[Form 3] SPRUCE BIOSCIENCES, INC. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Parkman Healthcare Partners LLC filed an initial Form 3 disclosing indirect ownership of 1,051 shares of Spruce Biosciences, Inc. (SPRB) held through private fund investments. The filing, tied to an event on 10/06/2025, lists the reporting person as a director and notes the reported holdings reflect only the reporting person's pecuniary interest rather than an admission of beneficial ownership. A separate Form 3 will follow for Gregory Martinez once CIK codes are available.

Positive

• Timely disclosure of initial beneficial ownership under Section 16
• Clear disclaimer limiting ownership to pecuniary interest in private funds
• Follow-up filing for Gregory Martinez is noted and planned

Negative

• None.

Insights

Corporate Governance Analyst

Disclosure shows routine insider reporting with a small indirect stake.

This Form 3 records an initial Section 16 filing reporting an indirect interest of 1,051 common shares held via private funds, and the filer is identified as a director. The statement includes a standard disclaimer limiting the filer’s claimed beneficial ownership to pecuniary interest.

The filing is primarily procedural: it confirms compliance with reporting rules and signals that a related filing for Gregory Martinez is pending once CIK codes are issued, a near-term administrative update to watch.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Parkman Healthcare Partners LLC

(Last) (First) (Middle)

700 CANAL STREET

(Street)

STAMFORD CT 06902

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/06/2025

3. Issuer Name and Ticker or Trading Symbol
SPRUCE BIOSCIENCES, INC. [ SPRB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.0001 per share	1,051	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The amount reported represents the Reporting Persons' pecuniary interest held through an investment in private funds. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 3 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Remarks:

A subsequent Form 3 will be filed for Gregory Martinez once CIK codes are received.

	Parkman Healthcare Partners LLC, By: /s/ Gregory Martinez, Chief Investment Officer	10/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Parkman Healthcare Partners LLC report for SPRB?

It reported an indirect ownership interest of 1,051 shares of Spruce Biosciences (SPRB) held through private funds.

When is the event date tied to this Form 3 filing?

The event requiring the statement is dated 10/06/2025.

What relationship does the reporting person have to SPRB?

The filer is reported as a director of the issuer.

Will there be additional filings related to this report?

Yes. The filing notes that a subsequent Form 3 will be filed for Gregory Martinez once CIK codes are received.

Does the filing state direct beneficial ownership?

No. The filing disclaims direct beneficial ownership and limits the report to the filer’s pecuniary interest in the securities.