--- title: "Spruce Biosciences (SPRB) news: delisting and going concern" url: "https://aibio.space/companies/spruce-biosciences/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "SPRB delisting, going concern and offering news: Spruce Biosciences gets Nasdaq delisting notice, suspension set for April 29, cuts staff 55%." --- SPRB Spruce Biosciences, Inc. NASDAQ · United States # Spruce Biosciences (SPRB) news SPRB delisting, going concern and offering news Debt Financing · 2026-05-13 ## [Spruce Biosciences details its $50.0 million Avenue Capital loan facility](https://aibio.space/news/spruce-biosciences-details-50-0-million-avenue-capital-loan-facility/) Avenue Capital Management II, L.P. is the lender under a term loan facility signed January 7, 2026. The first $15.0 million tranche funded after closing. ## Latest Spruce Biosciences news 1. 2026-04-20 Financings [Spruce Biosciences announces proposed underwritten public offering](https://aibio.space/news/spruce-biosciences-announces-proposed-underwritten-public-offering/) Leerink Partners, Guggenheim Securities and Oppenheimer & Co. are joint book-running managers, with Jones and Craig-Hallum as co-managers. 2. 2025-10-08 Financings [Spruce Biosciences agrees to $50.0 million private placement at $68.00 a share](https://aibio.space/news/spruce-biosciences-agrees-50-0-million-private-placement-68-00-share/) Institutional investors are buying 502,181 shares at $68.00 and pre-funded warrants for 233,144 more, for expected gross proceeds of about $50.0 million. The 8-K contains no clinical data for tralesinidase alfa, the program Spruce plans to file in the first quarter of 2026. 3. 2025-06-12 Listings [Spruce Biosciences wins Nasdaq panel appeal, with bid price deadline of August 5, 2025](https://aibio.space/news/spruce-biosciences-wins-nasdaq-panel-appeal-bid-price-deadline-august/) A Nasdaq panel accepted Spruce Biosciences' appeal, but the stock returns to the Capital Market only if it meets the minimum bid price by August 5, 2025. Trading had been suspended on April 29, 2025, and the 10-K carries a going-concern warning. 4. 2025-06-12 Listings [Spruce Biosciences wins Nasdaq appeal, must meet bid price rule by August 5, 2025](https://aibio.space/news/spruce-biosciences-wins-nasdaq-appeal-must-meet-bid-price-rule-august/) Spruce's shares have traded over the counter since a Nasdaq suspension on April 29, 2025. The Hearings Panel accepted the company's appeal on June 9, 2025, but the stock returns to the Nasdaq Capital Market only if it meets the bid price requirement by August 5, 2025. 5. 2025-04-25 Listings [Spruce Biosciences gets Nasdaq delisting notice, suspension set for April 29, cuts staff 55%](https://aibio.space/news/spruce-biosciences-gets-nasdaq-delisting-notice-suspension-set-april/) Nasdaq will suspend trading on April 29, 2025, and the company's appeal will not stop it. The company is cutting 55% of staff to focus on a rare-disease therapy it has not yet filed for approval, with going-concern doubt on record. 6. 2025-03-31 Distress [Spruce Biosciences delays annual report and flags going-concern doubt](https://aibio.space/news/spruce-biosciences-delays-annual-report-flags-going-concern-doubt/) Spruce expects cash to be insufficient to fund research and development for at least 12 months without new financing. It expects collaboration revenue to fall about 50%. ## Spruce Biosciences at a glance - **Ticker**: SPRB - **Listing**: NASDAQ - **Country**: United States - **Cash, Jun 30, 2026**: $96.3 million ### Related companies - [GB Sciences](https://aibio.space/companies/gb-sciences/) OTC: GBLX - [INmune Bio](https://aibio.space/companies/inmune-bio/) NASDAQ: INMB - [Geron](https://aibio.space/companies/geron/) NASDAQ: GERN - [Vaxcyte](https://aibio.space/companies/vaxcyte/) NASDAQ: PCVX - [OSR Health](https://aibio.space/companies/osr-health/) OTC: OSRH - [Mineralys Therapeutics](https://aibio.space/companies/mineralys-therapeutics/) NASDAQ: MLYS - [Precision BioSciences](https://aibio.space/companies/precision-biosciences/) NASDAQ: DTIL - [Agenus](https://aibio.space/companies/agenus/) NASDAQ: AGEN ### Also on NASDAQ - [Cognition Therapeutics](https://aibio.space/companies/cognition-therapeutics/) CGTX - [EXOZYMES INC.](https://aibio.space/companies/exozymes/) EXOZ - [Modular Medical](https://aibio.space/companies/modular-medical/) MODD - [Candel Therapeutics](https://aibio.space/companies/candel-therapeutics/) CADL - [Bolt Biotherapeutics](https://aibio.space/companies/bolt-biotherapeutics/) BOLT - [Korro Bio](https://aibio.space/companies/korro-bio/) KRRO ## Spruce Biosciences annual financials | Line | FY2025 | FY2024 | |---|---|---| | Revenue | [$0](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | [$4.9 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | | Research and development | [$19.5 