Citadel entities and Kenneth Griffin (SPRB) report 1.9% beneficial stake in Spruce

Rhea-AI Filing Summary

Citadel-affiliated entities and Kenneth Griffin report a sub‑5% passive stake in Spruce Biosciences, Inc. They may be deemed to beneficially own various blocks of common stock, with Mr. Griffin associated with 51,919 Shares, representing 1.9% of Spruce’s common stock outstanding.

The reported percentages are based on 2,752,278 Shares outstanding as of May 11, 2026, as referenced from Spruce’s Form 10‑Q. All reporting persons disclose no sole voting or dispositive power, only shared voting and dispositive power over their respective share amounts, and confirm ownership of 5 percent or less of the class.

Key Figures

Mr. Griffin beneficial ownership: 51,919 Shares Mr. Griffin percent of class: 1.9% Citadel Advisors-related holdings: 46,960 Shares +4 more

7 metrics

Mr. Griffin beneficial ownership 51,919 Shares Common stock of Spruce Biosciences that Mr. Griffin may be deemed to beneficially own

Mr. Griffin percent of class 1.9% Percentage of Spruce Biosciences Shares outstanding associated with Mr. Griffin

Citadel Advisors-related holdings 46,960 Shares Shares each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own

Citadel Advisors percent of class 1.7% Percent of outstanding Shares for each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC

Citadel Securities holdings 1,684 Shares Spruce Biosciences Shares Citadel Securities LLC may be deemed to beneficially own

Citadel Securities Group holdings 4,959 Shares Spruce Biosciences Shares each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own

Shares outstanding basis 2,752,278 Shares Spruce Biosciences Shares outstanding as of May 11, 2026, used to compute ownership percentages

Key Terms

beneficially own, shared voting power, dispositive power, attorney-in-fact

4 terms

beneficially own financial

"may be deemed to beneficially own 46,960 Shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared voting power financial

"Shared Voting Power 46,960.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Shared Dispositive Power 51,919.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

attorney-in-fact regulatory

"Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact"

An attorney-in-fact is the person or entity given legal authority through a power of attorney to act on behalf of another for specific tasks, such as signing documents, voting shares, or handling transactions. For investors, this matters because it lets a trusted representative make timely decisions or complete paperwork when the owner cannot, much like handing keys to someone to run errands on your behalf—so checks on scope and limits of that authority are important.

FAQ

What stake in Spruce Biosciences (SPRB) is associated with Kenneth Griffin in this Schedule 13G/A?

Kenneth Griffin may be deemed to beneficially own 51,919 Shares of Spruce Biosciences common stock, representing 1.9% of the Shares outstanding, based on 2,752,278 Shares outstanding as of May 11, 2026.

How many Spruce Biosciences (SPRB) shares does Citadel Advisors LLC report in this filing?

Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC each may be deemed to beneficially own 46,960 Shares of Spruce Biosciences, which constitutes 1.7% of the Shares outstanding, with only shared voting and dispositive power over those Shares.

What is the reported ownership percentage of Citadel Securities LLC in Spruce Biosciences (SPRB)?

Citadel Securities LLC may be deemed to beneficially own 1,684 Shares of Spruce Biosciences, representing 0.1% of the Shares outstanding, and has shared voting and dispositive power over those Shares, with no sole voting or dispositive power.

Does this Schedule 13G/A show Citadel owning more than 5% of Spruce Biosciences (SPRB)?

No. The reporting persons state ownership of 5 percent or less of Spruce Biosciences’ common stock. Mr. Griffin’s deemed beneficial ownership is 1.9% of the outstanding Shares, and other Citadel entities report smaller percentages of the class.

What share count did the Citadel filers use to calculate their ownership in Spruce Biosciences (SPRB)?

The ownership percentages are based on 2,752,278 Shares outstanding of Spruce Biosciences as of May 11, 2026, according to the issuer’s Form 10‑Q filed on May 13, 2026, as referenced by the reporting persons.

Do Citadel and Kenneth Griffin report sole or shared voting power over Spruce Biosciences (SPRB) shares?

They report zero sole voting or dispositive power over Spruce Biosciences Shares. All reported positions, including Mr. Griffin’s 51,919 Shares, reflect only shared voting and shared dispositive power with the relevant affiliated entities.

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

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Available on EDGAR 08/14/2026 - 04:19 PM Accepted by SEC EDGAR 08/14/2026 - 04:12 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Spruce Biosciences, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share (the "Shares")

(Title of Class of Securities)

85209E208

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Citadel Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 46,960.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 46,960.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

46,960.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 2,752,278 Shares outstanding as of May 11, 2026 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on May 13, 2026).

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Citadel Advisors Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 46,960.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 46,960.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

46,960.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Citadel GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 46,960.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 46,960.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

46,960.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Citadel Securities LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,684.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,684.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,684.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

BD, OO

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Citadel Securities Group LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,959.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,959.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,959.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Citadel Securities GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,959.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,959.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,959.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

Kenneth Griffin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 51,919.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 51,919.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

51,919.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Spruce Biosciences, Inc.
(b)	Address of issuer's principal executive offices: 611 Gateway Boulevard, Suite 740, South San Francisco, CA 94080
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Securities GP LLC ("CSGP") and Mr. Kenneth Griffin (collectively with Citadel Advisors, CAH, CGP, Citadel Securities, CALC4 and CSGP, the "Reporting Persons") with respect to the Shares of the above-named issuer held of record by Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), Citadel CEMF Investments Ltd., a Cayman Islands limited company ("CCIL"), Citadel Quantitative Strategies Master Fund Ltd., a Cayman Islands limited company ("CQ"), Citadel Securities and CRBU Holdings LLC, a Delaware limited liability company ("CRBH"). Such Shares may include other instruments exercisable for or convertible into Shares. Citadel Advisors is the portfolio manager for CM, CCIL and CQ. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. CALC4 is the non-member manager of Citadel Securities and CRBH. CSGP is the general partner of CALC4. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP.
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)	Citizenship: Each of Citadel Advisors, CGP, Citadel Securities and CSGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share (the "Shares")
(e)	CUSIP No.: 85209E208
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 46,960 Shares. 2. Citadel Securities LLC may be deemed to beneficially own 1,684 Shares. 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 4,959 Shares. 4. Mr. Griffin may be deemed to beneficially own 51,919 Shares.
(b)	Percent of class: 1. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 1.7% of the Shares outstanding. 2. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 0.1% of the Shares outstanding. 3. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 0.2% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 1.9% of the Shares outstanding.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(ii) Shared power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 46,960 2. Citadel Securities LLC: 1,684 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 4,959 4. Mr. Griffin: 51,919
	(iii) Sole power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 46,960 2. Citadel Securities LLC: 1,684 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 4,959 4. Mr. Griffin: 51,919
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Citadel Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2026

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2026

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2026

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2026

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2026

Citadel Securities GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2026

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	08/14/2026

Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.