Spruce Biosciences, Inc. is the issuer of common stock, par value $0.0001 per share, covered by this Schedule 13G/A. As of June 30, 2026, ADAR1 Capital Management, LLC, a Texas investment adviser, and Daniel Schneeberger, a Swiss citizen, each report beneficial ownership of 67,717 shares of Spruce Biosciences common stock, representing 2.5% of the outstanding class. These shares include 47,652 held by ADAR1 Partners, LP, 9,916 held by Spearhead Insurance Solutions IDF, LLC, and 10,149 held by other separately managed accounts. ADAR1 Capital Management and Mr. Schneeberger report no sole voting or dispositive power and shared voting and dispositive power over all 67,717 shares, with beneficial ownership attributed through their roles as investment manager, sub-advisor, or manager for the referenced entities and accounts.
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Key Figures
Beneficially owned shares:67,717 sharesOwnership percentage:2.5%Shares outstanding:2,752,810 shares+3 more
6 metrics
Beneficially owned shares67,717 sharesShares of Spruce Biosciences common stock reported as beneficially owned by ADAR1 Capital Management and Daniel Schneeberger
Ownership percentage2.5%Percentage of Spruce Biosciences common stock represented by 67,717 shares
Shares outstanding2,752,810 sharesSpruce Biosciences common stock outstanding as of June 30, 2026
ADAR1 Partners, LP holding47,652 sharesPortion of the reported beneficial ownership held by ADAR1 Partners, LP
Spearhead Insurance Solutions IDF, LLC holding9,916 sharesPortion of the reported beneficial ownership held by Spearhead Insurance Solutions IDF, LLC
Other managed accounts holding10,149 sharesPortion of the reported beneficial ownership held by other separately managed accounts
"may be deemed to indirectly beneficially own securities held by ADAR1 Partners"
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 powerfinancial
"Shared Voting Power 67,717.00"
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.
shared dispositive powerfinancial
"Shared Dispositive Power 67,717.00"
separately managed accountsfinancial
"10,149 shares of Common Stock held by other separately managed accounts"
A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.
control personfinancial
"Mr. Schneeberger is filing this as a control person in respect of shares"
A control person is an individual or entity that can significantly influence a company’s decisions and direction through ownership, voting power, or contractual rights—think of them as the captain who can steer the ship. Investors care because a control person’s choices affect corporate strategy, board appointments, and transactions that can raise or lower a stock’s value, and they often carry additional legal responsibilities and disclosure requirements to protect other shareholders.
FAQ
What percentage of Spruce Biosciences (SPRB) shares are reported as beneficially owned?
ADAR1 Capital Management and Daniel Schneeberger report beneficial ownership of 67,717 shares of Spruce Biosciences common stock, representing 2.5% of the outstanding class based on 2,752,810 shares outstanding as of June 30, 2026.
How many Spruce Biosciences (SPRB) shares does ADAR1 Capital Management report?
ADAR1 Capital Management reports 67,717 shares of Spruce Biosciences common stock as indirectly beneficially owned, all with shared voting and dispositive power, through ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, and other separately managed accounts.
What is the ownership breakdown for Spruce Biosciences (SPRB) shares managed by ADAR1-related entities?
The reported 67,717 shares consist of 47,652 shares held by ADAR1 Partners, LP, 9,916 shares held by Spearhead Insurance Solutions IDF, LLC, and 10,149 shares held by other separately managed accounts as of June 30, 2026.
Does Daniel Schneeberger report control over Spruce Biosciences (SPRB) shares?
Daniel Schneeberger reports shared voting and dispositive power over 67,717 shares of Spruce Biosciences common stock and no sole voting or dispositive power, through his role as manager of ADAR1 Capital Management, LLC.
What share count was used to calculate the 2.5% ownership in Spruce Biosciences (SPRB)?
The 2.5% beneficial ownership for ADAR1 Capital Management and Daniel Schneeberger is based on 2,752,810 shares of Spruce Biosciences common stock outstanding as of June 30, 2026, as reported in a quarterly report for that period.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Spruce Biosciences, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(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
ADAR1 Capital Management, 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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
67,717.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
67,717.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
67,717.00
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)
2.5 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Includes (i) 47,652 shares of common stock, par value $0.0001 per share ("Common Stock") held by ADAR1 Partners, LP, and (ii) 9,916 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (iii) 10,149 shares of Common Stock held by other separately managed accounts as of June 30, 2026. As the investment manager of ADAR1 Partners, LP, as the sub-advisor of Spearhead Insurance Solutions IDF, LLC and as the manager of the separately managed accounts referenced above, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC and the separately managed accounts.
Based on 2,752,810 shares of Common Stock of Spruce Biosciences, Inc (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission on August 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
85209E208
1
Names of Reporting Persons
Daniel Schneeberger
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
67,717.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
67,717.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
67,717.00
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)
2.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Includes (i) 47,652 shares of common stock, par value $0.0001 per share ("Common Stock") held by ADAR1 Partners, LP, and (ii) 9,916 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (iii) 10,149 shares of Common Stock held by other separately managed accounts as of June 30, 2026. As the manager of ADAR1 Capital Management, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.
Based on 2,752,810 shares of Common Stock of Spruce Biosciences, Inc (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission on August 12, 2026.
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 is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"):
(i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management"); and
(ii) Daniel Schneeberger ("Mr. Schneeberger").
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.
(c)
Citizenship:
(i) ADAR1 Capital Management is a Texas limited liability company; and
(ii) Mr. Schneeberger is a citizen of Switzerland.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(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:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(b)
Percent of class:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
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.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E).
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 acquired and are held in the ordinary course of business and 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.
