Spero Therapeutics, Inc.
SPROHealthcare|Biotechnology|US
$1.03
+0.01 (+0.98%)
Tangible Book / Share
$0.76
Graham Number
$1.48
Cash / Share
$0.88
Financials
Financial Snapshot
Market Cap
$60.0M
Enterprise Value
$11.3M
Revenue (TTM)
$43.0M
Net Income (TTM)
$7.4M
Cash & Investments
$50.8M
Net Cash
$48.7M
Free Cash Flow (TTM)
$19.6M
Operating CF (TTM)
$19.6M
Debt/Equity
0.05
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $10.3M | $87.3M | $115.4M | $82.0M | $126.9M | $146.4M | $109.1M | $76.3M | $52.9M | $40.3M | $50.8M | |
| Operating Cash Flow | -$29.0M | -$39.1M | -$39.6M | -$50.0M | -$85.9M | -$64.3M | -$7.7M | -$33.0M | -$23.4M | -$12.6M | $19.6M | |
| Free Cash Flow | -$29.8M | -$39.1M | -$42.1M | -$50.3M | -$86.0M | -$64.3M | -$7.7M | -$33.0M | -$23.4M | -$12.6M | $19.6M | |
| Capital Expenditure | -$830.0K | -$27.0K | -$2.4M | -$314.0K | -$157.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $34.4M | $116.1M | $69.5M | $16.1M | $130.9M | $84.0M | -$29.6M | $221.0K | $0.00 | $0.00 | $0.00 |
R&D Spending
R&D (TTM)
$20.5M
R&D Intensity
47.8%
R&D Growth vs Prior
-46.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $335.0K | $2.0M | $4.0M | $18.1M | $9.3M | $3.1M | $48.6M | $103.8M | $48.0M | $59.6M | $43.0M | |
| R&D Expense | $26.3M | $32.9M | $33.9M | $67.9M | $69.4M | $64.5M | $47.6M | $51.4M | $96.8M | $38.5M | $20.5M | |
| R&D % of Revenue | 7860.6% | 1660.9% | 854.4% | 374.0% | 743.9% | 2101.8% | 98.0% | 49.6% | 201.7% | 64.5% | 47.8% | |
| SG&A | $7.2M | $10.8M | $12.9M | $15.6M | $21.4M | $41.7M | $36.5M | $25.6M | $23.7M | $21.2M | $19.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $335.0K | $2.0M | $4.0M | $18.1M | $9.3M | $3.1M | $48.6M | $103.8M | $48.0M | $59.6M | $43.0M | |
| Cost of Revenue | $26.3M | $32.9M | $33.9M | $65.8M | $67.0M | $0.00 | $0.00 | $51.4M | $96.8M | $0.00 | $0.00 | |
| Gross Profit | -$26.0M | -$30.9M | -$29.9M | -$47.6M | -$57.7M | $3.1M | $48.6M | $52.3M | -$48.8M | $59.6M | $43.0M | |
| R&D | $26.3M | $32.9M | $33.9M | $67.9M | $69.4M | $64.5M | $47.6M | $51.4M | $96.8M | $38.5M | $20.5M | |
| SG&A | $7.2M | $10.8M | $12.9M | $15.6M | $21.4M | $41.7M | $36.5M | $25.6M | $23.7M | $21.2M | $19.9M | |
| Operating Income | -$33.2M | -$41.7M | -$42.8M | -$63.2M | -$79.1M | -$88.0M | -$42.2M | $21.5M | -$73.4M | -$24.0K | $6.0M | |
| Interest Expense | $0.00 | $303.0K | $303.0K | $0.00 | $0.00 | $1.9M | $2.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$32.6M | -$46.1M | -$41.7M | -$60.9M | -$78.3M | -$89.8M | -$46.4M | $25.4M | -$68.6M | $8.8M | $7.6M | |
| Net Income | -$25.5M | -$46.1M | -$41.7M | -$60.9M | -$78.3M | -$89.8M | -$46.4M | $22.8M | -$68.6M | $8.6M | $7.4M | |
