Spruce Biosciences | 10-Q: 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.

Segment Revenue

• Collaboration Revenue: Spruce Biosciences, Inc. did not recognize any collaboration revenue for the three and nine months ended September 30, 2025, compared to $0.6 million and $4.2 million, respectively, for the same periods in 2024.

Operational Metrics

• Net Loss: The company reported a net loss of $8.2 million for the three months ended September 30, 2025, compared to a net loss of $8.7 million for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $24.3 million, compared to $29.5 million in 2024.
• Total Operating Expenses: Total operating expenses decreased to $8.2 million for the three months ended September 30, 2025, from $10.0 million in the same period in 2024. For the nine months ended September 30, 2025, total operating expenses were $25.4 million, down from $36.3 million in 2024.

Cash Flow

• Net Cash Used in Operating Activities: The company used $26.9 million in net cash for operating activities during the nine months ended September 30, 2025, compared to $35.3 million in the same period in 2024.
• Net Cash Used in Financing Activities: For the nine months ended September 30, 2025, net cash used in financing activities was $1.2 million, primarily due to principal payments on the term loan.

Unique Metrics

• Accumulated Deficit: As of September 30, 2025, the accumulated deficit was $274.6 million.

Future Outlook and Strategy

• Core Business Focus: Spruce Biosciences plans to submit a biologics license application for TA-ERT for the treatment of Sanfilippo Syndrome Type B in the first quarter of 2026, with potential commercial launch in late 2026. The company is also advancing clinical development of tildacerfont in major depressive disorder and SPR202 in congenital adrenal hyperplasia.
• Non-Core Business: The company is seeking strategic collaborations to benefit from the resources of biopharmaceutical companies specialized in relevant disease areas or geographies outside the United States.
• Priority: The company emphasizes the commercialization of TA-ERT, if approved, in the United States, and plans to expand manufacturing capacity to meet anticipated global demand.