Spruce Biosciences Plans Biologics License Application Submission in 2026
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 13 2026
0mins
"We are very pleased with the meaningful progress we continue to make in advancing TA-ERT toward our planned biologics license application submission in the fourth quarter of 2026. This would mark a transformative milestone for Spruce and, more importantly, for the children living with MPS IIIB," said Javier Szwarcberg, M.D., M.P.H., Chief Executive Officer of Spruce Biosciences. "In April, our balance sheet was meaningfully strengthened with the closing of our $69.0 million underwritten public offering, which was in addition to our $50.0 million term loan facility signed with Avenue Capital in January, and we are now well positioned to support TA-ERT through key regulatory milestones and to prepare for a potential commercial launch in the United States next year. I want to thank our entire team at Spruce for their tremendous efforts and am also grateful for the continued support from our Board, shareholders, and, most importantly, from the families and patients living with MPS IIIB. We look forward to making a meaningful difference in patients' lives."
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Analyst Views on SPRB
Wall Street analysts forecast SPRB stock price to rise
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 49.190
Low
160.00
Averages
230.50
High
283.00
Current: 49.190
Low
160.00
Averages
230.50
High
283.00
About SPRB
Spruce Biosciences, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for neurological disorders with significant unmet medical need. It has a diverse portfolio of product candidates addressing diseases with high unmet medical need and clear biology for treatment, for which there are either no approved therapies treating the underlying disease or suboptimal treatment options. Its pipeline consists of TA-ERT, Tildacerfont and Cortibon, and SPR202. TA-ERT is a fusion protein comprised of recombinant human alpha-N-acetylglucosaminidase. TA-ERT is intended as an enzyme replacement therapy for the treatment of patients with MPS IIIB who lack rhNAGLU enzyme activity. Tildacerfont has the potential to address hyperactive brain corticotropin-releasing factors neurotransmission and aberrant functioning of the hypothalamus-pituitary-adrenal axis in patients with MDD. SPR202 focuses on the treatment of Congenital Adrenal Hyperplasia and other indications.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Spruce Biosciences Q1 Earnings Report
- Disappointing Earnings: Spruce Biosciences reported a Q1 GAAP EPS of -$8.94, missing expectations by $1.01, indicating challenges in profitability that may affect investor confidence.
- Improved Cash Position: As of March 31, 2026, the company had cash and cash equivalents of $54.1 million, up from $48.9 million as of December 31, 2025, reflecting progress in liquidity management.
- Sufficient Funding Plans: Spruce believes that its cash and cash equivalents as of March 31, 2026, along with net proceeds from its $60 million public offering in April 2026, will be adequate to fund its planned operations and debt obligations into the second half of 2027, enhancing its financial stability.
- Stock Offering Pricing: Spruce Biosciences priced its public offering at $50.00 per share, raising $60 million, a move that will provide necessary funding support for the company's future growth.
See More
SPRUCE BIOSCIENCES ENHANCES ITS COMMERCIAL LEADERSHIP WITH THE ADDITION OF BRIAN WALLS AS VICE PRESIDENT OF MARKET ACCESS AND DARREN JOHNSON AS VICE PRESIDENT OF COMMERCIAL OPERATIONS
New Appointments: Spruce Biosciences strengthens its leadership team with the appointments of Brian Walls as Vice President of Market Access and Darren Johnson as Vice President of Commercial Operations.
Focus on Commercial Leadership: The new appointments aim to enhance Spruce Biosciences' commercial strategy and operations, positioning the company for future growth in the biosciences sector.
See More
SPRUCE BIOSCIENCES STOCK FALLS 18.1% FOLLOWING EQUITY OFFERING PRICING ANNOUNCEMENT
- Stock Performance: Spruce Biosciences shares fell by 18.1% following the announcement of their equity offering.
- Market Reaction: The decline in share price indicates investor concern or reaction to the new equity offering pricing.
See More
Spruce Biosciences Prices Public Offering at $50 per Share
- Offering Size: Spruce Biosciences has priced its public offering at $50 per share for 1.15 million shares, expecting gross proceeds of $60 million, which will support its research in neurological disorder therapies.
- Pre-Funded Warrants: The company is also offering pre-funded warrants for 50,000 shares at $49.99 each, enhancing investor participation and potentially attracting more capital inflow.
- Underwriter Arrangement: Leerink Partners, Guggenheim Securities, and Oppenheimer & Co. are acting as joint book-running managers, indicating market confidence in the offering, which is expected to close on April 22, 2026.
- Stock Price Volatility: Despite closing at $69.89, the stock fell 21.95% in pre-market trading to $54.55, reflecting a negative market reaction to the offering news, which may impact investor confidence.
See More
Spruce Biosciences Prices Public Offering to Raise $60 Million
- Fundraising Details: Spruce Biosciences has priced a public offering of 1.15 million common shares at $50.00 each, aiming to raise $60 million to advance its neurological disorder therapies, indicating a significant investment in R&D.
- Investor Options: Certain investors will receive pre-funded warrants to purchase 50,000 shares at $49.99, reflecting a strategic pricing approach that allows flexibility in capital raising while minimizing dilution.
- Underwriter's Option: The underwriters have a 30-day option to purchase up to 180,000 additional shares, which could enhance the total capital raised and provide a buffer against market fluctuations.