| EPS (Diluted) | -3.86 | -17.82 | -2.60 | -3.31 | -3.52 | -2.91 | -1.23 | 0.43 | -1.27 | 0.15 | 0.11 | |
| EBITDA | -$32.9M | -$41.4M | -$42.4M | -$62.5M | -$78.4M | -$87.2M | -$42.9M | $27.2M | -$72.5M | $8.8M | $7.7M | |
| Shares Out. (M) | 6.60 | 2.59 | 16.00 | 18.16 | 22.39 | 30.90 | 37.59 | 52.99 | 54.04 | 59.04 | 57.97 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.3M | $87.3M | $34.1M | $29.7M | $85.2M | $112.6M | $109.1M | $76.3M | $52.9M | $40.3M | $50.8M | |
| Short-Term Investments | $0.00 | $0.00 | $81.4M | $52.3M | $41.7M | $33.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $11.9M | $87.3M | $115.4M | $95.4M | $139.1M | $157.9M | $109.1M | $131.2M | $107.3M | $67.3M | $51.6M | |
| Total Assets | $13.8M | $93.5M | $129.0M | $106.1M | $153.5M | $171.1M | $124.8M | $182.4M | $110.5M | $68.9M | $52.8M | |
| Total Current Liabilities | $6.9M | $8.2M | $12.3M | $26.7M | $14.3M | $18.7M | $21.6M | $37.2M | $49.1M | $8.9M | $8.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $7.4M | $8.5M | $13.2M | $31.5M | $21.4M | $82.8M | $48.9M | $75.5M | $64.4M | $9.9M | $8.6M | |
| Stockholders' Equity | $10.2M | $85.0M | $115.9M | $74.6M | $132.0M | $88.3M | $75.9M | $106.9M | $46.1M | $59.0M | $44.2M | |
| Retained Earnings | -$45.4M | -$96.8M | -$138.5M | -$199.4M | -$277.7M | -$367.5M | -$413.9M | -$391.1M | -$459.6M | -$451.1M | -$467.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.0M | -$39.1M | -$39.6M | -$50.0M | -$85.9M | -$64.3M | -$7.7M | -$33.0M | -$23.4M | -$12.6M | $19.6M | |
| Capital Expenditure | -$830.0K | -$27.0K | -$2.4M | -$314.0K | -$157.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$29.8M | -$39.1M | -$42.1M | -$50.3M | -$86.0M | -$64.3M | -$7.7M | -$33.0M | -$23.4M | -$12.6M | $19.6M | |
| Investing Cash Flow | -$830.0K | -$27.0K | -$83.2M | $29.5M | $10.5M | $7.7M | $33.8M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $34.4M | $116.1M | $69.5M | $16.1M | $130.9M | $84.0M | -$29.6M | $221.0K | $0.00 | $0.00 | $0.00 | |
| Issuance of Stock | $34.4M | $77.7M | $70.5M | $15.8M | $78.7M | $36.8M | $24.9M | $221.0K | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$54.5M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $180.0K | $1.4M | $2.7M | $3.8M | $4.9M | $9.4M | $9.1M | $7.9M | $7.8M | $4.3M | $3.2M | |
| Net Change in Cash | $4.6M | $77.0M | -$53.3M | -$4.3M | $55.5M | $27.4M | -$3.5M | -$32.8M | -$23.4M | -$12.6M | $19.6M |
Dilution Tracker
Shares outstanding grew 163.7% over 5 years — significant dilution
Shares Outstanding
58M
5-Year Share Growth
+163.7%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 6.60 | 2.59 | 16.00 | 18.16 | 22.39 | 30.90 | 37.59 | 52.99 | 54.04 | 59.04 | 57.97 | |
