Spero Therapeutics, Inc.

Spero Therapeutics, Inc. is a U.S.-based clinical-stage biopharmaceutical company focused on developing novel treatments for rare diseases and multidrug-resistant bacterial infections. Its pipeline has included tebipenem HBr, SPR720, and SPR206, with development activities supported through collaborations and government funding arrangements.

9,5 %

12,8 %

+39,2 %

7.59

7.59

— Spero Therapeutics, Inc.
%
Tebipenem HBr95% Oral broad-spectrum carbapenem candidate for complicated urinary tract infections and pyelonephritis.
Collaboration revenue5% Revenue recognized under license and development agreements with partners such as GSK and Pfizer.
SPR7200% Oral investigational therapy for nontuberculous mycobacterial pulmonary disease.
SPR2060% Investigational anti-infective program for multidrug-resistant bacterial infections.

Spero’s direct commercial customers are not yet established because it is still a clinical-stage company...

  • Pharmaceutical collaboration partnersprimary

    Partners such as GSK and Pfizer support development programs and share in the economics of selected assets.

  • Government funding agenciesprimary

    Agencies such as NIAID support preclinical and clinical development through awards and contracts.

  • Hospitals and inpatient providerssecondary

    Potential future buyers for tebipenem HBr if approved for inpatient or bundled-payment settings.

  • Government and commercial payorssecondary

    They determine coverage and reimbursement levels that affect future adoption and pricing.

  • Infectious disease physicianssecondary

    Prescribers who would use the company’s anti-infective products for resistant infections.

Spero is headquartered in the United States and conducts development activities through a U.S...

  • •Headquartered in the United States
  • •Clinical development and corporate functions are U.S.-based
  • •Third-party contract manufacturers are based in Asia
  • •Some manufacturing facilities are in Taiwan
  • •Future commercialization would depend on U.S. and international reimbursement

Spero’s strategy is centered on advancing tebipenem HBr through late-stage development and regulatory filing while...

01
Advance tebipenem HBr to approval pathwayshort-term

This asset is the main value driver and the most advanced program in the pipeline.

02
Maintain external funding sourcesshort-term

The company depends on non-product revenue until commercialization is possible.

03
Preserve pipeline optionalitymedium-term

Earlier-stage programs may still create value if a viable path forward is found.

Spero is highly dependent on the success of a small number of development assets, especially tebipenem HBr and its GSK...

high

Concentration in tebipenem HBr and GSK collaboration

The business is substantially dependent on one late-stage program and one major partner.

Scope
Pipeline concentration
Materiality
high
high

Clinical development failure

Drug candidates may not meet endpoints, show safety issues, or fail to gain approval.

Scope
Phase 3 and regulatory pathway
Materiality
high
high

Manufacturing and supply chain disruption

The company relies on a small number of third-party manufacturers and one raw-material supplier.

Scope
Asia/Taiwan supply chain
Materiality
high
high

Financing risk

The company expects to need external funding until product sales are established.

Scope
Equity, debt, collaborations, grants
Materiality
high
medium

Reimbursement and pricing pressure

Hospital bundled payments and payor controls can limit uptake and pricing power.

Scope
U.S. and international commercialization
Materiality
high
Collaboration revenue recognition
GSK and Pfizer agreements
Grant revenue and government awards
NIAID and other awards
Lease accounting and impairment
Reported operating expense and asset values
Stock-based compensation
Operating loss and dilution analysis
Foreign currency remeasurement
Other income (expense), net

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: 29/04/2026