Spero Therapeutics (SPRO) Q2 2025 earnings summary

Executive summary

• Phase III PIVOT-PO trial for tebipenem HBr in cUTI met its primary endpoint and was stopped early for efficacy, demonstrating non-inferiority to IV imipenem-cilastatin in hospitalized adults; GSK will submit data to the FDA in 2H 2025.

• Tebipenem HBr could become the first oral carbapenem for cUTI in the US, potentially improving patient outcomes and reducing hospital stays.

• No new safety concerns identified; most common adverse events were diarrhea and headache.

• SPR720 program suspended after Phase 2a trial failed to meet its primary endpoint; next steps under evaluation.

• Esther Rajavelu appointed President, CEO, CFO, and Treasurer following leadership transition in May 2025.

Financial highlights

• Total Q2 2025 revenue was $14.2 million, up from $10.2 million in Q2 2024, mainly due to GSK collaboration revenue.

• Net loss for Q2 2025 was $1.7 million, significantly improved from $17.9 million in Q2 2024; diluted net loss per share was $0.03 vs. $0.33.

• Research and development expenses dropped to $10.7 million from $23.7 million year-over-year, reflecting reduced clinical costs.

• General and administrative expenses were $5.9 million in Q2 2025, up from $5.5 million in Q2 2024, due to retention, severance, and professional service costs.

• Cash and cash equivalents as of June 30, 2025, were $31.2 million, with an additional $23.8 million milestone payment from GSK received in Q3 2025.

Outlook and guidance

• Cash runway expected to fund operations and capital expenditures into 2028, supported by milestone payments and reduced clinical expenses.

• Focus remains on advancing tebipenem HBr through regulatory approval as the primary value driver.

• Capital allocation decisions will be revisited after regulatory clarity on tebipenem HBr.