{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-007038","form_type":"8-K","ticker":"SPRB","cik":"0001683553","company_name":"SPRUCE BIOSCIENCES, INC.","filed_at":"2026-01-08T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.885656+00:00","generated_at":"2026-05-16T11:13:24.258856+00:00","sec_items":["1.01","2.02","2.03","3.02","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Spruce Biosciences secures up to $50M loan facility from Avenue Capital; initial $15M funded","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-007038","json":"https://secwatch.observer/filing/0001193125-26-007038.json","markdown":"https://secwatch.observer/filing/0001193125-26-007038.md","text":"https://secwatch.observer/filing/0001193125-26-007038.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1683553/000119312526007038/0001193125-26-007038-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1683553/000119312526007038/sprb-20260107.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T11:13:24.258856+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"66a7fc3742a41ae5191748db80da7833136349c7","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1683553/000119312526007038/0001193125-26-007038-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"up to $50.0 million"},{"label":"Counterparty","value":"Avenue Venture Opportunities Fund II, L.P., as lender"},{"label":"Rate","value":"the greater of (x) the sum of 5.25% plus the prime rate...and (y) 12.25%"},{"label":"Maturity","value":"July 1, 2029"},{"label":"Event","value":"incurrence"}]},{"claim_id":"f1c1c60c94c928268cb5bc4f4b57962df45e2fee","claim":"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).","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1683553/000119312526007038/0001193125-26-007038-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Avenue Capital Management II, L.P. and Avenue Venture Opportunities Fund II, L.P."},{"label":"Value","value":"$50.0 million"},{"label":"Effective","value":"2026-01-07"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}