# EDGAR Filing Document

**Accession Number:** 0001683553
**File Stem:** 0001104659-23-025992
**Filing Date:** 2023-2
**Character Count:** 29478
**Document Hash:** f251d81af42fcc0a41af93b7086077a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-025992.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001104659-23-025992

**CONFORMED SUBMISSION TYPE**: SC 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**GROUP MEMBERS**: 5AM OPPORTUNITIES II (GP), LLC

**GROUP MEMBERS**: ANDREW J. SCHWAB

**GROUP MEMBERS**: DR. KUSH PARMAR

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** SC 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91764
- **FILM NUMBER:** 23674615

**BUSINESS ADDRESS:**
- **STREET 1:** 611 GATEWAY BOULEVARD, SUITE 740
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080
- **BUSINESS PHONE:** (415) 294-1687

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 5AM Opportunities II, L.P.
- **CENTRAL INDEX KEY:** 0001844401
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 501 2ND STREET, SUITE 350
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107
- **BUSINESS PHONE:** (415) 993-8565

**MAIL ADDRESS:**
- **STREET 1:** 501 2ND STREET, SUITE 350
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13G**

**Under the Securities Exchange Act of 1934**

**(Amendment No.)\***

**Spruce Biosciences, Inc.**

(Name of Issuer)

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

(Title of Class of Securities)

**85209E109**

(CUSIP Number)

**February 17, 2023**

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

◻ Rule 13d-1(b) <br> ⌧ Rule 13d-1(c) <br> ◻ Rule 13d-1(d)

\*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II, L.P. | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II, L.P. | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II, L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;(a)<br> (b) | &nbsp;&nbsp;◻<br> x (1) | &nbsp;&nbsp;◻<br> x (1) | &nbsp;&nbsp;◻<br> x (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 5. | &nbsp;&nbsp;Sole Voting Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 6. | &nbsp;&nbsp;Shared Voting Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 7. | &nbsp;&nbsp;Sole Dispositive Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 8. | &nbsp;&nbsp;Shared Dispositive Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;10. | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;11. | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;12. | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> PN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> PN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> PN |

---

(1) This Schedule 13G is filed by 5AM Opportunities II, L.P. ("Opps II"), 5AM Opportunities II
(GP), LLC ("Opps II GP"), Dr. Kush Parmar ("Parmar") and Andrew J. Schwab ("Schwab" and, with
Opps II, Opps II GP and Parmar, collectively, the "Reporting Persons"). The Reporting Persons expressly disclaim status as
a "group" for purposes of this Schedule 13G.

(2) Includes (i) 2,364,000 shares of Common Stock held directly by Opps II and (ii) 1,773,000 shares
of Common Stock issuable upon exercise of warrants held by Opps II that are currently exercisable. Opps II GP is the sole general partner
of Opps II and Parmar and Schwab are the managing members of Opps II GP. Each of Opps II GP, Parmar and Schwab share voting and dispositive
power over the shares held by Opps II.

(3) This percentage is calculated based upon the sum of (i) 23,601,004 shares of the Issuer's Common Stock issued and outstanding as of December
31, 2022, (ii) 16,116,000 shares of Common Stock issued in the private placement of equity securities by the Issuer that closed on February
17, 2023 (the "Private Placement"), and (iii) 1,773,000 shares of Common Stock issuable upon conversion of warrants held by
Opps II.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II (GP), LLC | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II (GP), LLC | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II (GP), LLC | &nbsp;&nbsp;Names of Reporting Persons<br> 5AM Opportunities II (GP), LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) |
|  | &nbsp;&nbsp;(a)<br> (b) | &nbsp;&nbsp;◻<br> ⌧ (1) | &nbsp;&nbsp;◻<br> ⌧ (1) | &nbsp;&nbsp;◻<br> ⌧ (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware | &nbsp;&nbsp;Citizenship or Place of Organization<br> Delaware |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 5. | &nbsp;&nbsp;Sole Voting Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 6. | &nbsp;&nbsp;Shared Voting Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 7. | &nbsp;&nbsp;Sole Dispositive Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 8. | &nbsp;&nbsp;Shared Dispositive Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;10. | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;11. | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;12. | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> OO | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> OO | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> OO | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> OO |

---

(1) This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as
a "group" for purposes of this Schedule 13G.

(2) Includes (i) 2,364,000 shares of Common Stock held directly by Opps II and (ii) 1,773,000 shares
of Common Stock issuable upon exercise of warrants held by Opps II that are currently exercisable. Opps II GP is the sole general partner
of Opps II and Parmar and Schwab are the managing members of Opps II GP. Each of Opps II GP, Parmar and Schwab share voting and dispositive
power over the shares held by Opps II.

