Spruce Biosciences director granted 1,700 stock options

Spruce Biosciences director Keli Walbert received a new stock option grant.

Rhea-AI Filing Summary

Spruce Biosciences director Keli Walbert received a new stock option grant. The Form 4 shows an award of 1,700 stock options for common stock at an exercise price of $52.70 per share, with 1,700 derivative securities held after the transaction.

The options vest on the first anniversary of the grant date and will in any case be fully vested by the company’s 2027 annual stockholder meeting, subject to continuous service. They also vest in full upon a change in control. This is a compensation-related grant, not an open-market purchase or sale.

Insider Trade Summary

Grant/Award: 1,700 shares

Grant/Award 1 txn

Insider Walbert Keli

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	1,700	$0.00	$0.00

Holdings After Transaction: Stock Option (Right to Buy) — 1,700 contracts (Direct)

Footnotes (1)

1. F1. The shares vest on the first anniversary of the Grant Date, provided that the Option will in any case be fully vested on the date of Company's 2027 annual stockholder meeting, subject to the Reporting Person's Continuous Service (as defined in the 2020 Equity Incentive Plan (the "Plan")) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

Key Figures

Stock options granted: 1,700 options Exercise price: $52.70 per share Options after transaction: 1,700 derivative securities +3 more

6 metrics

Stock options granted 1,700 options Grant to director Keli Walbert on May 21, 2026

Exercise price $52.70 per share Exercise price for granted stock options

Options after transaction 1,700 derivative securities Total stock options held following grant

Option expiration date May 20, 2036 Expiration of granted stock options

Vesting milestone First anniversary of grant date Initial vesting date, subject to continuous service

Full vesting backstop 2027 annual stockholder meeting Options fully vested by 2027 meeting, if still in service

Key Terms

Stock Option, Continuous Service, Change in Control, 2020 Equity Incentive Plan

4 terms

Stock Option financial

"Stock Option (Right to Buy)"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

Continuous Service financial

"subject to the Reporting Person's Continuous Service (as defined in the 2020 Equity Incentive Plan"

Change in Control financial

"and will vest in full upon a Change in Control (as defined in the Plan)"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

2020 Equity Incentive Plan financial

"as defined in the 2020 Equity Incentive Plan (the "Plan")"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did SPRUCE BIOSCIENCES (SPRB) report for Keli Walbert?

Spruce Biosciences reported that director Keli Walbert received a grant of 1,700 stock options for common stock. The options are a compensation-related award, not shares bought or sold in the open market, and are exercisable at $52.70 per share.

How many SPRB stock options were granted to Keli Walbert and at what price?

Keli Walbert was granted 1,700 stock options for Spruce Biosciences common stock. Each option has an exercise price of $52.70 per share, meaning Walbert can buy shares at that price once the options are vested and exercised.

What are the vesting terms for Keli Walbert’s new SPRB stock options?

The options vest on the first anniversary of the grant date and will in any case be fully vested by Spruce Biosciences’ 2027 annual stockholder meeting. Vesting requires continuous service and the options also vest in full upon a change in control under the company’s plan.

Is Keli Walbert’s Form 4 transaction in SPRB an open-market trade?

No. The Form 4 shows a grant of 1,700 stock options as compensation, not an open-market purchase or sale. The transaction is coded as an award acquisition, with an exercise price of $52.70 and vesting based on service and corporate events.

When do Keli Walbert’s SPRB stock options expire?

The granted stock options for Spruce Biosciences held by Keli Walbert expire on May 20, 2036. This long-dated expiration gives a substantial window to meet vesting conditions, exercise the options, and potentially benefit from future stock price performance, subject to plan terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/26/2026 - 04:30 PM Learn about SEC filing dates

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

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^*

Walbert Keli

(Last) (First) (Middle)

C/O SPRUCE BIOSCIENCES, INC.

611 GATEWAY BOULEVARD, SUITE 740

(Street)

SOUTH SAN FRANCISCO CALIFORNIA 94080

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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

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
Stock Option (Right to Buy)	$52.7	05/21/2026		A		1,700		(1)	05/20/2036	Common Stock	1,700	$0	1,700	D

Explanation of Responses:

1. The shares vest on the first anniversary of the Grant Date, provided that the Option will in any case be fully vested on the date of Company's 2027 annual stockholder meeting, subject to the Reporting Person's Continuous Service (as defined in the 2020 Equity Incentive Plan (the "Plan")) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

	/s/ Samir Gharib, Attorney-in-Fact	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)