Spruce Biosciences raises $50M via stock and pre-funded warrants; BLA submission set for Q1 2026

SPRUCE BIOSCIENCES, INC.

Private placement: 502,181 shares at $68.00 and pre-funded warrants for 233,144 shares; gross proceeds ~$50M; closing expected Oct 9, 2025.
Pre-funded warrants exercisable at $0.01 for 5 years, subject to 9.99% beneficial ownership limitation.
Company to file resale registration statement within 20 days after closing.
Pipeline update: TA-ERT for Sanfilippo Syndrome Type B BLA submission planned for Q1 2026; potential US commercial launch in late 2026.
Placement agents: Leerink Partners, Citizens Capital Markets, H.C. Wainwright, Oppenheimer & Co.; 6% fee on gross proceeds.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SPRUCE BIOSCIENCES, INC. issued pre-funded warrants to purchase up to 233,144 shares of Common Stock of warrant to certain institutional investors for purchase price for the Pre-Funded Warrants is $67.99.

Security: warrant
Shares: pre-funded warrants to purchase up to 233,144 shares of Common Stock
Purchaser: certain institutional investors
Consideration: purchase price for the Pre-Funded Warrants is $67.99

Exact text from the filing

up to 233,144 shares of Common Stock (the “Pre-Funded Warrants”) in a private placement transaction (the “Private Placement”). The purchase price per share of Common Stock is $68.00 per share (the “Purchase Price”) and the purchase price for the Pre-Funded Warrants is $67.99, which equals the Purchase Price minus the $0.01 exercise price per Pre-Funded

View on SEC.gov

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SPRUCE BIOSCIENCES, INC. issued 502,181 shares of common stock to certain institutional investors for $68.00 per share.

Security: common stock
Shares: 502,181 shares
Purchaser: certain institutional investors
Consideration: $68.00 per share

Exact text from the filing

up to 233,144 shares of Common Stock (the “Pre-Funded Warrants”) in a private placement transaction (the “Private Placement”). The purchase price per share of Common Stock is $68.00 per share (the “Purchase Price”) and the purchase price for the Pre-Funded Warrants is $67.99, which equals the Purchase Price minus the $0.01 exercise price per Pre-Funded

View on SEC.gov

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SPRUCE BIOSCIENCES, INC. filing history →

Source: SEC EDGAR

accession 0001193125-25-234516

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