The following is a summary of the Spero Therapeutics, Inc. (SPRO) Q4 2023 Earnings Call Transcript:
Financial Performance:
Spero Therapeutics reported having cash and cash equivalents worth $76.3 million as of December 31, 2023.
Spero received a total of $95 million in milestones from GSK, to be paid in installments during 2024 and 2025.
Total revenue for Q4 2023 was $73.5 million, up from $47.4 million in Q4 2022. Total revenue for 2023 was $103.8 million, nearly double the $53.5 million revenue in 2022, mostly due to collaborations with GSK and Pfizer.
R&D expenses for 2023 totaled $51.4 million, slightly up from $47.6 million in 2022. G&A expenses were reduced to $25.6 million from $36.5 million in the previous year.
The net income reported for Q4 2023 was $51.2 million, with a full-year net income of $22.8 million; this was reflected in diluted earnings per share of $0.96 and $0.43 respectively.
Business Progress:
SPR720 designed for NTMPD progressed to a Phase 2a proof-of-concept clinical trial, with data due by the second half of the year. Two Phase 1 studies involving the intrapulmonary pharmacokinetics of SPR719 are also underway.
Phase 3 trials of tebipenem HBr for treating urinary tract infections have started in January, with a target enrollment of 2,648 patients, to be completed by 2025.
FDA clearance received for SPR206, an antibiotic for multi-drug resistant gram-negative infections.
SPR720 has also received several recognitions including orphan drug, QIDP, and Fast Track designations.
Partnerships with GSK, Pfizer, and Everest, and associations with government agencies, have secured funding for business operations.
A strong balance sheet and financial flexibility position Spero to execute its plans effectively.
More details: Spero Therapeutics IR
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