Spruce Biosciences, Inc.
SPRBHealthcare|Biotechnology|US
$46.55
+3.84 (+8.99%)
DCF Value
$61.82
Tangible Book / Share
$34.44
Cash / Share
$39.61
Financials
Financial Snapshot
Market Cap
$133.8M
Enterprise Value
$45.2M
Revenue (TTM)
$0.00
Net Income (TTM)
-$51.4M
Cash & Investments
$96.3M
Net Cash
$88.6M
Free Cash Flow (TTM)
-$42.8M
Operating CF (TTM)
-$42.6M
Debt/Equity
0.09
Cash Runway & Burn Rate
Cash on Hand
$96.3M
Quarterly Burn
$10.7M
Monthly Burn
$3.6M
Est. Runway
~9.0 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.1M | $3.9M | $157.2M | $89.0M | $79.1M | $96.3M | $38.8M | $48.9M | $96.3M | |
| Operating Cash Flow | -$8.6M | -$12.6M | -$27.5M | -$35.9M | -$41.7M | -$33.3M | -$56.0M | -$33.3M | -$42.6M | |
| Free Cash Flow | -$8.6M | -$12.6M | -$27.6M | -$36.0M | -$41.7M | -$33.3M | -$56.0M | -$33.3M | -$42.8M | |
| Capital Expenditure | $0.00 | -$4.0K | -$74.0K | -$93.0K | -$8.0K | -$7.0K | $0.00 | $0.00 | -$145.0K | |
| Financing Cash Flow | $0.00 | $12.4M | $181.0M | $643.0K | -$241.0K | $49.1M | -$1.6M | $43.5M | $122.7M |
R&D Spending
R&D (TTM)
$28.9M
R&D Intensity
—
R&D Growth vs Prior
+47.8%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.1M | $4.9M | $0.00 | $0.00 | |
| R&D Expense | $8.4M | $10.8M | $23.9M | $30.7M | $35.2M | $49.4M | $46.4M | $19.5M | $28.9M | |
| R&D % of Revenue | — | — | — | — | — | 490.0% | 945.2% | — | — | |
| SG&A | $1.6M | $2.3M | $5.6M | $11.4M | $12.1M | $12.7M | $14.6M | $17.0M | $19.0M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.1M | $4.9M | $0.00 | $0.00 | |
| Cost of Revenue | $1.0K | $12.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$1.0K | -$12.0K | $0.00 | $0.00 | $0.00 | $10.1M | $4.9M | $0.00 | $0.00 | |
| R&D | $8.4M | $10.8M | $23.9M | $30.7M | $35.2M | $49.4M | $46.4M | $19.5M | $28.9M | |
| SG&A | $1.6M | $2.3M | $5.6M | $11.4M | $12.1M | $12.7M | $14.6M | $17.0M | $19.0M | |
| Operating Income | -$10.0M | -$13.1M | -$29.4M | -$42.1M | -$47.3M | -$52.0M | -$56.2M | -$36.5M | -$47.8M | |
| Interest Expense | $0.00 | $65.0K | $323.0K | $345.0K | $420.0K | $483.0K | $307.0K | $90.0K | $1.8M | |
| Pretax Income | -$9.9M | -$13.1M | -$29.5M | -$42.3M | -$46.2M | -$47.9M | -$53.0M | -$39.0M | -$51.4M | |
| Net Income | -$9.9M | -$13.2M | -$29.5M | -$42.3M | -$46.2M | -$47.9M | -$53.0M | -$39.0M | -$51.4M | |
| EPS (Diluted) | -483.75 | -22.50 | -48.75 | -68.25 | -72.00 | -93.00 | -96.75 | -50.83 | -40.87 | |
| EBITDA | -$10.0M | -$13.0M | -$29.4M | -$41.9M | -$45.7M | -$47.4M | -$52.7M | -$38.9M | -$48.7M | |
| Shares Out. (M) | 0.02 | 0.58 | 0.60 | 0.61 | 0.61 | 0.50 | 0.54 | 0.77 | 2.43 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.1M | $3.9M | $157.2M | $42.7M | $24.5M | $96.3M | $38.8M | $48.9M | $96.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $46.2M | $54.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $4.8M | $4.7M | $160.4M | $91.9M | $83.6M | $102.2M | $44.2M | $52.1M | $101.2M | |
| Total Assets | $4.8M | $4.7M | $162.9M | $126.5M | $85.6M | $103.9M | $45.2M | $53.0M | $102.9M | |
| Total Current Liabilities | $2.7M | $4.3M | $9.8M | $8.9M | $12.4M | $24.5M | $15.2M | $10.1M | $11.0M | |
| Long-Term Debt | $0.00 | $3.2M | $1.9M | $4.9M | $3.3M | $1.7M | $124.0K | $0.00 | $4.6M | |
| Total Liabilities | $22.6M | $35.3M | $13.5M | $15.1M | $17.2M | $27.4M | $16.4M | $10.5M | $19.1M | |
| Stockholders' Equity | -$17.8M | -$30.6M | $149.4M | $111.4M | $68.5M | $76.5M | $28.8M | $42.5M | $83.7M | |
| Retained Earnings | -$18.2M | -$31.3M | -$60.8M | -$103.1M | -$149.3M | -$197.2M | -$250.3M | -$289.2M | -$317.7M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.6M | -$12.6M | -$27.5M | -$35.9M | -$41.7M | -$33.3M | -$56.0M | -$33.3M | -$42.6M | |
| Capital Expenditure | $0.00 | -$4.0K | -$74.0K | -$93.0K | -$8.0K | -$7.0K | $0.00 | $0.00 | -$145.0K | |
| Free Cash Flow | -$8.6M | -$12.6M | -$27.6M | -$36.0M | -$41.7M | -$33.3M | -$56.0M | -$33.3M | -$42.8M | |
