Here are the 10-Q quarterly reports from Spruce Biosciences, Inc. (SPRB) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SPRB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SPRB filings page.
Spruce Biosciences, Inc. reported a $52.5 million net loss for the nine months ended September 30, 2026, versus $24.3 million in 2025, and used $44.6 million of operating cash, versus $26.9 million. Cash and cash equivalents were $87.7 million as of September 30, 2026. Spruce said this cash would be insufficient to fund planned operations and debt obligations for at least 12 months following issuance absent alternative financing. It stated substantial doubt exists about its ability to continue as a going concern.
The company is developing TA-ERT for MPS IIIB and anticipates a BLA submission seeking accelerated approval in December 2026. Its TrAnsform confirmatory study is on track to begin in December 2026 and is expected to enroll approximately 14 participants; an expanded access program began in November 2026 and is expected to enroll approximately 10. Spruce has no approved products or product revenue.
On November 6, 2026, Spruce's board approved separating CRHX-101 into Adrenyx; a pro rata distribution is expected in the first half of 2027, but the board had not yet approved the distribution. An Avenue amendment extended the interest-only period through March 31, 2027; further extensions are subject to conditions.
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 a Q1 2026 net loss of $12.3 million, narrower than the $14.0 million loss a year earlier, as research and development spending declined. R&D totaled $7.6 million versus $10.8 million in Q1 2025, while general and administrative expenses rose to $4.4 million from $3.7 million.
As of March 31, 2026, Spruce held $54.1 million in cash and cash equivalents and had an accumulated deficit of $301.5 million. It also carried $16.6 million in gross debt under a new Avenue term loan, with $15.0 million funded at a 12.25% interest rate and secured by substantially all assets.
The company closed an April 2026 underwritten offering of 1,150,000 common shares and 50,000 pre-funded warrants, plus 180,000 additional shares from the underwriters’ option, for gross proceeds of about $69.0 million. Management believes existing cash plus these proceeds will fund planned operations and debt obligations for at least 12 months.
Spruce is focused on tralesinidase alfa enzyme replacement therapy (TA‑ERT) for mucopolysaccharidoses type IIIB, which has U.S. and EU orphan and breakthrough designations. The company plans to submit a biologics license application for TA‑ERT in the fourth quarter of 2026 and continues preclinical and clinical work on other candidates.
Spruce Biosciences (SPRB) reported Q3 2025 results marked by tighter spending, liquidity strain, and key program milestones. The company posted a net loss of $8.2 million for the quarter and $24.3 million year‑to‑date, with no collaboration revenue recognized in 2025. Operating expenses fell to $8.2 million in Q3 (from $10.0 million a year ago) as R&D declined on program discontinuations and a 55% workforce reduction, partly offset by increased TA‑ERT manufacturing.
Cash and cash equivalents were $10.7 million at September 30, 2025, and the filing states “substantial doubt” about the ability to continue as a going concern. After quarter‑end, Spruce raised approximately $50.0 million in gross proceeds via a private placement and subsequently terminated and repaid its SVB term loan, including the $0.3 million supplemental final payment. The company effected a 1‑for‑75 reverse stock split and relisted on Nasdaq. Development shifted to tralesinidase alfa (TA‑ERT) for MPS IIIB, which received FDA Breakthrough Therapy designation in October 2025, with a planned BLA submission in the first quarter of 2026.