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Spruce Biosciences investor Squadron Master Fund LP and related parties report beneficial ownership of 70,000 shares of common stock, or 6.5% of the company. This percentage is based on 1,070,370 shares outstanding as of November 7, 2025, as disclosed by Spruce Biosciences.
The stake is held through private funds advised by Squadron Capital Management LLC, an exempt reporting adviser. Squadron, along with partners Matthew Sesterhenn and William Blank, share voting and dispositive power over the 70,000 shares but have no sole authority. They may be deemed beneficial owners yet expressly disclaim beneficial ownership and state the position is held in the ordinary course, without intent to change or influence control.
Spruce Biosciences, Inc. received a beneficial ownership report from Wellington Management Group LLP and related entities. They report beneficial ownership of 58,949 shares of Spruce common stock, representing 5.5% of the outstanding class as of the event date.
The Wellington entities report no sole voting or dispositive power, with 43,983 shares subject to shared voting power and 58,949 shares subject to shared dispositive power. The shares are owned of record by clients of Wellington investment advisers, who receive dividends and sale proceeds.
The reporting groups state the holdings are maintained in the ordinary course of business and not for the purpose of changing or influencing control of Spruce Biosciences.
Spruce Biosciences interim Chief Medical Officer Douglas Kirk Ways, who also serves as a director, reported new equity awards and option changes. On December 11, 2025, he was granted 5,000 restricted stock units (RSUs), each representing one share of common stock. According to the vesting terms, 25% (1,250 RSUs) vested on grant and converted into 1,250 shares of common stock at a price of $0, with the remaining RSUs scheduled to vest in three equal 25% installments on December 15, 2026, 2027 and 2028, subject to continuous service.
The filing also details a one-time stock option repricing effective December 11, 2025. Options with exercise prices of $106.09 per share or greater held by eligible employees and directors were amended so their exercise price is $104.13 per share, based on the 30‑day trailing volume‑weighted average price. The options remain fully vested or on their prior vesting schedules, share counts and expiration dates, and if exercised within a one‑year retention period the original higher exercise price must be paid.