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SPRB

Spruce Biosciences, Inc.

SPRB

Spruce Biosciences, Inc. • NASDAQ
$100.00 ▼ -9.09% (-10.00)
Market Cap $58.03 M
52w High $3183.75
52w Low $7.00
Dividend Yield 0%
P/E -1.19
Volume 66.81K
Outstanding Shares 580.35K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $8.229M ▲ $-8.212M ▼ 0% $-14.58 ▼ $-8.19M ▼
Q2-2025 $0 $2.692M ▼ $-2.067M ▲ 0% $-3.41 ▲ $-2.031M ▲
Q1-2025 $0 ▼ $14.492M ▼ $-14.041M ▲ 0% ▲ $-24 ▲ $-13.999M ▲
Q4-2024 $697K ▲ $24.771M ▲ $-23.559M ▼ -3.38K% ▼ $-43.5 ▼ $-23.494M ▼
Q3-2024 $602K $10.01M $-8.671M -1.44K% $-16.5 $-8.59M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.669M ▼ $15.313M ▼ $9.927M ▲ $5.386M ▼
Q2-2025 $16.387M ▼ $21.82M ▼ $8.64M ▼ $13.18M ▼
Q1-2025 $25.615M ▼ $31.649M ▼ $16.325M ▼ $15.324M ▼
Q4-2024 $38.753M ▼ $45.209M ▼ $16.388M ▲ $28.821M ▼
Q3-2024 $60.055M $65.102M $13.464M $51.638M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.212M ▼ $-5.316M ▲ $0 $-402K ▼ $-5.718M ▲ $-5.316M ▲
Q2-2025 $-2.067M ▲ $-8.828M ▲ $0 $-400K ▲ $-9.228M ▲ $-8.828M ▲
Q1-2025 $-14.041M ▲ $-12.727M ▲ $0 $-411K ▲ $-13.138M ▲ $-12.727M ▲
Q4-2024 $-23.559M ▼ $-20.677M ▼ $0 $-625K ▼ $-21.302M ▼ $-20.677M ▼
Q3-2024 $-8.671M $-9.223M $0 $-405K $-9.628M $-9.223M

Five-Year Company Overview

Income Statement

Income Statement Spruce is still a classic early‑stage biotech: essentially no product revenue and recurring operating losses. Expenses have been fairly steady over the past few years, reflecting ongoing R&D and corporate costs rather than large swings in spending. Net losses are persistent but not rapidly exploding, which suggests management has kept a relatively tight lid on operating costs even as it shifts focus to new programs. The very large negative earnings per share figures mainly reflect share‑count effects, not a sudden deterioration in the underlying business, and are typical of small biotechs preparing for or following share consolidations.

Balance Sheet

Balance Sheet The balance sheet is light and lean, with a small asset base dominated by cash and minimal use of debt. Cash levels built up previously but have fallen more recently, showing that the company has been drawing down earlier funding to support operations and pipeline development. Equity has gradually eroded as losses accumulate, which is normal for a pre‑revenue biotech but also means financial flexibility is narrowing over time. Overall, Spruce looks conservatively financed from a debt perspective but increasingly dependent on either future partnerships or capital raises to support its programs.

Cash Flow

Cash Flow Cash flow reflects a straightforward story: money is consistently flowing out to fund research and operations, with no material cash coming in from products yet. Operating cash outflows have been steady rather than sharply rising, and the company is not tying up cash in heavy capital spending or large fixed assets. Free cash flow is negative and closely tracks operating cash burn, highlighting that the main use of funds is people, trials, and development rather than infrastructure. The key question going forward is how long existing cash can support the pipeline and when additional funding will be needed to bridge to potential approvals or deals.

Competitive Edge

Competitive Edge Spruce’s competitive position has shifted from a crowded field to a much more specialized niche. In congenital adrenal hyperplasia, its earlier lead program lost ground after disappointing data, and management has stepped back from that indication. In contrast, the newly acquired enzyme replacement therapy for Sanfilippo Syndrome Type B sits in a rare disease area with no approved treatments and strong regulatory support, which gives Spruce a clearer path and a more defensible position if the data hold up. The trade‑off is concentration risk: the company now leans heavily on a single rare‑disease asset, making trial outcomes and regulatory decisions especially critical.

Innovation and R&D

Innovation and R&D From an innovation standpoint, Spruce is pivoting rather than retreating. The original molecule, tildacerfont, showed enough biological activity to justify continued work in a different disease (PCOS), even though the CAH trials missed key goals. The acquired Sanfilippo asset is more advanced and technically sophisticated, targeting the brain in a way few therapies can, and has years of clinical data plus multiple FDA designations that validate its scientific rationale. Overall, R&D has been mixed—some setbacks in CAH, offset by a late‑stage rare‑disease therapy and a potential new hormonal indication—but the pipeline is now more focused and higher stakes.

Summary

Spruce Biosciences is a small, pre‑revenue biotech in transition: financially lean, dependent on external capital, and strategically refocused on a high‑need rare disease. The income statement and cash flows tell a familiar early‑stage story of steady losses and ongoing cash burn, while the balance sheet shows low debt but a shrinking cash cushion. The core of the investment case now rests on a late‑stage therapy for Sanfilippo Syndrome Type B, supported by favorable regulatory status, and on the optional upside of tildacerfont in PCOS. Execution in clinical trials, regulatory interactions, and future financing or partnership deals will largely determine how the story evolves from here.

NEWS

November 10, 2025 · 4:05 PM UTC

Spruce Biosciences Reports Third Quarter 2025 Financial Results and Provides Corporate Updates

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October 6, 2025 · 8:00 AM UTC

Spruce Biosciences Receives U.S. FDA Breakthrough Therapy Designation for Tralesinidase Alfa Enzyme Replacement Therapy (TA-ERT) in Sanfilippo Syndrome Type B (MPS IIIB)

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September 15, 2025 · 7:00 AM UTC

Spruce Biosciences Resumes Trading on the Nasdaq Capital Market

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