SPRB Stock — Spruce Biosciences Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$46.55

Market cap

$133.8M

Cash

$96.3M

Enterprise value

$42.1M

Balance sheet

Cash	$96.3M
Debt	$4.6M
Net cash	$91.7M
Enterprise value	$42.1M
Basic shares	2.9M shares
Fully diluted shares	3.1M shares
Fully diluted market cap	$145.8M
Cash per share	$33.51
Quarterly burn	$22.1M
Cash runway	4.4 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

2.9M

Pre-funded warrants

0.0M

Options

0.0M

RSUs

0.0M

Warrants

0.2M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

3.1M

Cap table as of 2026-06-30.

Price history

Loading SPRB daily closes…

Loading price history…

Next catalyst

TA-ERT (tralesinidase alfa) · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	TA-ERT (tralesinidase alfa) MPS IIIB (Sanfilippo syndrome type B), BLA submission	Not disclosed	MPS IIIB (Sanfilippo syndrome type B)	Q4 2026 (BLA submission)
Sep 12 - Oct 24 in 83 mo	Tralesinidase alfa (TA)	Phase 3	MPS IIIB	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TA-ERT

Phase 3 · Active Modality: enzyme replacement therapy

Aliases tralesinidase alfa

Target NAGLU (alpha-N-acetylglucosaminidase)

Partnerships BioMarin: license covering TA-ERT technology and patents. Eli Lilly: license agreement (May 2016)

Indications

Mucopolysaccharidosis Type IIIB (MPS IIIB, Sanfilippo Syndrome Type B) (Phase 3)

Catalysts

— None

Status note Investigational enzyme replacement therapy for MPS IIIB; company focus since November 2024. FDA confirmed (Type C meeting, March 2024) that CSF HS-NRE is a surrogate biomarker reasonably likely to predict clinical benefit for accelerated approval and that completed clinical/nonclinical studies suffice for a BLA submission. A confirmatory Phase 3 placebo-controlled 5-year study (14 patients) must be initiated.

Tildacerfont

Phase 2 · Active Modality: small molecule

Target CRF1 receptor

Partnerships HMNC Brain Health: license, development and option agreement (May 2024); HMNC funded and conducted the TAMARIND study

Indications

Major depressive disorder (Cortibon-positive patients) (Phase 2)

Status note Oral, potent and selective small-molecule antagonist of the CRF1 receptor. Phase 2 proof-of-concept TAMARIND study in Cortibon-positive MDD patients was discontinued in Q1 2026 following a serious adverse event (elevated liver enzymes); the filing does not state a program-level discontinuation.

SPR202

Stage not disclosed · Active Modality: monoclonal antibody

Target CRF

Partnerships HBM Alpha Therapeutics: license to the anti-CRH monoclonal antibody (rights outside mainland China, Taiwan, Hong Kong, Macau)

Indications

Congenital adrenal hyperplasia (CAH) (Stage not disclosed)

Status note Anti-CRH monoclonal antibody targeting CRF for CAH and other indications; filing states no trial phase.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tralesinidase alfa (TA)
Lead indication	MPS IIIB
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07579910	Phase 3	Not yet recruiting	Sponsor	Spruce Biosciences	—	MPS IIIB	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Spruce Biosciences on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	200,000	+200,000	0.20%	2026-08-14
Ikarian Capital	121,356	no change	1.07%	2026-08-14
ADAR1 Capital Management	67,717	+9,117	0.17%	2026-08-14
Stonepine Capital	28,795	+28,795	1.18%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

SPRB — Spruce Biosciences Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

SPRB — Spruce Biosciences Inc.