THE READ 48 red-flag mentions across this year's filings, led by dilution and going concern doubt, and 151 since 2001, so this is a long-running pattern; share count roughly stable.
We read every document this company filed with the SEC this year and counted the classic danger phrases. Where wording can be misleading, we open the actual documents and separate real warnings from accounting boilerplate. Each hit links to the exact document.
An ATM lets the company print and sell new shares into the market any day it wants. Every print dilutes your slice.
EVIDENCE: [1] 8-K FILED 2026-08-28 · [2] S-3 FILED 2026-08-28 · [3] S-3 FILED 2026-08-28 · [4] 10-Q FILED 2025-11-13 · [5] 10-Q FILED 2026-05-13
A reverse split shrinks the share count to lift the price above $1. Repeat reverse splits are the classic death-spiral signature.
EVIDENCE: [1] 10-Q FILED 2026-08-12
Auditors flagged substantial doubt the company survives the next 12 months without new money.
EVIDENCE: [1] 10-Q FILED 2026-05-13 · [2] 10-Q FILED 2025-11-13 · [3] 10-Q FILED 2026-08-12 · [4] 10-K FILED 2026-03-26 · [5] 10-Q FILED 2026-08-12
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
EVIDENCE: [1] S-3 FILED 2026-08-28 · [2] 10-Q FILED 2025-11-13
SOURCE: FULL-TEXT SEARCH OF THE COMPANY'S OFFICIAL SEC FILINGS. "REAL WARNINGS" = WE OPENED THE LINKED DOCUMENTS AND FILTERED PHRASES WRAPPED IN NEGATIONS, RESOLUTION LANGUAGE OR STANDARD CONTRACT TERMS. "AT LEAST" = MORE DOCUMENTS CARRY THE PHRASE THIS YEAR THAN WE COULD OPEN AND READ.
How many shares exist, over time, exactly as the company reported in its own filings. In microcaps, a rising share count is how holders pay for everything: salaries, debts, and bad deals. Sudden collapses in the line are reverse splits, marked below.
SOURCE: THE COMPANY'S OWN REPORTED SHARE COUNTS ACROSS 36 FILINGS, STRAIGHT FROM SEC RECORDS
CHECKING OFFICIAL SPLIT RECORDS…
Type how many shares you hold. The math is plain division on the company's own reported counts.
Cash in the bank against how fast the company burns it. When this hits zero, the next stop is usually a desperate raise at bad terms, and existing holders pay through dilution.
RUNWAY = CASH ON HAND ÷ MONTHLY CASH BURN. SIMPLE ARITHMETIC ON THE COMPANY'S OWN REPORTED NUMBERS, NOT A PROJECTION.
The latest filings, translated into holder impact. Every number cites its form, date and SEC link.
Shares outstanding rose 57.90M to 58.23M (+0.6%) between 10-Q 2026-05-01 and 10-Q 2026-08-07.
NOW: 58,234,827 as of 2026-08-07 (10-Q, filed 2026-08-12)
WAS: 57,901,493 as of 2026-05-01 (10-Q, filed 2026-05-13)
Cash and equivalents fell $56.13M to $50.77M (-$5.36M, -9.5%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $50.77M as of 2026-06-30 (10-Q, filed 2026-08-12)
WAS: $56.13M as of 2026-03-31 (10-Q, filed 2026-05-13)
Total assets fell to $52.77M (from $59.02M, -10.6%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $52.77M as of 2026-06-30 (10-Q, filed 2026-08-12)
WAS: $59.02M as of 2026-03-31 (10-Q, filed 2026-05-13)
Total liabilities rose to $8.56M (from $6.09M, +40.7%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $8.56M as of 2026-06-30 (10-Q, filed 2026-08-12)
WAS: $6.09M as of 2026-03-31 (10-Q, filed 2026-05-13)
Revenue fell $258K to $0 (-100.0%) between the period ended 2026-03-31 and the period ended 2026-06-30 (10-Q).
NOW: $0 as of 2026-06-30 (10-Q, filed 2026-08-12)
WAS: $258K as of 2026-03-31 (10-Q, filed 2026-05-13)
Operating cash flow was positive ($10.51M) over the period ended 2026-06-30; no cash deficit to burn.
NOW: $10.51M as of 2026-06-30 (10-Q, filed 2026-08-12)
When something material happens, the company itself must announce it in an 8-K under the SEC's numbered item system. These are those announcements, newest first: bankruptcy papers, exchange delisting warnings, auditor changes, financials pulled back. Read straight from the SEC filing index, no interpretation layer.
SOURCE: THE ITEM NUMBERS THE COMPANY ITSELF PUT ON EACH 8-K IN THE SEC'S FILING INDEX. HOVER A STAMP FOR WHAT THAT ITEM MEANS FOR YOUR SHARES. OFFICIAL NOTICES INSIDE THE LAST 12 MONTHS ALSO FEED THE RISK INDEX ABOVE (CAPPED AT 15 POINTS).
