Spero Therapeutics announced on January 10, 2025, interim changes to its leadership, appointing Esther Rajavelu as Interim President and Chief Executive Officer, replacing Sath Shukla. Frank Thomas was appointed Chairman of the Board, succeeding Dr. Ankit Mahadevia.
These leadership changes were implemented as part of the company's response to a 'Wells Notice' from the Securities and Exchange Commission (SEC) staff. The Wells Notice relates to certain public disclosures made by the company from March 31, 2022, to May 3, 2022, concerning the decision to cease commercialization of Tebipenem HBr.
As of December 31, 2024, Spero reported unaudited cash and cash equivalents of $52.9 million, with a cash runway into mid-2026. The Phase 3 PIVOT-PO trial for Tebipenem HBr had reached over 60% enrollment by December 31, 2024, and remained on track for completion in the second half of 2025.
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