Alyeska discloses 5.79% stake in Spruce Biosciences

Alyeska Investment Group and related reporting persons disclosed a 5.79% beneficial ownership stake in Spruce Biosciences, Inc. common stock as of December 31, 2025.

Rhea-AI Filing Summary

Alyeska Investment Group and related reporting persons disclosed a 5.79% beneficial ownership stake in Spruce Biosciences, Inc. common stock as of December 31, 2025. They report beneficial ownership of 61,670 shares of common stock, with shared voting and investment power over all of these shares and no sole authority.

An exhibit states this stake includes 21,671 shares of common stock, 30,000 PIPE shares, and warrants to purchase 9,999 additional shares. The reported percentage is based on 1,065,672 Spruce Biosciences common shares outstanding, as set out in a prospectus filed on December 12, 2025. The filers certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

FAQ

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

What ownership stake in SPRB does Alyeska report on this Schedule 13G?

Alyeska reports beneficial ownership of 5.79% of Spruce Biosciences. The filing shows 61,670 shares of common stock beneficially owned as of December 31, 2025, with shared voting and dispositive power over all those shares and no sole authority.

How many Spruce Biosciences (SPRB) shares does Alyeska beneficially own?

Alyeska and related reporting persons beneficially own 61,670 SPRB shares. This total includes common shares, PIPE shares, and shares underlying warrants, and represents a 5.79% stake in Spruce Biosciences’ common stock based on the company’s disclosed outstanding share count.

How is Alyeska’s 61,670-share SPRB position structured?

The 61,670-share position combines common stock, PIPE shares, and warrants. The exhibit states Alyeska’s beneficial ownership consists of 21,671 common shares, 30,000 PIPE shares, and warrants to purchase 9,999 additional Spruce Biosciences common shares, all counted toward the reported stake.

What share count did Alyeska use to calculate its 5.79% SPRB stake?

The percentage is based on 1,065,672 Spruce Biosciences common shares outstanding. The exhibit explains this figure comes from a Spruce Biosciences prospectus filed on December 12, 2025, and serves as the denominator for Alyeska’s 5.79% ownership calculation.

Does Alyeska seek to influence control of Spruce Biosciences (SPRB)?

The filers state the SPRB securities are held in the ordinary course. They certify the shares were not acquired, and are not held, for the purpose or effect of changing or influencing control of Spruce Biosciences, aside from activities tied to director nomination rules.

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

The reporting persons are Alyeska Investment Group, L.P., Alyeska Fund GP, LLC, and Anand Parekh. All three report identical beneficial ownership of 61,670 Spruce Biosciences common shares with shared voting and dispositive power and no sole authority over the position.

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

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Accepted by SEC EDGAR 02/17/2026 - 04:52 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)

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

Alyeska Investment Group, L.P.

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 61,670.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 61,670.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

61,670.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 85209E208

1

Names of Reporting Persons

Alyeska Fund 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 61,670.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 61,670.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

61,670.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 85209E208

1

Names of Reporting Persons

Anand Parekh

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 61,670.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 61,670.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

61,670.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

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, California 94080
Item 2.
(a)	Name of person filing: (i) Alyeska Investment Group, L.P. (ii) Alyeska Fund GP, LLC (iii) Anand Parekh
(b)	Address or principal business office or, if none, residence: (i) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (ii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (iii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601
(c)	Citizenship: (i) Alyeska Investment Group, L.P. - Delaware (ii) Alyeska Fund GP, LLC - Delaware (iii) Anand Parekh - United States of America
(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: 61,670
(b)	Percent of class: 5.79%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 61,670
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 61,670
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.

Alyeska Investment Group, L.P.

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	02/17/2026

Alyeska Fund GP, LLC

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	02/17/2026

Anand Parekh

Signature:	Anand Parekh
Name/Title:	Anand Parekh | Self
Date:	02/17/2026

Exhibit Information

The reporting persons are the beneficial owners of 21,671 shares of Common Stock of the Issuer, 30,000 PIPE shares, and hold warrants to purchase 9,999 shares of the Issuer's Common Stock (the "Warrants"). The percentage calculation assumes that there are currently 1,065,672 outstanding Common Stock of the Issuer, based on the Issuer's Prospectus filed with the Securities and Exchange Commission on December 12, 2025. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.