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Small-cap biotech equity issuance has run tactical rather than wholesale against the backdrop of a cost-of-capital environment that has kept the discount rate visible across the sector.
On August 28, 2026, Spero Therapeutics (Nasdaq: SPRO) filed an 8-K with the SEC disclosing a new Open Market Sale Agreement with Jefferies LLC, through which the Cambridge, Massachusetts company may raise up to $100 million in common stock through at-the-market transactions.
The Registration Statement on Form S-3 covering the offering is not yet effective, and no shares may be sold until the SEC declares it so.
A facility replaced after years unused The Jefferies arrangement replaces a Controlled Equity Offering Sales Agreement that Spero had maintained with Cantor Fitzgerald and Co.
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