SPRB Stock — Spruce Biosciences Inc.: Cash, EV, Pipeline

Share price

$53.05

Market cap

$152.5M

Cash

$96.3M

Enterprise value

$60.8M

Balance sheet

Cash	$96.3M
Debt	$4.6M
Net cash	$91.7M
Enterprise value	$60.8M
Basic shares	2.8M shares
Fully diluted shares	3.4M shares
Fully diluted market cap	$182.1M
Cash per share	$34.39

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24	Tralesinidase alfa (TA)	Phase 3	MPS IIIB	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TA-ERT

Phase 3 · Active Modality: enzyme replacement therapy

Aliases tralesinidase alfa

Target NAGLU (alpha-N-acetylglucosaminidase)

Partnerships BioMarin: license covering TA-ERT technology and patents. Eli Lilly: license agreement (May 2016)

Indications

Mucopolysaccharidosis Type IIIB (MPS IIIB, Sanfilippo Syndrome Type B) (Phase 3)

Catalysts

— None

Status note Investigational enzyme replacement therapy for MPS IIIB; company focus since November 2024. FDA confirmed (Type C meeting, March 2024) that CSF HS-NRE is a surrogate biomarker reasonably likely to predict clinical benefit for accelerated approval and that completed clinical/nonclinical studies suffice for a BLA submission. A confirmatory Phase 3 placebo-controlled 5-year study (14 patients) must be initiated.

Tildacerfont

Phase 2 · Active Modality: small molecule

Target CRF1 receptor

Partnerships HMNC Brain Health: license, development and option agreement (May 2024); HMNC funded and conducted the TAMARIND study

Indications

Major depressive disorder (Cortibon-positive patients) (Phase 2)

Status note Oral, potent and selective small-molecule antagonist of the CRF1 receptor. Phase 2 proof-of-concept TAMARIND study in Cortibon-positive MDD patients was discontinued in Q1 2026 following a serious adverse event (elevated liver enzymes); the filing does not state a program-level discontinuation.

SPR202

Stage not disclosed · Active Modality: monoclonal antibody

Target CRF

Partnerships HBM Alpha Therapeutics: license to the anti-CRH monoclonal antibody (rights outside mainland China, Taiwan, Hong Kong, Macau)

Indications

Congenital adrenal hyperplasia (CAH) (Stage not disclosed)

Status note Anti-CRH monoclonal antibody targeting CRF for CAH and other indications; filing states no trial phase.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tralesinidase alfa (TA)
Lead indication	MPS IIIB
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07579910	Phase 3	Not yet recruiting	Sponsor	Spruce Biosciences	—	MPS IIIB	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Spruce Biosciences on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	200,000	+200,000	0.20%	2026-08-14
Ikarian Capital	121,356	no change	1.07%	2026-08-14
ADAR1 Capital Management	67,717	+9,117	0.17%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

SPRB — Spruce Biosciences Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders