SPRUCE BIOSCIENCES, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $0 | $4.9M | $10.1M | $0 | — |
| Research and development | $19.5M | $46.4M | $49.4M | $35.2M | $30.7M |
| Operating expenses | $36.5M | $61.1M | $62.1M | $47.3M | $42.1M |
| Operating income | -$36.5M | -$56.2M | -$52.0M | -$47.3M | -$42.1M |
| Interest expense | $90,000 | $307,000 | $483,000 | $420,000 | $345,000 |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$39.0M | -$53.0M | -$47.9M | -$46.2M | -$42.3M |
| Balance Sheet | |||||
| Cash and equivalents | $48.9M | $38.8M | $96.3M | $24.5M | $42.7M |
| Current assets | $52.1M | $44.2M | $102.2M | $83.6M | $91.9M |
| Total assets | $53.0M | $45.2M | $103.9M | $85.6M | $126.5M |
| Current liabilities | $10.1M | $15.2M | $24.5M | $12.4M | $8.9M |
| Total liabilities | $10.5M | $16.4M | $27.4M | $17.2M | $15.1M |
| Total debt | — | $1.8M | $3.4M | $5.0M | $5.0M |
| Stockholders' equity | $42.5M | $28.8M | $76.5M | $68.5M | $111.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$33.3M | -$56.0M | -$33.3M | -$41.7M | -$35.9M |
| Depreciation and amortization | $21,000 | $46,000 | $70,000 | $74,000 | $68,000 |
| Stock-based compensation | $2.6M | $5.3M | $4.6M | $3.6M | $4.0M |
| Capital expenditure | — | $0 | $7,000 | $8,000 | $93,000 |
| Free cash flow | — | -$56.0M | -$33.3M | -$41.7M | -$36.0M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 2.8M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.