<SEC-DOCUMENT>0001193125-17-308910.txt : 20171201
<SEC-HEADER>0001193125-17-308910.hdr.sgml : 20171201
<ACCEPTANCE-DATETIME>20171012171402
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-308910
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20171012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Spero Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001701108
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		675 MASSACHUSETTS AVENUE
		STREET 2:		14TH FLOOR
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		857-242-1600

	MAIL ADDRESS:	
		STREET 1:		675 MASSACHUSETTS AVENUE
		STREET 2:		14TH FLOOR
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Spero Therapeutics, LLC
		DATE OF NAME CHANGE:	20170316
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED&nbsp;SEPARATELY WITH THE COMMISSION.
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE OMITTED PORTIONS, WHICH HAVE BEEN REPLACED WITH THE PLACEHOLDER &#147;[***].&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">October&nbsp;12, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR AND
COURIER </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chris Edwards</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mary Beth Breslin</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Christine Torney</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Sharon Blume</TD></TR>
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<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Spero Therapeutics, Inc.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">File <FONT STYLE="white-space:nowrap">No.&nbsp;333-220858</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Spero Therapeutics, Inc. (the &#147;<B><I>Company</I></B>&#148;), in response to comments from the staff (the
&#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) received by letter dated September&nbsp;22, 2017 (the &#147;<B><I>Comment Letter</I></B>&#148;) relating to the Company&#146;s
Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1,</FONT> originally confidentially submitted to the Commission on August&nbsp;25, 2017, resubmitted to the Commission on September&nbsp;29, 2017, and subsequently filed by the
Company with the Commission on October&nbsp;6, 2017 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-220858)</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;), we submit this supplemental letter to further address comment 11 of the
Comment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of the commercially sensitive nature of information contained herein, this submission is accompanied by the
Company&#146;s request for confidential treatment for selected portions of this letter. The Company has filed a separate letter with the Office of Freedom of Information and Privacy Act Operations in connection with the confidential treatment
request, pursuant to Rule&nbsp;83 of the Commission&#146;s Rules&nbsp;on Information and Requests, 17 C.F.R. &#167; 200.83. For the Staff&#146;s reference, we have enclosed a copy of the Company&#146;s letter to the Office of Freedom of Information
and Privacy Act Operations, as well as a copy of this correspondence, marked to show the portions redacted from the version filed via EDGAR and for which the Company is requesting confidential treatment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The supplemental response set forth below is based on information provided to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. by
representatives of the Company. For the convenience of the Staff, we have recited the prior comment from the Staff in italicized type and have followed the comment with the Company&#146;s response. All capitalized terms not otherwise defined herein
have the meaning ascribed to them in the Registration Statement.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOIA
</B><B>CONFIDENTIAL TREATMENT REQUESTED BY SPERO THERAPEUTICS, INC. &#151; SPERO - 1</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo,
P.C.</B> </P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 12, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>11.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Once you have an estimated offering price, please provide us an analysis explaining the reasons for the differences between the recent valuations of your common stock leading up to the IPO and the estimated offering
price. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully submits the below additional information to assist the Staff in its review of the
Company&#146;s position with respect to its determination of the fair value of its common stock underlying its outstanding equity awards and the reasons for the differences between the recent valuation of its common stock and the estimated offering
price for its initial public offering (&#147;<B><I>IPO</I></B>&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Preliminary IPO Price Range </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company advises the Staff that it preliminarily estimates a price range of approximately $[***] to $[***] per share (the
&#147;<B><I>Preliminary Price Range</I></B>&#148;) for its IPO (before giving effect to a reverse stock split that the Company plans to implement prior to effectiveness of the Registration Statement), which range implies a <FONT
STYLE="white-space:nowrap">pre-money</FONT> valuation of the Company of $[***] million to $[***] million. The actual price range to be included in a subsequent amendment to the Registration Statement (which will comply with the Staff&#146;s
interpretation regarding the parameters of a <I>bona fide</I> price range) has not yet been determined and remains subject to adjustment based on factors outside of the Company&#146;s control. However, the Company believes that the foregoing
indicative price range will not be subject to significant change. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Summary of Recent Equity Awards </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is providing the following supplemental information to the Staff to facilitate its review process. Since June&nbsp;30, 2017, the
consummation date of the Company&#146;s Reorganization, the Company has issued the following equity awards to its employees, consultants and members of its board of directors, which awards comprise all of the currently outstanding equity awards of
