Spruce Biosciences, Inc. Financials
This page shows Spruce Biosciences, Inc. (SPRB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing, not product revenue, is the dominant mechanic, while R&D resets largely determine Spruce's yearly cash burn.
FY2025 cash finished at$48.9M after financing supplied$43.5M . That outweighed the operating cash outflow, so paired with zero long-term debt and a 5.2x current ratio, liquidity was rebuilt by capital markets rather than by the business funding itself; the improvement came mainly from R&D spend dropping to$19.5M from$46.4M , not from commercial scale.
This is an asset-light research company: capital spending was only
The balance-sheet posture is cleaner than the income statement suggests: total liabilities fell to
Financial Health Signals
We are recalculating Spruce Biosciences, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Spruce Biosciences, Inc. scores -0.83, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($142.4M) relative to total liabilities ($10.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Spruce Biosciences, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Spruce Biosciences, Inc. generates $0.86 in operating cash flow (-$33.3M OCF vs -$39.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Spruce Biosciences, Inc. earns $-405.7 in operating income for every $1 of interest expense (-$36.5M vs $90K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Spruce Biosciences, Inc. generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Spruce Biosciences, Inc.'s EBITDA was -$36.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.0% from the prior year.
Spruce Biosciences, Inc. reported -$39.0M in net income in fiscal year 2025. This represents an increase of 26.5% from the prior year.
Spruce Biosciences, Inc. earned $-50.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 47.3% from the prior year.
Cash & Balance Sheet
Spruce Biosciences, Inc. held $48.9M in cash against $0 in long-term debt as of fiscal year 2025.
Spruce Biosciences, Inc. had 1M shares outstanding in fiscal year 2025. This represents an increase of 143.7% from the prior year.
Margins & Returns
Spruce Biosciences, Inc.'s ROE was -91.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 92.4 percentage points from the prior year.
Capital Allocation
Spruce Biosciences, Inc. invested $19.5M in research and development in fiscal year 2025. This represents a decrease of 57.9% from the prior year.
SPRB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $0 | $0 | $0-100.0% | $697K+15.8% | $602K-62.6% | $1.6M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $7.6M | N/A | $5.0M+1265.3% | -$430K-104.0% | $10.8M-49.5% | $21.5M+227.4% | $6.6M-19.0% | $8.1M |
| SG&A Expenses | $4.4M | N/A | $3.2M+3.1% | $3.1M-14.6% | $3.7M+10.3% | $3.3M-4.1% | $3.5M-2.8% | $3.6M |
| Operating Income | -$12.0M | N/A | -$8.2M-205.7% | -$2.7M+81.4% | -$14.5M+39.8% | -$24.1M-155.9% | -$9.4M+6.3% | -$10.0M |
| Interest Expense | $674K | N/A | $19K-34.5% | $29K-19.4% | $36K-35.7% | $56K-21.1% | $71K-14.5% | $83K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$12.3M | N/A | -$8.2M-297.3% | -$2.1M+85.3% | -$14.0M+40.4% | -$23.6M-171.7% | -$8.7M+5.6% | -$9.2M |
| EPS (Diluted) | $-8.94 | N/A | $-14.58-316.6% | $-3.50 | $-23.95 | N/A | $-15.75+5.9% | $-16.73 |
SPRB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $56.2M+5.9% | $53.0M+246.2% | $15.3M-29.8% | $21.8M-31.1% | $31.6M-30.0% | $45.2M-30.6% | $65.1M-13.8% | $75.5M |
| Current Assets | $55.0M+5.6% | $52.1M+259.0% | $14.5M-30.7% | $21.0M-31.5% | $30.6M-30.8% | $44.2M-30.5% | $63.6M-14.0% | $73.9M |
| Cash & Equivalents | $54.1M+10.6% | $48.9M+358.4% | $10.7M-34.9% | $16.4M-36.0% | $25.6M-33.9% | $38.8M-35.5% | $60.1M-13.8% | $69.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $21.5M+104.8% | $10.5M+5.8% | $9.9M+14.9% | $8.6M-47.1% | $16.3M-0.4% | $16.4M+21.7% | $13.5M-17.7% | $16.4M |
| Current Liabilities | $11.8M+16.8% | $10.1M+7.0% | $9.4M+17.0% | $8.1M-48.6% | $15.7M+2.8% | $15.2M+28.6% | $11.9M-17.0% | $14.3M |
| Long-Term Debt | $5.5M | $0 | $0 | $0 | $0-100.0% | $124K-76.3% | $524K-43.2% | $923K |
