SPRB · Spruce Biosciences, Inc.

Spruce Biosciences reported its first quarter 2026 financial results, reflecting a net loss of $12.3 million, or $8.94 per share, compared to a net loss of $14.0 million, or $23.95 per share, in the same period last year. The improvement was primarily driven by a decrease in research and development expenses, which fell to $7.6 million from $10.8 million, largely due to the absence of one-time product acquisition costs and the discontinuation of the tildacerfont program, partially offset by increased spending on TA-ERT. General and administrative expenses rose to $4.4 million from $3.7 million, reflecting higher professional fees and personnel costs. Total operating expenses were $12.0 million, down from $14.5 million. Cash and cash equivalents stood at $54.1 million as of March 31, 2026, and were supplemented by a $69.0 million underwritten public offering in April 2026 and a $50.0 million term loan facility with Avenue Capital, bringing the pro forma cash balance to $107.3 million as of April 30, 2026. Management highlighted continued progress toward a BLA submission for TA-ERT in the fourth quarter of 2026, supported by long-term clinical data showing durable reduction of heparan sulfate and stabilization of cognitive function. The company also strengthened its leadership team with key appointments in commercial, clinical development, and regulatory functions to prepare for a potential U.S. commercial launch. The Avenue Capital facility provides up to $50.0 million in term loans, with $15.0 million drawn initially and additional tranches contingent on regulatory and commercial milestones. The company believes its current cash runway, including the April offering proceeds, will fund operations into the second half of 2027.