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Spruce Biosciences filings document the regulatory, financing and governance record of a late-stage biopharmaceutical company developing TA-ERT for Sanfilippo Syndrome Type B (MPS IIIB). Form 8-K disclosures cover material agreements, including loan and security arrangements, at-the-market equity sale agreements, collaboration and license matters, and furnished clinical data updates related to the TA-ERT program.
Proxy materials describe shareholder voting matters, director elections, board committee changes, executive compensation and equity incentive plan matters. The filing record also includes capital-structure disclosures tied to common stock, equity awards, financing arrangements, risk factors and public-company governance.
Spruce Biosciences, Inc. is a late-stage biopharmaceutical company developing tralesinidase alfa (TA-ERT) for mucopolysaccharidosis type IIIB (Sanfilippo B), which has no approved therapies. TA-ERT holds multiple U.S. and EU regulatory designations, and a BLA filing is anticipated in Q4 2026.
For the six months ended June 30, 2026, Spruce reported a net loss of $28.5 million versus $16.1 million in 2025, driven by higher TA-ERT spending. Research and development expenses rose to $19.7 million from $10.4 million, and general and administrative expenses to $8.8 million from $6.8 million. Cash and cash equivalents increased to $96.3 million from $48.9 million, primarily from a $64.4 million April 2026 equity offering and a $15.0 million Avenue term loan. Management believes existing cash plus a subsequent $5.5 million August 2026 private placement will fund operations and debt obligations for at least 12 months, but the company remains pre-revenue and expects continued losses as it advances TA-ERT and builds commercialization capabilities.
Spruce Biosciences reported second quarter 2026 results and outlined late-stage plans for its lead therapy tralesinidase alfa enzyme replacement therapy (TA-ERT) in mucopolysaccharidoses type IIIB (MPS IIIB), a pediatric neurodegenerative disorder with no FDA‑approved treatments. A Biologics License Application for TA‑ERT is anticipated in the fourth quarter of 2026, seeking accelerated approval using cerebrospinal fluid heparan sulfate non‑reducing end as a surrogate endpoint. A randomized, single‑blind TrAnsform confirmatory study in approximately 14 children with severe MPS IIIB is also expected to start in the fourth quarter of 2026.
Patient advocacy groups Cure Sanfilippo Foundation and the National MPS Society made a combined $5.5 million strategic investment to help fund a TA‑ERT Expanded Access Program for about 10 U.S. participants, planned to begin in the fourth quarter of 2026. Cash and cash equivalents were $96.3 million as of June 30 2026, up from $48.9 million at year‑end 2025, which the company believes will fund planned operations and debt obligations into the second half of 2027. Total operating expenses were $16.5 million in the quarter, leading to a net loss of $16.2 million, or $(6.68) per share, and a six‑month net loss of $28.5 million, or $(14.96) per share. The company also strengthened its leadership with a new Chief Medical Officer and Vice President of Clinical Development.
Spruce Biosciences, Inc. is reported as the issuer of Common Stock, par value $0.0001 per share. Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander jointly report beneficial ownership of 160,981 shares of Spruce Biosciences common stock, with shared voting power and shared dispositive power over 160,981 shares and no sole voting or dispositive power. Each reporting person’s cover information reflects this same share amount and a stated ownership of 5.8% of the class.
The filers state that, as of the relevant date, they have ceased to beneficially own more than 5 percent of Spruce Biosciences’ common stock, and they characterize their holdings accordingly under the “Ownership of 5 Percent or Less of a Class” item. A joint filing agreement among the four reporting persons is referenced as an exhibit.
BlackRock, Inc. reports beneficial ownership of common stock of Spruce Biosciences Inc.. BlackRock and certain of its subsidiaries and affiliates collectively beneficially own 187,836 shares of Spruce Biosciences common stock, representing 6.8% of the outstanding class.
BlackRock has sole voting power over 185,907 shares and sole dispositive power over 187,836 shares, with no shared voting or dispositive power reported. Various underlying clients and accounts have rights to dividends or sale proceeds from these shares, but no single such person holds more than five percent of Spruce Biosciences’ outstanding common shares. The filing is made on a Schedule 13G basis as a large institutional holder.
Quartel Adrian W reported acquisition or exercise transactions in this Form 4 filing.
Spruce Biosciences’ Chief Medical Officer Adrian W. Quartel reported a grant of 13,000 Restricted Stock Units (RSUs) on July 27, 2026. Each RSU represents one share of common stock. The award vests 25% on June 15 of each year from 2027 through 2030, subject to his continuous service, resulting in direct holdings of 13,000 RSUs.
SPRUCE BIOSCIENCES, INC. submitted an initial insider ownership report for Adrian W. Quartel, who serves as Chief Medical Officer. The Form 3 lists no transactions or holdings for him and notes an accompanying Exhibit 24 labeled Power of Attorney.
Spruce Biosciences, Inc. has a significant shareholder group led by AIGH Capital Management LLC and related entities and person Orin Hirschman. These reporting persons collectively report beneficial ownership of 250,000 shares of Spruce Biosciences common stock, representing 9.1% of the outstanding class.
The reporting persons state they have sole voting power and sole dispositive power over 250,000 shares, with no shared voting or dispositive power. The ownership is reported jointly by AIGH Capital Management LLC, AIGH Investment Partners LLC, and Mr. Hirschman, who is managing member or president of the investment entities.
Spruce Biosciences, Inc. appointed Adrian Quartel, M.D., FFPM as Chief Medical Officer on July 27, 2026, replacing Interim Chief Medical Officer Dr. Kirk Ways, who remains on the Board of Directors. Quartel has more than 25 years of international pharmaceutical experience across clinical development, pharmacovigilance, and medical affairs.
He previously served as Chief Medical Officer at Zevra Therapeutics, Acer Therapeutics, and Adamas Pharmaceuticals. Earlier, at BioMarin Pharmaceutical, he led global medical affairs and helped launch six treatments for rare diseases and genetic disorders, including the enzyme replacement therapies NAGLAZYME and Brineura. Quartel holds an M.D. from Erasmus University Medical School and a postgraduate specialization in pharmaceutical medicine, and is board certified by the UK General Medical Council in pharmaceutical medicine.
SPRUCE BIOSCIENCES, INC. Chief Executive Officer Javier B. Szwarcberg acquired 266 shares of common stock at $4.5305 per share through the company’s 2020 Employee Stock Purchase Plan. This grant increased his direct holdings to 19,270 shares, reflecting routine compensation-related share accumulation rather than an open-market trade.
Spruce Biosciences director Daniel K. Spiegelman received a grant of stock options for 1,700 shares of Common Stock. The options have an exercise price of 52.7000 per share and expire on May 20, 2036. Following this grant, he holds 1,700 derivative securities directly.
The options vest on the first anniversary of the grant date, with full vesting no later than the company’s 2027 annual stockholder meeting, subject to his continuous service under the 2020 Equity Incentive Plan. The award will also vest in full upon a Change in Control as defined in that plan.