SPRB 8-K SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

SPRB ▼ -16.16% at T+5d

NEUTRAL call ✗ call lost -16.16% · α vs SPY -15.00% · entry $57.55 → $48.25

Next anchor: T+20d tomorrow

Last close $49.32 (close Jun 8) · -14.30% from $57.55 entry

Entry anchored
May 12, 03:59 PM ET
via Databento tick

T+1d

+2.52%

call +2.52% · α +1.74%

$59.00

settled 27d ago

T+5d

-16.16%

call -16.16% · α -15.00%

$48.25

settled 21d ago

T+20d

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call — · α —

—

tomorrow

T+60d

—

call — · α —

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in 8w

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Executive Summary

Spruce Biosciences reported Q1 2026 net loss of $12.3M ($(8.94)/share), missing consensus EPS of $(7.32) by 22%. Cash and equivalents stood at $54.1M as of March 31, 2026, with a preliminary $107.3M as of April 30 following a $69M underwritten public offering. The company continues to advance TA-ERT toward a planned BLA submission in Q4 2026.

Actionable Insight

The EPS miss and recent capital raises suggest cash burn is running ahead of expectations, but the strengthened balance sheet supports runway into H2 2027. Key catalyst is the Q4 2026 BLA submission; monitor for any updates on confirmatory study or FDA interactions.

Key Facts

Q1 2026 net loss: $12.3M ($(8.94)/share) vs $14.0M ($(23.95)/share) in Q1 2025
Cash and equivalents: $54.1M at March 31, 2026; $107.3M (preliminary) at April 30, 2026
Closed $69M underwritten public offering on April 22, 2026
TA-ERT BLA submission on track for Q4 2026; no FDA-approved therapy for MPS IIIB currently

Financial Impact

EPS miss of 22% vs consensus; net loss $2.3M worse than expected

eps

Risk Factors

EPS miss may pressure the stock near-term
Dilution from recent offerings (1.15M shares + warrants)
Regulatory risk: BLA submission and FDA approval uncertain

Market Snapshot

Exchange

Nasdaq

Sector

Pharmaceutical Preparations

Analyst Consensus

91% bullish (11 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-220648
Document: sprb-20260513.htm	0001193125-26-220648
Document: 0001193125-26-220648-index-headers.html	0001193125-26-220648
Document: 0001193125-26-220648-index.html	0001193125-26-220648
Document: 0001193125-26-220648.txt	0001193125-26-220648
8-K Data (Synthetic)	0001193125-26-220648

4 reports for SPRB

T+1T+5T+20T+60

Filters

Reports for SPRB — sortable, filterable
	Type				Now
May 13, 2026 27d ago	8-K MIXED ★ 5/10	$57.55 $48.25	▼ −16.16%	▼ −15.00%	$49.32 (−14.30%)
Apr 21, 2026 7w ago	424B5 NEUTRAL ★ 5/10	$52.36 $56.34	▲ +7.60%	▲ +7.55%	$49.32 (−5.81%)
Apr 20, 2026 7w ago	424B5 NEUTRAL ★ 5/10	$51.69 $54.77	▲ +5.96%	▲ +4.87%	$49.32 (−4.59%)
Mar 9, 2026 13w ago	8-K MIXED ★ 6/10	$62.11 $60.95	▼ −1.87%	▼ −0.51%	$49.32 (−20.59%)

US Market Status

Market Closed — Opens in 5h 26m

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