Spruce Biosciences, Inc.

Spruce Biosciences, Inc. (SPRB) reported a net loss of $39.0 million for fiscal year 2025, with no collaboration revenue. The company's operating loss was $36.5 million, driven by research and development expenses of $19.5 million and general and administrative expenses of $17.0 million. Net cash used in operating activities decreased by $22.6 million to $33.3 million compared to the prior year, primarily due to lower payments from decreased clinical development activities, partially offset by $7.4 million in payments for asset acquisitions. The company strengthened its liquidity position through a $50.0 million private placement financing in October 2025, resulting in net cash provided by financing activities of $43.5 million. As of December 31, 2025, Spruce Biosciences had $48.9 million in cash and cash equivalents, total assets of $53.0 million, and stockholders' equity of $42.5 million. The company operates as a single segment focused on developing novel therapies for serious neurological disorders.

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