Is Spruce Biosciences going out of business?

SPRUCE BIOSCIENCES, INC. (SPRB) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

SPRUCE BIOSCIENCES, INC. (SPRB) scores 20 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Shares dilution YoY: Reverse split detected; adjusted share change (223.5% YoY) and the capital-structure risk is penalized.

Five questions, kept separate

Survival - Funding dependent

13-19 mo of estimated runway from 2026-06-30, based on $96.3M of cash and short-term investments against $73.1M of annual burn. Adjusted shares outstanding increased 223.5% over the comparison year.

Business quality - Pre-commercial

Operating margins cannot grade a pipeline; Survival and clinical evidence remain the relevant lenses here.

Trajectory - Clinical progress unavailable

Fundamentals can show funding and burn, but not whether the clinical pipeline is advancing.

Valuation - Balanced

29.6% net-cash backing support a balanced pre-commercial Valuation assessment.

Event risk - No active asserted risk

No active asserted adverse event was found in the available filing evidence. This is not proof that no unclassified event exists.

What the rules read

• Shares dilution YoY: Reverse split detected; adjusted share change (223.5% YoY) and the capital-structure risk is penalized.
• Debt / Equity: -1.03x (Net Cash)
• Interest coverage: -26.6x
• Return on Assets: -37.89%
• Debt Maturity Runway: 65% long-term
• Price / Earnings: Unprofitable (see Valuation)

Read from filings through 2026-08-12.

Price as of 2026-09-07.