NASDAQ:SPRO Spero Therapeutics Q4 2024 Earnings Report $0.65 -0.01 (-1.97%) Closing price 05/2/2025 04:00 PM EasternExtended Trading$0.66 +0.01 (+1.39%) As of 05/2/2025 06:54 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Spero Therapeutics EPS ResultsActual EPS-$0.38Consensus EPS -$0.35Beat/MissMissed by -$0.03One Year Ago EPSN/ASpero Therapeutics Revenue ResultsActual Revenue$15.04 millionExpected Revenue$12.40 millionBeat/MissBeat by +$2.64 millionYoY Revenue GrowthN/ASpero Therapeutics Announcement DetailsQuarterQ4 2024Date3/27/2025TimeAfter Market ClosesConference Call DateThursday, March 27, 2025Conference Call Time4:30PM ETUpcoming EarningsSpero Therapeutics' Q1 2025 earnings is scheduled for Tuesday, May 13, 2025, with a conference call scheduled on Wednesday, May 14, 2025 at 4:00 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Annual Report (10-K)Earnings HistoryCompany ProfilePowered by Spero Therapeutics Q4 2024 Earnings Call TranscriptProvided by QuartrMarch 27, 2025 ShareLink copied to clipboard.PresentationSkip to Participants Operator00:00:00Good afternoon, and welcome to the Spirit Therapeutics Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. At this time, all participants are in listen only mode. Following the company's formal remarks, we will open up the call for questions. Please be advised that this call is being recorded and a replay will be available. You can find information on the replay and further information related to today's announcement on the Spira Therapeutics website at www.spiotherapeutics.com. Operator00:00:30At this time, I would like to turn the call over to Shay Biren, Senior Director, Investor Relations. Mr. Biren, please go ahead. Shai BiranInvestor Relations at Spero Therapeutics00:00:39Thank you, operator, and thank you all for participating in today's conference call. This afternoon, Sparo Therapeutics released financial results and provided a business update for the fourth quarter and full year 2024. The press release is available on the Investor page of the Sparrow Therapeutics website. Before we begin, I would like to remind you that some of the information presented on this conference call contains forward looking statements under the securities laws. These forward looking statements involve substantial risks and uncertainties that could cause our actual clinical programs, future results, progress, timing, performances or achievements to differ materially from those expressed or implied by such forward looking statements. Shai BiranInvestor Relations at Spero Therapeutics00:01:24Expressed or implied by such forward looking statements. These risks and uncertainties associated with our business and factors that could cause or contribute to such differences are described in detail in Spiro Therapeutics' filings with the SEC, including in the Risk Factors section of its earnings report on Form 10 K for the year ended 12/31/2024, filed with the SEC today. Joining me on the call today are Esther Rajavelu, our Interim Chief Executive Officer and Chief Financial Officer and Tim Kloitzer, SPERA's Chief Operating Officer. There will be a Q and A session following the prepared remarks. I will now turn the call over to Esther to begin. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:02:12Thank you, Shay. Good afternoon, everyone, and thank you for joining our full year twenty twenty four earnings and business update call. Spero Therapeutics is a clinical stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and multi drug resistant bacterial infections with high unmet medical need. Our most advanced clinical stage product candidate, cabepenem HVR is in a Phase three trial with the potential to be the first broad spectrum oral carbapenem to treat adult patients with complicated urinary tract infections, including acute pyelonephritis. These are patients who have limited or no alternative treatment options and would otherwise likely be treated with an IV carbapenem. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:03:00SPARROW is co developing tebipenem HBR with our partner GSK. Today, we announced that a pre specified interim analysis in the Phase III PIVOTPO clinical trial is expected to be completed in the second quarter of twenty twenty five. Our top priority for this year is the continued advancement of the tebipenem program, which if approved has the potential to fundamentally change the treatment paradigm for complicated UTI by offering patients and prescribers a convenient oral treatment option. Next, on to SPR-seven twenty, our novel Chyrase B inhibitor that was in a Phase IIa proof of concept study as an oral treatment for nontuberculous mycobacterial pulmonary disease or NTMPD. The trial was randomized, double blind, placebo controlled and enrolled 25 treatment naive or treatment experienced patients with non refractory NTM pulmonary disease caused by Mycobacterium avium complex or MAC infections. