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SPRUCE BIOSCIENCES INC (SPRB)

Health Care · Orphan/rare disease biopharmaceuticals · NASDAQ

Clinical-stage biopharmaceutical company developing tralesinidase alfa enzyme replacement therapy for rare lysosomal storage disorders, particularly Sanfilippo Syndrome Type B.

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What SPRUCE BIOSCIENCES INC does

Spruce Biosciences is a clinical-stage biopharmaceutical company focused on developing therapies for rare lysosomal storage disorders. The company's lead product candidate is tralesinidase alfa enzyme replacement therapy (TA-ERT), being developed for Sanfilippo Syndrome Type B (Mucopolysaccharidosis Type IIIB / MPS IIIB). The company is pursuing regulatory approval and commercialization of TA-ERT in the United States and international markets, with plans to establish both direct commercial capabilities and third-party distribution partnerships.

Themes: Rare genetic disorders, Lysosomal storage diseases, Enzyme replacement therapy, Orphan drugs

Fundamentals

  • Price$51.58 as of 2026-08-21 close
  • Market cap$148M as of 2026-08-21
  • 1-year returnn/a our price history for this company shows an unadjusted split or scale break
  • P/En/a negative earnings
  • Net margin-1079.9% as of 2026-08-24
  • ROE-155.4% as of 2026-08-24
  • Debt / equity0.19 as of 2026-08-24
  • Beta3.35 as of 2026-08-24
  • Last reported earnings2026-08-12 SEC EDGAR Form 8-K (Item 2.02)

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How SPRB compares in its sector

  • net profit marginbottom 25% 504 covered Health Care peers, as of 2026-08-24
  • operating marginbottom 25% 504 covered Health Care peers, as of 2026-08-24
  • return on equitybottom 25% 576 covered Health Care peers, as of 2026-08-24

Position among covered Health Care companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.

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Analyst consensus

  • Consensus ratingStrong Buy (1.13 mean, 1=Strong Buy…5=Strong Sell) — 8 analysts
  • Mean price target$147.88 range $104.00 – $230.00; median $142.00

Analyst estimates, as of 2026-08-24. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.

Analyst EPS estimate for SPRB

  • Consensus EPS estimate-$5.79 next reporting period, as of 2026-08-24

Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.

The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.

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Key risks (from latest filing)

["Requires substantial additional financing; failure to secure funding could force delays or elimination of clinical development and commercialization programs.","Limited operating history with significant net losses since inception and anticipated continued losses; company may not be able to continue as a going concern.","Clinical trials may fail to demonstrate adequate efficacy and safety, preventing or delaying regulatory approval and commercialization of TA-ERT."]

See SPRB's biggest risks from its latest 10-Q →

What changed in the latest 10-Q

AI-assisted comparison of SPRB's 10-Q filed 2026-05-13 against the prior one filed 2025-11-10.

Management's Discussion & Analysis (MD&A)

  • Added:
    • Reference to Annual Report on Form 10-K for year ended December 31, 2025 filed March 9, 2026 (newer filing)
    • TA-ERT received Rare Pediatric Disease Designation, Fast Track Designation, Breakthrough Therapy Designation, and Orphan Drug Designation in United States and European Union
    • BLA submission anticipated in fourth quarter of 2026 (changed from first quarter of 2026)
    • Three months ended March 31, 2026 net loss of $12.3 million and cash used in operations of $8.7 million
    • Accumulated deficit of $301.5 million as of March 31, 2026
    • Aggregate gross proceeds of $427.1 million raised since inception, including $69.0 million from April 2026 underwritten public offering
    • Cash and cash equivalents of $54.1 million as of March 31, 2026
    • Form S-3 shelf registration declared effective in November 2025 for up to $300.0 million
    • Open Market Sales Agreement with Jefferies in March 2026 for up to $75.0 million
    • Underwritten public offering of 1,150,000 shares closed April 22, 2026 at $50.00 per share
  • Removed:
    • Reference to Annual Report on Form 10-K for year ended December 31, 2024 filed April 15, 2025 (older filing)
    • Statement that inception was November 2014
    • Reference to tildacerfont as primary product candidate
    • TA-ERT enzyme replacement therapy designation (abbreviated as 'TA-ERT' only in newer version)
    • Nine months ended September 30, 2025 net loss of $24.3 million and cash used in operations of $26.9 million
    • Accumulated deficit of $274.6 million as of September 30, 2025
    • Aggregate gross proceeds of $293.1 million through September 30, 2025
    • Cash and cash equivalents of $10.7 million as of September 30, 2025
    • Statement that cash as of September 30, 2025 would be insufficient to fund operations for at least 12 months
    • Bullet point: 'advance clinical development of tildacerfont in major depressive disorder (MDD)'
    • Macroeconomic uncertainties paragraph discussing global trade disputes, labor shortages, wars, tariffs, government shutdown
    • Reference to reverse stock split section
  • Reworded:
    • Founding date changed from 'April 2016' to appear consistent but older filing stated 'November 2014' for inception
    • BLA submission timing changed from 'first quarter of 2026' to 'fourth quarter of 2026'
    • Accumulated deficit basis changed from nine months ended September 30, 2025 to three months ended March 31, 2026
    • Changed from 'we believe...will be insufficient' to 'we believe...will be sufficient' regarding cash runway
    • TA-ERT description changed from 'tralesinidase alfa' to 'tralesinidase alfa enzyme replacement therapy' with fuller designation details
    • Product revenue dependency changed from 'successful development of tildacerfont and any future product candidates' to 'successful development of TA-ERT and our other current and future product candidates'
  • Notes:
    • Older filing contains incomplete text at end ('Reverse Stock Split We effected a one') suggesting truncation
    • Newer filing text also appears truncated at end regarding offering details
    • Inception date discrepancy: newer states 'April 2016' while older states 'November 2014' - this represents a material inconsistency between the two filings themselves

