Spero Therapeutics, Inc.

For Q2 2026, Spero reported no revenue versus $14.2 million in Q2 2025. R&D expense was $3.4 million, down from $10.7 million year over year, while G&A expense rose to $6.5 million from $5.9 million. Net loss was $9.6 million, or $0.16 per diluted share, versus a net loss of $1.7 million, or $0.03 per diluted share, in the prior-year quarter. Cash and cash equivalents were $50.8 million at June 30, before July proceeds from the $105 million royalty financing. Management said that cash plus the financing proceeds should fund the $35 million nonrefundable upfront payment to Innovent and operating expenses/capital expenditures into the second half of 2029.

Esther Rajavelu framed the quarter as a turning point: after Utebzi’s approval, Spero is repositioning as an immunology company centered on SP001. She emphasized four major milestones in the last 90 days: the FDA approval, the SP001 in-license, the $105 million financing, and the hiring of a CMO. Her tone was upbeat and strategic, stressing that the financing unlocks immediate value from Utebzi while funding the next stage of development.

No separate CFO spoke; Esther Rajavelu delivered the financial review. She said cash and cash equivalents were $50.8 million at June 30, and that the July royalty financing, combined with existing cash, should cover the $35 million upfront payment to Innovent plus operating expenses and capital expenditures into the second half of 2029. She also outlined the financing terms: $105 million of senior secured notes, 10% annual interest, 9-year maturity, paid solely from GSK milestone and royalty receipts, with Spero retaining 35% of additional GSK milestone and royalty proceeds after repayment. Quarterly results reflected no revenue, lower R&D spend due to the earlier completion of the Utebzi Phase III trial, and higher G&A from business development, legal and consulting costs.

Analysts focused on how SP001 would be positioned in IgG4-RD, how success would be measured, and whether it could complement or compete with B-cell depleters such as Uplizna. Debra Zack said the Phase II study is intended to establish proof of concept, looking at symptom control, disease control over time, and reductions in steroids and DMARD use; she said flare suppression would be more of a Phase III endpoint. On positioning, management said SP001 could potentially be used after or alongside existing therapies because it targets upstream T-cell/B-cell signaling rather than B cells alone. Esther added that IgG4-RD is still an early and evolving market, and that diagnosis rates could rise as the disease becomes better recognized and the new diagnostic code improves awareness.