Spero Therapeutics (SPRO) Q2 2026 earnings summary

Executive summary

• Achieved FDA approval for Utebzi, the first oral carbapenem for complicated urinary tract infections, with GSK responsible for global commercialization except certain Asian territories and U.S. launch expected by end of 2026.

• Entered an exclusive global license (excluding Greater China) for SP001, a third-generation monoclonal antibody targeting CD40 ligand, shifting strategic focus to immune-mediated diseases.

• Secured $105 million in non-dilutive, non-recourse royalty financing, selling 65% of future GSK milestone and royalty payments, extending cash runway into the second half of 2029.

• Appointed Dr. Debra Jeske Zack as Chief Medical Officer to lead clinical development of SP001.

Financial highlights

• Ended Q2 2026 with $50.8 million in cash and cash equivalents, excluding July royalty financing proceeds.

• No revenue recognized in Q2 2026, compared to $14.2 million in Q2 2025, due to prior recognition of collaboration and government funding.

• R&D expenses decreased to $3.4 million from $10.7 million year-over-year, reflecting lower clinical activity post-Utebzi trial completion.

• G&A expenses rose to $6.5 million from $5.9 million, driven by higher business development, legal, and consulting costs.

• Reported net loss of $9.6 million for Q2 2026 versus $1.7 million in Q2 2025; diluted net loss per share was $0.16 versus $0.03.

Outlook and guidance

• Cash and financing expected to fund operations, including $35 million upfront payment for SP001, into the second half of 2029.

• Phase II trial for SP001 in IgG4-related disease planned to begin in Q2 2027, pending IND clearance.

• Ongoing evaluation of additional indications for SP001 to expand its value proposition.

• Utebzi expected to be available to U.S. patients by end of 2026.

• Additional funding will be needed to advance future product candidates beyond this period.