The company's financial position shows significant erosion, with the accumulated deficit reaching $458.3 million as of 2026Q1, reflecting substantial long-term capital destruction.
Spero Therapeutics, Inc. (SPRO) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Total Current Assets | 51.58M | 67.29M | 107.28M | 131.21M | 109.11M | 157.87M | 139.15M | 95.41M | 115.44M | 87.29M | 11.87M | 5.99M |
| Cash & Short-Term Investments | 50.77M | 40.27M | 52.89M | 76.33M | 109.11M | 146.4M | 126.91M | 82.05M | 115.44M | 87.29M | 10.31M | 5.69M |
| Cash Only | 50.77M | 40.27M | 52.89M | 76.33M | 109.11M | 112.58M | 85.21M | 29.73M | 34.08M | 87.29M | 10.31M | 5.69M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 33.82M | 41.7M | 52.31M | 81.36M | 0 | 0 | 0 |
| Accounts Receivable | 25K | 25.39M | 52.48M | 50.7M | 1.08M | 2.64M | 0 | 10.25M | 1.3M | 2.94M | 304K | 10K |
| Days Sales Outstanding | 59.29 | 155.42 | 399.23 | 178.3 | 8.14 | 314 | - | 206.08 | 119.46 | 542.8 | 331.22 | - |
| Inventory | 0 | 0 | 0 | 0 | -4.46M | 0 | 0 | 0 | -8.78M | -4.77M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 1.63M | 1.91M | 4.18M | 3.38M | 0 | 6.18M | 3.12M | 7.48M | 1.83M | 0 | 0 |
| Total Non-Current Assets | 1.18M | 1.63M | 3.27M | 51.18M | 15.7M | 13.2M | 14.31M | 10.69M | 13.56M | 6.19M | 1.9M | 1.19M |
| Property, Plant & Equipment | 1.03M | 1.48M | 3.11M | 4.16M | 5.49M | 7.56M | 8.78M | 7.15M | 2.89M | 1.16M | 1.5M | 949K |
| Fixed Asset Turnover | 31.48x | 40.28x | 15.41x | 24.97x | 8.85x | 0.41x | 1.06x | 2.54x | 1.37x | 1.70x | 0.22x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 46.59M | 0 | 0 | 0 | 21K | 233K | 50K | 50K | 50K |
| Other Non-Current Assets | 153K | 153K | 153K | 435K | 10.2M | 5.64M | 5.52M | 3.52M | 10.44M | 4.98M | 350K | 189K |
| Total Assets | 52.77M | 68.92M | 110.54M | 182.39M | 124.8M | 171.07M | 153.45M | 106.1M | 129.01M | 93.48M | 13.77M | 7.18M |
| Asset Turnover | 0.73x | 0.87x | 0.43x | 0.57x | 0.39x | 0.02x | 0.06x | 0.17x | 0.03x | 0.02x | 0.02x | - |
| Asset Growth % | -136.68% | -37.65% | -39.39% | 46.14% | -27.05% | 11.48% | 44.62% | -17.75% | 38.01% | 578.76% | 91.92% | - |
| Total Current Liabilities | 8.43M | 8.87M | 49.07M | 37.15M | 21.65M | 18.67M | 14.34M | 26.66M | 12.32M | 8.16M | 6.92M | 6.42M |
| Accounts Payable | 155K | 693K | 7.31M | 1.38M | 617K | 1.1M | 1.16M | 4.15M | 3.6M | 3.47M | 1.14M | 1.79M |
| Days Payables Outstanding | - | - | 27.56 | 9.78 | - | - | 6.29 | 23.01 | 38.81 | 38.53 | 15.79 | 59.53K |
| Short-Term Debt | 0 | 1.96M | 1.75M | 1.72M | 1.69M | 0 | 0 | 928K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 2.64M | 258K | 22.12M | 27.11M | 10.37M | 1.86M | 0 | 0 | 0 | 0 | 0 | 512K |
| Other Current Liabilities | 0 | 2.52M | 12.27M | 3.22M | 3.18M | 0 | 0 | 18.96M | 6.34M | 3.32M | 3.7M | 4.15M |
| Current Ratio | 6.12x | 7.59x | 2.19x | 3.53x | 5.04x | 8.46x | 9.70x | 3.58x | 9.37x | 10.70x | 1.72x | 0.93x |
| Quick Ratio | 6.12x | 7.59x | 2.19x | 3.53x | 5.25x | 8.46x | 9.70x | 3.58x | 10.08x | 11.29x | 1.72x | 0.93x |
| Cash Conversion Cycle | 59.29 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 134K | 1.03M | 15.35M | 38.34M | 27.22M | 64.11M | 7.07M | 4.87M | 833K | 365K | 493K | 1.01M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.43M | 939K | 2.55M | 3.83M | 4.96M | 5.97M | 6.89M | 4.62M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 91K | 91K | 576K | 87K | 96K | 49.35M | 177K | 249K | 833K | 365K | 493K | 1.01M |
| Total Liabilities | 8.56M | 9.9M | 64.42M | 75.5M | 48.87M | 82.78M | 21.41M | 31.53M | 13.15M | 8.52M | 7.41M | 7.43M |
| Total Debt | 2.04M | 2.9M | 4.3M | 5.54M | 6.65M | 7.33M | 7.84M | 5.54M | 0 | 0 | 0 | 0 |
| Net Debt | -48.73M | -37.37M | -48.59M | -70.79M | -102.46M | -105.25M | -77.37M | -24.18M | -34.08M | -87.29M | -10.31M | -5.69M |
| Debt / Equity | 0.05x | 0.05x | 0.09x | 0.05x | 0.09x | 0.08x | 0.06x | 0.07x | - | - | - | - |
| Debt / EBITDA | 0.29x | 0.33x | - | 0.25x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -6.85x | -4.23x | - | -3.24x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -16.82x | -45.27x | - | - | -141.27x | -137.72x | - | - |