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:04:09The primary endpoint of the study was change in bacterial load in sputum samples from baseline to the end of the fifty six day treatment period. Key secondary endpoints included assessments of safety and tolerability, clinical response, PK and certain other measures. Enrollment concluded in July 2024. In October 2024, we completed a planned interim analysis, which included 16 patients who had completed dosing and post dose follow-up visits. Results from the interim analysis showed that the study did not meet its primary endpoint. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:04:47While there was some evidence of antimicrobial activity, the treated arm did not show sufficient separation from placebo. In addition, we saw potential dose limiting safety signals, including three cases of reversible Grade three hepatotoxicity in the high dose cohort dosed at one thousand milligrams once daily. We are completing assessment of the full data set of all 25 patients dosed in the trial and plan to determine next steps for the program once that is complete. Lastly, on our pipeline, following a thorough review and reprioritization, we made the decision to discontinue development of SPR206, an IV administered next gen polymyxin antibiotic that cleared an IND in 2024 for a Phase two trial in hospital acquired and ventilator associated bacterial pneumonia. To date, we have made good progress on the Phase three trial for our lead asset, tebipenem HVR, and we look forward to completing the prespecified interim analysis next quarter and with our partner GSK share an update on next steps for the program. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:05:58As a reminder, following completion of the tevipenem HBR Phase three trial, GSK is expected to assume responsibility for regulatory and commercialization efforts And if these are successfully pursued, Spero could qualify for about $400,000,000 in contingent milestones, including $25,000,000 when GSK submits an NDA and subsequent milestones based on commercialization and sales ramp. With that, I'll turn the call over to Tim. Timothy KeutzerCOO at Spero Therapeutics00:06:31Thank you, Esther. I'll begin with tepipenem HPR the opportunity for this product to address the unmet need and complicated UTI. There are an estimated three point four million episodes of complicated UTIs reported annually in The U. S. And they are a leading cause of hospitalizations. Timothy KeutzerCOO at Spero Therapeutics00:06:48Complicated infections, as a reminder, are those that occur in patients who have a structural or functional abnormality of the urinary tract or those requiring catheterization. There can also be comorbidities such as kidney stones or kidney infections. Complicated UTIs are also more likely to be caused by multidrug resistant or MDR pathogens. If inadequately treated, these can recur frequently or progress to more severe conditions. The current standard of care for many MDR gram negative infections, including complicated UTIs is treatment with carbapenems. Timothy KeutzerCOO at Spero Therapeutics00:07:22However, carbapenems are currently only available as intravenous formulations, so they require inpatient admission or outpatient IV therapy and this adds to the complexity of treatment. The lack of an effective well tolerated oral alternative for MDR complicated UTIs means that patients are often subjected to prolonged IV antibiotic use. If approved, we believe temipenem HBR has a potential to reduce length of hospitalization for patients who transition from intravenous to oral carbapenem therapy. The ongoing Phase three trial of PIVOT PO designed to support regulatory approval is a global randomized double blind, double dummy clinical trial comparing tebipinum HPR to IV imipinum silistatin in hospitalized adult patients with complicated UTIs including acute pyelonephritis. Patients are being randomized one to one to receive either tebipinum at a dose of six hundred milligrams orally every six hours or IV amipinum silvastatin given as five hundred milligrams every six hours for a total of seven to ten days. Timothy KeutzerCOO at Spero Therapeutics00:08:27The primary efficacy endpoint is overall response, which is a composite of clinical cure and microbiological eradication. This is assessed at the test of cure visit. The primary analysis will assess non inferiority in the microbiological intent to treat population using a ten percent margin. Briefly on SPR-seven 20, our decision to spin the oral development program in NTM pulmonary disease followed a preplanned interim analysis based on 16 patients in the Phase 2a proof of concept trial. We are now in the process of completing analysis of the remaining data from all 25 patients that were dosed in the trial and plan to determine next steps for this program thereafter. Timothy KeutzerCOO at Spero Therapeutics00:09:09I'll now turn the call back to Esther to review the financials. