SPRB · NASDAQ · Biotechnology

Spruce Biosciences (SPRB)

Develops an enzyme therapy for Sanfilippo syndrome and a preclinical CAH antibody.

$48.99
vs last close−1.00 (−2.00%)
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Spruce Biosciences, Inc.SPRB
Health Care

Develops tralesinidase alfa enzyme replacement therapy for Sanfilippo syndrome type B and a preclinical antibody for congenital adrenal hyperplasia. With no approved products, its prospective revenue model depends on regulatory approval and commercialization of licensed rare-disease therapies.

Develops tralesinidase alfa enzyme replacement therapy (TA-ERT) for mucopolysaccharidosis type IIIB, also called Sanfilippo syndrome type B, a neurodegenerative disease. Delivered by intracerebroventricular infusion, TA-ERT replaces deficient NAGLU enzyme activity in the central nervous system and reduces heparan-sulfate accumulation.

Focuses its regulatory and commercial plan on a U.S. filing and possible launch for TA-ERT, while holding worldwide rights to the enzyme-replacement portfolio. SPR202, a preclinical anti-corticotropin-releasing-hormone monoclonal antibody for congenital adrenal hyperplasia, is the only active pipeline asset.

Uses licensed assets, external partners and contractors while building selected regulatory, medical and commercial capabilities. The accelerated-approval approach combines interventional and natural-history data around cerebrospinal-fluid heparan-sulfate non-reducing ends as a potential surrogate endpoint; it remains subject to FDA acceptance, manufacturing readiness and a confirmatory study. No product is approved, and current commercialization depends on contractual rights, third-party execution and regulatory clearance.

Company facts

CEOJavier Szwarcberg, M.D., M.P.H.
ListedSep 15, 2025
ExchangeNASDAQ
HeadquartersSouth San Francisco, CA
CountryUnited States
Employees8
CIK0001683553
ISINUS85209E2081

Market cap$137.6M
EPS (ttm)−$40.87
P/E (ttm)−1.22
ROE-123.5%
P/B1.64
P/S
Dividend yieldDiv yield
Beta3.80vs XLV −3.35

Price target$144.50+189.1%Average of 11 analysts
ConsensusBuy7 of 11 analysts
Ratings

Target rangeAs of Sep 22, 2026

Latest analyst notes

DateFirmActionPriorCurrent
Sep 17, 2026Lake StreetInitiate
Rating: Target:
Rating: BuyTarget: $149
Aug 17, 2026GuggenheimReiterate
Rating: Target: $123
Rating: BuyTarget: $104
Aug 13, 2026Goldman SachsUpgrade
Rating:
Rating: Overweight
Jul 13, 2026B. RileyInitiate
Rating:
Rating: Buy
Jun 16, 2026GuggenheimTarget
Target:
Target: $123

Next report
Nov 9, 26
estimated · in 47 days
EPS estimate
−$5.68
Revenue estimate
$50.0M
Fiscal quarter
Q3 FY26

EPSReportedEstimate

Apr '25May '25Aug '25Nov '25Mar '26May '26Aug '26Nov '26
Reported−$42.75−$24.00−$3.50−$14.58−$9.58−$8.94−$6.68Pending
Estimate−$0.24−$18.80−$18.00−$15.56−$12.87−$7.32−$5.79−$5.68
Surprise−17,712.1%−27.7%+80.6%+6.3%+25.6%−22.1%−15.4%

RevenueReportedEstimate

Apr '25May '25Aug '25Nov '25Mar '26May '26Aug '26Nov '26
Reported$700.0KPending
Estimate$885.0K$250.0K$500.0K$500.0K$500.0K$50.0M
Surprise−20.9%
Estimate−$5.68
ReportedDue Nov 9, 2026
Estimate$50.0M
ReportedDue Nov 9, 2026
View details

Debt to equity9.20%
Current ratio922.70%

ProfitabilityRevenueNet incomeNet margin

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$602.0K$697.0K$0$0$0$0$0$0
Net income−$8.7M−$23.6M−$14.0M−$2.1M−$8.2M−$14.6M−$12.3M−$16.2M
Net margin0.0%0.0%

GrowthOperating income

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Operating income−$9.4M−$24.1M−$14.5M−$2.7M−$8.2M−$11.1M−$12.0M−$16.5M
YoY growthLoss narrowedLoss widenedLoss widenedLoss narrowedLoss narrowedLoss narrowedLoss narrowedLoss widened

Balance sheet, Jun 30, 2026Cash & short-term investments $96.3M · Total debt $7.7M · Total assets $102.9M · Shareholders' equity $83.7M

Revenue
$0
Operating income
−$16.5M
Net income
−$16.2M
View details

No dividends on record.

Institutions70.00%2.01M shares
65 holders · as of Jun 30, 2026
Insiders1.08%30.9K shares
4 holders · as of Jul 9, 2026
Strategic holders0.04%1.1K shares
1 holder · as of Oct 8, 2025
Other28.88%830.2K shares
remainder

2.87M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing

Top shareholders13F · 13D/G · Form 4

HolderStakeSharesDate
Aigh Capital Management LLCInstitution
8.70%250,000as of Jun 30, 2026
Orbimed Advisors LLCInstitution
6.96%200,000as of Jun 30, 2026
BlackRock, Inc.Institution
6.54%187,836as of Jun 30, 2026
Millennium Management LLCInstitution
5.60%160,981as of Jun 30, 2026
AWM Investment Company, Inc.Institution
5.11%146,988filed Aug 14, 2026

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Oct 6, 2025Parkman Healthcare Partners LLC10 percent owner−257$19.14
Oct 6, 2025Parkman Healthcare Partners LLC10 percent owner+256$17.91
View details

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