| Investing Cash Flow | $0.00 | -$4.0K | -$74.0K | -$79.2M | $23.7M | $55.8M | $0.00 | $0.00 | -$145.0K | |
| Financing Cash Flow | $0.00 | $12.4M | $181.0M | $643.0K | -$241.0K | $49.1M | -$1.6M | $43.5M | $122.7M | |
| Issuance of Stock | $0.00 | $0.00 | $93.4M | $462.0K | -$201.0K | $53.6M | $246.0K | $50.0M | $119.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $4.5M | $0.00 | $220.0K | $0.00 | -$1.6M | -$1.6M | -$2.1M | $15.0M | |
| Stock Based Comp. | $101.0K | $196.0K | $755.0K | $4.0M | $3.6M | $4.6M | $5.3M | $2.6M | $3.7M | |
| Net Change in Cash | -$8.6M | -$188.0K | $153.4M | -$114.4M | -$18.0M | $71.6M | -$57.6M | $10.2M | $79.9M |
Dilution Tracker
Shares outstanding grew 26.8% over 5 years — significant dilution
Shares Outstanding
3M
5-Year Share Growth
+26.8%
Stock Issuance (TTM)
$119.0M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.02 | 0.58 | 0.60 | 0.61 | 0.61 | 0.50 | 0.54 | 0.77 | 2.43 | |
| Change vs Prior % | — | 2812.5% | 4.5% | 0.4% | 0.7% | -18.2% | 7.2% | 42.9% | 217.1% | |
| Stock Issuance | $0.00 | $0.00 | $93.4M | $462.0K | -$201.0K | $53.6M | $246.0K | $50.0M | $119.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $101.0K | $196.0K | $755.0K | $4.0M | $3.6M | $4.6M | $5.3M | $2.6M | $3.7M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | 100.0% | 100.0% | — | — | |
| Operating Margin % | — | — | — | — | — | -515.3% | -1143.4% | — | — | |
| Net Margin % | — | — | — | — | — | -475.0% | -1079.9% | — | — | |
| EBITDA Margin % | — | — | — | — | — | -469.5% | -1072.8% | — | — | |
| FCF Margin % | — | — | — | — | — | -329.9% | -1139.6% | — | — | |
| ROE % | 55.4% | 43.2% | -19.8% | -38.0% | -67.4% | -62.6% | -184.0% | -91.7% | -123.5% | |
| ROA % | -206.5% | -282.1% | -18.1% | -33.4% | -53.9% | -46.1% | -117.3% | -73.5% | -49.9% | |
| ROIC % | -481.7% | -798.7% | -18.9% | -35.7% | -63.1% | -63.9% | -176.2% | -84.4% | -50.5% | |
| R&D / Revenue % | — | — | — | — | — | 490.0% | 945.2% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -51.3% | -100.0% | |
| Gross Profit | 0.0% | -1100.0% | 100.0% | 0.0% | 0.0% | 0.0% | -51.3% | -100.0% | |
| Operating Income | 0.0% | -31.4% | -124.4% | -43.0% | -12.4% | -10.0% | -8.0% | 35.0% | |
| Net Income | 0.0% | -34.3% | -123.2% | -43.2% | -9.2% | -3.8% | -10.7% | 26.5% | |
| EPS (Diluted) | 0.0% | 95.3% | -116.7% | -40.0% | -5.5% | -29.2% | -4.0% | 47.5% | |
| Operating Cash Flow | 0.0% | -47.2% | -118.1% | -30.4% | -16.2% | 20.2% | -68.2% | 40.4% | |
| Free Cash Flow | 0.0% | -47.3% | -118.6% | -30.4% | -15.9% | 20.2% | -68.2% | 40.4% | |
| R&D Expense | 0.0% | 28.7% | 120.5% | 28.7% | 14.7% | 40.4% | -6.1% | -57.9% | |
| SG&A Expense | 0.0% | 46.0% | 142.9% | 104.4% | 6.3% | 4.7% | 15.8% | 16.0% | |
| Total Assets | 0.0% | -1.7% | 3371.5% | -22.3% | -32.3% | 21.4% | -56.5% | 17.3% | |
| Book Value / Share | 0.0% | 94.1% | 566.8% | -25.8% | -38.9% | 36.5% | -64.8% | 3.2% | |
| Debt | 0.0% | 0.0% | 43.5% | 2.4% | -3.3% | -27.0% | -40.0% | -73.4% | |
| Diluted Shares | 0.0% | 2812.5% | 4.5% | 0.4% | 0.7% | -18.2% | 7.2% | 42.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B1.35
10Y Low / Med / High0.59 / 1.57 / 7.38
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$61.82
Tangible Book / Share
$34.44
Net Current Assets / Share
$28.54
Graham Net-Net
$31.74
Cash / Share
$39.61
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.64 | -56.67 | -37.40 | -4.90 | -1.14 | -2.36 | -0.33 | -1.71 | -1.14 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.90 | 3.44 | 0.00 | 0.00 | |
| P/B Ratio | -1.42 | -24.09 | 7.38 | 1.82 | 0.73 | 1.44 | 0.59 | 1.57 | 1.35 | |
| EV/EBITDA | -2.13 | -56.76 | -32.40 | -3.99 | -0.70 | -0.39 | 0.36 | -0.48 | -0.93 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.81 | -3.89 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-0.66
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $53.8M | $78.7M | $33.7M |
| Net Income | -$20.1M | $2.0M | -$6.0M |
| EPS | $-25.74 | $0.90 | $-10.31 |
| # Analysts (EPS) | 6 | 6 | 6 |