Spero Therapeutics, Inc. Q2 FY2025 earnings call

• In May 2025, the Phase III PIVOT-PO trial of Tebipenem HBr in cUTI patients successfully met the primary endpoint and was stopped early for efficacy. It demonstrated non-inferiority to intravenous imipenem-cilastatin in hospitalized adult patients with cUTI including pyelonephritis. • GSK plans to submit full results of PIVOT-PO for publication and regulatory filings, aiming to include data in an FDA filing by year-end 2025 with FDA action likely in the second half of 2026. • SPR720's Phase IIa trial for NTM-PD did not meet its primary endpoint, with potential dose-limiting safety signals observed. • As of June 30, 2025, cash and cash equivalents were $31.2 million, and with remaining milestone payments from GSK, funds can support operations into 2028 due to cost savings from the early-stopped PIVOT-PO trial.

In the second quarter of 2025, total revenue was $14.2 million compared to $10.2 million in the second quarter of 2024. The revenue increase was primarily due to collaboration revenue from GSK. R&D expenses for the second quarter of 2025 were $10.7 million, down from $23.7 million in the same period of 2024, mainly due to reduced clinical expenses related to the PIVOT-PO study. G&A expenses for the second quarter of 2025 were $5.9 million, up from $5.5 million in 2024, primarily due to increased personnel and professional services expenses. The company had a net loss of $1.7 million in the second quarter of 2025, compared to a net loss of $17.9 million in the second quarter of 2024.

• Priority is to ensure Tebipenem HBr gets through the regulatory process to approval as it's the key value driver. • Current cash runway is sufficient to fund operations until reaching a point of line of sight into Tebipenem HBr's approval.

• SPR720 Phase IIa trial results not meeting endpoints and potential safety signals. • Uncertainty around regulatory approval of Tebipenem HBr. • Potential for actual results to differ from forward-looking statements due to various risks and uncertainties detailed in SEC filings.

Q: How is capital allocated, focusing on BD or pipeline?

A: Primary objective is to ensure Tebipenem HBr gets through the regulatory process to approval. Following that, decisions on capital allocation will be made once there's line of sight into approval.