Spruce Biosciences, Inc. (SPRB) Stock

Spruce Biosciences, Inc. (SPRB) is a Healthcare stock trading at $51.25 (as of 2026-08-21), with a market capitalization of $141.05M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Spruce Biosciences, Inc. is a biopharmaceutical company developing and advancing therapies for rare endocrine disorders. Its lead program centers on tildacerfont for adult and pediatric congenital adrenal hyperplasia and for females with polycystic ovary syndrome, and it operates under a licensing agreement with Eli Lilly and Company for certain research, development, and commercialization activities.

Understand Spruce Biosciences, Inc.: how it makes money

Spruce Biosciences develops and commercializes therapies for rare endocrine disorders, including tildacerfont for congenital adrenal hyperplasia (CAH), and it reports Collaboration Revenue as its revenue source (0.0B in the latest quarter).

With Collaboration Revenue at 0.0B in the latest quarter, the profit model appears to depend mainly on whether its Phase 2b programs for tildacerfont and related steroid burden goals progress, since current operations are loss-making (operating margin -1562.8%).

Revenue by segment (latest quarter)
Collaboration Revenue$0.0B

Business quality (Weak): The provided dataset is limited, with no revenue detail beyond Collaboration Revenue (0.0B) and no additional operating KPIs like FDA milestones, commercialization metrics, or segment financials.

Bull case

  • Clinical execution signal in CAH studies: CAHmelia-204 Enrollment Completion Percentage is 75%, and CAHmelia-203 and CAHptain-205 have active enrollment counts provided (25.0 and 30.0).
  • Ongoing Phase 2 clinical evidence gathering: The Phase 2 P.O.W.E.R. Study interim analysis shows 13.0 patients on tildacerfont and 7.0 patients on placebo (counts provided).
  • Multiple tildacerfont development tracks within CAH: The company is conducting Phase 2b clinical trials for both adult disease control and glucocorticoid reduction and is also evaluating tildacerfont in pediatric classic CAH (as described).

Bear case

  • No meaningful revenue in the latest quarter: Revenue is 0.0B, and the only segment candidate provided, Collaboration Revenue, is also 0.0B.
  • Loss-making operations: Operating margin is -1562.8%, indicating substantial operating losses in the latest period.
  • Early development and execution risk: The main programs described are in Phase 2b, so clinical outcomes, enrollment progress, and study results will be critical before any commercialization pathway is established.
Valuation — source: SEC EDGAR (first-party)
Price$51.25
Market Cap$141.05M
Price / Book1.68
FCF Yield-22.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$0.00
Revenue Growth (YoY)-100.0%
EPS Growth (YoY)3840.3%
Financial Health — source: SEC EDGAR
Altman Z-Score-4.94 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderIkarian Capital, LLC ($7.93M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOJavier Szwarcberg
Employees20
CountryUS
IPO Date2020-10-09

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SPRB earnings history · SPRB institutional & insider holders · SPRB KPIs & operating metrics · SPRB financials · SPRB investor presentations & press releases · SPRB SEC filings · SPRB peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.