10-Q · May 13, 2026
Spero Therapeutics reported strong Q4 2026 results with revenue surging to $41 million, marking a significant increase from just $14 million in the previous quarter. Gross margin returned to positivity at 100%, and EPS…
Earnings analysis · 10-Q
SPRO earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
The filing reflects a major strategic transition: Utebzi received FDA approval and Spero secured $105.0 million of royalty financing, while the company shifted its development focus to SP001. Liquidity improved…
Read full summary
The filing reflects a major strategic transition: Utebzi received FDA approval and Spero secured $105.0 million of royalty financing, while the company shifted its development focus to SP001. Liquidity improved materially, with $50.8 million of cash at June 30, 2026 and management expecting funding into the second half of 2029, but the company still reported a $9.6 million quarterly net loss and remains highly dependent on GSK commercialization and the single clinical-stage candidate SP001. The filing extract does not provide sufficient current-quarter revenue, EPS, margin, segment, or cash-flow detail to calculate those metrics or compare them with the prior period and prior year.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
-
Utebzi Receives FDA Approval
The FDA approved Utebzi (tebipenem pivoxil) on June 17, 2026, providing Spero with an approved product through its GSK collaboration.
-
Secured $105M Royalty Financing
Spero and its affiliates entered into a $105.0 million non-recourse, non-dilutive royalty financing transaction with HCRx in July 2026.
-
Liquidity Extends Into 2029
The company reported cash and cash equivalents of $50.8 million as of June 30, 2026, and expects available funding, including the July financing proceeds, to support operations into the second half of 2029.
-
New SP001 Development Strategy
Spero in-licensed SP001 from Innovent on July 8, 2026, and currently expects to advance it into a Phase 2 IgG4-RD trial in the second quarter of 2027, subject to FDA clearance of the U.S. IND.
-
Losses Remain Significant
The company recorded a net loss of $9.6 million for the three months ended June 30, 2026, and a net loss of $16.8 million for the six months ended June 30, 2026.
-
SEC Company Investigation Concluded
The SEC notified Spero on January 20, 2026 that it had concluded its investigation and did not intend to recommend an enforcement action against the company at that time.
What to watch
-
Single-Candidate Clinical Concentration
SP001 is the company's only product candidate currently in clinical development following termination of SPR206 and SPR720. Any safety, efficacy, development or regulatory problem affecting SP001 could significantly harm the business.
-
Limited Utebzi Economic Participation
Although Utebzi was approved on June 17, 2026, Spero's royalty and milestone receipts are limited to 35% of GSK Proceeds arising after the HCRx notes are paid in full. The company therefore remains dependent on GSK commercialization and on Utebzi generating sufficient proceeds.
-
FDA Acceptance of China Data
SP001 relies in part on Innovent data from a Phase 1b study conducted in China, and the company states that the FDA may not accept foreign clinical data. A May 2026 draft report also proposed barring FDA consideration of covered clinical data generated at sites in China and certain other countries.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that cash and cash equivalents as of June 30, 2026, together with July 2026 royalty-financing proceeds, are expected to fund operating expenses and capital expenditures into the second half of 2029; SP001 is currently expected to enter a Phase 2 trial in the second quarter of 2027, subject to FDA clearance of the U.S. IND.
Earlier filings 4
10-K · March 26, 2026
Spero has re‑focused on a single program (tebipenem HBr) and its GSK collaboration after terminating SPR206 and SPR720; GSK resubmitted an NDA in December 2025 that was accepted with a PDUFA date of June 18, 2026.…
10-Q · November 13, 2025
Q3 2025 results reflect a much smaller operating footprint after program reprioritizations: revenue was $5.44M and net loss narrowed to $7.38M (EPS $(0.13)) versus revenue $13.47M and loss $17.15M in Q3 2024. Management…
10-Q · May 13, 2025
Spero reported Q1 revenue of $5,874 (in thousands) versus $9,267 in Q1 2024, a 36.6% year-over-year decline, and recorded a net loss of $13,866 (in thousands) or $(0.25) per share. Operating loss widened to $(14,731)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.