Spruce Biosciences | 8-K: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -14.58, missing the estimate of USD -13.935.

EBIT: As of FY2025 Q3, the actual value is USD -8.246 M.

Cash and Cash Equivalents

• As of September 30, 2025, cash and cash equivalents were $10.7 million, excluding approximately $50.0 million from the October 2025 private placement financing. The combined funds are expected to support the company’s operating plan into the fourth quarter of 2026.

Research and Development (R&D) Expenses

• R&D expenses for the three and nine months ended September 30, 2025, were $5.0 million and $15.4 million, respectively, compared to $6.6 million and $25.0 million for the same periods in 2024. The decrease was primarily due to the cessation of development activities for tildacerfont, offset by activities related to TA-ERT.

General and Administrative (G&A) Expenses

• G&A expenses for the three and nine months ended September 30, 2025, were $3.2 million and $10.0 million, respectively, compared to $3.5 million and $11.3 million for the same periods in 2024, mainly due to a decrease in stock-based compensation expense.

Total Operating Expenses

• Total operating expenses for the three and nine months ended September 30, 2025, were $8.2 million and $25.4 million, respectively, compared to $10.0 million and $36.3 million for the same periods in 2024.

Net Loss

• Net loss for the three and nine months ended September 30, 2025, was $8.2 million and $24.3 million, respectively, compared to $8.7 million and $29.5 million for the same periods in 2024.

Capital Structure

• As of September 30, 2025, common shares outstanding were 563,491, excluding 25,512 restricted stock units and 28,118 prefunded warrants. In October 2025, 502,181 shares of common stock and 233,144 prefunded warrants were issued.

Outlook / Guidance

• Spruce Biosciences anticipates submitting a biologics license application for TA-ERT in the first quarter of 2026. The company expects TA-ERT to potentially be the first disease-modifying therapy for MPS IIIB and aims to fund its operations into the fourth quarter of 2026.