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:09:13Thank you, Tim. I'll now walk you through our fourth quarter and full year financials. As of 12/31/2024, Sparrow had cash and cash equivalents of $52,900,000 We estimate that our existing cash and cash equivalents together with the remaining $47,500,000 in earned and non contingent development milestone from GSK will be sufficient to fund our operating expenses and capital expenditures into Q2 twenty twenty six. Total revenue for the fourth quarter of twenty twenty four was $15,000,000 compared with total revenue of $73,500,000 for the fourth quarter of twenty twenty three. Total revenue for the year ended 12/31/2024 was $48,000,000 compared to $103,800,000 for the year ended 12/31/2023. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:10:06The revenue decrease compared with the prior year period was primarily due to a decrease in collaboration revenue from our agreements with GSK and Pfizer. R and D expenses for the fourth quarter of twenty twenty four were $28,800,000 compared to $16,600,000 for the same period in 2023. R and D expenses for the year ended 12/31/2024, were $97,000,000 compared to $51,400,000 for the year ended 12/31/2023. The increase in R and D expenses year over year was primarily due to increased clinical trial activity related to the Phase III PIVOT PO trial for tepipenem HBR. G and A expenses for the fourth quarter of twenty twenty four were $7,100,000 compared to 6,400,000 for the same period in 2023. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:10:59This year over year increase was primarily due to increased consulting and professional fees in the last quarter of the year. G and A expenses for the year ended 12/31/2024, were $23,700,000 compared to $25,600,000 for the year ended 12/31/2023, with lower full year 2024 expenses primarily due to decreases in personnel related costs. The company reported a net loss of $20,700,000 for the fourth quarter and net loss of $68,400,000 for the year ended 12/31/2024. Diluted net loss per share was $0.38 and $1.27 for these periods respectively. We reported a net income of $51,200,000 for the fourth quarter of twenty twenty three and net income of $22,800,000 for the year ended 12/31/2023, respectively. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:11:57Net income per share was $0.96 and $0.43 for these periods, respectively. For further details on our financials, please refer to our 10 K filed with the SEC today. With that, we will now open the call for questions. Operator? Operator00:12:18Thank you. We will now begin the question and answer session. First question comes from Gavin Clark Gardner with Evercore ISI. Please go ahead. Gavin Clark-GartnerAnalyst at Evercore00:12:45Hey, thanks for taking the questions. I had a few on the tebepenem interim analysis. Maybe first, does the trial get unblinded if the interim is successful? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:12:59If the interim is successful, yes, the interim process is going to be managed by an independent data monitoring committee. And if their recommendation is that we stop the trial or stop enrollment, the management team will be unblinded at that time. Gavin Clark-GartnerAnalyst at Evercore00:13:15Got it. So if it does get unblinded early, I guess what I'm wondering is, even if the trial is positive early on, on the ITT population, is there any reason to keep running the trial longer in order to narrow some of the error bars for some of the subgroup analyses, like specifically in the ESBL positive population? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:13:36Yes. We can't speculate on that at the moment given we're blinded and just preparing for the interim analysis. So we'll hopefully be able to respond to that once we've gotten the recommendation from the IDMC. Gavin Clark-GartnerAnalyst at Evercore00:13:50Got it. What's the alpha spend on the interim? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:13:55We'll be spending a small amount of alpha for the pre specified IA, but since this is a pre specified interim, we've accounted for that alpha spend and determining the overall sample size for the study. Gavin Clark-GartnerAnalyst at Evercore00:14:07Got it. And just my last quick question. Any comments you can make on the bar for success for the interim and when in the trial it's actually conducted? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:14:18So basically, I mean, there are three scenarios that are likely, right? So either the trial meets the primary endpoint with this pre specified interim, which is the 10% non inferiority margin and we stop the trial or it fails or we stop the trial for futility or lastly, we continue enrolling. Gavin Clark-GartnerAnalyst at Evercore00:14:42Got it. Gavin Clark-GartnerAnalyst at Evercore00:14:43That's helpful. Thanks. Operator00:14:52The next question comes from Ritu Barag with TD Cowen. Please go ahead. Athena ChinBiotechnology Equity Research Analyst at TD Cowen00:14:59Hi guys. Thanks for taking my question. This is Athena Chin on for Ritu Baral. I have a question on 07/20. As you see it now, what are the potential paths forward for 07/20? Athena ChinBiotechnology Equity Research Analyst at TD Cowen00:15:09And when can we expect an update? Thank you. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:15:13Sure. Hey there. The first step is to complete the data analysis of the full 25 patients dosed in the trial. