of December 31, 2024, are approximately 52.9million[4].−Thecompanyexpectsitsexistingcashandcashequivalents,alongwithnon−contingentdevelopmentmilestonepaymentsfromGSK,tofundoperationsintomid−2026[4].−ThecompletequarterlyresultswillbeincludedintheAnnualReportonForm10−KfortheyearendedDecember31,2024[5].−ThecompanyhasnotyetfinalizeditsfinancialstatementsfortheyearendedDecember31,2024,andthepreliminarydatamaychange[5].LeadershipChanges−InterimleadershipchangesincludeEstherRajaveluappointedasInterimPresidentandCEO,withadditionalcashcompensationof52.9 million[4]. - The company expects its existing cash and cash equivalents, along with non-contingent development milestone payments from GSK, to fund operations into mid-2026[4]. - The complete quarterly results will be included in the Annual Report on Form 10-K for the year ended December 31, 2024[5]. - The company has not yet finalized its financial statements for the year ended December 31, 2024, and the preliminary data may change[5]. Leadership Changes - Interim leadership changes include Esther Rajavelu appointed as Interim President and CEO, with additional cash compensation of 20,000 per month[19]. - Frank Thomas has been appointed as Chairman of the Board, replacing Ankit Mahadevia[19]. - Satyavrat Shukla is on paid administrative leave pending the resolution of the SEC investigation[19]. SEC Investigation - The company is under investigation by the SEC regarding public disclosures related to the cessation of commercialization of tebipenem HBr[10]. - The company intends to vigorously defend against the SEC's Wells Notice and maintain that its disclosures were appropriate[13]. Investor Relations - The company has updated its investor presentation as of January 10, 2025, which is available on its website[8].