- Stock Price Reaction: Following the announcement, Spruce Biosciences' shares fell 12.15% in after-hours trading to $61.40, indicating a negative market reaction that could impact investor sentiment and future fundraising efforts.
See More
Spruce Biosciences Prices Public Offering at $50 per Share
- Public Offering Pricing: Spruce Biosciences has priced its public offering of 1.15 million common stock shares at $50.00 each, expecting total gross proceeds of $60 million, indicating the company's ability to raise capital in the market.
- Pre-Funded Warrants: The company is also offering pre-funded warrants for 50,000 shares at $49.99 each to a specific investor, a strategy aimed at attracting investment and enhancing liquidity.
- Additional Share Option: Spruce Biosciences has granted underwriters a 30-day option to purchase up to 180,000 additional shares, which could further increase the total financing and meet market demand.
- Stock Price Reaction: Following the public offering announcement, Spruce Biosciences' stock price fell 13.44% in after-hours trading to $60.50, reflecting market caution regarding the offering.
See More
Spruce Biosciences Q1 Earnings Report
- Disappointing Earnings: Spruce Biosciences reported a Q1 GAAP EPS of -$8.94, missing expectations by $1.01, indicating challenges in profitability that may affect investor confidence.
- Improved Cash Position: As of March 31, 2026, the company had cash and cash equivalents of $54.1 million, up from $48.9 million as of December 31, 2025, reflecting progress in liquidity management.
- Sufficient Funding Plans: Spruce believes that its cash and cash equivalents as of March 31, 2026, along with net proceeds from its $60 million public offering in April 2026, will be adequate to fund its planned operations and debt obligations into the second half of 2027, enhancing its financial stability.
- Stock Offering Pricing: Spruce Biosciences priced its public offering at $50.00 per share, raising $60 million, a move that will provide necessary funding support for the company's future growth.
See More
SPRUCE BIOSCIENCES ENHANCES ITS COMMERCIAL LEADERSHIP WITH THE ADDITION OF BRIAN WALLS AS VICE PRESIDENT OF MARKET ACCESS AND DARREN JOHNSON AS VICE PRESIDENT OF COMMERCIAL OPERATIONS
New Appointments: Spruce Biosciences strengthens its leadership team with the appointments of Brian Walls as Vice President of Market Access and Darren Johnson as Vice President of Commercial Operations.
Focus on Commercial Leadership: The new appointments aim to enhance Spruce Biosciences' commercial strategy and operations, positioning the company for future growth in the biosciences sector.
See More
SPRUCE BIOSCIENCES STOCK FALLS 18.1% FOLLOWING EQUITY OFFERING PRICING ANNOUNCEMENT
- Stock Performance: Spruce Biosciences shares fell by 18.1% following the announcement of their equity offering.
- Market Reaction: The decline in share price indicates investor concern or reaction to the new equity offering pricing.
See More
Spruce Biosciences Prices Public Offering at $50 per Share
- Offering Size: Spruce Biosciences has priced its public offering at $50 per share for 1.15 million shares, expecting gross proceeds of $60 million, which will support its research in neurological disorder therapies.
- Pre-Funded Warrants: The company is also offering pre-funded warrants for 50,000 shares at $49.99 each, enhancing investor participation and potentially attracting more capital inflow.
- Underwriter Arrangement: Leerink Partners, Guggenheim Securities, and Oppenheimer & Co. are acting as joint book-running managers, indicating market confidence in the offering, which is expected to close on April 22, 2026.
- Stock Price Volatility: Despite closing at $69.89, the stock fell 21.95% in pre-market trading to $54.55, reflecting a negative market reaction to the offering news, which may impact investor confidence.
See More
Spruce Biosciences Prices Public Offering to Raise $60 Million
- Fundraising Details: Spruce Biosciences has priced a public offering of 1.15 million common shares at $50.00 each, aiming to raise $60 million to advance its neurological disorder therapies, indicating a significant investment in R&D.
- Investor Options: Certain investors will receive pre-funded warrants to purchase 50,000 shares at $49.99, reflecting a strategic pricing approach that allows flexibility in capital raising while minimizing dilution.
- Underwriter's Option: The underwriters have a 30-day option to purchase up to 180,000 additional shares, which could enhance the total capital raised and provide a buffer against market fluctuations.
- Stock Price Reaction: Following the announcement, Spruce Biosciences' shares fell 12.15% in after-hours trading to $61.40, indicating a negative market reaction that could impact investor sentiment and future fundraising efforts.
See More
Spruce Biosciences Prices Public Offering at $50 per Share
- Public Offering Pricing: Spruce Biosciences has priced its public offering of 1.15 million common stock shares at $50.00 each, expecting total gross proceeds of $60 million, indicating the company's ability to raise capital in the market.
- Pre-Funded Warrants: The company is also offering pre-funded warrants for 50,000 shares at $49.99 each to a specific investor, a strategy aimed at attracting investment and enhancing liquidity.
- Additional Share Option: Spruce Biosciences has granted underwriters a 30-day option to purchase up to 180,000 additional shares, which could further increase the total financing and meet market demand.
- Stock Price Reaction: Following the public offering announcement, Spruce Biosciences' stock price fell 13.44% in after-hours trading to $60.50, reflecting market caution regarding the offering.
See More
