Spruce Biosciences Q1 net loss $14.0M; cash runway to end 2025; TA-ERT BLA in 1H 2026

SPRUCE BIOSCIENCES, INC.

2025-Q1 EPS reported -$0.32

Q1 2025 net loss $14.0M vs $11.6M YoY; R&D includes $5.7M for SPR202 acquisition.
Cash and equivalents $25.6M, expected to fund current operating plan through end of 2025.
TA-ERT for MPS IIIB: BLA submission to FDA expected in 1H 2026; FDA confirmed HS-NRE as surrogate endpoint for accelerated approval.
Tildacerfont Phase 2 TAMARIND MDD study topline results expected 1H 2026; HMNC funding and conducting study.
Stock now trades on OTC Pink under SPRB after NYSE delisting.

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