Quarterly ResultMay 13, 2026, 04:13 PM
Spruce Biosciences Raises $69M in Offering; Q1 Net Loss Narrows to $12.3M
AI Summary
Spruce Biosciences reported a narrowed net loss of $12.3 million for Q1 2026, down from $14.0 million in the prior year, with a significant improvement in net loss per share to $(8.94). The company successfully closed an underwritten public offering in April 2026, raising approximately $69.0 million in gross proceeds, and secured an Avenue Loan facility for up to $50.0 million, with $15.0 million funded in January 2026. These financing activities are expected to provide sufficient liquidity for at least the next 12 months, despite an accumulated deficit of $301.5 million.
Key Highlights
- April 2026 public offering raised $69.0 million in gross proceeds.
- Secured Avenue Loan facility for up to $50.0 million, with $15.0 million funded in Q1 2026.
- Q1 2026 net loss narrowed to $12.3 million, compared to $14.0 million in Q1 2025.
- Net loss per share improved to $(8.94) in Q1 2026 from $(23.95) in Q1 2025.
- Cash and cash equivalents increased to $54.1 million as of March 31, 2026.
- Total operating expenses decreased to $12.0 million in Q1 2026 from $14.5 million in Q1 2025.
- Accumulated deficit reached $301.5 million as of March 31, 2026.
- Company expects current funds plus offering proceeds to last at least 12 months.