Spero Therapeutics reported a Q3 2025 net loss of $7.4 million, a sharp improvement from the $17.1 million loss posted in the same quarter last year. Revenue fell to $5.4 million, down 60% from $13.5 million in Q3 2024, largely because collaboration revenue from its partner GSK and grant income were lower than the prior year. Earnings per share were $‑0.13, beating the consensus estimate of $‑0.25 by $0.12 and representing a 48% improvement over the $‑0.25 estimate. The company’s revenue miss is notable because analysts had a consensus estimate of $12 million; the $5.4 million figure therefore falls short of expectations, underscoring the revenue decline despite the earnings beat.
The company’s cash and cash‑equivalent balance is projected to fund operations through 2028, a significant extension from the earlier guidance of Q2 2026. The extended runway reflects disciplined cost management, including a $8.6 million reduction in R&D expenses from $26.9 million in Q3 2024 and a $4.2 million cut in G&A costs from $5.2 million. These savings, combined with the company’s focus on the high‑potential tebipenem HBr program, provide a stronger financial cushion than previously reported.
Spero’s flagship asset, tebipenem HBr, entered a pivotal Phase 3 PIVOT‑PO trial that concluded in October. The trial’s positive results were presented at the IDWeek conference and are expected to support an FDA filing in Q4 2025. The filing will be led by GSK, which will handle regulatory submission and commercialization, thereby reducing Spero’s commercial risk. The company’s CEO, Esther Rajavelu, emphasized that an oral carbapenem could transform treatment for complicated urinary tract infections by shortening hospital stays and reducing the need for intravenous therapy.
In line with its strategic focus, Spero discontinued the SPR720 program in Q3 2025, reallocating resources to tebipenem HBr. The decision follows a broader shift to concentrate on the most promising asset and to streamline the company’s pipeline, which is expected to improve operational efficiency and reduce future capital requirements.
CEO Rajavelu noted, “We are pleased to have shared the Phase 3 PIVOT‑PO study results for tebipenem HBr with the medical community at this year’s IDWeek conference in October. We are working alongside our partner, GSK, to enable them to submit the FDA filing this quarter and we anticipate a regulatory decision in 2H 2026. If approved, tebipenem HBr as an oral option could provide an important alternative to IV carbapenem therapies for complicated urinary tract infections, with the potential to shorten hospital stays and improve treatment burden for patients.”
The earnings beat, driven by cost containment and a lower expense profile, is tempered by the revenue shortfall relative to the $12 million consensus. The company’s extended cash runway to 2028 signals financial resilience, but the revenue decline and the need for future funding beyond 2028 highlight ongoing headwinds that investors will monitor as the company moves toward FDA approval and commercialization.
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