Spero Therapeuti Financials
This page shows Spero Therapeuti (SPRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Reported profitability looks episodic because cash burn persists, while a much lighter liability base now carries the balance sheet.
The non-obvious pattern is that both profitable years still had negative operating cash flow of-$33.0M and-$12.6M , so accounting income has not yet become a self-funding operating model. Liquidity nevertheless improved because total liabilities fell from$64.4M to$9.9M , meaning the balance sheet got cleaner even before cash generation did.
FY2025's move to a
The balance-sheet posture is far cleaner than a year earlier, with total liabilities down from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Spero Therapeuti's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spero Therapeuti has an operating margin of 9.4%, meaning the company retains $9 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -152.9% the prior year.
Spero Therapeuti's revenue surged 39.2% year-over-year to $66.8M, reflecting rapid business expansion. This strong growth earns a score of 0/100.
Spero Therapeuti carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.59, Spero Therapeuti holds $7.59 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Spero Therapeuti generates a 14.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -148.7% the prior year.
Spero Therapeuti scores 2.81, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($159.8M) relative to total liabilities ($9.9M). This signals moderate financial risk that warrants monitoring.
Spero Therapeuti passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Spero Therapeuti generates $-1.47 in operating cash flow (-$12.6M OCF vs $8.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Spero Therapeuti generated $66.8M in revenue in fiscal year 2025. This represents an increase of 39.2% from the prior year.
Spero Therapeuti's EBITDA was $6.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 108.6% from the prior year.
Spero Therapeuti reported $8.6M in net income in fiscal year 2025. This represents an increase of 112.5% from the prior year.
Spero Therapeuti earned $0.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 111.8% from the prior year.
Cash & Balance Sheet
Spero Therapeuti held $40.3M in cash against $0 in long-term debt as of fiscal year 2025.
Spero Therapeuti had 56M shares outstanding in fiscal year 2025. This represents an increase of 3.3% from the prior year.
Margins & Returns
Spero Therapeuti's operating margin was 9.4% in fiscal year 2025, reflecting core business profitability. This is up 162.4 percentage points from the prior year.
Spero Therapeuti's net profit margin was 12.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 155.7 percentage points from the prior year.
Spero Therapeuti's ROE was 14.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 163.2 percentage points from the prior year.
Capital Allocation
Spero Therapeuti invested $38.5M in research and development in fiscal year 2025. This represents a decrease of 60.2% from the prior year.
SPRO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $258K-99.4% | $41.3M+658.9% | $5.4M-61.6% | $14.2M+141.6% | $5.9M-61.0% | $15.0M+11.7% | $13.5M+32.1% | $10.2M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.9M-48.0% | $5.6M-35.0% | $8.6M-19.4% | $10.7M-21.6% | $13.6M-52.8% | $28.8M+7.3% | $26.9M+13.2% | $23.7M |
| SG&A Expenses | $4.9M+13.7% | $4.3M+3.0% | $4.2M-29.0% | $5.9M-13.9% | $6.8M-3.3% | $7.1M+35.7% | $5.2M-6.1% | $5.5M |
| Operating Income | -$7.5M-124.0% | $31.4M+496.7% | -$7.9M-223.9% | -$2.4M+83.4% | -$14.7M+32.2% | -$21.7M-16.8% | -$18.6M+2.5% | -$19.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | $0 | N/A | N/A | N/A | $290K | N/A |
| Net Income | -$7.2M-122.9% | $31.5M+527.0% | -$7.4M-334.2% | -$1.7M+87.7% | -$13.9M+33.6% | -$20.9M-21.8% | -$17.1M+4.0% | -$17.9M |
| EPS (Diluted) | $-0.13 | N/A | $-0.13-333.3% | $-0.03+88.0% | $-0.25 | N/A | $-0.32+3.0% | $-0.33 |
SPRO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $59.0M-14.4% | $68.9M+27.2% | $54.2M-12.8% | $62.1M-20.1% | $77.7M-29.7% | $110.5M-18.2% | $135.2M-9.8% | $149.9M |
| Current Assets | $57.6M-14.4% | $67.3M+28.6% | $52.3M-11.9% | $59.4M-20.5% | $74.7M-30.4% | $107.3M-18.5% | $131.6M+7.7% | $122.2M |
