Spruce Biosciences (SPRB) Registration Filing summary

Company overview and business model

• Focuses on developing and commercializing novel therapies for neurological disorders with significant unmet medical need, targeting diseases with no approved therapies or suboptimal options.

• Founded in April 2016 and led by an experienced management team in therapeutic development and commercialization.

• Operates as an emerging growth company and a smaller reporting company, utilizing scaled disclosure and compliance exemptions until at least December 31, 2025.

Financial performance and metrics

• Completed a 1:75 reverse stock split effective August 4, 2025, reducing outstanding shares from 42,231,285 to approximately 563,042.

• Net loss for the year ended December 31, 2024, was $53.0 million, with a net loss per share (post-split) of $96.40.

• Net loss for the three months ended March 31, 2025, was $14.0 million, with a net loss per share (post-split) of $23.95.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including working capital, operating expenses, and capital expenditures.

• May allocate a portion of proceeds to acquire or invest in complementary businesses or products, though no current plans or commitments exist.

• Unused proceeds will be invested in capital preservation instruments such as short-term, investment-grade, and interest-bearing instruments.