Company: SPRB
Filing Date: 2025-10-29
Form Type: S-3
Source: 0001193125-25-256668
Chunk: 5

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-10-29
Form: S-3
Chunk 5
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 in our securities discussed under the heading “Risk Factors” and under similar headings in our SEC filings, including the documents that are incorporated by reference into this prospectus. You should also carefully read the information incorporated by reference into this prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus is a part.

Unless the context requires otherwise, references in this prospectus to “Spruce,” “the company,” “we,” “us,” “our” or similar terms refer to Spruce Biosciences, Inc.

Company Overview

We are a biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need. We have a diverse portfolio of product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are either no approved therapies treating the underlying disease or suboptimal treatment options. We were founded in April 2016 and are led by a management team experienced in the development and commercialization of groundbreaking therapeutics.

Private Placement

On October 7, 2025, we entered into a Securities Purchase Agreement, or the Purchase Agreement, with certain institutional and other accredited investors, or the Purchasers, pursuant to which we agreed to sell and issue to the Purchasers (i) 502,181 shares of common stock and (ii) to certain Purchasers, Pre-Funded Warrants to purchase 233,144 shares of common stock in lieu of shares of common stock. The purchase price per share of common stock was $68.00 per share, or the Purchase Price, and the purchase price for each Pre-Funded Warrant was the Purchase Price minus $0.01. We received gross proceeds of approximately $50.0 million from the Private Placement, before deducting fees to the placement agents and offering expenses payable by us. The closing of the Private Placement occurred on October 9, 2025, or the Closing Date.

The Pre-Funded Warrants have a per share exercise price of $0.01, subject to proportional adjustments in the event of stock splits or combinations or similar events. The Pre-Funded Warrants are exercisable at any time after their original issuance and will expire on the date that is 60 months from their original issue date on October 9, 2025. The Pre-Funded Warrants provide that a holder of a Pre-Funded Warrant will not have the right to exercise any portion of its Pre-Funded Warrant if such holder, together with