Spruce Biosciences Q2 net loss $2.1M; TA-ERT BLA for MPS IIIB on track Q1 2026

SPRUCE BIOSCIENCES, INC.

2025-Q2 EPS reported -$27.36 vs consensus -$19.51 ▼ miss (-40.3%)

Net loss of $2.1M for Q2 2025 vs $9.2M in Q2 2024; cash $16.4M expected to fund through end of 2025.
Integrated TA-ERT data shows CSF HS-NRE reduced 91.5 ng/mL at 240 weeks (p<0.0001); cognition stabilized vs decline in untreated.
First patient dosed in Phase 2 TAMARIND trial of tildacerfont for MDD; topline results expected 1H 2026.
BLA submission for TA-ERT under accelerated approval pathway anticipated Q1 2026; potential first disease-modifying therapy for MPS IIIB.
Nasdaq relisting expected after maintaining minimum bid price for 20 consecutive trading days following 1-for-75 reverse stock split.

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