| Change vs Prior % | — | -60.8% | 518.6% | 13.5% | 23.3% | 38.0% | 21.7% | 41.0% | 2.0% | 9.3% | -1.8% | |
| Stock Issuance | $34.4M | $77.7M | $70.5M | $15.8M | $78.7M | $36.8M | $24.9M | $221.0K | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $180.0K | $1.4M | $2.7M | $3.8M | $4.9M | $9.4M | $9.1M | $7.9M | $7.8M | $4.3M | $3.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -7760.6% | -1560.9% | -754.4% | -262.5% | -618.1% | 100.0% | 100.0% | 50.4% | -101.7% | 100.0% | 100.0% | |
| Operating Margin % | -9916.7% | -2108.6% | -1079.3% | -348.4% | -847.9% | -2865.5% | -86.9% | 20.7% | -152.9% | -0.0% | 14.0% | |
| Net Margin % | -7609.3% | -2329.3% | -1050.5% | -335.7% | -839.0% | -2923.6% | -95.5% | 22.0% | -142.9% | 14.4% | 17.2% | |
| EBITDA Margin % | -9833.4% | -2090.3% | -1069.0% | -344.2% | -839.8% | -2839.4% | -88.4% | 26.2% | -151.1% | 14.8% | 17.9% | |
| FCF Margin % | -8892.2% | -1977.7% | -1060.5% | -277.4% | -922.1% | -2096.0% | -15.9% | -31.8% | -48.9% | -21.2% | 45.6% | |
| ROE % | -250.7% | -54.3% | -36.0% | -81.7% | -59.3% | -101.7% | -61.1% | 21.3% | -148.7% | 14.5% | 16.2% | |
| ROA % | -185.1% | -49.3% | -32.3% | -57.4% | -51.0% | -52.5% | -37.2% | 12.5% | -62.0% | 12.4% | 14.0% | |
| ROIC % | -484.7% | -48.5% | -36.7% | -78.7% | -56.5% | -57.2% | -40.2% | 13.1% | -116.0% | -0.0% | 12.6% | |
| R&D / Revenue % | 7860.6% | 1660.9% | 854.4% | 374.0% | 743.9% | 2101.8% | 98.0% | 49.6% | 201.7% | 64.5% | 47.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 490.7% | 100.4% | 357.6% | -48.6% | -67.1% | 1482.4% | 113.6% | -53.8% | 24.3% | |
| Gross Profit | -236245.5% | -18.8% | 3.1% | -59.2% | -21.1% | 105.3% | 1482.4% | 7.7% | -193.2% | 222.2% | |
| Operating Income | -149.3% | -25.6% | -2.6% | -47.7% | -25.1% | -11.2% | 52.0% | 150.9% | -441.5% | 100.0% | |
| Net Income | -151.0% | -80.8% | 9.6% | -46.2% | -28.5% | -14.7% | 48.3% | 149.1% | -400.6% | 112.5% | |
| EPS (Diluted) | -150.6% | -361.7% | 85.4% | -27.3% | -6.3% | 17.3% | 57.7% | 135.0% | -395.3% | 111.8% | |
| Operating Cash Flow | -201.4% | -35.1% | -1.3% | -26.2% | -71.7% | 25.1% | 88.0% | -326.8% | 28.9% | 46.2% | |
| Free Cash Flow | -202.7% | -31.4% | -7.5% | -19.7% | -70.9% | 25.2% | 88.0% | -326.8% | 28.9% | 46.2% | |
| R&D Expense | 136.7% | 24.8% | 3.1% | 100.3% | 2.3% | -7.0% | -26.2% | 8.1% | 88.1% | -60.2% | |
| SG&A Expense | 228.0% | 50.1% | 18.9% | 21.0% | 37.5% | 94.5% | -12.5% | -30.0% | -7.2% | -10.7% | |
| Total Assets | 91.9% | 578.8% | 38.0% | -17.8% | 44.6% | 11.5% | -27.0% | 46.1% | -39.4% | -37.7% | |
