# EDGAR Filing Document

**Accession Number:** 0001683553
**File Stem:** 0001012975-25-000624
**Filing Date:** 2025-10
**Character Count:** 8873
**Document Hash:** c8bf907073bf170285309b4332d25e0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001012975-25-000624.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001012975-25-000624

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPRUCE BIOSCIENCES, INC.
- **CENTRAL INDEX KEY:** 0001683553
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 812154263
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91764
- **FILM NUMBER:** 251385963

**BUSINESS ADDRESS:**
- **STREET 1:** 611 GATEWAY BOULEVARD, SUITE 740
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080
- **BUSINESS PHONE:** (415) 655-4168

**MAIL ADDRESS:**
- **STREET 1:** 611 GATEWAY BOULEVARD, SUITE 740
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HealthCap VIII, L.P.
- **CENTRAL INDEX KEY:** 0001783281

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 18 AVENUE D'OUCHY
- **STREET 2:** C/O HEALTHCAP VIII GP SA
- **CITY:** CH 1006 LAUSANNE
- **STATE:** V8
- **ZIP:** 1006
- **BUSINESS PHONE:** 41-21-614 35 00

**MAIL ADDRESS:**
- **STREET 1:** 18 AVENUE D'OUCHY
- **STREET 2:** C/O HEALTHCAP VIII GP SA
- **CITY:** CH 1006 LAUSANNE
- **STATE:** V8
- **ZIP:** 1006

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Spruce Biosciences, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**85209E208**

*(CUSIP Number)*

**HealthCap VIII, L.P.**<br>Represented by HealthCap Investments SA<br>23 Avenue Villamont<br>Lausanne V8 CH-1005<br>4121 614 3500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/07/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **85209E208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HealthCap VIII, L.P.** | Name of reporting person<br>**HealthCap VIII, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**36640.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**36640.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**36640.00** | Aggregate amount beneficially owned by each reporting person<br>**36640.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.4%** | Percent of class represented by amount in Row (11)<br>**3.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **85209E208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HealthCap VIII GP LLC** | Name of reporting person<br>**HealthCap VIII GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**36640.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**36640.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**36640.00** | Aggregate amount beneficially owned by each reporting person<br>**36640.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.4%** | Percent of class represented by amount in Row (11)<br>**3.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Spruce Biosciences, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
611 Gateway Boulevard, Suite 740, South San Francisco, CA, 94080

**Item 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a)-(c) and 5(e) of the Schedule 13D are hereby amended and supplemented as follows:

The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference. The percentages set forth in row 13 are based on 1,065,223 outstanding shares of Common Stock, comprising (i) 563,042 outstanding shares of Common Stock as of August 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on August 14, 2025, and (ii) 502,181 shares of Common Stock issed by the Issuer in a private placement, as announced by the Issuer on October 8, 2025, and give effect to the issuance of 9,439 shares of Common Stock that would be issued upon the exercise of warrants held by the Reporting Persons.

The Fund directly holds 27,201 shares of Common Stock and warrants exercisable for 9,439 shares of Common Stock. The GP is the general partner of the Fund. The GP has delegated voting and dispositive power over the shares held by the Fund to HealthCap Investments S.A., a Swiss registered company ("HealthCap Investments"). Vanessa Malier and Thomas Ramdahl are each directors of the GP. Fabrice Bernhard is the General Manager of HealthCap Investments, and Dag Richter, Francois Kaiser and Daniel Schafer are each Directors of HealthCap Investments (together, the "Managers").

**(b)**
The information set forth in rows 7 through 10 of the cover pages to this Schedule 13D is incorporated by reference.

**(c)**
On October 7, 2025, the Fund sold 12,500 shares of Common Stock at a price of $205.99 per share.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** HealthCap VIII, L.P.

**Signature:** /s/ Dag Richter

**Name/Title:** By: HealthCap VIII GP LLC, its general partner; By: HealthCap Investments SA, its investment manager; By: Dag Richter, Director

**Date:** 10/09/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** HealthCap VIII GP LLC

**Signature:** /s/ Dag Richter

**Name/Title:** By: HealthCap Investments SA, its investment manager; By: Dag Richter, Director

**Date:** 10/09/2025