XML 29 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event

13. Subsequent Events

 

On May 3, 2022, the Company announced that it would immediately suspend current commercialization activities for tebipenem HBr based on feedback from a recent Late Cycle Meeting (“LCM”) with the FDA regarding the Company’s NDA for tebipenem HBr. Although the review is still ongoing and the FDA has not yet made any final determination regarding approvability, the discussion suggested that the data package may be insufficient to support approval during this review cycle. As a result, the Company has restructured its operations to focus on advancing its earlier stage programs, SPR720 and SPR206, while it continues its dialogue with the FDA to seek a pathway forward for the potential approval of tebipenem HBr.

 

In connection with the foregoing, on May 3, 2022, the Company implemented a strategic restructuring initiative and corresponding reduction in workforce The restructuring initiative and corresponding reduction in workforce is designed to reduce costs and reallocate resources towards the Company’s clinical development programs for SPR720 and SPR206, while maintaining key personnel needed to help preserve the value of the Company’s tebipenem HBr program. The restructuring reduced the Company’s workforce from 146 full-time employees as of December 31, 2021 to approximately 35 full-time employees. The Company estimates that it will incur approximately $8.0 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. The Company communicated the workforce reduction on May 3, 2022 and expects the majority of the costs associated with the restructuring to be incurred during the quarter ending June 30, 2022.