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Spruce Biosciences, Inc. (NASDAQ: SPRB) is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. Founded in 2016, the company focuses on developing and commercializing therapies for rare endocrine and neurological disorders. Its lead programs include tralesinidase alfa enzyme replacement therapy (TA-ERT) for Sanfilippo Syndrome Type B (MPS IIIB) and tildacerfont, a CRF1 receptor antagonist for congenital adrenal hyperplasia (CAH) and major depressive disorder (MDD).
Corporate Structure
According to LinkedIn data, Spruce Biosciences employs between 11 and 50 staff. As of December 31, 2024, the company reported 21 employees. On May 2, 2025, it reduced headcount by 55 percent to prioritize the development of TA-ERT, leaving approximately ten team members. Key executives include Percival Barretto-Ko (Chief Executive Officer) and Samir Gharib (President and Chief Financial Officer).
Biopharmaceuticals by little plant
Recent Developments and News
- April 15, 2025: Spruce acquired TA-ERT from BioMarin, initiating a confirmatory trial aimed at U.S. accelerated approval. Workforce reductions were implemented immediately, with expected cash charges of $900,000 recorded in Q2 2025.
- April 29, 2025: Nasdaq delisted Spruce common stock (SPRB) for non-compliance with the minimum bid price requirement. Trading resumed over-the-counter under SPRB.PK.
- May 2, 2025: Workforce cuts became effective, aligning resources with TA-ERT development.
- August 5, 2025: Deadline to regain Nasdaq compliance under a previously announced resumption plan.
- September 15, 2025: Spruce common stock resumed trading on the Nasdaq Capital Market under ticker SPRB after meeting listing standards.
- Regulatory milestone: The U.S. Food and Drug Administration granted Breakthrough Therapy Designation to TA-ERT for MPS IIIB, indicating the need for a treatment in this patient population.
- Pipeline updates: A Biologics License Application (BLA) submission for TA-ERT is planned for the first half of 2026; Phase 2 data for tildacerfont are also anticipated in the same period.
Financial and Strategic Analysis
As of October 6, 2025, SPRB shares were priced at $32.52, representing a 268.71 percent year-to-date gain, with an average daily volume of 1.84 million shares traded on NASDAQ. At December 31, 2024, Spruce held $38.8 million in cash and equivalents against an accumulated deficit of $250.3 million. Management indicated that, without new financing or strategic alternatives, existing liquidity would be insufficient to fund operations beyond 12 months from the date of those financial statements. Strategic partnerships include a license agreement with Eli Lilly and a collaboration with Kaken Pharmaceutical Co. Ltd. for the development and commercialization of tildacerfont in Japan.
Market Position and Industry Context
Spruce operates in the rare-disease biotechnology sector, targeting conditions with no approved therapies. TA-ERT has received Rare Pediatric Disease, Fast Track, and Orphan Drug designations, seeking to become the first enzyme replacement therapy for MPS IIIB. Tildacerfont and its companion diagnostic Cortibon aim to address treatment-resistant MDD and CAH by modulating stress-related pathways. The company competes within a landscape of small to mid-size biotechs leveraging expedited regulatory pathways to bring therapies to market.
TL;DR
- April 15, 2025: Acquired TA-ERT from BioMarin and cut 55 percent of staff to focus on accelerated approval, with $900,000 in Q2 2025 cash charges.
- April 29, 2025: Delisted from Nasdaq; began OTC trading under SPRB.PK.
- May 2, 2025: Workforce reduction effective, team trimmed to approximately 10 employees.
- September 15, 2025: Resumed trading on Nasdaq Capital Market under SPRB after regaining compliance.
- BLA submission for TA-ERT and Phase 2 tildacerfont data both planned for the first half of 2026.
- December 31, 2024: $38.8 million cash vs. $250.3 million accumulated deficit; additional financing required.
