Spruce Biosciences reports FY2025 net loss of $39M; BLA for TA-ERT on track for Q4 2026

SPRUCE BIOSCIENCES, INC.

Net loss $39.0M for 2025 vs $53.0M in 2024; R&D expenses fell to $19.5M on cessation of CAH program.
Cash and equivalents $48.9M at Dec 31, 2025, plus $15M drawn from Avenue Capital loan; runway into early 2027.
BLA submission for TA-ERT (MPS IIIB) expected Q4 2026 after positive FDA Type B meetings on surrogate endpoint.
Appointed Dale Hooks as CCO; secured up to $50M growth capital from Avenue Capital with initial $15M funded in Jan 2026.

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Key facts

Extracted from this filing and checked against the source text.

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

SPRUCE BIOSCIENCES, INC. terminated Prior Sales Agreement with Jefferies LLC (effective 2026-03-09).

Action: termination
Agreement: atm program
Counterparty: Jefferies LLC
Effective: 2026-03-09

Exact text from the filing

(the “Company”) entered into an Open Market Sale Agreement SM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”). Under the Sales Agreement, the Company may offer and sell, from time to time, through Jefferies as its sales agent and/or principal, shares (the “Shares”) of its common stock, par value $0.0001 per share (the “Common Stock”), having an aggregate offering amount not exceeding the Maximum Program Amount, as such term is defined in the Sales Agreement.

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

SPRUCE BIOSCIENCES, INC. entered into Open Market Sale Agreement with Jefferies LLC (effective 2026-03-09).

Action: entry
Agreement: atm program
Counterparty: Jefferies LLC
Effective: 2026-03-09

Exact text from the filing

On March 9, 2026, Spruce Biosciences, Inc. (the “Company”) entered into an Open Market Sale Agreement SM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”).

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SPRUCE BIOSCIENCES, INC. filing history →

Source: SEC EDGAR

accession 0001193125-26-097561

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