SPRO - Spero Therapeutics Reports Q4 and FY 2023 Operating Results and Provides a Business Update

2024-03-14 09:06:04 ET

DENVER, Colo., Mar 14, 2024 ( 247marketnews.com )- Spero Therapeutics, Inc. (NASDAQ: SPRO ) reported its fourth quarter and full year 2023 financial results, and provided a business update.

“2023 was a productive year for Spero and we have been focused on execution across our programs,” said Sath Shukla, President, and Chief Executive Officer of Spero. “We are well poised to unveil top-line data for SPR720 Phase 2a, which is expected in 2H 2024, and our excitement is fueled by the hope it may bring for the rare disease community grappling with nontuberculous mycobacterial pulmonary disease (NTM-PD). On tebipenem HBr, engaging with the FDA and in collaboration with our partner, GSK, we are actively enrolling patients globally in our Phase 3 PIVOT-PO clinical trial. Positioned as the first oral broad-spectrum carbapenem in the United States for cUTI, we believe this product has the potential to change the treatment paradigm for these patients and underscores Spero’s commitment to innovation. We reiterate our expected cash runway into late 2025 based on our year-end cash balance, along with tebipenem HBr development milestone payments from GSK and our disciplined capital allocation.”

Spero finished 2023 $76.3 million in cash and cash equivalents. It has since received $23.8 million, the first tranche of the $95 million in development milestones from GSK, and expects that its cash and cash equivalents, together with other non-dilutive funding commitments, will be sufficient to fund its operating expenses and capital expenditure requirements into late 2025.

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