Revenue performance remains highly erratic, with the company reporting a 95.6% year-over-year decline in 2026Q1 due to its reliance on lumpy, non-recurring milestone payments.
| Sales/Revenue | 54.77M | 59.62M | 47.98M | 103.78M | 48.58M | 3.07M | 9.33M | 18.15M | 3.97M | 1.98M | 335K | 0 |
| Revenue Growth % | 22.84% | 24.27% | -53.77% | 113.63% | 1482.38% | -67.1% | -48.59% | 357.56% | 100.4% | 490.75% | - | - |
| Cost of Goods Sold | 0 | 0 | 96.76M | 51.44M | 0 | 0 | 67M | 65.78M | 33.88M | 32.87M | 26.33M | 11K |
| COGS % of Revenue | - | - | 201.67% | 49.57% | - | - | 718.15% | 362.46% | 854.39% | 1660.89% | 7860.6% | - |
| Gross Profit | 54.77M | 59.62M | -48.78M | 52.34M | 48.58M | 3.07M | -57.67M | -47.63M | -29.92M | -30.89M | -26M | -11K |
| Gross Margin % | 100% | 100% | -101.67% | 50.43% | 100% | 100% | -618.15% | -262.46% | -754.39% | -1560.89% | -7760.6% | - |
| Gross Profit Growth % | - | 222.22% | -193.2% | 7.74% | 1482.38% | 105.32% | -21.09% | -59.19% | 3.14% | -18.82% | -236245.45% | - |
| Operating Expenses | 41.26M | 59.64M | 24.58M | 30.86M | 90.78M | 91.04M | 21.44M | 15.59M | 42.81M | 41.73M | 33.56M | 13.33M |
| OpEx % of Revenue | - | 100.04% | 51.23% | 29.74% | 186.86% | 2965.5% | 229.8% | 85.9% | 1079.32% | 2108.64% | 10016.72% | - |
| Selling, General & Admin | 19.24M | 21.18M | 23.7M | 25.55M | 36.48M | 41.7M | 21.44M | 15.59M | 12.89M | 10.84M | 7.22M | 2.2M |
| SG&A % of Revenue | - | 35.52% | 49.41% | 24.62% | 75.1% | 1358.34% | 229.8% | 85.9% | 324.94% | 547.75% | 2156.12% | - |
| Research & Development | 27.77M | 38.47M | 96.76M | 51.44M | 47.59M | 64.53M | 69.4M | 67.88M | 33.88M | 32.87M | 26.33M | 11.13M |
| R&D % of Revenue | - | 64.52% | 201.67% | 49.57% | 97.97% | 2101.82% | 743.87% | 374.03% | 854.39% | 1660.89% | 7860.6% | - |
| Other Operating Expenses | -3M | 0 | -95.88M | -46.13M | 6.7M | -15.19M | -69.4M | -67.88M | 1.14M | -4.37M | 0 | 0 |
| Operating Income | 13.51M | -24K | -73.36M | 21.48M | -42.2M | -87.97M | -79.11M | -63.22M | -42.81M | -41.73M | -33.22M | -13.33M |
| Operating Margin % | 24.66% | -0.04% | -152.91% | 20.7% | -86.86% | -2865.5% | -847.94% | -348.36% | -1079.32% | -2108.64% | -9916.72% | - |
| Operating Income Growth % | - | 99.97% | -441.52% | 150.91% | 52.03% | -11.2% | -25.15% | -47.68% | -2.58% | -25.61% | -149.28% | - |
| EBITDA | 14.12M | -24K | -73.36M | 21.85M | -41.33M | -87.33M | -78.35M | -62.47M | -42.4M | -41.37M | -32.94M | -13.32M |
| EBITDA Margin % | 25.79% | -0.04% | -152.9% | 21.05% | -85.07% | -2844.46% | -839.79% | -344.22% | -1069.01% | -2090.3% | -9833.43% | - |
| EBITDA Growth % | 119.29% | 99.97% | -435.77% | 152.86% | 52.67% | -11.45% | -25.43% | -47.34% | -2.49% | -25.58% | -147.39% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 2K | 367K | 869K | 646K | 761K | 750K | 409K | 363K | 279K | 11K |
| EBIT | 14.12M | -24K | -72.48M | 26.79M | -43.81M | -87.82M | -79.11M | -63.22M | -42.81M | -41.73M | -33.22M | -13.33M |
| Net Interest Income | 1.98M | 2.51M | 4.74M | 3.94M | -1.5M | -1.59M | 401K | 1.33M | 841K | 0 | 0 | 0 |
| Interest Income | 1.98M | 2.51M | 4.74M | 3.94M | 1.11M | 346K | 401K | 1.33M | 1.14M | 303K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 2.6M | 1.94M | 0 | 0 | 303K | 303K | 0 | 0 |
| Other Income/Expense | 1.99M | 8.86M | 4.79M | 3.92M | -4.22M | -1.78M | 833K | 2.29M | 1.14M | 1.84M | 580K | 174K |
| Pretax Income | 15.5M | 8.83M | -68.57M | 25.4M | -46.41M | -89.76M | -78.28M | -60.92M | -41.66M | -46.1M | -32.64M | -13.15M |
| Pretax Margin % | 28.29% | 14.82% | -142.91% | 24.48% | -95.55% | -2923.65% | -839.01% | -335.73% | -1050.48% | -2329.31% | -9743.58% | - |
| Income Tax | 261K | 261K | 0 | 2.6M | 0 | 0 | 0 | 0 | 0 | -363K | 0 | 0 |
| Effective Tax Rate % | 1.68% | 2.95% | 0% | 10.23% | 0% | 0% | 0% | 0% | 0% | 0.79% | 0% | 0% |
| Net Income | 15.23M | 8.57M | -68.57M | 22.81M | -46.41M | -89.76M | -78.28M | -60.92M | -41.66M | -46.1M | -25.49M | -10.15M |
| Net Margin % | 27.82% | 14.38% | -142.91% | 21.98% | -95.55% | -2923.65% | -839.01% | -335.73% | -1050.48% | -2329.31% | -7609.25% | - |
