SPRUCE BIOSCIENCES, INC.
SPRBNasdaqHealthcare · Pharmaceutical Preparations · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $4.9M | $10.1M | $0 | — | — |
| Operating income | −$36.5M | −$56.2M | −$52.0M | −$47.3M | −$42.1M | −$29.4M |
| Net income | −$39.0M | −$53.0M | −$47.9M | −$46.2M | −$42.3M | −$29.5M |
| Total assets | $53.0M | $45.2M | $103.9M | $85.6M | $126.5M | $162.9M |
| Total liabilities | $10.5M | $16.4M | $27.4M | $17.2M | $15.1M | $13.5M |
| Equity | $42.5M | $28.8M | $76.5M | $68.5M | $111.4M | $149.4M |
| EPS (diluted) | $-50.83 | $-96.40 | $-1.24 | $-1.96 | $-1.81 | — |
| Shares out. | 42.2M | 41.1M | 39.7M | 23.5M | 23.3M | 23.3M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- —
- Return on equity
- −91.7%
- Return on assets
- −73.5%
- Return on capital (ROCE)
- −85.0%
- Liabilities / assets
- 19.8%
- Debt / equity
- 0.25×
- Book value / share
- $1.01
- Revenue growth (YoY)
- −100.0%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -12.96distress
- Accruals / assets
- −10.6%clean
- Piotroski F-Score
- 4/8mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 2 severe● 2 warning● 2 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Revenue declined year-over-year
- Negative operating cash flow
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Mar 31, 2025
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
Clinical trials
ClinicalTrials.gov · ongoing · next readout firstInterventional studies led by this company. “Readout” is the trial's primary-completion date — an estimate the sponsor reports, not a guarantee.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Squadron Capital Management LlcPassive (13G)May 15, 2026
- Alyeska Investment Group, L.P.Passive (13G)May 15, 2026
- Citadel Advisors LlcPassive (13G)May 15, 2026
- Wellington Management Group LlpPassive (13G)May 15, 2026
- Ikarian Capital, LlcPassive (13G)May 7, 2026
- Exoduspoint Capital Management, LpPassive (13G)Apr 28, 2026
- Integrated Core Strategies (Us) LlcPassive (13G)Feb 24, 2026
- Carlyle Group Inc.Activist (13D)Feb 18, 2026
- Adar1 Capital Management, LlcPassive (13G)Feb 17, 2026
- Boone Peter David MrPassive (13G)Nov 24, 2025
- Healthcap Viii, L.P.Activist (13D)Oct 9, 2025
- Rock Springs Capital Management LpPassive (13G)Aug 13, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 215,061 | 5.8 | +4.3% |
| Apr 30, 2026 | 206,110 | 1.7 | +14.2% |
| Apr 15, 2026 | 180,537 | 2.5 | +5.7% |
| Mar 31, 2026 | 170,814 | 4.7 | +25.1% |
| Mar 13, 2026 | 136,507 | 3.8 | +9.9% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Shareholder voteMay 26, 2026
- Results of operationsMay 13, 2026
- Entered a material agreement · Other material eventApr 22, 2026
- Terminated a material agreementMar 20, 2026
- Entered a material agreement · Terminated a material agreement · Results of operations · Director / officer changeMar 9, 2026
- Regulation FD disclosure · Other material eventFeb 5, 2026
- Entered a material agreement · Results of operations · New financial obligation · Unregistered equity sale · Regulation FD disclosureJan 8, 2026
- Director / officer changeDec 15, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 4May 26, 2026
- 4May 26, 2026
- 4May 26, 2026
- 4May 26, 2026
- 4May 26, 2026
- 8-KMay 26, 2026
- SCHEDULE 13G/AMay 15, 2026
- SCHEDULE 13G/AMay 15, 2026
- SCHEDULE 13G/AMay 15, 2026
- SCHEDULE 13G/AMay 15, 2026
- S-8May 13, 2026
- 10-QMay 13, 2026
- 8-KMay 13, 2026
- SCHEDULE 13G/AMay 7, 2026
- SCHEDULE 13GApr 28, 2026
Event-driven situations (2)
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