Welcome to our dedicated page for Spruce Biosciences SEC filings (Ticker: SPRB), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Spruce Biosciences, Inc. (SPRB) SEC filings page on Stock Titan provides direct access to the company’s regulatory disclosures, along with AI-powered summaries to help interpret complex documents. Spruce is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need, and its filings offer detailed insight into clinical programs, financing arrangements, and corporate governance.
Investors can review current reports on Form 8-K that describe material events such as the company’s loan and security agreement with Avenue Venture Opportunities Fund II, L.P. for up to $50.0 million in term loans tied to regulatory and commercial milestones for tralesinidase alfa enzyme replacement therapy (TA-ERT) in Sanfilippo Syndrome Type B (MPS IIIB). Other 8-K filings cover a private placement of common stock and pre-funded warrants with institutional investors, conditional Nasdaq approval and resumption of trading on the Nasdaq Capital Market, reverse stock split implementation, quarterly financial results, and changes in the composition of the board of directors.
Spruce’s filings also detail equity and compensation structures, including option repricing actions for certain outstanding stock options and the non-employee director compensation policy under which new directors such as Keli Walbert receive stock option grants and cash retainers. These documents help clarify how the company uses equity incentives and capital structure adjustments to support its development and listing objectives.
Through this page, you can monitor Spruce’s annual reports (Form 10-K) and quarterly reports (Form 10-Q) when filed, which expand on risk factors, financial statements, and management’s discussion of operations. Form 4 and related insider transaction reports, when available, can be used to track trading activity by officers and directors. Stock Titan’s AI tools summarize lengthy filings, highlight key terms in financing agreements, and surface important disclosures related to TA-ERT’s development path, Nasdaq listing status, and the company’s liquidity and capital resources.
Citadel-affiliated funds and Kenneth Griffin report a 6.5% passive stake in Spruce Biosciences. The group may be deemed to beneficially own 70,035 shares of common stock, based on 1,070,370 shares outstanding as of November 7, 2025. Ownership is held through Citadel CEMF Investments Ltd. and Citadel Securities, with all voting and dispositive powers reported as shared, not sole. The filing is on a Schedule 13G/A basis, and the reporting persons certify the shares were not acquired to change or influence control of Spruce Biosciences.
Spruce Biosciences investor Squadron Master Fund LP and related parties report beneficial ownership of 70,000 shares of common stock, or 6.5% of the company. This percentage is based on 1,070,370 shares outstanding as of November 7, 2025, as disclosed by Spruce Biosciences.
The stake is held through private funds advised by Squadron Capital Management LLC, an exempt reporting adviser. Squadron, along with partners Matthew Sesterhenn and William Blank, share voting and dispositive power over the 70,000 shares but have no sole authority. They may be deemed beneficial owners yet expressly disclaim beneficial ownership and state the position is held in the ordinary course, without intent to change or influence control.
Spruce Biosciences, Inc. received a beneficial ownership report from Wellington Management Group LLP and related entities. They report beneficial ownership of 58,949 shares of Spruce common stock, representing 5.5% of the outstanding class as of the event date.
The Wellington entities report no sole voting or dispositive power, with 43,983 shares subject to shared voting power and 58,949 shares subject to shared dispositive power. The shares are owned of record by clients of Wellington investment advisers, who receive dividends and sale proceeds.
The reporting groups state the holdings are maintained in the ordinary course of business and not for the purpose of changing or influencing control of Spruce Biosciences.
Spruce Biosciences filed a report describing new clinical data for its investigational enzyme replacement therapy tralesinidase alfa (TA-ERT) in Sanfilippo Syndrome Type B (MPS IIIB). Data presented at the 22nd Annual WORLDSymposium showed that long-term TA-ERT administration led to rapid and durable reductions in heparan sulfate, a key disease biomarker, and was associated with preserved cognitive and non-cognitive function versus natural history patients.
New analyses across one observational and three interventional studies using the validated VABS-II scale indicated that TA-ERT treatment was associated with stabilization of receptive and expressive communication and both fine and gross motor skills, in contrast to declines seen in untreated patients. The company also discussed plans and expectations around potential accelerated approval pathways, a future biologics license application, and the possibility that TA-ERT could become a first and best-in-class disease-modifying therapy for MPS IIIB, while emphasizing the significant risks and uncertainties that could cause actual outcomes to differ.
