Spruce Biosciences Inc

NASDAQ:SPRBUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

---------- --------- Total current assets 63,573 102,183 Right-of-use assets 998 1,181 Other assets 531 582 ---------- --------- Total assets $ 65,102 $ 103,946 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,799 $ 3,332 Accrued expenses and other current liabilities 7,740 14,600 Term loan, current portion 1,622 1,622 Deferred revenue, current portion 697 4,911 ---------- --------- Total current liabilities 11,858 24,465 Lease liabilities, net of current portion 809 1,019 Term loan, net of current portion 524 1,717 Other liabilities 273 236 ---------- --------- Total liabilities 13,464 27,437 ---------- --------- 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, 2024 and December 31, 2023 -- -- Common stock, $0.0001 par value; 200,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 41,302,599 and 41,029,832 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 4 4 Additional paid-in capital 278,343 273,737 Accumulated deficit (226,709) (197,232) ---------- --------- Total stockholders' equity 51,638 76,509 ---------- --------- Total liabilities and stockholders' equity $ 65,102 $ 103,946 ========== ========= SPRUCE BIOSCIENCES, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ------------ ------------ ------------ -------------- Collaboration revenue $ 602 $ 3,073 $ 4,214 $ 7,202 Operating expenses: Research and development 6,554 13,494 24,961 38,332 General and administrative 3,456 3,237 11,330 9,699 ---------- ---------- ---------- ---------- Total operating expenses 10,010 16,731 36,291 48,031 ---------- ---------- ---------- ---------- Loss from operations (9,408) (13,658) (32,077) (40,829) Interest expense (71) (119) (251) (377) Interest income and other expense, net 808 1,423 2,851 3,237 ---------- ---------- ---------- ---------- Net loss (8,671) (12,354) (29,477) (37,969) ---------- ---------- ---------- ---------- Other comprehensive gain, net of tax: Unrealized gain on available for sale securities -- 52 -- 555 ---------- ---------- ---------- ---------- Total comprehensive loss $ (8,671) $ (12,302) $ (29,477) $ (37,414) ========== ========== ========== ========== Net loss per share, basic and diluted $ (0.21) $ (0.30) $ (0.72) $ (1.01) ========== ========== ========== ========== Weighted-average shares of common stock outstanding, basic and diluted 41,302,599 40,710,692 41,187,766 37,751,865 ========== ========== ========== ==========