| Book Value / Share | 2575.1% | 3310.1% | -78.0% | -43.3% | 43.6% | -51.6% | -29.3% | 0.4% | -57.9% | 23.4% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 41.4% | -6.4% | -9.4% | -16.6% | -22.5% | -32.6% | |
| Diluted Shares | 0.0% | -60.8% | 518.6% | 13.5% | 23.3% | 38.0% | 21.7% | 41.0% | 2.0% | 9.3% |
Valuation
P/E (TTM)7.36
P/S1.40
10Y Low / Med / High0.75 / 15.36 / 226.73
P/B1.35
10Y Low / Med / High0.36 / 2.21 / 7.47
EV/EBITDA1.46
10Y Low / Med / High0.25 / 1.38 / 10.55
EV/Revenue0.26
10Y Low / Med / High0.06 / 16.22 / 195.94
P/FCF3.06
Intrinsic Value Models (per share)
Tangible Book / Share
$0.76
Net Current Assets / Share
$0.74
Graham Number
$1.48
Graham Net-Net
$0.73
Cash / Share
$0.88
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.98 | -0.66 | -2.37 | -2.91 | -5.51 | -5.50 | -1.41 | 3.42 | -0.81 | 15.53 | 7.36 | |
| P/S Ratio | 226.73 | 15.36 | 24.81 | 9.63 | 46.52 | 161.12 | 1.34 | 0.75 | 1.16 | 2.19 | 1.40 | |
| P/B Ratio | 7.47 | 0.36 | 0.85 | 2.34 | 3.29 | 5.60 | 0.86 | 0.72 | 1.21 | 2.21 | 1.35 | |
| EV/EBITDA | -1.99 | 1.38 | -1.52 | -2.41 | -4.55 | -4.47 | 0.87 | 0.25 | -0.10 | 10.55 | 1.46 | |
| EV/Revenue | 195.94 | -28.75 | 16.22 | 8.29 | 38.23 | 126.84 | -0.77 | 0.06 | 0.15 | 1.56 | 0.26 |
Analyst Estimates & Quality
Altman Z-Score
-5.93
Distress
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $279.0K | $3.2M | $33.1M |
| Net Income | -$37.3M | -$54.9M | -$61.4M |
| EPS | $-0.97 | $-0.93 | $-1.04 |
| # Analysts (EPS) | 1 | 2 | 1 |
Dividends
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Sep 16, 2015 | Oct 7, 2015 | $0.01 | Quarterly |
| Jun 17, 2015 | Jul 7, 2015 | $0.01 | Quarterly |
| Mar 18, 2015 | Apr 7, 2015 | $0.01 | Quarterly |
| Dec 17, 2014 | Jan 6, 2015 | $0.01 | Quarterly |
| Sep 17, 2014 | Oct 7, 2014 | $0.01 | Quarterly |
| Jun 18, 2014 | Jul 7, 2014 | $0.01 | Quarterly |
| Mar 19, 2014 | Apr 7, 2014 | $0.01 | Quarterly |
| Dec 17, 2013 | Jan 6, 2014 | $0.01 | Quarterly |
| Sep 17, 2013 | Oct 7, 2013 | $0.01 | Quarterly |
| Jun 12, 2013 | Jul 5, 2013 | $0.01 | Quarterly |
| Mar 20, 2013 | Apr 5, 2013 | $0.01 | Quarterly |
| Dec 17, 2012 | Jan 7, 2013 | $0.01 | Quarterly |
| Sep 17, 2012 | Oct 5, 2012 | $0.01 | Quarterly |
| Jun 13, 2012 | Jul 6, 2012 | $0.01 | Quarterly |
| Mar 20, 2012 | Apr 4, 2012 | $0.01 | Quarterly |
| Dec 12, 2011 | Jan 5, 2012 | $0.01 | Quarterly |
| Sep 14, 2011 | Oct 5, 2011 | $0.01 | Quarterly |
| Jun 13, 2011 | Jul 8, 2011 | $0.01 | Quarterly |
| Mar 22, 2011 | Apr 4, 2011 | $0.01 | Quarterly |
| Dec 13, 2010 | Dec 31, 2010 | $0.01 | Quarterly |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Collaboration Revenue Related Party | $27.0M | $47.0M |
| Collaboration Revenue | $371.0K | $12.6M |
| Grant Revenue | $20.6M | $7.2M |