Company: SPRB
Filing Date: 2025-12-12
Form Type: 424B3
Source: 0001193125-25-317547
Chunk: 19

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-12-12
Form: 424B3
Chunk 19
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 manager to a managed account, (iii) 3,250 shares of common stock issued in the Private Placement to Caligan as the investment manager to a managed account and (iv) 1,175 shares of common stock issued in the Private Placement to Caligan as the investment manager to a managed account. Caligan serves indirectly as the investment manager to Caligan Fund. David Johnson is the Managing Partner of Caligan and Managing Member of Caligan Partners GP LLC, the general partner of Caligan, and may be deemed to have voting and investment power over the securities held by Caligan Fund. The address of Caligan is 780 Third Avenue, 30th Floor, New York, NY 10017.

(12) Consists of 29,000 shares of common stock issued in the Private Placement to Stonepine Capital, LP. The shares held by Stonepine Capital, LP may be deemed to be beneficially owned by Jon Plexico. Mr. Plexico disclaims beneficial ownership of the securities except to the extent

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of his pecuniary interests therein. The address of Stonepine Capital, LP is c/o Stonepine Capital Management, 2900 NW Clearwater Drive, Ste 100-11, Bend, OR 97703.

(13) Consists of 14,000 shares of common stock issued in the Private Placement to Affinity Healthcare Fund, LP, or Affinity. Affinity Asset Advisors, LLC, or Affinity Advisor, is the investment manager of Affinity and exercises investment discretion with regard to the shares of Common Stock owned by Affinity. Affinity and Affinity Advisor have the shared power to vote or to direct the vote and to dispose or direct the disposition of such shares of Common Stock owned by Affinity. Affinity Advisor may be deemed to be the beneficial owner of such shares of Common Stock owned by Affinity by virtue of its position as investment manager of Affinity. The address of Affinity is 450 Park Avenue, Suite 1403, New York, NY 10022.

(14) Consists of (i) 274 shares of common stock issued in the Private Placement to Fiducian Technology Fund, (ii) 1,695 shares of common stock issued in the Private Placement to Wellington Trust Company, National Association Multiple Collective Investment Funds Trust, Biotechnology Portfolio, (iii) 3,482 shares of common stock issued in the Private Placement to Wellington Biotechnology Long/Short Fund, L.P. and (