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:15:21Once we have the full picture on the data, we'll be in a better position to decide on the best path forward for the program, which may include a reformulation strategy. We have determined that an oral path for MPNPD is unlikely given the dose limiting grade three talks at the one thousand mg dose, even though they were reversible once the drug was stopped. So step number one, complete the data analysis on the full 25 patients and then determine next steps. Athena ChinBiotechnology Equity Research Analyst at TD Cowen00:15:52Understood. Thank you. Operator00:15:58This concludes the question and answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:16:08Thank you. We have a very excited setup for the year end, and we're looking forward to completing the interim analysis and providing you an update in the second quarter. Thank you for listening. Operator00:16:23The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.Read moreParticipantsExecutivesShai BiranInvestor RelationsEsther RajaveluInterim CEO & CFOTimothy KeutzerCOOAnalystsGavin Clark-GartnerAnalyst at EvercoreAthena ChinBiotechnology Equity Research Analyst at TD CowenPowered by Conference Call Audio Live Call not available Earnings Conference CallSpero Therapeutics Q4 202400:00 / 00:00Speed:1x1.25x1.5x2xTranscript SectionsPresentationParticipants Earnings DocumentsPress Release(8-K)Annual report(10-K) Spero Therapeutics Earnings HeadlinesSpero Therapeutics, Inc.: Spero Therapeutics Appoints Esther Rajavelu as President and Chief Executive OfficerApril 29, 2025 | finanznachrichten.deSpero Therapeutics Appoints Esther Rajavelu as President and Chief Executive OfficerApril 28, 2025 | globenewswire.comSilicon Valley Gold RushA new technology has sparked a modern-day gold rush in Silicon Valley. OpenAI’s Sam Altman invested $375M. Bill Gates has backed four companies in this space. The World Economic Forum calls it “the most exciting human discovery since fire.” Whitney Tilson believes this trend could mint a new class of wealthy investors—and he’s sharing one stock to watch now, for free.May 3, 2025 | Stansberry Research (Ad)Spero Therapeutics Analyst RatingsApril 7, 2025 | benzinga.comTD Cowen Sticks to Their Hold Rating for Spero Therapeutics (SPRO)April 2, 2025 | markets.businessinsider.comWe're Keeping An Eye On Spero Therapeutics' (NASDAQ:SPRO) Cash Burn RateMarch 29, 2025 | finance.yahoo.comSee More Spero Therapeutics Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Spero Therapeutics? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Spero Therapeutics and other key companies, straight to your email. Email Address About Spero TherapeuticsSpero Therapeutics (NASDAQ:SPRO), a clinical-stage biopharmaceutical company, focuses on identifying, developing, and commercializing novel treatments for multi-drug resistant (MDR) bacterial infections and rare diseases in the United States. The company's product candidates include tebipenem pivoxil hydrobromide (HBr), an oral carbapenem-class antibiotic to treat complicated urinary tract infections, including pyelonephritis for adults; SPR206, an intravenous-administered antibiotic against MDR Gram-negative pathogens comprising carbapenem-resistant enterobacterales (CRE), acinetobacter baumannii, and pseudomonas aeruginosa, as well as negative bacterial infections in the hospital setting; and SPR720, a novel oral antibiotic agent for the treatment of non-tuberculous mycobacterial pulmonary disease. It has license agreement with Meiji Seika Pharma Co., Ltd. to support the development of tebipenem HBr; Everest Medicines to develop, manufacture, and commercialize SPR206 in Greater China, South Korea, and Southeast Asian countries; and Vertex Pharmaceuticals Incorporated for patents relating to SPR720, as well as SPR719, an active metabolite. Spero Therapeutics, Inc. was founded in 2013 and is headquartered in Cambridge, Massachusetts.View Spero Therapeutics ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Amazon Earnings: 2 Reasons to Love It, 1 Reason to Be CautiousMeta Takes A Bow With Q1 Earnings - Watch For Tariff Impact in Q2Palantir Earnings: 1 Bullish Signal and 1 Area of ConcernVisa Q2 Earnings Top Forecasts, Adds $30B Buyback PlanMicrosoft Crushes Earnings, What’s Next for MSFT Stock?Qualcomm's Earnings: 2 Reasons to Buy, 1 to Stay AwayAMD Stock Signals Strong Buy Ahead of Earnings Upcoming Earnings Palantir Technologies (5/5/2025)Vertex Pharmaceuticals (5/5/2025)Realty Income (5/5/2025)Williams Companies (5/5/2025)CRH (5/5/2025)Advanced Micro Devices (5/6/2025)American Electric Power (5/6/2025)Constellation Energy (5/6/2025)Marriott International (5/6/2025)Energy Transfer (5/6/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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PresentationSkip to Participants Operator00:00:00Good afternoon, and welcome to the Spirit Therapeutics Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. At this time, all participants are in listen only mode. Following the company's formal remarks, we will open up