OrbiMed discloses 7.3% ownership of Spruce Biosciences (SPRB) common stock

Rhea-AI Filing Summary

OrbiMed Advisors LLC and OrbiMed Capital LLC report institutional ownership in Spruce Biosciences, Inc. The filing states that OrbiMed Advisors beneficially owns 132,200 shares of Spruce’s common stock, representing 4.8% of the outstanding class, while OrbiMed Capital beneficially owns 67,800 shares, representing 2.5%.

OrbiMed Advisors has shared voting and dispositive power over 132,200 shares, and OrbiMed Capital has sole voting and dispositive power over 67,800 shares. The reporting persons hold 7.3% of Spruce’s common stock in the aggregate on behalf of other persons who are entitled to dividends and sale proceeds. Investment and voting power are exercised through a management committee, whose members disclaim beneficial ownership.

Key Figures

OrbiMed Advisors beneficial ownership: 132,200 shares OrbiMed Advisors percent of class: 4.8% OrbiMed Capital beneficial ownership: 67,800 shares +4 more

7 metrics

OrbiMed Advisors beneficial ownership 132,200 shares Beneficially owned Spruce Biosciences common stock reported by OrbiMed Advisors LLC

OrbiMed Advisors percent of class 4.8% Percentage of Spruce Biosciences common stock class held by OrbiMed Advisors LLC

OrbiMed Capital beneficial ownership 67,800 shares Beneficially owned Spruce Biosciences common stock reported by OrbiMed Capital LLC

OrbiMed Capital percent of class 2.5% Percentage of Spruce Biosciences common stock class held by OrbiMed Capital LLC

Aggregate stake held on behalf of others 7.3% Combined percentage of Spruce common stock held in aggregate on behalf of other persons

Shared voting power (OrbiMed Advisors) 132,200 shares Shares over which OrbiMed Advisors LLC has shared voting and dispositive power

Sole voting power (OrbiMed Capital) 67,800 shares Shares over which OrbiMed Capital LLC has sole voting and dispositive power

Key Terms

beneficial ownership, shared voting power, sole dispositive power, Schedule 13G, +1 more

5 terms

beneficial ownership financial

"Amount beneficially owned: OrbiMed Advisors LLC: 132,200 OrbiMed Capital LLC: 67,800"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared voting power financial

"Shared power to vote or to direct the vote: OrbiMed Advisors LLC: 132,200"

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.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: OrbiMed Capital LLC: 67,800"

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.

Schedule 13G regulatory

"Ownership of more than 5 Percent on Behalf of Another Person."

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.

percent of class financial

"Percent of class: OrbiMed Advisors LLC: 4.8% OrbiMed Capital LLC: 2.5%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

What percentage of Spruce Biosciences (SPRB) does OrbiMed Advisors LLC report owning?

OrbiMed Advisors LLC reports beneficial ownership of 132,200 shares of Spruce Biosciences common stock, representing 4.8% of the class. These shares are held with shared voting and dispositive power, according to the Schedule 13G filing.

How many Spruce Biosciences (SPRB) shares does OrbiMed Capital LLC beneficially own?

OrbiMed Capital LLC beneficially owns 67,800 shares of Spruce Biosciences common stock, representing 2.5% of the class. OrbiMed Capital holds sole voting and sole dispositive power over these shares as disclosed in the ownership details.

What is OrbiMed’s aggregate ownership stake in Spruce Biosciences (SPRB)?

In aggregate, the reporting persons state they hold 7.3% of Spruce’s common stock on behalf of other persons. Those other persons have the right to receive dividends or proceeds from any sale of the securities.

How is voting power over Spruce Biosciences (SPRB) shares allocated between OrbiMed entities?

OrbiMed Advisors LLC has shared voting power over 132,200 shares, while OrbiMed Capital LLC has sole voting power over 67,800 shares. OrbiMed Advisors reports no sole voting power, and OrbiMed Capital reports no shared voting power.

Who controls investment and voting decisions for OrbiMed’s Spruce Biosciences (SPRB) holdings?

Investment and voting power over the Spruce Biosciences shares are exercised through a management committee of OrbiMed comprising Carl L. Gordon, W. Carter Neild, and Geoffrey C. Hsu. Each member disclaims beneficial ownership of the reported shares.

Do OrbiMed Advisors LLC and OrbiMed Capital LLC hold dispositive power over SPRB shares differently?

Yes. OrbiMed Advisors LLC has shared dispositive power over 132,200 shares and no sole dispositive power. OrbiMed Capital LLC has sole dispositive power over 67,800 shares and no shared dispositive power, reflecting distinct control structures.

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

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Available on EDGAR 08/14/2026 - 05:46 PM Accepted by SEC EDGAR 08/14/2026 - 05:45 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

OrbiMed 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 132,200.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 132,200.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

132,200.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 85209E208

1

Names of Reporting Persons

OrbiMed Capital 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 67,800.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 67,800.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

67,800.00

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

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: OrbiMed Advisors LLC OrbiMed Capital LLC
(b)	Address or principal business office or, if none, residence: 601 Lexington Avenue, 54th Floor New York, NY 10022
(c)	Citizenship: Please refer to Item 4 on each cover sheet for each filing person.
(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: OrbiMed Advisors LLC: 132,200 OrbiMed Capital LLC: 67,800
(b)	Percent of class: OrbiMed Advisors LLC: 4.8% OrbiMed Capital LLC: 2.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: OrbiMed Advisors LLC: 0 OrbiMed Capital LLC: 67,800
	(ii) Shared power to vote or to direct the vote: OrbiMed Advisors LLC: 132,200 OrbiMed Capital LLC: 0
	(iii) Sole power to dispose or to direct the disposition of: OrbiMed Advisors LLC: 0 OrbiMed Capital LLC: 67,800
	(iv) Shared power to dispose or to direct the disposition of: OrbiMed Advisors LLC: 132,200 OrbiMed Capital LLC: 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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Reporting Persons hold 7.3% of the shares of Common Stock in the aggregate on behalf of other persons who have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, such securities. OrbiMed Advisors LLC and OrbiMed Capital LLC exercise investment and voting power over the shares of Common Stock through a management committee comprised of Carl L. Gordon, W. Carter Neild, and Geoffrey C. Hsu, each of whom disclaims beneficial ownership of the shares of Common Stock reported herein.
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.

OrbiMed Advisors LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon / Member
Date:	08/14/2026

OrbiMed Capital LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon / Member
Date:	08/14/2026