Spero Therapeutics(US:SPRO)2024-05-15 20:02Revenue Growth - For the three months ended March 31, 2024, total revenues increased to $9.267 million from $2.069 million in the same period of 2023, representing a growth of 348%[179] - Grant revenue for the three months ended March 31, 2024, was $5.063 million, up from $1.329 million in 2023, with a significant increase of $4.436 million attributed to the BARDA contract for tebipenem HBr[181] - Collaboration revenue related to GSK was $4.064 million for the three months ended March 31, 2024, compared to $0.517 million in 2023, marking an increase of $3.547 million[182] Expenses and Losses - Research and development expenses rose to $17.332 million in Q1 2024 from $8.979 million in Q1 2023, an increase of $8.353 million[179] - The net loss for the three months ended March 31, 2024, was $12.669 million, a slight improvement from a net loss of $13.266 million in the same period of 2023[179] - Total research and development expenses for the three months ended March 31, 2024, were $17.3 million, an increase of $8.4 million (93.3%) compared to $9.0 million in the same period of 2023[183] - Direct costs for the SPR720 program increased by $2.6 million (149.9%) to $4.4 million in Q1 2024, driven by increased clinical activity[183] - Direct costs for the tebipenem HBr program rose by $6.1 million (358.4%) to $7.8 million in Q1 2024, due to ongoing Phase 3 trial activities[184] - Personnel-related costs in general and administrative expenses decreased by $1.2 million (26.4%) to $3.3 million in Q1 2024, primarily due to reduced headcount costs[188] Cash Position and Funding - As of March 31, 2024, the accumulated deficit stood at $403.7 million, with cash and cash equivalents of $82.3 million[160] - The company expects its cash runway to last into late 2025, focusing on advancing SPR720 and tebipenem HBr clinical trials[161] - Cash and cash equivalents as of March 31, 2024, were $82.3 million, sufficient to fund operations for at least 12 months[191] - Net cash provided by operating activities for Q1 2024 was $5.9 million, a significant improvement compared to a net cash used of $12.9 million in Q1 2023[194] - Significant additional funding will be required to support ongoing operations and growth strategy, with potential sources including equity offerings and collaborations[163] - The company expects to require additional funding beyond late 2025 to support ongoing operations and clinical trials[201] Product Development and Regulatory Status - The company has not generated any revenue from product sales to date and relies on grant and collaboration revenues for funding[165] - The company has not yet commercialized any product candidates and relies on funding from government contracts and collaboration agreements[191] - The company plans to prioritize advancing SPR720 to key Phase 2 milestones and Phase 3 activities for tebipenem HBr under the GSK License Agreement[161] - SPR206 received Fast Track designation from the FDA in March 2024 for treating specific bacterial pneumonia[185] - The company filed a new universal shelf registration statement for the sale of up to $300 million in various securities, effective March 22, 2024[192]