the call for questions. Please be advised that this call is being recorded and a replay will be available. You can find information on the replay and further information related to today's announcement on the Spira Therapeutics website at www.spiotherapeutics.com. Operator00:00:30At this time, I would like to turn the call over to Shay Biren, Senior Director, Investor Relations. Mr. Biren, please go ahead. Shai BiranInvestor Relations at Spero Therapeutics00:00:39Thank you, operator, and thank you all for participating in today's conference call. This afternoon, Sparo Therapeutics released financial results and provided a business update for the fourth quarter and full year 2024. The press release is available on the Investor page of the Sparrow Therapeutics website. Before we begin, I would like to remind you that some of the information presented on this conference call contains forward looking statements under the securities laws. These forward looking statements involve substantial risks and uncertainties that could cause our actual clinical programs, future results, progress, timing, performances or achievements to differ materially from those expressed or implied by such forward looking statements. Shai BiranInvestor Relations at Spero Therapeutics00:01:24Expressed or implied by such forward looking statements. These risks and uncertainties associated with our business and factors that could cause or contribute to such differences are described in detail in Spiro Therapeutics' filings with the SEC, including in the Risk Factors section of its earnings report on Form 10 K for the year ended 12/31/2024, filed with the SEC today. Joining me on the call today are Esther Rajavelu, our Interim Chief Executive Officer and Chief Financial Officer and Tim Kloitzer, SPERA's Chief Operating Officer. There will be a Q and A session following the prepared remarks. I will now turn the call over to Esther to begin. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:02:12Thank you, Shay. Good afternoon, everyone, and thank you for joining our full year twenty twenty four earnings and business update call. Spero Therapeutics is a clinical stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and multi drug resistant bacterial infections with high unmet medical need. Our most advanced clinical stage product candidate, cabepenem HVR is in a Phase three trial with the potential to be the first broad spectrum oral carbapenem to treat adult patients with complicated urinary tract infections, including acute pyelonephritis. These are patients who have limited or no alternative treatment options and would otherwise likely be treated with an IV carbapenem. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:03:00SPARROW is co developing tebipenem HBR with our partner GSK. Today, we announced that a pre specified interim analysis in the Phase III PIVOTPO clinical trial is expected to be completed in the second quarter of twenty twenty five. Our top priority for this year is the continued advancement of the tebipenem program, which if approved has the potential to fundamentally change the treatment paradigm for complicated UTI by offering patients and prescribers a convenient oral treatment option. Next, on to SPR-seven twenty, our novel Chyrase B inhibitor that was in a Phase IIa proof of concept study as an oral treatment for nontuberculous mycobacterial pulmonary disease or NTMPD. The trial was randomized, double blind, placebo controlled and enrolled 25 treatment naive or treatment experienced patients with non refractory NTM pulmonary disease caused by Mycobacterium avium complex or MAC infections. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:04:09The primary endpoint of the study was change in bacterial load in sputum samples from baseline to the end of the fifty six day treatment period. Key secondary endpoints included assessments of safety and tolerability, clinical response, PK and certain other measures. Enrollment concluded in July 2024. In October 2024, we completed a planned interim analysis, which included 16 patients who had completed dosing and post dose follow-up visits. Results from the interim analysis showed that the study did not meet its primary endpoint. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:04:47While there was some evidence of antimicrobial activity, the treated arm did not show sufficient separation from placebo. In addition, we saw potential dose limiting safety signals, including three cases of reversible Grade three hepatotoxicity in the high dose cohort dosed at one thousand milligrams once daily. We are completing assessment of the full data set of all 25 patients dosed in the trial and plan to determine next steps for the program once that is complete. Lastly, on our pipeline, following a thorough review and reprioritization, we made the decision to discontinue development of SPR206, an IV administered next gen polymyxin antibiotic that cleared an IND in 2024 for a Phase two trial in hospital acquired and ventilator associated bacterial pneumonia. To date, we have made good progress on the Phase three trial for our lead asset, tebipenem HVR, and we look forward to completing the prespecified interim analysis next quarter and with our partner GSK share an update on next steps for the program. