Spruce Biosciences, Inc. SEC Filings

Spruce Biosciences (SPRB) reported an insider equity event by its Chief Executive Officer and director. On 10/20/2025, the Board certified performance goals, causing 4,784 performance‑based RSUs granted on March 14, 2024 to vest. Each RSU represents the right to receive one share of SPRB common stock.

In connection with the vesting, 1,539 shares were withheld for taxes at a price of $148.16, resulting in a net issuance of 3,245 shares. Following these transactions, the reporting person directly beneficially owned 9,474 shares. The Form 4 reflects an “M” code for settlement of RSUs into common stock at $0 and an “F” code for tax withholding.

Spruce Biosciences announced that director Bali Muralidhar, Ph.D. resigned from the board and the compensation committee, effective October 15, 2025. The company stated his departure was not due to any disagreement regarding operations, policies, or practices. This is a governance update with no operational or financial changes disclosed.

Spruce Biosciences (SPRB) — Form 4 insider trading update. Parkman Healthcare Partners LLC and Gregory Martinez reported trades on 10/06/2025 as indirect owners. They purchased 256 shares of common stock at a weighted average price of $17.9108 (within $17.55–$18.00), then sold 232 shares at $19.3264 (within $19.125–$19.63) and sold 25 shares at $17.4557 (within $17.44–$17.56). Following the reported transactions, they beneficially owned 1,050 shares indirectly through private funds. Each reporting person disclaims beneficial ownership beyond pecuniary interest.

Spruce Biosciences (SPRB): Initial insider ownership reported. A Form 3 discloses indirect beneficial ownership of 1,051 shares of common stock. The reporting person is identified as a Director and indicates the shares are held through private funds, with beneficial ownership disclaimed beyond any pecuniary interest.

The filing notes it is made by more than one reporting person, and includes a remark that these securities are also indirectly beneficially owned by Gregory Martinez.

HealthCap VIII amended its Schedule 13D for Spruce Biosciences, Inc. (SPRB) to report current holdings and a recent sale. The filing shows the reporting persons beneficially owned 36,640 shares, equal to 3.4% of Spruce's 1,065,223 outstanding shares after giving effect to warrants exercisable for 9,439 shares. The Fund directly holds 27,201 shares with warrants for 9,439 shares.

On 10/07/2025 the Fund sold 12,500 shares at $205.99 per share. Following these transactions, the reporting persons ceased to be beneficial owners of more than 5% of the common stock as of 10/09/2025. The GP delegates voting and dispositive power to HealthCap Investments S.A., and signatures from HealthCap representatives are included.

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.

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.

Spruce Biosciences, Inc. entered into a private placement with institutional investors, agreeing to sell 502,181 shares of common stock and pre-funded warrants to purchase up to 233,144 additional shares at a purchase price of $68.00 per share, for expected gross proceeds of approximately $50.0 million at closing. The pre-funded warrants have a $0.01 per share exercise price, are exercisable for five years, and include ownership limits that generally cap each holder below specified percentages of outstanding common stock. Spruce plans to file resale registration statements for the shares and warrant shares after closing and intends to use its strengthened capital position to advance tralesinidase alfa enzyme replacement therapy toward a planned biologics license application in the first quarter of 2026 and a potential U.S. commercial launch in late 2026.

Spruce Biosciences Inc. received a joint Schedule 13G reporting that Ikarian Capital, LLC and Neil Shahrestani disclose beneficial ownership of 121,356 shares of the company's common stock, representing 21.6% of the outstanding class based on August 12, 2025 share count of 563,042 shares. The shares are held by Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts for which Ikarian Capital acts as adviser; Mr. Shahrestani is identified as sole manager of Ikarian Capital and is described as indirectly controlling Ikarian Capital. The filing states the holdings were acquired in the ordinary course of business and are not intended to influence control.