SPRUCE BIOSCIENCES, INC. SPRB
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").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.) | 766,598 | 550,146 | 38.5M | 23.5M | 23.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $10.1M | $4.9M | $0 |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$13.1M | -$29.5M | -$42.3M | -$46.2M | -$47.9M | -$53.0M | -$39.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
- Material agreement terminated Item 1.02
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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