Spruce Biosciences entered into a new Open Market Sale Agreement with Jefferies LLC to sell up to the Maximum Program Amount of common stock at-the-market, replacing the prior 2022 agreement; announced full year 2025 financial results with net loss of $39.0 million; and appointed Corwin Dale Hooks as Chief Commercial Officer effective March 9, 2026 with $480,000 base salary and 11,000 RSU award.
Key takeaways
Entered Open Market Sale Agreement with Jefferies LLC on March 9, 2026, commission up to 3.0% of gross sales proceeds
Terminated prior Open Market Sale Agreement dated February 25, 2022
FY 2025 net loss $38.966 million vs $53.036 million in 2024, R&D expenses $19.522 million
Cash and equivalents $48.906 million as of Dec 31, 2025
Appointed Corwin Dale Hooks Chief Commercial Officer effective March 9, 2026, base salary $480,000, target bonus 40%, 11,000 RSUs vesting over 4 years