Spruce Biosciences holder reports 9.1% stake

Spruce Biosciences, Inc. has a significant shareholder group led by AIGH Capital Management LLC and related entities and person Orin Hirschman.

Rhea-AI Filing Summary

Spruce Biosciences, Inc. has a significant shareholder group led by AIGH Capital Management LLC and related entities and person Orin Hirschman. These reporting persons collectively report beneficial ownership of 250,000 shares of Spruce Biosciences common stock, representing 9.1% of the outstanding class.

The reporting persons state they have sole voting power and sole dispositive power over 250,000 shares, with no shared voting or dispositive power. The ownership is reported jointly by AIGH Capital Management LLC, AIGH Investment Partners LLC, and Mr. Hirschman, who is managing member or president of the investment entities.

Key Figures

Beneficial Ownership: 250,000 shares Percent of Class: 9.1% Sole Voting Power: 250,000 shares +1 more

4 metrics

Beneficial Ownership 250,000 shares Common stock of Spruce Biosciences beneficially owned by the reporting persons

Percent of Class 9.1% Percentage of Spruce Biosciences common stock outstanding held by the reporting persons

Sole Voting Power 250,000 shares Shares over which the reporting persons have sole power to vote or direct the vote

Sole Dispositive Power 250,000 shares Shares over which the reporting persons have sole power to dispose or direct disposition

Key Terms

beneficially owned, sole voting power, sole dispositive power, Reporting Persons, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 250,000"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"5 | Sole Voting Power 250,000.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"7 | Sole Dispositive Power 250,000.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Reporting Persons regulatory

"AIGH Capital Management LLC., AIGH Investment Partners LLC, and Mr. Hirschman are hereinafter sometimes collectively referred to as the "Reporting Persons.""

Schedule 13G regulatory

"Name of person filing: This is being jointly filed by each of the following persons pursuant to Rule 13d-1"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Spruce Biosciences (SPRB) shares are owned by the reporting group?

The reporting group beneficially owns 9.1% of Spruce Biosciences’ common stock. This percentage is based on 250,000 shares of common stock reported as beneficially owned by the AIGH-related entities and Orin Hirschman.

How many Spruce Biosciences (SPRB) shares does AIGH and Orin Hirschman report owning?

The group led by AIGH entities and Orin Hirschman reports beneficial ownership of 250,000 shares of Spruce Biosciences common stock. They indicate sole voting and sole dispositive power over all 250,000 shares, with no shared power.

Who are the reporting persons in the Spruce Biosciences (SPRB) Schedule 13G?

The Schedule 13G is jointly filed by AIGH Capital Management LLC, AIGH Investment Partners LLC, and Orin Hirschman. Mr. Hirschman is described as managing member of AIGH Capital Management LLC and president of AIGH Investment Partners LLC.

What type of security in Spruce Biosciences (SPRB) is covered by this Schedule 13G?

The filing covers common stock, par value $0.0001 per share, of Spruce Biosciences, Inc. The reporting persons’ 250,000 beneficially owned shares all relate to this class of common stock.

What voting and dispositive powers over Spruce Biosciences (SPRB) shares are reported?

The reporting group states sole voting power over 250,000 shares and sole dispositive power over 250,000 shares. They report no shared voting power and no shared dispositive power with respect to the common stock.

Where are the principal offices of the reporting persons in the Spruce Biosciences (SPRB) 13G?

The principal office and business address for AIGH Capital Management LLC, AIGH Investment Partners LLC, and Orin Hirschman is 6006 Berkeley Avenue, Baltimore, MD 21209. Spruce Biosciences’ principal executive offices are in South San Francisco, California.

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

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Available on EDGAR 07/27/2026 - 04:05 PM Accepted by SEC EDGAR 07/27/2026 - 04:05 PM Learn about SEC filing dates

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)

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

Orin Hirschman

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 250,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 250,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

250,000.00

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)

9.1 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

AIGH 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 250,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 250,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

250,000.00

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)

9.1 %

12

Type of Reporting Person (See Instructions)

IA, OO

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 each of the following persons pursuant to Rule 13d-1 promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"): (i) AIGH Capital Management, LLC, a Maryland limited liability company ("AIGH CM"), as an Advisor or Sub-Advisor with respect to shares of Common Stock (as defined in Item 2(d) below) held by AIGH Investment Partners, L.P., and WVP Emerging Manger Onshore Fund, LLC - AIGH Series. (ii) AIGH Investment Partners, L.L.C., a Delaware limited liability company ("AIGH LLC";), with respect to shares of Common Stock (as defined in Item 2(d) below) directly held by it; (iii) Mr. Orin Hirschman ("Mr. Hirschman"), who is the Managing Member of AIGH Capital Management, LLC and president of AIGH LLC, with respect to shares of Common Stock (as defined in Item 2(d) below) indirectly held through AIGH CM, directly by AIGH LLC and Mr. Hirschman and his family directly. AIGH Capital Management LLC., AIGH Investment Partners LLC, and Mr. Hirschman are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
(b)	Address or principal business office or, if none, residence: The principal office and business address of AIGH Capital Management LLC, AIGH Investment Partners LLC, and Mr.Hirschman is: 6006 Berkeley Avenue, Baltimore MD 21209
(c)	Citizenship: See Item 2(a) above and Item 4 of each cover page.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP Number(s): 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: 250,000
(b)	Percent of class: 9.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 250,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 250,000
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	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 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.

Orin Hirschman

Signature:	Orin Hirschman
Name/Title:	Orin Hirschman
Date:	07/27/2026

AIGH Capital Management LLC

Signature:	Orin Hirschman
Name/Title:	Orin Hirschman, Managing Member
Date:	07/27/2026