Pharmaceutical filing citing the Antimicrobial Agents and Chemotherapy paper — Spero Therapeutics, 2024-10-29
Spero TherapeuticsSpero TherapeuticsNASDAQ SPRO
Filings SEC · Quote Yahoo cited a paper published in Antimicrobial Agents and Chemotherapy in its regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website as the basis for its claims. The company read the manner in which it wrote the paper and the actual scope of the paper in sequence. The stock price movement for one month after the filing was compared with past cases of the same type and written accordingly. This is a retrospective judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, the report submitted to the Securities and Exchange Commission is called 8-K. The item numbers in the document submitted by Spero Therapeutics on 2024-10-29 were 2.02 Earnings announcement · 2.05 · 7.01 Reg FD disclosure · 8.01 Other events · 9.01 Financial statements · Attached documents. The company cited a paper published in Antimicrobial Agents and Chemotherapy in the press release attached to it. If the sentence citing the paper is copied verbatim, it reads as follows.
Am J Respir Crit Care Med 2008; 178:1066-74; mortality rate represents midpoint of published range.
What the reader should look at first is where the company placed the paper in the press release. Next is to determine whether the paper supports the entire company claim or only part of it. To answer the latter question, one must read the full paper. This article, which reads only the abstract, cannot answer it.
The scope of the paper mentioned in the abstract is limited to this
The paper title is Intrapulmonary pharmacokinetics of SPR719 following oral administration of SPR720 to healthy volunteers and it was published in Antimicrobial Agents and Chemotherapy on 2024-10-01. The authors' affiliations are University of Illinois Chicago · Pulmonary Associates · Spero Therapeutics (United States). The summary published at the beginning of the paper is called abstract. This article read only up to there. This paragraph was rewritten by a person after filtering a draft written by a machine reading the abstract by numerical comparison, so it is a different grade from a full-text reading and a verified reading.
A study measured how much the active ingredient SPR719, a prodrug of SPR720, reached the lungs and immune cells in 30 healthy adults after taking it once daily for one day. Using bronchoscopy, researchers extracted fluid and immune cells from the lungs and measured the concentration. The drug concentration in the fluid covering the alveoli was similar to that in plasma, while in alveolar macrophages, it was two to three times higher than in plasma. This study aimed to assess how well a drug targeting non-tuberculous mycobacterial lung disease reaches the affected area. Since this measured drug distribution in healthy individuals, the paper does not address whether the drug is effective in patients.
What the abstract does not answer remains in the full text and appendices. This article leaves gaps as they are. Readers must compare the two citations above to determine which sentence in the abstract corresponds to the company's cited excerpt.
One month later, the stock price was within the middle half of the sample.
The remaining return after subtracting the portion that moved with the overall market is called excess return. Dates are counted only on days when the stock market was open, referred to as trading days. In terms of the calendar, 20 trading days is roughly one month. The excess return on the day of the filing and for the following month are presented in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| Five trading days before the filing | +0.6% | The extent of movement before the filing |
| On the filing date | +1.9% | On the filing date or the first trading day afterward |
| Cumulative over +1 to +5 trading days | +2.5% | One week |
| Cumulative over +1 to +20 trading days | −18.3% | One month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of -18.3% in this case is within the bottom 30% of the 142 samples, and it is within the lower half.
| Sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | Median | Top 25% | Top 10% | This case |
|---|---|---|---|---|---|---|
| Excess return | −31.9% | −20.1% | −6.9% | +5.5% | +19.5% | −18.3% |
Half of the sample falls between the two central marks on the chart. One checks the chart to see whether this case lies within or outside the range. The sample collects cases where U.S.-listed companies cited papers in 8-K filings over the past ten years. The company itself is excluded from the sample. The numbers listed here are past facts, not rules applicable to future cases.
After the filing, the company issued such documents.
Three 8-K filings issued by the company after the filing date are listed by item number only. In 8-K filings without titles, item numbers indicate the type of content. One can determine whether it was an earnings announcement or a contract based on the item number. The specific event is read in the original text of each link.
- 2024-11-14 8-K Item 2.02, 9.01 — Earnings Announcement · Financial Statements · Attached Documents
- 2025-01-10 8-K Items 2.02,5.02,7.01,8.01,9.01 — Earnings announcement · Officer·director changes · Reg FD disclosure · Other events · Financial statements·attached documents
- 2025-02-28 8-K Item 3.01 —
What this article does not answer
This article, based only on abstracts, cannot answer what methods the paper used, what it reviewed, or how far it demonstrated. How many times the cited paper was subsequently cited can be verified again through OpenAlexOpenAlex
Data source · Website citation counts. What will be examined next is whether the company's next 8-K cites the same paper again.
Glossary
- 8-K
- A voluntary report submitted to the Securities and Exchange Commission when a U.S. listed company has something to inform shareholders. Types are indicated by item numbers such as earnings, contracts, and executive changes. All events in this article come from this document.
- Excess return
- The remainder after subtracting the overall market return from the stock return. It is used to see the movement of the company alone by removing the part where the market as a whole rises or falls.
- Trading day
- A date counting only the days the stock market is open. Since weekends and holidays are excluded, 20 trading days are about a month in the calendar.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom within it is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary placed at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full paper, one cannot know the details and limitations of the method.