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Government Contracts | 9 Months Ended
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Sep. 30, 2024
Contractors [Abstract] |
Government Contracts | 8. Government Contracts BARDA In July 2018, the Company was awarded a contract from Biomedical Advanced Research and Development Authority (“BARDA”) of up to $44.2 million to develop tebipenem HBr for the treatment of cUTI caused by antibiotic resistant Gram-negative bacteria and for assessment against biodefense pathogens. The original award committed initial funding of $15.7 million over a three-year base period from July 1, 2018 to June 30, 2021 for cUTI development activities. As of September 30, 2024, through a number of contract modifications and the exercise of additional contract options by BARDA, including an additional contract modification of $11.7 million executed in July 2024, the committed funding increased to $59.3 million and the period of performance extended through December 31, 2025. The Company recognized $5.6 million and $1.6 million of revenue under the BARDA agreement during the three months ended September 30, 2024 and 2023, respectively, and recognized $14.6 million and $3.1 million of revenue under the BARDA agreement during the nine months ended September 30, 2024 and 2023, respectively. Biodefense Study Option As of September 30, 2024, uncommitted funding of $12.7 million is outstanding under the award. This uncommitted funding is exercisable by BARDA, subject to the availability of funding as well as progress and results from biodefense studies, if initiated, as part of an inter-agency collaboration between BARDA and the Defense Threat Reduction Agency. NIAID In May 2021, the Company was awarded a five-year contract from the U.S. National Institute of Allergy and Infectious Diseases (“NIAID”) under the Agency’s Omnibus Broad Agency Announcement No. HHS-NIH-NIAID-BAA2020-1 award mechanism to support further development of SPR206. Funding will be used to offset certain expenses related to manufacturing, clinical, non-clinical and regulatory activities. The Company can receive up to $27.0 million over a base period and six option periods, including an additional contract modification of $3.4 million executed in August 2024 for SPR206 Phase 2 start up activities under Option 1 of the NIAID agreement. As of September 30, 2024, $10.5 million of funding has been committed under this award. The Company recognized $0.1 million and $0.5 million of revenue under the NIAID agreement during the three months ended September 30, 2024 and 2023, respectively, and recognized $0.3 million and $2.3 million of revenue under the NIAID agreement during the nine months ended September 30, 2024 and 2023, respectively.

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