Spruce Biosciences secures up to $50M loan facility from Avenue Capital; initial $15M funded

SPRUCE BIOSCIENCES, INC.

Loan facility up to $50M from Avenue Capital; initial $15M tranche funded on Jan 9, 2026.
Additional $35M available in 3 tranches tied to regulatory/commercial milestones for TA-ERT (MPS IIIB).
Preliminary unaudited cash & equivalents ~$48.9M as of Dec 31, 2025; combined with initial tranche extends runway into 2027.
Loan matures July 1, 2029; interest rate greater of prime+5.25% or 12.25%; no financial covenants.
Warrant issued for up to $3.2M in common stock; exercise price lesser of $84.75 or next equity round price.

item 1.01 item 2.02 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SPRUCE BIOSCIENCES, INC. incurred credit facility of up to $50.0 million with Avenue Venture Opportunities Fund II, L.P., as lender at the greater of (x) the sum of 5.25% plus the prime rate...and (y) 12.25% maturing July 1, 2029.

Instrument: credit facility
Principal: up to $50.0 million
Counterparty: Avenue Venture Opportunities Fund II, L.P., as lender
Rate: the greater of (x) the sum of 5.25% plus the prime rate...and (y) 12.25%
Maturity: July 1, 2029
Event: incurrence

Exact text from the filing

with Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “Agent”) and Avenue Venture Opportunities Fund II, L.P., as lender (the “Lender”). The Loan Agreement makes available to the Company term loans in an aggregate principal amount of up to $50.0 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SPRUCE BIOSCIENCES, INC. entered into Loan and Security Agreement with Avenue Capital Management II, L.P. and Avenue Venture Opportunities Fund II, L.P. valued at $50.0 million (effective 2026-01-07).

Action: entry
Agreement: credit facility
Counterparty: Avenue Capital Management II, L.P. and Avenue Venture Opportunities Fund II, L.P.
Value: $50.0 million
Effective: 2026-01-07

Exact text from the filing

On January 7, 2026 (the “Closing Date”), Spruce Biosciences, Inc. (the “Company”) entered into a Loan and Security Agreement (the “Loan and Security Agreement”) and a Supplement to the Loan and Security Agreement (together with the Loan and Security Agreement, the “Loan Agreement”), with Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “Agent”) and Avenue Venture Opportunities Fund II, L.P., as lender (the “Lender”).

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306 debt financings filed in the last 30 days. Browse all debt financings →

SPRUCE BIOSCIENCES, INC. filing history →

Source: SEC EDGAR

accession 0001193125-26-007038

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