Spruce Q3 net loss $8.2M; FDA BTD for TA-ERT; $50M placement; BLA on track Q1 2026

SPRUCE BIOSCIENCES, INC.

2025-Q3 EPS reported -$41.25 vs consensus -$14.21 ▼ miss (-190.2%)

FDA granted Breakthrough Therapy Designation for TA-ERT (MPS IIIB); BLA submission on track for Q1 2026.
Completed $50M private placement in Oct 2025; cash plus proceeds expected to fund ops into Q4 2026.
Q3 2025 net loss $8.2M vs $8.7M YoY; R&D $5.0M (down 24% YoY) due to tildacerfont program cessation.
Cash $10.7M at Sep 30, 2025; common shares 563,491 pre-placement; Oct placement added 502,181 shares and 233,144 prefunded warrants.

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