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:05:58As a reminder, following completion of the tevipenem HBR Phase three trial, GSK is expected to assume responsibility for regulatory and commercialization efforts And if these are successfully pursued, Spero could qualify for about $400,000,000 in contingent milestones, including $25,000,000 when GSK submits an NDA and subsequent milestones based on commercialization and sales ramp. With that, I'll turn the call over to Tim. Timothy KeutzerCOO at Spero Therapeutics00:06:31Thank you, Esther. I'll begin with tepipenem HPR the opportunity for this product to address the unmet need and complicated UTI. There are an estimated three point four million episodes of complicated UTIs reported annually in The U. S. And they are a leading cause of hospitalizations. Timothy KeutzerCOO at Spero Therapeutics00:06:48Complicated infections, as a reminder, are those that occur in patients who have a structural or functional abnormality of the urinary tract or those requiring catheterization. There can also be comorbidities such as kidney stones or kidney infections. Complicated UTIs are also more likely to be caused by multidrug resistant or MDR pathogens. If inadequately treated, these can recur frequently or progress to more severe conditions. The current standard of care for many MDR gram negative infections, including complicated UTIs is treatment with carbapenems. Timothy KeutzerCOO at Spero Therapeutics00:07:22However, carbapenems are currently only available as intravenous formulations, so they require inpatient admission or outpatient IV therapy and this adds to the complexity of treatment. The lack of an effective well tolerated oral alternative for MDR complicated UTIs means that patients are often subjected to prolonged IV antibiotic use. If approved, we believe temipenem HBR has a potential to reduce length of hospitalization for patients who transition from intravenous to oral carbapenem therapy. The ongoing Phase three trial of PIVOT PO designed to support regulatory approval is a global randomized double blind, double dummy clinical trial comparing tebipinum HPR to IV imipinum silistatin in hospitalized adult patients with complicated UTIs including acute pyelonephritis. Patients are being randomized one to one to receive either tebipinum at a dose of six hundred milligrams orally every six hours or IV amipinum silvastatin given as five hundred milligrams every six hours for a total of seven to ten days. Timothy KeutzerCOO at Spero Therapeutics00:08:27The primary efficacy endpoint is overall response, which is a composite of clinical cure and microbiological eradication. This is assessed at the test of cure visit. The primary analysis will assess non inferiority in the microbiological intent to treat population using a ten percent margin. Briefly on SPR-seven 20, our decision to spin the oral development program in NTM pulmonary disease followed a preplanned interim analysis based on 16 patients in the Phase 2a proof of concept trial. We are now in the process of completing analysis of the remaining data from all 25 patients that were dosed in the trial and plan to determine next steps for this program thereafter. Timothy KeutzerCOO at Spero Therapeutics00:09:09I'll now turn the call back to Esther to review the financials. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:09:13Thank you, Tim. I'll now walk you through our fourth quarter and full year financials. As of 12/31/2024, Sparrow had cash and cash equivalents of $52,900,000 We estimate that our existing cash and cash equivalents together with the remaining $47,500,000 in earned and non contingent development milestone from GSK will be sufficient to fund our operating expenses and capital expenditures into Q2 twenty twenty six. Total revenue for the fourth quarter of twenty twenty four was $15,000,000 compared with total revenue of $73,500,000 for the fourth quarter of twenty twenty three. Total revenue for the year ended 12/31/2024 was $48,000,000 compared to $103,800,000 for the year ended 12/31/2023. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:10:06The revenue decrease compared with the prior year period was primarily due to a decrease in collaboration revenue from our agreements with GSK and Pfizer. R and D expenses for the fourth quarter of twenty twenty four were $28,800,000 compared to $16,600,000 for the same period in 2023. R and D expenses for the year ended 12/31/2024, were $97,000,000 compared to $51,400,000 for the year ended 12/31/2023. The increase in R and D expenses year over year was primarily due to increased clinical trial activity related to the Phase III PIVOT PO trial for tepipenem HBR. G and A expenses for the fourth quarter of twenty twenty four were $7,100,000 compared to 6,400,000 for the same period in 2023. