--- title: "Spruce Biosciences announces proposed underwritten public offering" url: "https://aibio.space/news/spruce-biosciences-announces-proposed-underwritten-public-offering/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-04-20" section: "Financings" tickers: "NASDAQ:SPRB" source: "https://www.sec.gov/Archives/edgar/data/1683553/000119312526167332/sprb-ex99_1.htm" summary: "Leerink Partners, Guggenheim Securities and Oppenheimer & Co. are joint book-running managers, with Jones and Craig-Hallum as co-managers." --- By the aibio.space news desk. Sources - [Spruce Biosciences, Inc. 8-K (2026-04-22)](https://www.sec.gov/Archives/edgar/data/1683553/000119312526167332/sprb-ex99_1.htm) - [Spruce Biosciences, Inc. 10-K (2026-03-09): business](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/sprb-20251231.htm) - [Spruce Biosciences, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1683553/000119312526097558/) [SPRB](https://aibio.space/companies/spruce-biosciences/) 2026-04-20 # Spruce Biosciences announces proposed underwritten public offering Tickers [SPRB](https://aibio.space/companies/spruce-biosciences/) Leerink Partners, Guggenheim Securities and Oppenheimer & Co. are joint book-running managers, with Jones and Craig-Hallum as co-managers. ## Key facts - **Company**: Spruce Biosciences, Inc. (NASDAQ: SPRB) - **News type**: Financings - **Primary source**: [Spruce Biosciences, Inc. 8-K (2026-04-22)](https://www.sec.gov/Archives/edgar/data/1683553/000119312526167332/sprb-ex99_1.htm) *The lower Manhattan skyline. CC0, via rawpixel. The picture shows the field, not the companies named.* Spruce Biosciences, Inc. (Nasdaq: [SPRB](https://aibio.space/companies/spruce-biosciences/)) announced on April 20, 2026 that it had commenced an underwritten public offering of its common stock, or pre-funded warrants in place of common stock. All of the securities are being offered by the company. Spruce also expects to grant the underwriters a 30-day option to buy additional shares, of up to 15% of the aggregate number of shares sold in the offering, at the public offering price, less underwriting discounts and commissions. ## Who is running the offering Leerink Partners, Guggenheim Securities and Oppenheimer & Co. are acting as joint book-running managers for the proposed offering. Jones and Craig-Hallum are acting as co-managers. The release does not say which of the three book-running managers is the lead or sole manager. It also does not name legal counsel for the company or the underwriters. Copies of the preliminary prospectus supplement may be obtained from Leerink Partners LLC, Guggenheim Securities, LLC and Oppenheimer & Co. Inc. The release lists each firm's syndicate department as the contact for prospectus requests. ## The shelf and the terms The securities are offered under a shelf registration statement on Form S-3. The base prospectus was filed with the Securities and Exchange Commission on October 29, 2025, and the SEC declared the registration statement effective on November 26, 2025. The offering can be made only by means of a prospectus supplement and the accompanying prospectus. The final terms will be disclosed in a final prospectus supplement filed with the SEC. The number of shares, the price and the size of the offering are not stated in the April 20 announcement. The release also does not state how the company plans to use the proceeds. The company says the offering is subject to market and other conditions, and that there is no assurance as to whether or when it will be completed, or as to its actual size or terms. ## The company behind the offering Spruce describes itself as a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need. Its annual report for 2025, filed March 9, 2026, says the company held $48.9 million in bank deposits and money market funds at December 31, 2025. The same report describes a private placement completed in October 2025, with net proceeds of $46.6 million. Net cash provided by financing activities was $43.5 million in 2025, after $2.1 million of payments on debt with Silicon Valley Bank. Cash used in operating activities was $33.3 million in 2025, compared with $56.0 million in 2024. ## Financial position in the annual report The annual report shows no revenue for 2025, against $4.9 million in 2024. Research and development expense was $19.5 million in 2025 and $46.4 million in 2024. The net loss was $39.0 million in 2025 and $53.0 million in 2024. The auditor's report, from BDO USA, P.C., includes a section headed Going Concern Uncertainty. ## What is not settled The release sets out the planned offering only. Price, size and closing date are open, and the final terms will appear only in a final prospectus supplement. Any new shares or pre-funded warrants would add to the share count and dilute current holders. The raise follows a $46.6 million private placement in October 2025, and cash used in operations was $33.3 million in 2025 against year-end cash of $48.9 million, so the company has returned to the market within months. The release gives no use of proceeds and no clinical update. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story SPRB Spruce Biosciences, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/spruce-biosciences-announces-proposed-underwritten-public-offering/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Spruce Biosciences announces proposed underwritten public offering", 2026-04-20, https://aibio.space/news/spruce-biosciences-announces-proposed-underwritten-public-offering/