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | [$46.4 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | | Net income (loss) | [-$39.0 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | [-$53.0 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | | Cash from operations | [-$33.3 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | [-$56.0 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | | Cash and equivalents | [$48.9 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526345876/) | [$38.8 million](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) | Latest balance sheet, Jun 30, 2026 (10-Q): cash and equivalents $96.3 million. Figures as reported to the SEC in XBRL; each one links to its filing. Not adjusted, not investment advice. ## Questions about Spruce Biosciences Was Spruce Biosciences delisted? Our latest story on this, dated Apr 25, 2025: "Spruce Biosciences gets Nasdaq delisting notice, suspension set for April 29, cuts staff 55%". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/spruce-biosciences-gets-nasdaq-delisting-notice-suspension-set-april/). Has Spruce Biosciences issued a going-concern warning? Our latest story on this, dated Jun 12, 2025: "Spruce Biosciences wins Nasdaq panel appeal, with bid price deadline of August 5, 2025". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/spruce-biosciences-wins-nasdaq-panel-appeal-bid-price-deadline-august/). Has Spruce Biosciences raised money recently? Our latest story on this, dated Apr 20, 2026: "Spruce Biosciences announces proposed underwritten public offering". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/spruce-biosciences-announces-proposed-underwritten-public-offering/). What is the ticker symbol of Spruce Biosciences? Spruce Biosciences, Inc. trades under the ticker SPRB on NASDAQ. Where is Spruce Biosciences listed? Spruce Biosciences, Inc. is listed on NASDAQ. What is the SEC CIK of Spruce Biosciences? The SEC Central Index Key (CIK) for Spruce Biosciences, Inc. is 1683553. Its filings are on SEC EDGAR. How many shares does Spruce Biosciences have outstanding? 2,874,013 shares as of 2026-08-10, per the cover page of its 10-Q filed 2026-08-12. Which country or territory is Spruce Biosciences listed under? Our directory records Spruce Biosciences, Inc. under United States. What does Spruce Biosciences do? Our directory classifies Spruce Biosciences, Inc. as: Biotechnology. This is a directory classification, not a description of the pipeline. What is the ISIN of Spruce Biosciences? The ISIN recorded for Spruce Biosciences, Inc. is US85209E2081. Does aibio.space cover Spruce Biosciences? aibio.space lists Spruce Biosciences, Inc. among 2,820 public biotech companies and publishes its news here as stories appear. Where is Spruce Biosciences incorporated? SEC records list its state or country of incorporation as DE. What was Spruce Biosciences's revenue last year? $0 for the fiscal year ended Dec 31, 2025, as reported to the SEC. Is Spruce Biosciences profitable? Spruce Biosciences, Inc. reported a net loss of $39.0 million for the fiscal year ended Dec 31, 2025, and used $33.3 million of cash in operations, per its annual report to the SEC. How much does Spruce Biosciences spend on research and development? $19.5 million in the fiscal year ended Dec 31, 2025, per its annual report. ## Investor discussion: Spruce Biosciences Members talk about Spruce Biosciences (SPRB). Reader posts, not aibio.space reporting, and not investment advice. Rules 1. **Securities violations are strictly forbidden.** No market manipulation, no pump-and-dump, no false or misleading statements, and no inside information. 2. **Say whether you hold the stock.** Every post states long, short or no position. 3. **No paid or sponsored posts.** Do not post for anyone who pays or rewards you. 4. **No buy or sell calls and no price targets.** 5. **No accusations of crime or fraud against named people** unless you link a court filing or a regulator's release that makes them. 6. **No personal details and no spam.** No links at all for your first 7 days as a member. Posts that break the rules may be deleted without notice, and the account restricted or closed. See the [terms](https://aibio.space/terms/#discussion) and the [privacy policy](https://aibio.space/privacy/#discussion). ## Capital-markets timeline Financings, listing notices, splits, legal actions and other investor events at Spruce Biosciences, newest first. Each line links the filing it comes from. 1. 2026-04-20 Financings Reported a financing. SEC Form 424B5. [Source](https://www.sec.gov/Archives/edgar/data/1683553/000119312526163919/sprb-424b5-2026-april.htm) 2. 2026-03-20 Distress Reported the end of a material agreement. SEC Form 8-K (Items 1.02). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000119312526117888/sprb-ex99_1.htm) 3. 