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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spruce Biosciences Inc | NASDAQ:SPRB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0089 | -1.20% | 0.7327 | 0.7327 | 0.7555 | 0.7572 | 0.7329 | 0.755 | 503,654 | 00:02:29 |
Abstract Accepted for Oral Presentation at International Congress of Endocrinology (ICE 2022)
Appointment of P.J. Ramtin as Senior Vice President of Business Operations
Expansion of Tildacerfont Patent Portfolio Estate with Key Method of Use Patents
Spruce Biosciences, Inc. (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today reported financial results for the second quarter ended June 30, 2022 and provided corporate updates.
“Throughout the second quarter of 2022, we continued to remain focused on clinical study execution. We were pleased to have recently surpassed 25% enrollment in our CAHmelia-203 study and are approaching 25% enrollment in our CAHmelia-204 study,” said Javier Szwarcberg, M.D., M.P.H., Chief Executive Officer of Spruce Biosciences. “I am also pleased to welcome P.J. Ramtin as our Senior Vice President of Business Operations as we continue to expand our development and operational capabilities. With her extensive background in implementing business solutions and bridging real-world insights across all phases of clinical development, we believe that P.J.’s expertise will enrich our ongoing clinical programs for patients and study investigators.”
Recent Corporate Updates
Anticipated Upcoming Milestones
Second Quarter 2022 Financial Results
About Spruce Biosciences
Spruce Biosciences is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need. Spruce is initially developing its wholly-owned product candidate, tildacerfont, as the potential first non-steroidal therapy for patients suffering from classic congenital adrenal hyperplasia (CAH). Classic CAH is a serious and life-threatening disease with no known novel therapies approved in approximately 50 years. Spruce is also developing tildacerfont for women suffering from polycystic ovary syndrome (PCOS) with primary adrenal androgen excess. To learn more, visit www.sprucebiosciences.com and follow us on Twitter @Spruce_Bio, LinkedIn, Facebook and YouTube.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the enrollment, results, conduct, progress and timing of Spruce’s clinical trials; the receipt and presentation of topline data from the same; research and development plans; and Spruce’s planned operations. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate”, “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Spruce’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Spruce’s business in general, the impact of the COVID-19 pandemic and other geopolitical and macroeconomic events, and the other risks described in Spruce’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Spruce undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Use of Non-GAAP Financial Measures
This release and the reconciliation tables included herein include non-GAAP total operating expenses, which excludes depreciation and stock-based compensation. Spruce excludes depreciation and stock-based compensation because management believes the exclusion of these items is helpful to investors to evaluate Spruce's recurring operational performance. Spruce management uses this non-GAAP financial measure to monitor and evaluate its operating results and trends on an on-going basis, and internally for operating, budgeting and financial planning purposes. This non-GAAP financial measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
SPRUCE BIOSCIENCES, INC.
CONDENSED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share amounts)
June 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
47,210
$
42,748
Short-term investments
46,085
46,221
Prepaid expenses
2,821
2,530
Other current assets
390
396
Total current assets
96,506
91,895
Restricted cash
216
216
Right-of-use assets, net
1,314
1,479
Long-term investments
5,805
32,459
Other assets
674
437
Total assets
$
104,515
$
126,486
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,445
$
2,823
Term loan, current portion
811
—
Accrued expenses and other current liabilities
6,953
4,613
Accrued compensation and benefits
893
1,435
Total current liabilities
10,102
8,871
Term loan, net of current portion
4,077
4,878
Lease liability, net of current portion
1,098
1,293
Other liabilities
117
73
Total liabilities
15,394
15,115
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2022 and December 31, 2021
—
—
Common stock, $0.0001 par value, 200,000,000 shares authorized, 23,560,250 and 23,491,881 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
3
3
Additional paid-in capital
216,731
214,685
Accumulated other comprehensive loss
(845
)
(184
)
Accumulated deficit
(126,768
)
(103,133
)
Total stockholders’ equity
89,121
111,371
Total liabilities and stockholders’ equity
$
104,515
$
126,486
SPRUCE BIOSCIENCES, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Operating expenses:
Research and development
$
9,060
$
9,119
$
17,568
$
15,833
General and administrative
2,822
2,595
6,048
5,698
Total operating expenses
11,882
11,714
23,616
21,531
Loss from operations
(11,882
)
(11,714
)
(23,616
)
(21,531
)
Interest expense
(94
)
(80
)
(181
)
(169
)
Other income, net
104
20
162
39
Net loss
$
(11,872
)
$
(11,774
)
$
(23,635
)
$
(21,661
)
Unrealized loss on available for sale securities
(152
)
(29
)
(661
)
(29
)
Comprehensive loss
$
(12,024
)
$
(11,803
)
$
(24,296
)
$
(21,690
)
Net loss per share, basic and diluted
$
(0.51
)
$
(0.50
)
$
(1.01
)
$
(0.93
)
Weighted-average shares of common stock outstanding, basic and diluted
23,493,613
23,329,756
23,492,960
23,306,708
SPRUCE BIOSCIENCES, INC.
Reconciliation of Total Operating Expenses to Non-GAAP Total Operating Expenses
(unaudited)
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Operating expenses:
Total operating expenses
$
11,882
$
11,714
$
23,616
$
21,531
Adjustments:
Depreciation
9
5
18
9
Stock-based compensation
905
1,010
2,046
2,130
Non-GAAP total operating expenses
$
10,968
$
10,699
$
21,552
$
19,392
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005698/en/
Media Contact Will Zasadny Evoke Canale (619) 961-8848 will.zasadny@evokegroup.com media@sprucebiosciences.com
Investors Xuan Yang Solebury Trout (415) 971-9412 xyang@soleburytrout.com investors@sprucebiosciences.com
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