Company: SPRB
Filing Date: 2025-03-31
Form Type: NT 10-K
Source: 0000950170-25-047912
Chunk: 2

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-03-31
Form: NT 10-K
Chunk 2
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| (3) |     | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes ☒ No ☐                                                                                              |     |            |     |                   |

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

The Company anticipates the following changes in its results of operations for 2024 compared with the prior year period:

a decrease of approximately 50% in collaboration revenue recognized under the Company’s license agreement with Kaken Pharmaceutical Co., Ltd.;

a low single-digit and mid-single digit decrease in operating expenses and research and development expenses, respectively, and

a high single-digit percentage increase in loss from operations.

In addition, the Company’s year-over-year cash balance materially decreased as a result of its operations in 2024. Absent additional financing or proceeds from other monetization transactions prior to filing the 2024 Annual Report, the Company expects that its cash and cash equivalents will be insufficient to fund its research and development operations for at least 12 months from the anticipated filing date of the 2024 Annual Report, and that there is substantial doubt about the Company’s ability to continue as a going concern.

Because management’s review is ongoing, there can be no assurance that the financial and accounting information referred to in this Form 12b-25 will not change upon filing of the 2024 Annual Report.

Cautionary Note Regarding Forward-Looking Statements

This Form 12b-25 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “expects,” “will” and similar terms and phrases are used in this Form 12b-25 to identify forward-looking statements, including statements regarding the Company’s ability to file the 2024 Annual Report within the time period prescribed by Rule 12b-25 and the expected impacts of the restatements described above. Many factors could cause actual results and future events to differ materially from the forward-looking statements, including, among other things, the risks and uncertainties set forth in the sections entitled “Risk Factors” in the Company’s periodic reports filed with the SEC. These forward-looking statements are based on management’s expectations as of the date of this filing. Readers are cautioned