Company: SPRB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-059288
Chunk: 2

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 2
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ven if you have voted by proxy, you may still vote online if you virtually attend the Annual Meeting. Please note, however, that if your shares are held of record by a broker, bank or other nominee and you wish to vote at the Annual Meeting, you must obtain a proxy issued in your name from that record holder. |

Table of Contents

|                                                                                        | Page |
| QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING                           |    1 |
| Proposal 1  Election of Directors                                                      |    8 |
| INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE                  |   12 |
| Independence of the Board of Directors                                                 |   12 |
| Board Leadership Structure                                                             |   12 |
| Role of the Board in Risk Oversight                                                    |   12 |
| Meetings of the Board of Directors                                                     |   13 |
| Information Regarding Committees of the Board of Directors                             |   14 |
| Audit Committee                                                                        |   15 |
| Compensation Committee                                                                 |   16 |
| Nominating and Corporate Governance Committee                                          |   18 |
| Stockholder Communications With the Board                                              |   19 |
| Code of Conduct                                                                        |   20 |
| Proposal 2  Ratification of Selection of Independent Registered Public Accounting Firm |   21 |
| Proposal 3  APPROVAL OF REVERSE STOCK SPLIT                                            |   22 |
| PROPOSAL 4  APPROVAL OF ADJOURNMENT PROPOSAL                                           |   33 |
| EXECUTIVE OFFICERS                                                                     |   34 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                         |   35 |
| EXECUTIVE COMPENSATION                                                                 |   38 |
| Director Compensation                                                                  |   46 |
| TRANSACTIONS WITH RELATED PERSONS AND INDEMNIFICATION                                  |   48 |
| HOUSEHOLDING OF PROXY MATERIALS                                                        |   50 |
| OTHER MATTERS                                                                          |   50 |

<div align='center'>i

SPRUCE BIOSCIENCES, INC.
611 Gateway Boulevard, Suite 740
South San Francisco, California 94080

PROXY STATEMENT
FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD ON JUNE 9, 2025</div>

Why did I receive a notice regarding the availability of proxy materials on the internet?

Pursuant to rules adopted by the Securities