| Net Income Growth % | 121.84% | 112.5% | -400.65% | 149.13% | 48.29% | -14.66% | -28.49% | -46.24% | 9.62% | -80.84% | -151.04% | - |
| Net Income (Continuing) | 15.23M | 8.57M | -68.57M | 22.81M | -46.41M | -89.76M | -78.28M | -60.92M | -41.66M | -39.89M | -32.64M | -13.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 355K | 355K | -3.81M | -453K |
| EPS (Diluted) | 0.27 | 0.15 | -1.27 | 0.43 | -1.23 | -2.91 | -3.52 | -3.31 | -2.60 | -17.82 | -3.86 | -1.54 |
| EPS Growth % | 118.58% | 111.81% | -395.35% | 134.96% | 57.73% | 17.33% | -6.34% | -27.31% | 85.41% | -361.66% | -150.65% | - |
| EPS (Basic) | - | 0.15 | -1.27 | 0.43 | -1.23 | -2.91 | -3.52 | -3.31 | -2.60 | -17.82 | -3.86 | -1.54 |
| Diluted Shares Outstanding | 57.28M | 59.04M | 54.04M | 52.99M | 37.59M | 30.9M | 22.39M | 18.16M | 16M | 2.59M | 6.6M | 6.6M |
| Basic Shares Outstanding | 57.28M | 56.02M | 54.04M | 52.7M | 37.59M | 30.9M | 22.39M | 18.16M | 16M | 2.59M | 6.6M | 6.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Clinical Trial Dependency
As evidenced by the quarterly income statement data, Spero's revenue trajectory is characterized by extreme volatility, with a 95.6% year-over-year decline in 2026Q1, reflecting the company's reliance on non-recurring milestone payments rather than a consistent, scalable commercial product revenue stream for its clinical-stage pipeline.
The revenue profile is entirely dependent on the timing of collaboration milestones, which creates significant quarter-to-quarter variance. Investors should monitor these inflows as project-based liquidity events rather than indicators of underlying commercial demand or sustainable growth.
Based on reported financial statements, Spero frequently records a 100% gross margin, which is an accounting artifact of its licensing-heavy business model rather than a reflection of true product profitability or sustainable competitive advantage in the highly competitive anti-infective biotechnology market segment.
This margin profile is misleading for long-term modeling as it excludes the significant R&D and clinical trial costs required to maintain the pipeline. Any transition toward self-commercialization would likely introduce substantial variable costs, fundamentally altering this current, non-representative margin structure.
According to recent SEC filings, Spero maintains a high fixed-cost structure, with R&D expenses frequently exceeding $10 million per quarter, which underscores the company's ongoing struggle to balance necessary clinical investment against the limited and unpredictable nature of its current milestone-based revenue inflows.
The company's expense discipline appears constrained by the requirements of its clinical programs, leaving little room for operational flexibility. The persistent burn rate suggests that management remains heavily reliant on external capital or partner funding to sustain its core research activities.
As reported in financial statements, the company's financial health is precariously tied to the PIVOT-PO trial, and the recent discontinuation of the SPR720 program highlights a narrowing pipeline that leaves little margin for error in the event of further regulatory or clinical setbacks.
Short-sellers would likely focus on the lack of a diversified revenue base and the high probability of future dilutive financing if milestone payments are delayed. The current reliance on a single lead asset creates a binary risk profile that could rapidly impair the company's remaining cash runway.
Quick answers to the most common questions about buying SPRO stock.
For fiscal year 2025, Spero Therapeutics, Inc. (SPRO) reported total revenue of $59.6M.
Spero Therapeutics, Inc. (SPRO) is profitable, generating $8.6M in net income for the fiscal year ending 2025 with a net profit margin of 14.4%.
Spero Therapeutics, Inc. (SPRO) reported an operating income of $-0.0M, resulting in an operating profit margin of -0.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Spero Therapeutics, Inc. (SPRO) generated $59.6M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.