Spruce Biosciences reprices underwater options to $104.13; director resigns

SPRUCE BIOSCIENCES, INC.

Director Tiba Aynechi resigned from board and Compensation Committee effective Dec 11, 2025, no disagreement.
Board approved repricing of 30,174 underwater options to $104.13 per share (30-day trailing VWAP).
CEO Javier Szwarcberg holds 11,666 repriced options (original $344.25); CFO Samir Gharib holds 6,131 (original $122.65–$1,506).
Repriced options require 12-month retention, FDA approval, or change in control to exercise at reduced price; vesting unchanged.

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