Company: SPRB
Filing Date: 2025-12-12
Form Type: 424B3
Source: 0001193125-25-317547
Chunk: 5

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-12-12
Form: 424B3
Chunk 5
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iveness Deadline or (iii) after such registration statement has been declared effective, is suspended by us or ceases to remain continuously effective as to all securities for which it is required to be effective, with each such event in clauses (i), (ii) and (iii) being referred to as a Registration Default, for more than 20 consecutive days or more than 40 days in any period of 365 days during which the Registration Default remains uncured, subject to certain limited exceptions, we have agreed to pay each Purchaser as liquidated damages an amount equal to 1.0% of the Purchaser’s Aggregate Purchase Price, as defined in the Purchase Agreement, per 20-day period or pro rata for any portion thereof for each such 20-day period during which such event continues, subject to certain caps set forth in the Purchase Agreement.

We granted the Purchasers customary indemnification rights in connection with the registration statement. The Purchasers have also granted us customary indemnification rights in connection with the registration statement.

The registration statement of which this prospectus is a part relates to the offer and resale of the Shares issued to the Purchasers pursuant to the Purchase Agreement, including the shares of our common stock issuable upon the exercise of outstanding Pre-Funded Warrants. When we refer to the selling stockholders in this prospectus, we are referring to the Purchasers and, as applicable, any donees, pledgees, assignees, transferees or other successors-in-interest selling the Shares received after the date of this prospectus from the selling stockholders as a gift, pledge, or other non-sale related transfer.

Following the closing of the Private Placement, as of October 10, 2025 we had 1,065,672 shares of common stock outstanding.

Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks are discussed more fully in the section titled “Risk Factors” immediately following this prospectus summary and under similar headings in our filings with the SEC which are incorporated by reference in this prospectus. These risks include the following:

We do not currently have sufficient working capital to fund our planned operations for the next twelve months and substantial doubt exists as to our ability to continue as a going concern.

We will need substantial additional financing to develop our product candidates and implement our operating plan. If we fail to obtain additional financing, we may be forced to delay, reduce or eliminate our product development programs or commercialization efforts.

We have a limited operating history, have