Spero Therapeutics, Inc. Leases Disclosure
5. Leases
Operating Leases
The Company has entered into, and subsequently amended, an operating lease agreement with respect to its corporate headquarters located at 675 Massachusetts Avenue, Cambridge, Massachusetts where the Company leases approximately 23,400 square feet of office space. The Company's lease extends through July 2027.
For the years ended December 31, 2025 and 2024, the components of operating lease expense were as follows (in thousands):
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Operating lease expense |
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Statement of Operations Location |
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December 31, 2025 |
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December 31, 2024 |
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Fixed operating lease expense |
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Research and development expense |
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$ |
723 |
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$ |
757 |
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General and administrative expense |
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668 |
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757 |
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Variable operating lease expense |
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Research and development expense |
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(86 |
) |
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35 |
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General and administrative expense |
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(80 |
) |
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35 |
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Total operating lease expense |
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$ |
1,225 |
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$ |
1,584 |
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Supplemental cash flow information related to the Company’s operating leases for the years ended December 31, 2025 and 2024, was as follows (in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
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$ |
1,746 |
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$ |
1,718 |
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The following table presents the lease balances within the consolidated balance sheet, weighted average remaining lease term, and the weighted average discount rates related to the Company’s operating leases as of December 31, 2025 and 2024 (in thousands, except for the weighted average remaining lease term and the weighted average discount rate):
Lease Assets and Liabilities |
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Classification |
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December 31, 2025 |
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December 31, 2024 |
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Assets |
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Operating |
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Operating lease right-of-use assets |
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$ |
1,480 |
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$ |
3,114 |
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Total leased assets |
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$ |
1,480 |
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$ |
3,114 |
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Liabilities |
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Current |
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Operating |
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Operating lease liabilities |
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$ |
1,956 |
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$ |
1,746 |
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Non-Current |
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Operating |
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Non-current operating lease liabilities |
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|
939 |
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2,551 |
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Total lease liabilities |
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$ |
2,895 |
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$ |
4,297 |
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Weighted average remaining lease term (in years) |
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1.6 |
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2.6 |
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Weighted average discount rate |
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9.8 |
% |
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|
9.8 |
% |
The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2025 (in thousands):
Years Ending December 31, |
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2026 |
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$ |
1,956 |
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2027 |
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1,156 |
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Total future minimum lease payments |
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3,112 |
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Less imputed interest |
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(217 |
) |
Total operating lease liabilities |
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$ |
2,895 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Mar 16, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.