| Total Equity | 44.2M | 59.02M | 46.12M | 106.89M | 75.93M | 88.29M | 132.04M | 74.57M | 116.21M | 85.31M | 6.36M | -257K |
| Equity Growth % | 59.61% | 27.96% | -56.85% | 40.77% | -13.99% | -33.13% | 77.06% | -35.83% | 36.22% | 1241.17% | 2575.1% | - |
| Book Value per Share | 0.76 | 1.00 | 0.85 | 2.02 | 2.02 | 2.86 | 5.90 | 4.11 | 7.26 | 32.98 | 0.96 | -0.04 |
| Total Shareholders' Equity | 44.2M | 59.02M | 46.12M | 106.89M | 75.93M | 88.29M | 132.04M | 74.57M | 115.86M | 84.96M | 10.17M | 196K |
| Common Stock | 58K | 56K | 55K | 53K | 52K | 32K | 29K | 19K | 17K | 14K | 7.92M | 0 |
| Retained Earnings | -467.82M | -451.07M | -459.64M | -391.07M | -413.88M | -367.46M | -277.71M | -199.43M | -138.5M | -96.84M | -45.44M | -18.1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -2K | -7K | 16K | -28K | -643K | -290K | -11K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 355K | 355K | -3.81M | -453K |
Quick answers to the most common questions about buying SPRO stock.
As of 2025, Spero Therapeutics, Inc. (SPRO) had total assets of $68.9M including $67.3M in current assets.
Spero Therapeutics, Inc. (SPRO) carries total debt of $2.9M, offset by $40.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spero Therapeutics, Inc. (SPRO) has total shareholders' equity (book value) of $59.0M ($1.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spero Therapeutics, Inc. (SPRO) reported a current ratio of 7.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Binary Clinical Trial Dependency
Metrics are mathematically derived from official filings.
Asset Base Contraction Reflects De-risking
As reported in financial statements, Spero’s total assets have declined from $182.4 million in 2023Q4 to $59.0 million in 2026Q1, signaling a significant reduction in the company's resource base as it narrows its clinical focus following the discontinuation of non-core pipeline programs.
The consistent decline in total assets suggests that the company is consuming its capital base to fund ongoing R&D rather than replenishing it through commercial success. This trajectory implies that the firm is increasingly reliant on external milestone injections to maintain its operational footprint.
Liquidity Buffer Remains Highly Volatile
Based on Spero's reported figures, the current ratio has fluctuated significantly from 3.53 in 2023Q4 to a peak of 10.50 in 2026Q1, illustrating that liquidity is driven more by the timing of partner milestone receipts than by consistent operational cash generation.
While the high current ratio in recent quarters may appear robust, it masks the underlying reality that cash runway is entirely dependent on the successful achievement of clinical milestones. Investors should monitor these liquidity swings as they indicate a lack of self-sustaining capital generation.
Accumulated Deficit Erodes Equity Quality
According to recent SEC filings, Spero’s retained earnings have deepened to a deficit of $458.3 million as of 2026Q1, highlighting the substantial capital destruction inherent in the company's long-term pursuit of its clinical-stage anti-infective pipeline.
The persistent growth of the accumulated deficit suggests that the company has yet to establish a path toward profitable operations. This erosion of equity quality warrants further investigation into whether future milestone payments can realistically offset the historical burn rate.
Deferred Revenue Obscures Cash Reality
Based on the provided balance sheet data, the disappearance of deferred revenue from $61.5 million in 2023Q4 to $0 in 2026Q1 suggests that the company has exhausted its previously recognized collaboration liabilities, potentially leaving it with fewer future revenue recognition levers.
The absence of deferred revenue may indicate that the company is currently operating without the cushion of pre-paid collaboration funds, increasing the pressure to secure new partnerships. This shift suggests that the balance sheet is becoming more sensitive to immediate cash inflows rather than amortized accounting gains.