the Company (excluding a <I>de minimis</I> number of options that were forfeited): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman"><B>Grant Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><B>Type&nbsp;of</B><br><B>Award</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><B>Number of</B><br><B>Shares</B><br><B>Underlying</B><br><B>Awards</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><B>Per&nbsp;Share<BR>Exercise</B><br><B>Price&nbsp;of<BR>Award</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><B>Per Share<BR>Fair&nbsp;Value&nbsp;of</B><br><B>Common&nbsp;Stock<BR>on Grant Date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><B>Per Share</B><br><B>Estimated</B><br><B>Fair&nbsp;Value<BR>of&nbsp;Awards</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July&nbsp;6, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,187,971</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July&nbsp;17, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Option</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">185,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Historical Determinations of the Fair Value of Common Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As there has been no public market for the Company&#146;s common stock to date, the estimated fair value of its common stock has been
determined by the Company&#146;s board of directors (the &#147;<B><I>Board</I></B>&#148;) as of the date of each option grant, with input from management, considering the Company&#146;s most recent third-party valuations of its common stock as well
as the Board&#146;s assessment of additional objective and subjective factors (listed on page 91 of the Registration Statement) that it believed were relevant and which may have changed from the date of the most recent third-party valuation through
the date of the grant. The Board determined that the fair value of the Company&#146;s common stock on the date of grant of the options issued on July&nbsp;6, 2017 and July&nbsp;17, 2017 (the &#147;<B><I>July 2017 Option Grants</I></B>&#148;) was
$0.97 per share based, in part, on a third-party valuation of the Company&#146;s common stock performed as of June&nbsp;30, 2017 (the &#147;<B><I>June</I></B><B><I></I></B><B><I>&nbsp;2017 Valuation</I></B>&#148;), which indicated that the fair
value of the Company&#146;s common stock as of June&nbsp;30, 2017 was $0.97 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The June 2017 Valuation was performed in
accordance with the guidance outlined in the American Institute of Certified Public Accountants&#146; Accounting and Valuation Guide, <I>Valuation of Privately-Held-Company Equity</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOIA
</B><B>CONFIDENTIAL TREATMENT REQUESTED BY SPERO THERAPEUTICS, INC. &#151; SPERO - 2 </B> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 12, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<I>Securities Issued as Compensation</I>, and was prepared using the option pricing method (&#147;<B><I>OPM</I></B>&#148;), which considered four future-event scenarios: a sale scenario, a
reverse merger scenario, a liquidation scenario and an IPO scenario. The equity value of the Company in each future-event scenario (other than the liquidation scenario) was determined using an OPM backsolve approach that was based on the $1.7749
actual price paid per share for the Company Series C preferred stock in a March 2017 <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with new and existing investors. Based on the number of fully diluted, <FONT
STYLE="white-space:nowrap">as-converted</FONT> shares then outstanding, that price paid per share for Series C preferred stock implied an aggregate equity value of the Company of approximately $[***] million. The IPO scenario in the June 2017
Valuation assumed that all shares of preferred stock would convert into shares of common stock and would no longer have the liquidation preferences and preferential rights attributable to the preferred stock as compared to the common stock prior to
the IPO. The June 2017 Valuation probability weighted the sale scenario at [***]%, the reverse merger scenario at [***]%, the liquidation scenario at [***]% and the IPO scenario at [***]%, each based on the Company&#146;s assessment of its
development pipeline and market conditions. For the three future-event scenarios (excluding the liquidation scenario), the Company then applied a discount for lack of marketability of [***]% in the sale scenario, [***]% in the reverse merger
scenario and [***]% in the IPO scenario, each determined by a put option analysis, which considered the timing of each future-event scenario. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The June&nbsp;2017 Valuation resulted in a valuation of the Company&#146;s common stock of $0.97 per share. Based on that result, as well as
consideration of other qualitative factors, the Board determined that the fair value of the Company&#146;s common stock was $0.97 per share as of July&nbsp;6, 2017. From July&nbsp;6, 2017 to July&nbsp;17, 2017, the Company continued to operate its
business in the ordinary course and there were no significant developments in its business. As a result, the Board determined that the fair value of the Company&#146;s common stock remained $0.97 per share from July&nbsp;6, 2017 to July&nbsp;17,
2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In contrast, if the Company had applied a weighting of 100% to the IPO scenario, the fair value of the Company&#146;s common stock
in the June 2017 Valuation would have been $[***] per share (before giving effect to any discount for lack of marketability). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Comparison of Most
Recent Valuation and Preliminary Price Range </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As noted above, the Preliminary Price Range is approximately $[***] to $[***] per
share.&nbsp;As is typical in IPOs, the Preliminary Price Range was not derived using a formal determination of fair value, but was determined based on discussions between it and the underwriters. Prior to October&nbsp;6, 2017, the Company and
