SPRUCE BIOSCIENCES, INC. SPRB

Healthcare SIC 2834 - Pharmaceutical Preparations Nasdaq

We are a biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need. We have a diverse portfolio of product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are either no approved therapies treating the underlying disease or suboptimal treatment options. We were founded in April 2016 and are led by a management team experienced in the development and commercialization of groundbreaking therapeutics.

•Seek regulatory approval and maximize the U.S. commercial potential of TA-ERT for the treatment of MPS IIIB. We intend to seek U.S. accelerated approval of tralesinidase alfa enzyme replacement therapy ("TA-ERT") for Mucopolysaccharidosis Type IIIB ("MPS IIIB") based on existing non-clinical and clinical data. As a condition of seeking such approval of a biologics license application ("BLA") from the U.S. Food and Drug Administration ("FDA"), we will initiate a confirmatory trial. If the BLA is approved, we intend to build a highly specialized commercial and medical affairs organization to support the commercialization of TA-ERT. Given that a relatively small number of clinicians and specialists treat most of the patients with MPS IIIB, we believe this market can be effectively addressed with a modest-sized and targeted patient-centric field team, alongside various high-touch patient initiatives. TA-ERT has received Rare Pediatric Disease Designation, Fast Track Designation, Breakthrough Therapy Designation, and Orphan Drug Designation in the United States and European Union ("EU").

Last close 57.93 2026-09-04
Market cap $166.5M 2026-06-30 share count
52-week range 7.26 - 240.00

Valuation FY2025 figures against the last close

P/S
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-50.83

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $0$4.9M$10.1M$0
R&D $19.5M$46.4M$49.4M$35.2M$30.7M$23.9M$10.8M
SG&A $17.0M$14.6M$12.7M$12.1M$11.4M$5.6M$2.3M
Total operating expenses $36.5M$61.1M$62.1M$47.3M$42.1M$29.4M$13.1M
Operating income -$36.5M-$56.2M-$52.0M-$47.3M-$42.1M-$29.4M-$13.1M
Interest expense $90.0K$307.0K$483.0K$420.0K$345.0K$323.0K$65.0K
Pre-tax income -$39.0M-$53.0M-$47.9M-$46.2M-$42.3M-$29.5M-$13.1M
Income tax $0$0$0$0$0$0$0
Net income -$39.0M-$53.0M-$47.9M-$46.2M-$42.3M-$29.5M-$13.1M
EPS, basic -50.83-96.40-1.24-1.96-1.81
EPS, diluted -50.83-96.40-1.24-1.96-1.81-4.93-17.12
Shares, diluted (wtd. avg.) $766.6K$550.1K$38.5M$23.5M$23.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $48.9M$38.8M$96.4M$24.7M$43.0M$157.4M$3.9M
Short-term investments $0$54.6M$46.2M
Total current assets $52.1M$44.2M$102.2M$83.6M$91.9M$160.4M$4.7M
Property, plant and equipment $140.0K$73.0K
Total assets $53.0M$45.2M$103.9M$85.6M$126.5M$162.9M$4.7M
Accounts payable $943.0K$1.3M$3.3M$1.4M$2.8M$3.6M$1.9M
Short-term debt $0$1.6M$1.6M$1.6M$0$2.6M$1.3M
Total current liabilities $10.1M$15.2M$24.5M$12.4M$8.9M$9.8M$4.3M
Long-term debt $0$124.0K$1.7M$3.3M$4.9M$1.9M$3.2M
Total liabilities $10.5M$16.4M$27.4M$17.2M$15.1M$13.5M$7.5M
Retained earnings -$289.2M-$250.3M-$197.2M-$149.3M-$103.1M-$60.8M-$31.3M
Total equity $42.5M$28.8M$76.5M$68.5M$111.4M$149.4M-$30.6M-$17.8M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow -$33.3M-$56.0M-$33.3M-$41.7M-$35.9M-$27.5M-$12.6M
Depreciation and amortisation $68.0K$36.0K$12.0K
Stock-based compensation $2.6M$5.3M$4.6M$3.6M$4.0M$755.0K$196.0K
Capital expenditure $0$7.0K$8.0K$93.0K$74.0K$4.0K
Investing cash flow $0$55.8M$23.7M-$79.2M-$74.0K-$4.0K
Financing cash flow $43.5M-$1.6M$49.1M-$241.0K$643.0K$181.0M$12.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-149821.

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