[Form 4] SPRUCE BIOSCIENCES, INC. Insider Trading Activity

Rhea-AI Filing Summary

Insider transactions by Parkman Healthcare Partners LLC in Spruce Biosciences (SPRB) show net activity on 10/06/2025. The reporting entity acquired 256 shares of common stock at a weighted-average price of $17.9108 and disposed of 232 shares at a weighted-average $19.3264 plus 25 shares at a weighted-average $17.4557. After these trades the reported beneficial ownership counts are 1,307, 1,075, and 1,050 respectively for each reported line. The filing notes these holdings represent a pecuniary interest held through private funds and disclaims direct beneficial ownership except to the extent of that interest. A signed filing was submitted by Gregory Martinez as CIO on 10/08/2025.

Positive

• Insider purchase of 256 shares at a weighted-average price of $17.9108 on 10/06/2025
• Transparent disclosure of weighted-average price ranges with offer to provide per-lot details upon request

Negative

• Offsetting sales totaling 257 shares on 10/06/2025 at weighted-average prices of $19.3264 and $17.4557
• Beneficial ownership is indirect through private funds and is disclaimed, limiting inference about insider intent

Insights

Equity Trading Analyst

Insider executed offsetting buy and sell trades on a single date, indicating portfolio rebalancing.

The reporting person recorded a purchase of $17.9108-weighted 256 shares and sales totaling 257 shares at weighted prices of $19.3264 and $17.4557 on 10/06/2025. These are small share counts in absolute terms and are presented as transactions executed in multiple lots with weighted averages disclosed.

Because ownership is held indirectly through private funds and the filer disclaims direct beneficial ownership, these trades likely reflect fund-level portfolio adjustments rather than personal directional bets. Monitor subsequent filings for separate Forms 4 (e.g., for Gregory Martinez) and any changes in the reported indirect holdings over the next reporting cycles.

Corporate Governance Analyst

Disclosure clarifies the reporting structure and includes standard Form 4 disclaimers.

The filing explicitly states the reported amounts reflect the reporting person’s pecuniary interest through private funds and disclaims broader beneficial ownership. This limits the inference one can draw about individual intent from these trades.

Investors should note the filing promise to provide breakdowns of execution prices within disclosed ranges upon request and that a follow-up Form 4 will be filed for a named individual once administrative identifiers are available.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.001 par value per share	10/06/2025		P		256	A	$17.9108(1)	1,307	I	See footnote(2)
Common Stock, $0.001 par value per share	10/06/2025		S		232	D	$19.3264(3)	1,075	I	See footnote(2)
Common Stock, $0.001 par value per share	10/06/2025		S		25	D	$17.4557(4)	1,050	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions within the range of $17.55 to $18. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the range set forth in this footnote.

2. 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 4 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.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $19.125 to $19.63. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $17.44 to $17.56. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

A subsequent Form 4 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 4 (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 trades did Parkman Healthcare Partners LLC report for SPRB on 10/06/2025?

The filer reported a purchase of 256 shares at a weighted-average price of $17.9108 and sales of 232 shares at $19.3264 and 25 shares at $17.4557 on 10/06/2025.

How many shares does the filing show as beneficially owned after the transactions?

The filing lists resulting beneficial ownership counts of 1,307, 1,075, and 1,050 on the respective report lines after each transaction.

Is the reported ownership direct or indirect?

The filing states the ownership is indirect (pecuniary interest through private funds) and disclaims direct beneficial ownership except to the extent of that pecuniary interest.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Gregory Martinez, Chief Investment Officer for Parkman Healthcare Partners LLC on 10/08/2025.

Will there be additional filings related to these transactions?

Yes, the filing remarks state that a subsequent Form 4 will be filed for Gregory Martinez once CIK codes are received.