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:10:59This year over year increase was primarily due to increased consulting and professional fees in the last quarter of the year. G and A expenses for the year ended 12/31/2024, were $23,700,000 compared to $25,600,000 for the year ended 12/31/2023, with lower full year 2024 expenses primarily due to decreases in personnel related costs. The company reported a net loss of $20,700,000 for the fourth quarter and net loss of $68,400,000 for the year ended 12/31/2024. Diluted net loss per share was $0.38 and $1.27 for these periods respectively. We reported a net income of $51,200,000 for the fourth quarter of twenty twenty three and net income of $22,800,000 for the year ended 12/31/2023, respectively. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:11:57Net income per share was $0.96 and $0.43 for these periods, respectively. For further details on our financials, please refer to our 10 K filed with the SEC today. With that, we will now open the call for questions. Operator? Operator00:12:18Thank you. We will now begin the question and answer session. First question comes from Gavin Clark Gardner with Evercore ISI. Please go ahead. Gavin Clark-GartnerAnalyst at Evercore00:12:45Hey, thanks for taking the questions. I had a few on the tebepenem interim analysis. Maybe first, does the trial get unblinded if the interim is successful? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:12:59If the interim is successful, yes, the interim process is going to be managed by an independent data monitoring committee. And if their recommendation is that we stop the trial or stop enrollment, the management team will be unblinded at that time. Gavin Clark-GartnerAnalyst at Evercore00:13:15Got it. So if it does get unblinded early, I guess what I'm wondering is, even if the trial is positive early on, on the ITT population, is there any reason to keep running the trial longer in order to narrow some of the error bars for some of the subgroup analyses, like specifically in the ESBL positive population? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:13:36Yes. We can't speculate on that at the moment given we're blinded and just preparing for the interim analysis. So we'll hopefully be able to respond to that once we've gotten the recommendation from the IDMC. Gavin Clark-GartnerAnalyst at Evercore00:13:50Got it. What's the alpha spend on the interim? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:13:55We'll be spending a small amount of alpha for the pre specified IA, but since this is a pre specified interim, we've accounted for that alpha spend and determining the overall sample size for the study. Gavin Clark-GartnerAnalyst at Evercore00:14:07Got it. And just my last quick question. Any comments you can make on the bar for success for the interim and when in the trial it's actually conducted? Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:14:18So basically, I mean, there are three scenarios that are likely, right? So either the trial meets the primary endpoint with this pre specified interim, which is the 10% non inferiority margin and we stop the trial or it fails or we stop the trial for futility or lastly, we continue enrolling. Gavin Clark-GartnerAnalyst at Evercore00:14:42Got it. Gavin Clark-GartnerAnalyst at Evercore00:14:43That's helpful. Thanks. Operator00:14:52The next question comes from Ritu Barag with TD Cowen. Please go ahead. Athena ChinBiotechnology Equity Research Analyst at TD Cowen00:14:59Hi guys. Thanks for taking my question. This is Athena Chin on for Ritu Baral. I have a question on 07/20. As you see it now, what are the potential paths forward for 07/20? Athena ChinBiotechnology Equity Research Analyst at TD Cowen00:15:09And when can we expect an update? Thank you. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:15:13Sure. Hey there. The first step is to complete the data analysis of the full 25 patients dosed in the trial. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:15:21Once we have the full picture on the data, we'll be in a better position to decide on the best path forward for the program, which may include a reformulation strategy. We have determined that an oral path for MPNPD is unlikely given the dose limiting grade three talks at the one thousand mg dose, even though they were reversible once the drug was stopped. So step number one, complete the data analysis on the full 25 patients and then determine next steps. Athena ChinBiotechnology Equity Research Analyst at TD Cowen00:15:52Understood. Thank you. Operator00:15:58This concludes the question and answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead. Esther RajaveluInterim CEO & CFO at Spero Therapeutics00:16:08Thank you. We have a very excited setup for the year end, and we're looking forward to completing the interim analysis and providing you an update in the second quarter. Thank you for listening. Operator00:16:23The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.Read moreParticipantsExecutivesShai BiranInvestor RelationsEsther RajaveluInterim CEO & CFOTimothy KeutzerCOOAnalystsGavin Clark-GartnerAnalyst at EvercoreAthena ChinBiotechnology Equity Research Analyst at TD CowenPowered by