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Spruce Biosciences entered a Termination Agreement with Kaken Pharmaceutical on March 16, 2026, to mutually terminate the January 5, 2023 Collaboration Agreement for tildacerfont in Japan effective March 31, 2026, ending all licenses, rights, and future milestone payments or royalties with no penalties. The company reported full year 2025 financial results including net loss of $39.0 million and cash of $48.9 million.
Event Type
Disclosure
Mandatory
Variant
8-K
Termination of a Material Definitive Agreement. On March 16, 2026, Spruce Biosciences, Inc. (the “Company”) entered into a Termination Agreement (the “Terminati
| Metric | Value | Basis |
|---|---|---|
| Collaboration revenue | $0.00 | GAAP |
| Research and development | $19.5K | GAAP |
| General and administrative | $17.0K | GAAP |
| Total operating expenses | $36.5K | GAAP |
| Net loss | $-39.0K | GAAP |
| Net loss per share, basic and diluted | $-50.83 | GAAP |
Dale Hooks
Effective: 2026-03-09
Daven Mody, Pharm.D.
Effective: 2026-02
Bruno Gagnon, B.Pharm., M.Sc.
Effective: 2026-02
Keli Walbert
Effective: 2025-12
Material Agreement
Debt / Financing