SPRB

MKT CAP:$76M

Spruce Biosciences, Inc.

Market Cap

$76M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$52.36-$38.34 (-42.27%)

Apr 22, 2026

Company Details

Spruce Biosciences, Inc., a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease contro...

CEO

Javier Szwarcberg

IPO Date

Oct 9, 2020

Website

www.sprucebiosciences.com

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

-$39M

EPS (Diluted)

-$52.66

Free Cash Flow

-$33M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 9, 2026

$0-100.0%EPS -$50.83

Q4 2025

Mar 9, 2026

$0-100.0%EPS -$10.67

Q3 2025

Nov 10, 2025

$0-100.0%EPS -$14.58

Q2 2025

Aug 14, 2025

$0-100.0%EPS -$3.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$12M
Q2 22	$0	$0	-$12M
Q3 22	$0	$0	-$12M
Q4 22	$0	-$9M	-$12M
Q1 23	$2M	-$10M	-$13M
Q2 23	$2M	-$11M	-$14M
Q3 23	$3M	$3M	-$14M
Q4 23	$3M	$3M	-$11M
Q1 24	$2M	$2M	-$13M
Q2 24	$2M	$2M	-$10M
Q3 24	$602.0K	$602.0K	-$9M
Q4 24	$697.0K	$697.0K	-$24M
Q1 25	$0	$0	-$14M
Q2 25	$0	$0	-$3M
Q3 25	$0	$0	-$8M
Q4 25	$0	-$5.0K	-$11M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	38.5x	—
Q2 23	18.3x	—
Q3 23	10.5x	—
Q4 23	7.5x	—
Q1 24	7.5x	—
Q2 24	7.9x	—
Q3 24	10.6x	—
Q4 24	15.4x	—
Q1 25	26.0x	—
Q2 25	58.2x	—
Q3 25	108.5x	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$12M
Q2 22	-$10M	-$10M
Q3 22	-$9M	-$9M
Q4 22	-$12M	-$12M
Q1 23	-$12M	-$12M
Q2 23	$2M	$2M
Q3 23	-$12M	-$12M
Q4 23	-$11M	-$11M
Q1 24	-$15M	-$15M
Q2 24	-$11M	-$11M
Q3 24	-$9M	-$9M
Q4 24	-$21M	-$21M
Q1 25	-$13M	-$13M
Q2 25	-$9M	-$9M
Q3 25	-$5M	-$5M
Q4 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$6.0K
Q3 22	$2.0K
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$7.0K
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+19.5%
Q2 22	—	+1.4%
Q3 22	—	+1.4%
Q4 22	—	+32.6%
Q1 23	—	+29.2%
Q2 23	—	+35.8%
Q3 23	—	+44.8%
Q4 23	—	+16.0%
Q1 24	+1.9%	-3.5%
Q2 24	-25.6%	-27.8%
Q3 24	-80.4%	-40.2%
Q4 24	-75.9%	+76.3%
Q1 25	-100.0%	-1.0%
Q2 25	-100.0%	-76.9%
Q3 25	-100.0%	-17.8%
Q4 25	-100.0%	-55.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$1M	54.0%
Q2 23	$0	0.0%
Q3 23	$1M	36.5%
Q4 23	$1M	42.3%
Q1 24	$2M	78.0%
Q2 24	$2M	104.7%
Q3 24	$1M	189.4%
Q4 24	$961.0K	137.9%
Q1 25	$544.0K	—
Q2 25	-$77.0K	—
Q3 25	$415.0K	—
Q4 25	$2M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$9M	$3M	—
Q2 22	$9M	$3M	—
Q3 22	$9M	$3M	—
Q4 22	$9M	$3M	—
Q1 23	$12M	$3M	—
Q2 23	$13M	$3M	—
Q3 23	$13M	$3M	—
Q4 23	$11M	—	$3M
Q1 24	$10M	$4M	—
Q2 24	$8M	$4M	—
Q3 24	$7M	$3M	—
Q4 24	$21M	$3M	—
Q1 25	$11M	$4M	—
Q2 25	—	$3M	—
Q3 25	$5M	$3M	—
Q4 25	$4M	$7M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$23M	$68M	$91M
Q2 22	$47M	$46M	$93M
Q3 22	$22M	$69M	$90M
Q4 22	$24M	$55M	$79M
Q1 23	$74M	$45M	$119M
Q2 23	$97M	$23M	$121M
Q3 23	$99M	$9M	$108M
Q4 23	$96M	$0	$96M
Q1 24	$81M	$0	$81M
Q2 24	$70M	$0	$70M
Q3 24	$60M	$0	$60M
Q4 24	$39M	$0	$39M
Q1 25	$26M	$0	$26M
Q2 25	$16M	$0	$16M
Q3 25	$11M	$0	$11M
Q4 25	$49M	$0	$49M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	611K	+0.2%	+0.9%
Q2 22	611K	+0.0%	+0.7%
Q3 22	613K	+0.3%	+0.8%
Q4 22	613K	+0.0%	+0.5%
Q1 23	415K	-32.3%	-32.1%
Q2 23	527K	+27.1%	-13.7%
Q3 23	529K	+0.4%	-13.6%
Q4 23	533K	+0.8%	-12.9%
Q1 24	534K	+0.2%	+28.8%
Q2 24	535K	+0.2%	+1.5%
Q3 24	537K	+0.3%	+1.5%
Q4 24	536K	-0.1%	+0.6%
Q1 25	571K	+6.5%	+6.9%
Q2 25	606K	+6.1%	+13.3%
Q3 25	563K	-7.1%	+4.9%
Q4 25	767K	+36.1%	+42.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	15
Q2 22	$0	15
Q3 22	$0	15
Q4 22	$0	27
Q1 23	$72.7K	27
Q2 23	$80.2K	27
Q3 23	$113.8K	27
Q4 23	$99.6K	29
Q1 24	$69.0K	29
Q2 24	$55.5K	29
Q3 24	$20.8K	29
Q4 24	$33.2K	21
Q1 25	$0	21
Q2 25	$0	21
Q3 25	$0	21
Q4 25	$0	200K

Revenue / Employee