EACH BAR IS ONE REPORTED QUARTER. GREEN = MOST RECENT QUARTER GREW VS THE ONE BEFORE.
An 8-K is the "something happened right now" filing. Here is what this one says, in the company's own words.
On August 28, 2026, Spero Therapeutics, Inc., a Delaware corporation (the “Company”), entered into an Open Market Sale Agreement℠ (the “Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”), pursuant to which the Company may offer and sell shares (the “Shares”) of its common stock, $0.001 par value per share (the “Common Stock”), from time to time through Jefferies (the “Offering”). The Company has filed a universal shelf Registration Statement on Form S-3 (“Registration Statement”) with the Securities and Exchange Commission (the “SEC”) for the offer and sale of up to a maximum aggregat...
As previously disclosed, on March 11, 2021, the Company entered into a Controlled Equity Offering℠ Sales Agreement (the “Cantor Sales Agreement”) with Cantor Fitzgerald & Co., as agent (“Cantor”), pursuant to which the Company could offer and sell shares of Common Stock from time to time through Cantor (the “Cantor ATM Offering”). The Company filed a prospectus with the SEC on March 15, 2024 in connection with the Cantor ATM Offering (the “Cantor Prospectus”). The Cantor Prospectus was filed under a universal shelf Registration Statement on Form S-3 filed with the SEC on March 15, 2024, which...
A rules-based reading of the cited filing facts: a range with reasons, never a prediction.
HOW THE BRACKET IS BUILT: TRAILING REVENUE OF $0.3415/SHARE AT 1.0-3.0X · BOOK EQUITY OF $2.27/SHARE AS A SUPPORT LEVEL · CASH FLOOR: $0.8719/SHARE IN A WIND-DOWN.
Share count is stable-ish (+0.6% change between the last two reported quarters).
Fair-value range anchored to cited facts: $1.13 to $1.13 per share.
The filings do not report usable cash and operating-burn figures, so runway could not be computed for this verdict.
Revenue fell 100.0% period over period.
Verified going-concern warnings in a recent filing: auditors or management flagged substantial doubt about continuing (document text checked, boilerplate excluded).
METHOD: DETERMINISTIC RULES OVER CITED SEC FILING FACTS: SHARE-COUNT CHANGE BETWEEN THE LAST TWO REPORTED QUARTERS (DILUTION), CASH-TO-BURN RUNWAY FROM THE MOST RECENT OPERATING CASH FLOW, PERIOD-OVER-PERIOD REVENUE GROWTH, AND A FAIR-VALUE RANGE ANCHORED TO CASH PER SHARE VS PRICE. THRESHOLDS ARE TUNABLE IN APP/VERDICT_ENGINE.PY. NOT A PREDICTION.
Every time an officer, director or big owner trades shares, the law makes them file a Form 4 within two business days. We read the actual filings: who traded, what kind of trade, how big, at what price.
PEOPLE WITH THE BEST INFORMATION ABOUT THIS COMPANY ARE SELLING MORE THAN THEY BUY. NOT PROOF OF ANYTHING: EXECUTIVES SELL FOR MANY REASONS. BUT AT MICROCAP SCALE, IT RARELY SMELLS GOOD. "10B5-1 PLAN" MEANS THE TRADE WAS SCHEDULED UNDER A PRE-SET TRADING PLAN, DISCLOSED IN THE FILING'S OWN FOOTNOTES: PRE-PLANNED SALES CARRY LESS SIGNAL THAN SPUR-OF-THE-MOMENT ONES. SOURCE: FORM 4 FILINGS, PARSED FROM THE SEC'S OWN XML, LAST 9 FILINGS.
The company's most recent SEC paperwork, newest first.
SOURCE: THE COMPANY'S SEC FILING INDEX
Public records that most investors never check, cross-checked against what the company claims. This is where shells slip up.
SOURCES: PUBLIC DOMAIN REGISTRATION RECORDS (FOUND IN THE COMPANY'S OWN FILING SIGNATURES) · THE COMPANY'S SEC FILING INDEX · OFFICIAL US SANCTIONS LIST · QUARTERLY 13F FILINGS VIA EDGAR FULL-TEXT SEARCH · LEGAL-IDENTITY, SITE-HISTORY, CERTIFICATE, REGISTRANT-HISTORY AND DNS SLOTS STREAM IN FROM FREE PUBLIC REGISTRIES WITHOUT BLOCKING THIS PAGE.
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SOURCE: THE COMPANY'S SEC FILING INDEX
One Telegram message per material filing: dilution, going concern, delisting, insider dumps. No account, no email. Every line cites its SEC source. Leave anytime with /unwatch.
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