Spruce Biosciences (NASDAQ:SPRB) Announces Quarterly Earnings Results

Spruce Biosciences (NASDAQ:SPRB) released its earnings results on Monday. The company reported ($9.58) EPS for the quarter, missing analysts’ consensus estimates of ($9.16) by ($0.42), Zacks reports.

Here are the key takeaways from Spruce Biosciences’ conference call:

• FDA engagement has been constructive — Spruce holds Breakthrough Therapy designation and reports FDA feedback indicating the heparan sulfate non‑reducing end biomarker could support an accelerated approval pathway.
• Clinical and long‑term extension data show near‑normalization of heparan sulfate biomarkers through six years with supportive clinical signals (Bayley, Vineland, MRI), which the company says strengthen the approval case.
• Spruce delayed its BLA to Q4 2026 because the FDA requires the first PPQ validation batch included with the filing (three PPQ batches overall), creating a timing setback for submission and review.
• The FDA allowed the company to initiate the confirmatory trial while the BLA is under review; Spruce plans an ~18‑month enrollment and has submitted the protocol and feasibility assessment to the agency.
• Cash runway is about $50M (plus one debt tranche) and the company expects it may be roughly a quarter short of funding to reach PDUFA, relying on additional debt tranches, strategic/non‑dilutive options, or a monetizable PRV if approved.

Spruce Biosciences Stock Up 7.9%

NASDAQ SPRB traded up $4.93 during midday trading on Tuesday, hitting $67.04. The company had a trading volume of 13,321 shares, compared to its average volume of 39,165. The firm has a fifty day simple moving average of $72.15 and a two-hundred day simple moving average of $75.55. Spruce Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $240.00. The stock has a market cap of $71.73 million, a price-to-earnings ratio of -0.79 and a beta of 3.62.

Institutional Investors Weigh In On Spruce Biosciences

Several hedge funds have recently made changes to their positions in SPRB. SkyView Investment Advisors LLC acquired a new stake in Spruce Biosciences during the fourth quarter worth about $261,000. Ikarian Capital LLC raised its holdings in Spruce Biosciences by 810.3% in the 4th quarter. Ikarian Capital LLC now owns 121,356 shares of the company’s stock valued at $10,571,000 after acquiring an additional 108,024 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Spruce Biosciences in the 4th quarter worth approximately $5,135,000. Squadron Capital Management LLC bought a new stake in shares of Spruce Biosciences in the 4th quarter worth approximately $6,098,000. Finally, Superstring Capital Management LP acquired a new stake in shares of Spruce Biosciences during the 4th quarter worth approximately $1,057,000. Institutional investors own 91.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on SPRB. Wall Street Zen cut Spruce Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Citigroup restated a “market perform” rating on shares of Spruce Biosciences in a report on Tuesday, November 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Spruce Biosciences in a report on Monday, December 29th. HC Wainwright reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Spruce Biosciences in a research report on Tuesday. Finally, Leerink Partners raised Spruce Biosciences from a “market perform” rating to an “outperform” rating and set a $160.00 target price on the stock in a research report on Wednesday, December 3rd. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $170.10.

Spruce Biosciences Company Profile

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company dedicated to developing therapies for rare endocrine and dermatological disorders. Headquartered in San Diego, California, Spruce focuses on conditions with significant unmet medical needs, employing a precision medicine approach to identify and advance treatment candidates through late-stage clinical trials.

The company’s lead asset, tildacerfont, is an oral corticotropin-releasing factor type 1 (CRF1) receptor antagonist being evaluated for the treatment of congenital adrenal hyperplasia (CAH), a genetic disorder characterized by insufficient cortisol production and excess androgen levels.