underwriters had not had any specific discussions regarding the Preliminary Price Range. Among the factors that were considered in setting the Preliminary Price Range were the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the general conditions of the securities market and the recent market prices of, and the demand for, publicly traded common stock of comparable companies; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s financial condition and prospects; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">estimates of business potential and earnings prospects for the Company and the industry in which it operates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">recent performance of IPOs of companies in the biotechnology sector; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">progress of the Company&#146;s development programs. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOIA
</B><B>CONFIDENTIAL TREATMENT REQUESTED BY SPERO THERAPEUTICS, INC. &#151; SPERO - 3 </B> </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 12, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that the difference between the fair value of its common stock as of
July&nbsp;17, 2017 of $0.97 per share and the Preliminary Price Range of $[***] to $[***] per share is the result of the factors above and the following factors and significant positive developments with respect to the Company&#146;s business that
occurred subsequent to July&nbsp;17, 2017: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Preliminary Price Range does not take into account the current lack of liquidity for the Company&#146;s common stock and assumes a successful IPO with no weighting attributed to any other outcome for the
Company&#146;s business, such as remaining a privately held company or being sold in an acquisition transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s filing of a Clinical Trial Notification (&#147;<B><I>CTN</I></B>&#148;) in Australia in September 2017 and receipt of regulatory acceptance in Australia to begin a Phase 1 clinical trial for SPR994,
the Company&#146;s most advanced product candidate. A CTN enables conduct of clinical trials in Australia similar to an investigational new drug application, or IND, in the United States. Obtaining regulatory approval to begin a Phase 1 clinical
trial for SPR994 meant that the Company could proceed with human clinical testing without funding further preclinical research. Based on this regulatory acceptance, the Company plans to initiate in the fourth quarter of 2017 a Phase 1 dose-selection
clinical trial of SPR994 in Australia. As described in the Registration Statement, the Company believes, based on its <FONT STYLE="white-space:nowrap">pre-investigational</FONT> new drug application meeting with the U.S. Food and Drug Administration
(&#147;<B><I>FDA</I></B>&#148;) and subject to receiving favorable results from its Phase 1 clinical trial of SPR994 acceptable to the FDA, that it will be able to progress directly to a pivotal Phase 3 clinical trial of SPR994 for the treatment of
cUTI; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s receipt in September 2017 of positive <FONT STYLE="white-space:nowrap">top-line</FONT> results from its Phase 1 clinical trial of SPR741, the Company&#146;s lead potentiator product candidate. Without
receiving positive data from the SPR741 clinical trial, the Company may have been required to either terminate the program, or conduct another Phase 1 clinical trial, which would be costly and substantially delay the overall timeline to
commercialization; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">input received from the lead underwriters, including further discussions that took place during the week of October&nbsp;9, 2017 with senior management of the Company and its Board, incorporating feedback&nbsp;from
qualified potential investors obtained during <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">testing-the-waters</FONT></FONT> meetings in September and October 2017. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully submits that the difference between the latest valuation and the Preliminary Price Range is reasonable.&nbsp;The
Company will continue to update its disclosure for all equity related transactions through the effective date of the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOIA
</B><B>CONFIDENTIAL TREATMENT REQUESTED BY SPERO THERAPEUTICS, INC. &#151; SPERO - 4 </B> </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 12, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby further request, pursuant to Rule&nbsp;418(b)&nbsp;under the Securities Act of
1933, as amended, the return of the unredacted version of this letter. The Company believes that return of the supplemental information contained in this letter will protect the interests of investors and is consistent with the provisions of the
Freedom of Information Act by maintaining in confidence the potential valuation of the Company that may, if disseminated, negatively impact the trading in the common stock of the Company following the IPO. The Company advises the Staff that it has
not filed the supplemental information subject to this request in electronic format. Please return this letter to the Company, in care of the undersigned, a responsible representative of the Company, at 675 Massachusetts Avenue, 14th Floor,
Cambridge, Massachusetts 02139. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you should have any questions concerning the enclosed matters, please contact the undersigned at (617)
<FONT STYLE="white-space:nowrap">348-1735.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Matthew J. Gardella </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Matthew J. Gardella </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Spero Therapeutics, Inc. </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ankit Mahadevia </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joel Sendek </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen Garbacz </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Latham&nbsp;&amp; Watkins LLP </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peter Handrinos
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nathan Ajiashvili </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Drew Valentine </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOIA
</B><B>CONFIDENTIAL TREATMENT REQUESTED BY SPERO THERAPEUTICS, INC. &#151; SPERO - 5 </B> </P>

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