Spruce Biosciences Schedule 13G: ADAR1 Capital Management, LLC and Daniel Schneeberger report beneficial ownership of 58,000 shares of Spruce Biosciences common stock, representing 5.4% of the class. The filing attributes 50,170 shares to ADAR1 Partners, LP and 7,830 shares to Spearhead Insurance Solutions IDF, LLC as of December 31, 2025.
The percent calculation is based on 1,070,370 shares outstanding reported as of November 7, 2025 in the issuer's Form 10-Q. Mr. Schneeberger is disclosed as manager of ADAR1 Capital Management and files both for the entity and in his individual capacity.
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Insights
ADAR1 Capital Management and its manager report a 5.4% indirect stake in Spruce Biosciences.
The filing lists 58,000 shares held indirectly through ADAR1 Partners, LP (50,170 shares) and Spearhead Insurance Solutions IDF, LLC (7,830 shares) as of December 31, 2025. The percentage uses an outstanding share base of 1,070,370 shares as of November 7, 2025.
Ownership is shown as shared voting and dispositive power of 58,000 shares. Subsequent filings will clarify any changes to voting power or direct holdings.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Spruce Biosciences, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
85209E208
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
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
58,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
58,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
58,000.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Includes (i) 50,170 shares of common stock, par value $0.0001 per share ("Common Stock") held by ADAR1 Partners, LP, and (ii) 7,830 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC as of December 31, 2025. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.
Based on 1,070,370 shares of Common Stock of Spruce Biosciences, Inc (the "Issuer") outstanding as of November 7, 2025, reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 10, 2025.
SCHEDULE 13G
CUSIP No.
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
58,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
58,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
58,000.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Includes (i) 50,170 shares of common stock, par value $0.0001 per share ("Common Stock") held by ADAR1 Partners, LP, and (ii) 7,830 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC as of December 31, 2025. 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 1,070,370 shares of Common Stock of Spruce Biosciences, Inc (the "Issuer") outstanding as of November 7, 2025, reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 10, 2025.
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.
Not Applicable
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.
How many Spruce Biosciences (SPRB) shares does ADAR1 Capital Management report?
ADAR1 Capital Management reports beneficial ownership of 58,000 shares. This total includes 50,170 shares held by ADAR1 Partners, LP and 7,830 shares held by Spearhead Insurance Solutions IDF, LLC as of December 31, 2025.
What percentage of SPRB does the 58,000-share position represent?
The filing states the position represents 5.4% of the class. That percentage is calculated using 1,070,370 shares outstanding reported as of November 7, 2025 in the issuer's Form 10-Q.
Does Daniel Schneeberger report ownership in SPRB independently?
Yes. Daniel Schneeberger files as a reporting person linked to ADAR1 Capital Management and is identified as manager. The filing attributes the same 58,000 shares to his managerial role and includes his signature dated 02/17/2026.
How is the reported ownership held (voting and dispositive power)?
The filing shows shared voting power of 58,000 shares and shared dispositive power of 58,000. Sole voting and dispositive powers are reported as 0.00 in the excerpt.
What source does the filing use to compute the percentage owned?
The percentage uses the issuer's outstanding share count from the Form 10-Q for the period ended September 30, 2025, which reported 1,070,370 shares outstanding as of November 7, 2025.
