Spruce Biosciences Shares Soar on Nasdaq Return and Rare-Disease BLA Plans

Introduction

Spruce Biosciences Inc. (NASDAQ: SPRB) is a clinical-stage biopharmaceutical company headquartered in South San Francisco, California. The firm focuses on developing and commercializing therapies for rare endocrine and neurological disorders. As of October 7, 2025, its shares traded at $230.00—up 76.38% on a volume of 259,215.

Corporate Structure and Leadership

Founded in 2014 and incorporated in 2016, Spruce Biosciences operates with a streamlined workforce. According to LinkedIn, the company lists 11–50 employees.

• As of December 31, 2024, it reported 21 staff members.
• Following a reduction announced April 25, 2025, headcount fell by 55%, leaving approximately 10 employees as of May 2, 2025.

Key executives include Percival Barretto-Ko (Board Member), Mike Grey (Executive Chair), and Samir Gharib (President & CFO).

Biopharmaceuticals by little plant

Recent Developments and News

• April 15, 2025: Spruce acquired the tralesinidase alfa enzyme replacement therapy (TA-ERT) for Sanfilippo Syndrome Type B from BioMarin Pharmaceutical.
• April 22, 2025: Nasdaq notified Spruce of delisting due to non-compliance with minimum bid price requirements. Common stock began trading OTC on April 29, 2025.
• April 25, 2025: A workforce reduction plan was disclosed in an SEC filing, cutting 55% of the staff to prioritize TA-ERT development; related charges of $900,000 were expected in Q2 2025.
• September 15, 2025: After regaining compliance with Nasdaq’s minimum bid price requirement by August 5, 2025, Spruce resumed trading on the Nasdaq Capital Market under ticker SPRB.
• The U.S. FDA granted Breakthrough Therapy Designation for TA-ERT (tralesinidase alfa) in Sanfilippo Syndrome Type B. The company plans to submit a Biologics License Application (BLA) in Q1 2026.

Financial and Strategic Analysis

As of December 31, 2024, Spruce reported:

• An accumulated deficit of $250.3 million
• Cash and equivalents of $38.8 million
• A projected cash runway of less than 12 months without alternative financing or strategic proceeds

Strategically, the company has:

• Partnered with Eli Lilly on various pharmaceutical compounds
• Licensed Tildacerfont development and commercialization to Kaken Pharmaceutical Co. in Japan
• Focused its pipeline on two lead programs:
  • TA-ERT for MPS IIIB, with BLA submission anticipated in 1H 2026 under Rare Pediatric Disease, Fast Track, and Orphan Drug designations
  • Tildacerfont, a CRF1 receptor antagonist in Phase 2 for Major Depressive Disorder, with data expected in 1H 2026

Market Position and Industry Context

Spruce operates within the rare-disease segment of the biopharma industry, targeting conditions with no approved therapies.

• Mucopolysaccharidosis Type IIIB (Sanfilippo Syndrome Type B) affects approximately 1 in 200,000 newborns and currently relies on supportive care only.
• Major Depressive Disorder impacts around 300 million people globally, with 15–30% of patients showing treatment resistance to standard SSRIs and SNRIs.

Enzyme replacement therapies and precision psychiatry agents are areas of focus in biotech, with regulatory incentives aimed at accelerating the development of therapies for populations with significant unmet medical needs.

tl;dr

As of October 7, 2025, SPRB shares stand at $230.00 (+76.38%). On April 29, 2025, Spruce moved OTC following Nasdaq delisting but regained compliance and resumed trading on Nasdaq on September 15, 2025. The company acquired TA-ERT on April 15, 2025, and cut 55% of its workforce by May 2, 2025, to prioritize this program. A BLA submission for TA-ERT is planned for Q1 2026. With $38.8 million in cash at end-2024 and a $250.3 million accumulated deficit, Spruce’s near-term outlook is contingent on financing and successful regulatory filings.