Spruce terminates Kaken collaboration for tildacerfont in Japan; reports FY 2025 results, BLA on track

SPRUCE BIOSCIENCES, INC.

Termination of Collaboration and License Agreement with Kaken effective March 31, 2026; no penalties incurred.
FY 2025 net loss $39.0M on operating expenses $36.5M; cash $48.9M excluding $15M debt tranche from Avenue Capital.
BLA submission for TA-ERT (MPS IIIB) on track for Q4 2026; FDA confirmed potential for accelerated approval.
Appointed Dale Hooks as Chief Commercial Officer; secured up to $50M loan facility from Avenue Capital Group.
R&D expenses fell to $19.5M from $46.4M, driven by cessation of tildacerfont development for CAH.

item 1.02

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 Collaboration Agreement with Kaken Pharmaceutical Co., Ltd. (effective 2026-03-31).

Action: termination
Agreement: collaboration
Counterparty: Kaken Pharmaceutical Co., Ltd.
Effective: 2026-03-31

Exact text from the filing

On March 16, 2026, Spruce Biosciences, Inc. (the “Company”) entered into a Termination Agreement (the “Termination Agreement”) with Kaken Pharmaceutical Co., Ltd. (“Kaken”) to terminate by mutual agreement that certain Collaboration and License Agreement, dated as of January 5, 2023, by and between the Company and Kaken (the “Collaboration Agreement”). The Collaboration Agreement will terminate effective as of March 31, 2026 (the “Termination Date”) pursuant to the Termination Agreement, and from and after the Termination Date, the Collaboration Agreement is of no further force or effect except as otherwise expressly set forth in such agreement.

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Source: SEC EDGAR

accession 0001193125-26-117888

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