2026-03-09 Financings Reported a financing. SEC Form 8-K (Items 1.01,1.02,2.02,5.02,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097561/sprb-ex99_1.htm) 4. 2026-01-08 Financings Reported an unregistered sale of its securities. SEC Form 8-K (Items 1.01,2.02,2.03,3.02,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000119312526007038/sprb-ex99_1.htm) 5. 2025-10-08 Financings Reported a financing. SEC Form 8-K (Items 1.01,3.02,8.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000119312525234516/d36248d8k.htm) 6. 2025-07-24 Listings Reported a reverse stock split. SEC Form 8-K (Items 3.03,5.03,5.07,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025098340/sprb-ex99_1.htm) 7. 2025-06-12 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 3.01,8.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025085144/sprb-20250609.htm) 8. 2025-05-29 Listings Reported a reverse stock split. SEC Form 8-K (Items 1.01,3.02,3.03,5.03,5.08,8.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025078590/sprb-20250528.htm) 9. 2025-04-28 Listings Asked shareholders to approve a reverse stock split. SEC Form DEF 14A. [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025059288/sprb-20250428.htm) 10. 2025-04-25 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 2.05,3.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025058863/sprb-20250421.htm) 11. 2025-04-18 Listings Asked shareholders to approve a reverse stock split. SEC Form PRE 14A. [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025055856/sprb-predef14a-2025.htm) 12. 2025-04-15 Distress Reported substantial doubt about its ability to continue as a going concern. SEC Form 10-K. [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025053945/sprb-20241231.htm) 13. 2025-03-31 Distress Told the SEC a periodic report would be filed late. SEC Form NT 10-K. [Source](https://www.sec.gov/Archives/edgar/data/1683553/000095017025047912/sprb-12b25-2024.htm) ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:SPRB on TradingView](https://www.tradingview.com/symbols/NASDAQ-SPRB/). ## SEC filings and registration - **SEC name**: Spruce Biosciences, Inc. - **CIK**: 1683553 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: SPRB (Nasdaq) - **State or country of incorporation**: DE - **Fiscal year ends**: December 31 - **Filer category**: Non-accelerated filer
Smaller reporting company - **Business address**: 611 GATEWAY BOULEVARD, SUITE 740, SOUTH SAN FRANCISCO, CA, 94080 - **Phone**: (415) 655-4168 - **Shares outstanding**: 2,874,013 as of 2026-08-10 (10-Q filed 2026-08-12) ### Recent filings (8-K and 6-K are the company's own announcements) - [10-Q](https://www.sec.gov/Archives/edgar/data/1683553/000119312526345876/sprb-20260630.htm) filed 2026-08-12 - [8-K](https://www.sec.gov/Archives/edgar/data/1683553/000119312526345874/sprb-20260812.htm) filed 2026-08-12 - [8-K](https://www.sec.gov/Archives/edgar/data/1683553/000119312526316928/sprb-20260727.htm) filed 2026-07-27 - [8-K](https://www.sec.gov/Archives/edgar/data/1683553/000119312526239230/sprb-20260521.htm) filed 2026-05-26 - [10-Q](https://www.sec.gov/Archives/edgar/data/1683553/000119312526221605/sprb-20260331.htm) filed 2026-05-13 - [8-K](https://www.sec.gov/Archives/edgar/data/1683553/000119312526220648/sprb-20260513.htm) filed 2026-05-13 - [8-K](https://www.sec.gov/Archives/edgar/data/1683553/000119312526167332/sprb-20260420.htm) filed 2026-04-22 - [424B5](https://www.sec.gov/Archives/edgar/data/1683553/000119312526167256/sprb-424b5-2026-april_fi.htm) filed 2026-04-21 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001683553), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. ## Listing details Spruce Biosciences, Inc. is a public biotech or pharmaceutical company listed on NASDAQ under the ticker SPRB, recorded under United States. The directory classifies it as Biotechnology. aibio.space tracks 2,820 public biotech companies worldwide and publishes investor news on them. - **Company**: Spruce Biosciences, Inc. - **Ticker**: SPRB - **Listing**: NASDAQ - **Country or territory**: United States - **Business scope**: Biotechnology - **ISIN**: US85209E2081 - **Last quote in directory**: 2026-10-21 - **Directory source**: [Listing page](https://www.tradingview.com/symbols/NASDAQ-SPRB/) Listing facts come from our company directory, researched on October 22, 2026. A listing record does not certify that a security currently trades. [Tell us about a change](https://aibio.space/reputation/#update). Work at this company? [Claim this page](https://aibio.space/claim/). Published and maintained by aibio.space. Not investment advice. [How we work](https://aibio.space/disclosures/). Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/spruce-biosciences/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Spruce Biosciences (SPRB) news: delisting and going concern", 2026-10-31, https://aibio.space/companies/spruce-biosciences/