0001193125-26-097558
SEC filingSpruce 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.
Spruce Biosciences reported a net loss of $39.0 million for fiscal year 2025, representing the company's ongoing investment in research and development activities. The 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. The company reported no collaboration revenue during the period. Net cash used in operating activities decreased significantly to $33.3 million from $55.9 million in the prior year, representing a $22.6 million improvement. This reduction was primarily due to lower payments driven by decreased clinical development activities, partially offset by $7.4 million in payments for asset acquisitions. The company's net loss per share was $51 for both basic and diluted calculations, based on weighted-average shares outstanding of 767,000.
The company reported no collaboration revenue for fiscal year 2025. The document does not provide segment breakdowns, geographic mix, or specific growth drivers for revenue. Spruce Biosciences operates as a single segment focused on developing and commercializing novel therapies for serious neurological disorders with significant unmet medical need. The absence of revenue reflects the company's pre-commercial stage of development, with resources primarily allocated to research and development activities rather than revenue generation.
With no revenue reported, traditional margin calculations (gross margin, operating margin) cannot be derived from the available data. The company's cost structure shows research and development expenses of $19.5 million and general and administrative expenses of $17.0 million, totaling $36.5 million in operating expenses. The operating loss of $36.5 million reflects the company's investment in its development programs. Additional non-operating items included interest expense of $90,000, a change in fair value of warrant liability of $3.5 million, and interest and other income of $1.1 million, contributing to the total net loss of $39.0 million.
Net cash used in operating activities was $33.3 million, improved from $55.9 million in the prior year. Key adjustments to reconcile net loss included stock-based compensation expense of $2.6 million, depreciation and amortization of $21,000, non-cash lease expense of $268,000, and a change in fair value of warrant liability of $3.5 million. Net cash provided by financing activities was $43.5 million, primarily from a $50.0 million private placement financing in October 2025, offset by payments of $3.7 million for debt and equity offering costs and $2.1 million for term loan repayment. The company ended the year with $48.9 million in cash and cash equivalents, total assets of $53.0 million, total liabilities of $10.5 million, and stockholders' equity of $42.5 million.
The document does not provide specific management guidance or forward-looking financial projections. The company identifies cybersecurity risks and data privacy compliance as significant risk factors that could lead to regulatory investigations, litigation, business disruptions, and reputational harm. The board of directors oversees cybersecurity risk management through the audit committee, with specific personnel responsible for information security and incident response. The company notes that preparation of financial statements requires management estimates and assumptions, though it has determined no critical accounting estimates are material to its financial position, results of operations, or cash flow. The company continues to focus on developing therapies for serious neurological disorders as its strategic priority.