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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0053 | -0.69% | 0.7616 | 0.7616 | 0.7633 | 331 | 10:26:45 |
Enrollment Completed in CAHptain-205 Study in Pediatric Classic Congenital Adrenal Hyperplasia (CAH)
Target Enrollment Completed in CAHmelia-203 Study in Adult Classic CAH
CAHmelia-204 Study in Adult Classic CAH on Track to Complete Enrollment in Early Q1 2024
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 third quarter ended September 30, 2023 and provided corporate updates.
“Achieving completion of enrollment milestones in the CAHptain-205 and CAHmelia-203 studies underscores the strong execution of our key clinical objectives and the momentum within our adult and pediatric classic CAH programs,” said Javier Szwarcberg, M.D., M.P.H., Chief Executive Officer of Spruce Biosciences. “We continue to make notable progress in our efforts to advance tildacerfont as a potentially novel therapeutic option for people living with CAH and are eager to report topline data from CAHmelia-203 and CAHptain-205 in the first quarter of 2024.”
Recent Corporate Updates
Anticipated Upcoming Milestones
Third Quarter 2023 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). Spruce is also developing tildacerfont for women suffering from polycystic ovary syndrome (PCOS). To learn more, visit www.sprucebio.com and follow us on Twitter/X @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, including its expectations regarding operating and capital expenditures being funded into the first half of 2025. 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”, “expect”, “may”, “plan”, “will”, “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 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.
SPRUCE BIOSCIENCES, INC.
CONDENSED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share amounts)
September 30,
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
98,801
$
24,487
Short-term investments
9,231
54,590
Prepaid expenses
2,687
3,320
Other current assets
419
1,211
Total current assets
111,138
83,608
Right-of-use assets
1,240
1,400
Other assets
607
640
Total assets
$
112,985
$
85,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
3,152
$
1,426
Accrued expenses and other current liabilities
11,616
9,399
Term loan, current portion
1,622
1,622
Deferred revenue, current portion
7,798
—
Total current liabilities
24,188
12,447
Lease liabilities, net of current portion
1,083
1,261
Term loan, net of current portion
2,113
3,293
Other liabilities
220
161
Total liabilities
27,604
17,162
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of September 30, 2023 and December 31, 2022
—
—
Common stock, $0.0001 par value; 200,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 40,710,692 and 23,601,004 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
4
3
Additional paid-in capital
272,662
218,354
Accumulated other comprehensive loss
(3
)
(558
)
Accumulated deficit
(187,282
)
(149,313
)
Total stockholders’ equity
85,381
68,486
Total liabilities and stockholders’ equity
$
112,985
$
85,648
SPRUCE BIOSCIENCES, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Collaboration revenue
$
3,073
$
—
$
7,202
$
—
Operating expenses:
Research and development
13,494
8,791
38,332
26,359
General and administrative
3,237
2,766
9,699
8,814
Total operating expenses
16,731
11,557
48,031
35,173
Loss from operations
(13,658
)
(11,557
)
(40,829
)
(35,173
)
Interest expense
(119
)
(110
)
(377
)
(291
)
Interest and other income, net
1,423
266
3,237
428
Net loss
(12,354
)
(11,401
)
(37,969
)
(35,036
)
Other comprehensive gain (loss), net of tax:
Unrealized gain (loss) on available for sale securities
52
(28
)
555
(689
)
Total comprehensive loss
$
(12,302
)
$
(11,429
)
$
(37,414
)
$
(35,725
)
Net loss per share, basic and diluted
$
(0.30
)
$
(0.48
)
$
(1.01
)
$
(1.49
)
Weighted-average shares of common stock outstanding, basic and diluted
40,710,692
23,560,250
37,751,865
23,515,651
View source version on businesswire.com: https://www.businesswire.com/news/home/20231113630395/en/
Media Will Zasadny Evoke Canale (619) 961-8848 will.zasadny@evokecanale.com media@sprucebiosciences.com
Investors Samir Gharib President and CFO Spruce Biosciences investors@sprucebiosciences.com
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