Spruce Biosciences, Inc. Financials
Spruce Biosciences, Inc. (SPRB) reported $0 in revenue for fiscal year 2025, down 100.0% from the prior fiscal year. This page shows its 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
Spruce Biosciences, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Spruce Biosciences, Inc. scores 1.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($176.7M) 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 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Spruce Biosciences, Inc. reported a net loss of $39.0M while operations used $33.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Spruce Biosciences, Inc. reported an operating loss of $36.5M against $90K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Cash & Balance Sheet
Spruce Biosciences, Inc. held $48.9M in cash against $0 in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SPRB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0-100.0% | $4.9M-51.3% | $10.1M | $0 | N/A | N/A | N/A |
| R&D Expenses | N/A | $19.5M-57.9% | $46.4M-6.1% | $49.4M+40.4% | $35.2M+14.7% | $30.7M+28.7% | $23.9M+120.5% | $10.8M |
| SG&A Expenses | N/A | $17.0M+16.0% | $14.6M+15.8% | $12.7M+4.7% | $12.1M+6.3% | $11.4M+104.4% | $5.6M+142.9% | $2.3M |
| Operating Income | N/A | -$36.5M+35.0% | -$56.2M-8.0% | -$52.0M-10.0% | -$47.3M-12.4% | -$42.1M-43.0% | -$29.4M-124.4% | -$13.1M |
| Interest Expense | N/A | $90K-70.7% | $307K-36.4% | $483K+15.0% | $420K+21.7% | $345K+6.8% | $323K+396.9% | $65K |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | N/A | -$39.0M+26.5% | -$53.0M-10.7% | -$47.9M-3.8% | -$46.2M-9.2% | -$42.3M-43.2% | -$29.5M-125.7% | -$13.1M |
| EPS (Diluted) | — | -$50.83 | -$96.40 | -$1.24 | -$1.96-8.3% | -$1.81 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SPRB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $53.0M+17.3% | $45.2M-56.5% | $103.9M+21.4% | $85.6M-32.3% | $126.5M-22.3% | $162.9M+3371.5% | $4.7M |
| Current Assets | $52.1M+17.9% | $44.2M-56.7% | $102.2M+22.2% | $83.6M-9.0% | $91.9M-42.7% | $160.4M+3347.9% | $4.7M |
| Cash & Equivalents | $48.9M+26.2% | $38.8M-59.8% | $96.3M+293.4% | $24.5M-42.7% | $42.7M-72.8% | $157.2M+3904.8% | $3.9M |
| Accounts Receivable | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $10.5M-35.9% | $16.4M-40.3% | $27.4M+59.9% | $17.2M+13.5% | $15.1M+12.3% | $13.5M-61.9% | $35.3M |
| Current Liabilities | $10.1M-33.8% | $15.2M-37.7% | $24.5M+96.6% | $12.4M+40.3% | $8.9M-9.1% | $9.8M+126.9% | $4.3M |
| Long-Term Debt | $0-100.0% | $124K-92.8% | $1.7M-47.9% | $3.3M-32.5% | $4.9M+153.8% | $1.9M-39.8% | $3.2M |
| Total Equity | $42.5M+47.5% | $28.8M-62.3% | $76.5M+11.7% | $68.5M-38.5% | $111.4M-25.5% | $149.4M+587.7% | -$30.6M |
| Retained Earnings | -$289.2M-15.6% | -$250.3M-26.9% | -$197.2M-32.1% | -$149.3M-44.8% | -$103.1M-69.5% | -$60.8M-94.4% | -$31.3M |
Not reported in any period shown, so not listed: Inventory, Goodwill.
SPRB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.6M | -$33.3M+40.4% | -$56.0M-68.2% | -$33.3M+20.2% | -$41.7M-16.2% | -$35.9M-30.4% | -$27.5M-118.1% | -$12.6M |
| Capital Expenditures | N/A | N/A | $0-100.0% | $7K-12.5% | $8K-91.4% | $93K+25.7% | $74K+1750.0% | $4K |
| Free Cash Flow | N/A | N/A | -$56.0M-68.2% | -$33.3M+20.2% | -$41.7M-15.9% | -$36.0M-30.4% | -$27.6M-118.6% | -$12.6M |
| Investing Cash Flow | N/A | N/A | $0-100.0% | $55.8M+135.4% | $23.7M+129.9% | -$79.2M-106883.8% | -$74K-1750.0% | -$4K |
| Financing Cash Flow | $122.7M | $43.5M+2780.7% | -$1.6M-103.3% | $49.1M+20490.0% | -$241K-137.5% | $643K-99.6% | $181.0M+1356.1% | $12.4M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SPRB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -1143.4% | -515.3% | N/A | N/A | N/A | N/A |
| Net Margin | N/A | -1079.9% | -475.0% | N/A | N/A | N/A | N/A |
| Return on Equity | -91.6%+92.4pp | -184.0%-121.4pp | -62.6%+4.8pp | -67.4%-29.5pp | -38.0%-18.2pp | -19.8% | N/A |
| Return on Assets | -73.5%+43.8pp | -117.3%-71.2pp | -46.1%+7.8pp | -53.9%-20.5pp | -33.4%-15.3pp | -18.1%+260.8pp | -278.9% |
| Current Ratio | 5.17+2.3x | 2.90-1.3x | 4.18-2.5x | 6.72-3.6x | 10.36-6.1x | 16.43+15.3x | 1.08 |
| Debt-to-Equity | 0.000.0x | 0.000.0x | 0.020.0x | 0.050.0x | 0.040.0x | 0.01 | N/A |
| FCF Margin | N/A | -1139.6% | -329.9% | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Where Spruce Biosciences, Inc. Ranks
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 100.0% 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) recorded an outflow of $33.3M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does Spruce Biosciences, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Spruce Biosciences, Inc. (SPRB) held $48.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $33.3M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Spruce Biosciences, Inc.'s Altman Z-Score?
Spruce Biosciences, Inc. (SPRB) has an Altman Z-Score of 1.13, 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 5 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) reported a net loss of $39.0M while operations used $33.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $36.5M against $90K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.