| Total Equity | $34.6M-18.5% | $42.5M+689.4% | $5.4M-59.1% | $13.2M-14.0% | $15.3M-46.8% | $28.8M-44.2% | $51.6M-12.7% | $59.2M |
| Retained Earnings | -$301.5M-4.2% | -$289.2M-5.3% | -$274.6M-3.1% | -$266.4M-0.8% | -$264.3M-5.6% | -$250.3M-10.4% | -$226.7M-4.0% | -$218.0M |
SPRB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.7M-35.3% | -$6.5M-21.4% | -$5.3M+39.8% | -$8.8M+30.6% | -$12.7M+38.4% | -$20.7M-124.2% | -$9.2M+17.0% | -$11.1M |
| Capital Expenditures | $10K | N/A | N/A | N/A | $0 | $0 | N/A | N/A |
| Free Cash Flow | -$8.7M | N/A | N/A | N/A | -$12.7M+38.4% | -$20.7M | N/A | N/A |
| Investing Cash Flow | -$10K | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
| Financing Cash Flow | $13.9M-68.9% | $44.7M+11217.9% | -$402K-0.5% | -$400K+2.7% | -$411K+34.2% | -$625K-54.3% | -$405K-11.0% | -$365K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SPRB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | -3453.9%-1891.2pp | -1562.8%-939.4pp | -623.4% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -3380.1%-1939.7pp | -1440.4%-870.1pp | -570.3% |
| Return on Equity | -35.4% | N/A | -152.5%-136.8pp | -15.7%+76.0pp | -91.6%-9.9pp | -81.7%-65.0pp | -16.8%-1.3pp | -15.5% |
| Return on Assets | -21.8% | N/A | -53.6%-44.2pp | -9.5%+34.9pp | -44.4%+7.8pp | -52.1%-38.8pp | -13.3%-1.2pp | -12.2% |
| Current Ratio | 4.67-0.5 | 5.17+3.6 | 1.54-1.1 | 2.60+0.6 | 1.95-0.9 | 2.90-2.5 | 5.36+0.2 | 5.17 |
| Debt-to-Equity | 0.16+0.2 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.010.0 | 0.02 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -2966.6% | N/A | N/A |
Frequently Asked Questions
What is Spruce Biosciences, Inc.'s annual revenue?
Spruce Biosciences, Inc. (SPRB) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spruce Biosciences, Inc.'s revenue growing?
Spruce Biosciences, Inc. (SPRB) revenue declined by 100% year-over-year, from $4.9M to $0 in fiscal year 2025.
Is Spruce Biosciences, Inc. profitable?
No, Spruce Biosciences, Inc. (SPRB) reported a net income of -$39.0M in fiscal year 2025.
What is Spruce Biosciences, Inc.'s EBITDA?
Spruce Biosciences, Inc. (SPRB) had EBITDA of -$36.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spruce Biosciences, Inc. have?
As of fiscal year 2025, Spruce Biosciences, Inc. (SPRB) had $48.9M in cash and equivalents against $0 in long-term debt.
What is Spruce Biosciences, Inc.'s return on equity (ROE)?
Spruce Biosciences, Inc. (SPRB) has a return on equity of -91.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Spruce Biosciences, Inc.'s operating cash flow?
Spruce Biosciences, Inc. (SPRB) generated -$33.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Spruce Biosciences, Inc.'s total assets?
Spruce Biosciences, Inc. (SPRB) had $53.0M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Spruce Biosciences, Inc. spend on research and development?
Spruce Biosciences, Inc. (SPRB) invested $19.5M in research and development during fiscal year 2025.
What is Spruce Biosciences, Inc.'s current ratio?
Spruce Biosciences, Inc. (SPRB) had a current ratio of 5.17 as of fiscal year 2025, which is generally considered healthy.
What is Spruce Biosciences, Inc.'s debt-to-equity ratio?
Spruce Biosciences, Inc. (SPRB) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Spruce Biosciences, Inc.'s return on assets (ROA)?
Spruce Biosciences, Inc. (SPRB) had a return on assets of -73.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spruce Biosciences, Inc.'s cash runway?
Based on fiscal year 2025 data, Spruce Biosciences, Inc. (SPRB) had $48.9M in cash against an annual operating cash burn of $33.3M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Spruce Biosciences, Inc.'s Altman Z-Score?
Spruce Biosciences, Inc. (SPRB) has an Altman Z-Score of -0.83, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spruce Biosciences, Inc.'s Piotroski F-Score?
Spruce Biosciences, Inc. (SPRB) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spruce Biosciences, Inc.'s earnings high quality?
Spruce Biosciences, Inc. (SPRB) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Spruce Biosciences, Inc. cover its interest payments?
Spruce Biosciences, Inc. (SPRB) has an interest coverage ratio of -405.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.