| Cash & Equivalents | $56.1M+39.4% | $40.3M-17.2% | $48.6M+55.9% | $31.2M-36.2% | $48.9M-7.6% | $52.9M-30.7% | $76.3M+20.1% | $63.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $6.1M-38.5% | $9.9M-64.2% | $27.7M-5.5% | $29.3M-33.3% | $43.9M-31.9% | $64.4M-7.5% | $69.7M+0.4% | $69.4M |
| Current Liabilities | $5.5M-38.1% | $8.9M-35.0% | $13.6M-8.7% | $14.9M-48.7% | $29.2M-40.6% | $49.1M0.0% | $49.1M+7.6% | $45.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $52.9M-10.3% | $59.0M+122.8% | $26.5M-19.3% | $32.8M-2.9% | $33.8M-26.7% | $46.1M-29.6% | $65.5M-18.6% | $80.5M |
| Retained Earnings | -$458.3M-1.6% | -$451.1M+6.5% | -$482.6M-1.6% | -$475.2M-0.4% | -$473.5M-3.0% | -$459.6M-4.8% | -$438.8M-4.1% | -$421.6M |
SPRO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.9M+290.0% | -$8.4M-147.9% | $17.4M+198.5% | -$17.7M-342.1% | -$4.0M+82.9% | -$23.4M-283.4% | $12.8M+168.1% | -$18.7M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SPRO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -2921.7%-2997.8pp | 76.0%+221.5pp | -145.5%-128.2pp | -17.2%+233.6pp | -250.8%-106.4pp | -144.4%-6.4pp | -138.0%+48.9pp | -186.9% |
| Net Margin | -2791.9%-2868.2pp | 76.3%+212.0pp | -135.7%-123.7pp | -12.0%+224.1pp | -236.1%-97.2pp | -138.8%-11.5pp | -127.3%+47.9pp | -175.2% |
| Return on Equity | -13.6%-67.0pp | 53.4%+81.3pp | -27.9%-22.7pp | -5.2%+35.8pp | -41.0%+4.3pp | -45.3%-19.1pp | -26.2%-4.0pp | -22.2% |
| Return on Assets | -12.2%-57.9pp | 45.7%+59.4pp | -13.6%-10.9pp | -2.7%+15.1pp | -17.8%+1.1pp | -18.9%-6.2pp | -12.7%-0.8pp | -11.9% |
| Current Ratio | 10.50+2.9 | 7.59+3.8 | 3.83-0.1 | 3.97+1.4 | 2.56+0.4 | 2.19-0.5 | 2.680.0 | 2.68 |
| Debt-to-Equity | 0.12-0.1 | 0.17-0.9 | 1.04+0.2 | 0.89-0.4 | 1.30-0.1 | 1.40+0.3 | 1.06+0.2 | 0.86 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Spero Therapeuti's annual revenue?
Spero Therapeuti (SPRO) reported $66.8M in total revenue for fiscal year 2025. This represents a 39.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spero Therapeuti's revenue growing?
Spero Therapeuti (SPRO) revenue grew by 39.2% year-over-year, from $48.0M to $66.8M in fiscal year 2025.
Is Spero Therapeuti profitable?
Yes, Spero Therapeuti (SPRO) reported a net income of $8.6M in fiscal year 2025, with a net profit margin of 12.8%.
What is Spero Therapeuti's EBITDA?
Spero Therapeuti (SPRO) had EBITDA of $6.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Spero Therapeuti's operating margin?
Spero Therapeuti (SPRO) had an operating margin of 9.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Spero Therapeuti's net profit margin?
Spero Therapeuti (SPRO) had a net profit margin of 12.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Spero Therapeuti's return on equity (ROE)?
Spero Therapeuti (SPRO) has a return on equity of 14.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Spero Therapeuti's operating cash flow?
Spero Therapeuti (SPRO) generated -$12.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Spero Therapeuti's total assets?
Spero Therapeuti (SPRO) had $68.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Spero Therapeuti spend on research and development?
Spero Therapeuti (SPRO) invested $38.5M in research and development during fiscal year 2025.
What is Spero Therapeuti's current ratio?
Spero Therapeuti (SPRO) had a current ratio of 7.59 as of fiscal year 2025, which is generally considered healthy.
What is Spero Therapeuti's debt-to-equity ratio?
Spero Therapeuti (SPRO) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Spero Therapeuti's return on assets (ROA)?
Spero Therapeuti (SPRO) had a return on assets of 12.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spero Therapeuti's cash runway?
Based on fiscal year 2025 data, Spero Therapeuti (SPRO) had $40.3M in cash against an annual operating cash burn of $12.6M. This gives an estimated cash runway of approximately 38 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Spero Therapeuti's Altman Z-Score?
Spero Therapeuti (SPRO) has an Altman Z-Score of 2.81, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spero Therapeuti's Piotroski F-Score?
Spero Therapeuti (SPRO) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spero Therapeuti's earnings high quality?
Spero Therapeuti (SPRO) has an earnings quality ratio of -1.47x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Spero Therapeuti?
Spero Therapeuti (SPRO) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.