Spruce Biosciences interim Chief Medical Officer Douglas Kirk Ways, who also serves as a director, reported new equity awards and option changes. On December 11, 2025, he was granted 5,000 restricted stock units (RSUs), each representing one share of common stock. According to the vesting terms, 25% (1,250 RSUs) vested on grant and converted into 1,250 shares of common stock at a price of $0, with the remaining RSUs scheduled to vest in three equal 25% installments on December 15, 2026, 2027 and 2028, subject to continuous service.
The filing also details a one-time stock option repricing effective December 11, 2025. Options with exercise prices of $106.09 per share or greater held by eligible employees and directors were amended so their exercise price is $104.13 per share, based on the 30‑day trailing volume‑weighted average price. The options remain fully vested or on their prior vesting schedules, share counts and expiration dates, and if exercised within a one‑year retention period the original higher exercise price must be paid.
Spruce Biosciences entered a secured Loan and Security Agreement providing term loans in principal amounts of up to $50.0 million, plus a discretionary additional $10.0 million. An initial $15.0 million tranche is to be funded shortly after closing, with later tranches dependent on key regulatory and commercial milestones for its TA-ERT program for MPS IIIB. The loans bear interest at a floating rate with a minimum of 12.25% annually, mature on July 1, 2029, and are secured by substantially all company assets. The agreement includes interest-only periods that can be extended if milestones are met, standard negative covenants, and customary events of default.
As part of the financing, the lender receives a conversion option on up to $4.0 million of loan principal and a warrant to purchase up to $3,200,000 of common stock, with pricing tied to future equity financing and a potential $6,400,000 cash success fee if a change of control occurs before the warrant is issued. Spruce also reported preliminary unaudited cash and cash equivalents of approximately $48.9 million as of December 31, 2025.
Spruce Biosciences president and CFO Samir Gharib updated his share holdings following restricted stock unit (RSU) vesting. On December 15, 2025, 496 RSUs from a December 5, 2022 grant vested, with 178 shares of common stock withheld to cover taxes, resulting in a net issuance of 318 shares. The same day, 513 RSUs from a December 14, 2023 grant vested, with 184 shares withheld for taxes, resulting in a net issuance of 329 shares.
These transactions were reported as RSU conversions at an exercise price of $0, followed by share disposals coded as tax withholdings at $80.67 per share. After the reported transactions, Gharib directly beneficially owned 8,263 shares of Spruce Biosciences common stock.
Spruce Biosciences, Inc. chief executive officer and director reported multiple equity transactions. On December 15, 2025, 1,480 previously granted restricted stock units (RSUs) vested, with 752 shares withheld for taxes, resulting in a net issuance of 728 common shares. On the same date, 1,196 additional RSUs vested, with 608 shares withheld for taxes and a net issuance of 588 shares.
Separately, effective December 11, 2025, 1,666 employee stock options with an original exercise price of $344.25 per share were replaced by 1,666 options with a reduced exercise price of $104.13 per share, reflecting a one-time option repricing based on the 30‑day volume‑weighted average price. If a repriced option is exercised before the end of a one‑year retention period, the holder must pay the original exercise price.
Spruce Biosciences, Inc. reported transactions by a director involving existing stock options after a 75-for-1 reverse stock split effective August 4, 2025. The reverse split combined every seventy-five shares of common stock into one share, and each option to purchase 75 shares became an option to purchase one share, with exercise prices multiplied by seventy-five.
On December 11, 2025, the company implemented a one-time stock option repricing for options with exercise prices of $106.09 per share or higher, held by employees and directors who remained in continuous service on that date. The exercise price of affected options was amended to $104.13 per share, equal to the 30-day trailing volume-weighted average price of the common stock on the Nasdaq Capital Market. The options are fully vested and exercisable, and if an optionholder exercises within a one-year retention period, they must pay the original exercise price. Vesting schedules, expiration dates, and the number of underlying shares were not changed.
Spruce Biosciences, Inc. reported Form 4 transactions for its executive chairman and director reflecting a one-time stock option repricing effective December 11, 2025. Options with exercise prices of $106.09 per share or greater were amended so the exercise price is now $104.13 per share, equal to the thirty-day trailing volume-weighted average price of the common stock on the Nasdaq Capital Market on the repricing date.
Most of the affected options are fully vested and exercisable, while one grant vests in 1/48th monthly installments from December 16, 2021. No changes were made to vesting schedules, expiration dates, or the number of shares underlying the repriced options. If a repriced option is exercised before the end of a one-year retention period, the holder must pay the original higher exercise price. Earlier, effective August 4, 2025, the company completed a reverse stock split in which every seventy-five shares of common stock, and the corresponding stock options, were combined into one and the option exercise prices were multiplied by seventy-five.