Risk Factors

  • Added:
    • Added bullet point in newer filing (2026-05-13): 'International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.' (This appears in both but was moved or reordered)
    • Newer filing adds specific language about product candidate descriptions: 'tralesinidase alfa enzyme replacement therapy ("TA-ERT")' versus older filing's 'tralesinidase alfa ("TA-ERT")'
  • Removed:
    • Removed from newer filing (filed 2026-05-13): 'We do not currently have sufficient working capital to fund our planned operations for the next twelve months and substantial doubt exists as to our ability to continue as a going concern.' (This was the first bullet point in older filing filed 2025-11-10)
    • Removed references to 'tildacerfont' product candidate from newer filing (filed 2026-05-13). The older filing (filed 2025-11-10) mentions 'tildacerfont' in multiple risk factor bullet points; newer filing does not include these references
    • Removed references to 'SPR202' product candidate from newer filing (filed 2026-05-13). The older filing (filed 2025-11-10) mentions 'SPR202' in multiple risk factor bullet points; newer filing does not include these references
  • Reworded:
    • Newer filing (2026-05-13): 'If we fail to obtain additional financing, including as a result of geopolitical uncertainty and macroeconomic events...' versus older filing (2025-11-10): 'If we fail to obtain additional financing, we may be forced to delay...' - added phrase about geopolitical uncertainty and macroeconomic events as conditions
    • Newer filing (2026-05-13): 'Our clinical trials may fail to adequately demonstrate that our product candidates are well tolerated and provide sufficient clinical benefits for patients...' versus older filing (2025-11-10): 'Our clinical trials may fail to adequately demonstrate the safety and efficacy of our product candidates...' - changed focus from 'safety and efficacy' to 'well tolerated and provide sufficient clinical benefits'
    • Newer filing (2026-05-13): 'Unfavorable U.S. and global economic and geopolitical conditions could adversely affect our business, financial condition, results of operations and prospects.' versus older filing (2025-11-10): 'Unfavorable U.S. and global economic and geopolitical conditions could adversely affect our business, financial condition or results of operations.' - added 'and prospects' at end
    • Newer filing removes 'tildacerfont, SPR202 and' language throughout multiple risk factor bullet points that were present in older filing
  • Notes:
    • Financial statements are from different periods (March 31, 2026 in newer filing vs. September 30, 2025 in older filing) and are therefore not directly comparable but show significant changes in cash position, debt structure, and warrant liabilities
    • The Risk Factors section appears to be substantially simplified in the newer filing with removal of multiple product candidates (tildacerfont and SPR202) and the going concern risk factor

AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.

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Insider activity (SEC Form 4)

No open-market insider purchases or sales are on record for SPRB — recent Form 4 activity was compensation-related (awards, option exercises, or tax withholding), not open-market buying or selling.

View full insider trading history → View SEC Form 3/4/5 filings

Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.

Institutional ownership (13F)

3 institutional 13F filers reported holding SPRB as of 2026-03-31 (quarter-end position, filed within 45 days).

  • Distinct 13F filers 3
  • Reported shares held 92,337
  • Reported value $6,034,223

reported quarterly holdings change (2025-12-31 → 2026-03-31): 0 new, 0 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".

Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.

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Short interest (FINRA)

SPRB had 429,122 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).

SPRB had 14.9% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 7.6 days to cover at the same settlement.

  • Reported short interest (shares) 429,122
  • Short interest (% of shares outstanding) 14.9%
  • Prior settlement (shares) 415,860
  • Reported change 3.19%
  • Days to cover (reported) 7.6

Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.

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Competitors & peers

AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.

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Frequently asked questions

What does SPRUCE BIOSCIENCES INC (SPRB) do?

Spruce Biosciences is a clinical-stage biopharmaceutical company focused on developing therapies for rare lysosomal storage disorders. The company's lead product candidate is tralesinidase alfa enzyme replacement therapy (TA-ERT), being developed for Sanfilippo Syndrome Type B (Mucopolysaccharidosis Type IIIB / MPS IIIB).

What sector is SPRUCE BIOSCIENCES INC (SPRB) in?

SPRUCE BIOSCIENCES INC (SPRB) is classified in the Health Care sector. Its industry is Orphan/rare disease biopharmaceuticals. It trades on NASDAQ.

Who are SPRUCE BIOSCIENCES INC's (SPRB) competitors?

Notable peers of SPRUCE BIOSCIENCES INC (SPRB) include BioMarin Pharmaceutical, Ultragenyx Pharmaceutical, Amicus Therapeutics and Sanofi. This peer set is informational only — not financial advice.

Where does stocks-llm's data on SPRB come from?

Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.

Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.

Last updated 2026-08-21.

Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.

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