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.
Key takeaways
Entered Termination Agreement with Kaken Pharmaceutical Co., Ltd. on March 16, 2026; Collaboration Agreement terminates March 31, 2026
Collaboration Agreement granted Kaken exclusive rights for tildacerfont in CAH in Japan; $15.0 million upfront paid April 2023
Forgoing up to $65.0 million milestones and royalties from Kaken post-termination
FY2025 R&D expenses $19.5 million vs. $46.4 million in 2024 due to tildacerfont cessation
FY2025 net loss $39.0 million vs. $53.0 million in 2024; cash $48.9 million as of December 31, 2025
Secured up to $50 million loan facility from Avenue Capital Group; $15 million initial tranche funded January 2026