Spruce Biosciences (SPRB)
Develops an enzyme therapy for Sanfilippo syndrome and a preclinical CAH antibody.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | Lake Street | Initiate | Rating: —Target: — | Target: $149 |
| Aug 17, 2026 | Guggenheim | Reiterate | Rating: —Target: $123 | Target: $104 |
| Aug 13, 2026 | Goldman Sachs | Upgrade | Rating: — | |
| Jul 13, 2026 | B. Riley | Initiate | Rating: — | |
| Jun 16, 2026 | Guggenheim | Target | Target: — | Target: $123 |
EPSReportedEstimate
RevenueReportedEstimate
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
No dividends on record.
| Institutions | 70.00% | 2.01M shares | |
|---|---|---|---|
| 65 holders · as of Jun 30, 2026 | |||
| Insiders | 1.08% | 30.9K shares | |
| 4 holders · as of Jul 9, 2026 | |||
| Strategic holders | 0.04% | 1.1K shares | |
| 1 holder · as of Oct 8, 2025 | |||
| Other | 28.88% | 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
| Holder | Stake | Shares | Date |
|---|---|---|---|
Aigh Capital Management LLCInstitution | 8.70% | 250,000 | as of Jun 30, 2026 |
Orbimed Advisors LLCInstitution | 6.96% | 200,000 | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 6.54% | 187,836 | as of Jun 30, 2026 |
Millennium Management LLCInstitution | 5.60% | 160,981 | as of Jun 30, 2026 |
AWM Investment Company, Inc.Institution | 5.11% | 146,988 | filed Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Oct 6, 2025 | Parkman Healthcare Partners LLC | 10 percent owner | −257 | $19.14 |
| Oct 6, 2025 | Parkman Healthcare Partners LLC | 10 percent owner | +256 | $17.91 |
- Neurocrine Biosciences
Approved CRF1 therapy for CAH overlaps the anti-CRH program.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spruce Biosciences | $48.99 | −2.00% | $137.6M | — | — | — | — |
| Neurocrine Biosciences | $140.23 | −1.42% | $14.30B | 20.9 | 15.4 | 4.2 | +39.5% |
| Median | 20.9 | 15.4 | 4.2 | +39.5% |