(3) This percentage is calculated based upon the sum of (i) 23,601,004 shares of the Issuer's Common Stock issued and outstanding as of December
31, 2022, (ii) 16,116,000 shares of Common Stock issued in the Private Placement on February 17, 2023, and (iii) 1,773,000 shares of Common
Stock issuable upon conversion of warrants held by Opps II.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;Names of Reporting Persons<br> Dr. Kush Parmar | &nbsp;&nbsp;Names of Reporting Persons<br> Dr. Kush Parmar | &nbsp;&nbsp;Names of Reporting Persons<br> Dr. Kush Parmar | &nbsp;&nbsp;Names of Reporting Persons<br> Dr. Kush Parmar |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) |
|  | &nbsp;&nbsp;(a)<br> (b) | &nbsp;&nbsp;◻<br> ⌧ (1) | &nbsp;&nbsp;◻<br> ⌧ (1) | &nbsp;&nbsp;◻<br> ⌧ (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 5. | &nbsp;&nbsp;Sole Voting Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 6. | &nbsp;&nbsp;Shared Voting Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 7. | &nbsp;&nbsp;Sole Dispositive Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 8. | &nbsp;&nbsp;Shared Dispositive Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;10. | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;11. | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;12. | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN |

---

(1) This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as
a "group" for purposes of this Schedule 13G.

(2) Includes (i) 2,364,000 shares of Common Stock held directly by Opps II and (ii) 1,773,000 shares
of Common Stock issuable upon exercise of warrants held by Opps II that are currently exercisable. Opps II GP is the sole general partner
of Opps II and Parmar and Schwab are the managing members of Opps II GP. Each of Opps II GP, Parmar and Schwab share voting and dispositive
power over the shares held by Opps II.

(3) This percentage is calculated based upon the sum of (i) 23,601,004 shares of the Issuer's Common Stock issued and outstanding as of December
31, 2022, (ii) 16,116,000 shares of Common Stock issued in the Private Placement on February 17, 2023, and (iii) 1,773,000 shares of Common
Stock issuable upon conversion of warrants held by Opps II.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 | &nbsp;&nbsp;CUSIP No. 85209E109 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;Names of Reporting Persons<br> Andrew J. Schwab | &nbsp;&nbsp;Names of Reporting Persons<br> Andrew J. Schwab | &nbsp;&nbsp;Names of Reporting Persons<br> Andrew J. Schwab | &nbsp;&nbsp;Names of Reporting Persons<br> Andrew J. Schwab |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) | &nbsp;&nbsp;Check the Appropriate Box if a Member of a Group (See Instructions) |
|  | &nbsp;&nbsp;(a)<br> (b) | &nbsp;&nbsp;◻<br> ⌧ (1) | &nbsp;&nbsp;◻<br> ⌧ (1) | &nbsp;&nbsp;◻<br> ⌧ (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only | &nbsp;&nbsp;SEC Use Only |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States | &nbsp;&nbsp;Citizenship or Place of Organization<br> United States |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 5. | &nbsp;&nbsp;Sole Voting Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 6. | &nbsp;&nbsp;Shared Voting Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 7. | &nbsp;&nbsp;Sole Dispositive Power<br> 0 |
| &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | &nbsp;&nbsp;Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person With | 8. | &nbsp;&nbsp;Shared Dispositive Power<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) | &nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person<br> 4,137,000 shares (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;10. | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | &nbsp;&nbsp;Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;11. | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) | &nbsp;&nbsp;Percent of Class Represented by Amount in Row (9)<br> 9.97% (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;12. | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN | &nbsp;&nbsp;Type of Reporting Person (See Instructions)<br> IN |

---

(1) This Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as
a "group" for purposes of this Schedule 13G.

(2) Includes (i) 2,364,000 shares of Common Stock held directly by Opps II and (ii) 1,773,000 shares
of Common Stock issuable upon exercise of warrants held by Opps II that are currently exercisable. Opps II GP is the sole general partner
of Opps II and Parmar and Schwab are the managing members of Opps II GP. Each of Opps II GP, Parmar and Schwab share voting and dispositive
power over the shares held by Opps II.

(3) This percentage is calculated based upon the sum of (i) 23,601,004 shares of the Issuer's Common Stock issued and outstanding as of December
31, 2022, (ii) 16,116,000 shares of Common Stock issued in the Private Placement on February 17, 2023, and (iii) 1,773,000 shares of Common
Stock issuable upon conversion of warrants held by Opps II.

---

| | |
|:---|:---|
| **Item 1.** | **Item 1.** |
| (a) | Name of Issuer<br>Spruce Biosciences, Inc. |
| (b) | Address of Issuer's Principal Executive Offices<br>611 Gateway Boulevard, Suite 740<br> South San Francisco, California 94080 |
| **Item 2.** | **Item 2.** |
| (a) | Name of Person Filing<br>5AM Opportunities II, L.P. ("Opps II")<br> 5AM Opportunities II (GP), LLC ("Opps II GP")<br> Dr. Kush Parmar ("Parmar")<br> Andrew J. Schwab ("Schwab") |
| (b) | Address of Principal Business Office or, if none, Residence<br>c/o 5AM Ventures<br> 501 Second Street, Suite 350<br> San Francisco, CA 94107 |

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| | | | | |
|:---|:---|:---|:---|:---|
| (c) | Citizenship | Citizenship |  |  |
|  | Entities: | Opps II |  | Delaware |
|  |  | Opps II GP |  | Delaware |
|  | Individuals: | Parmar |  | United States |
|  | | Schwab | - | United States |

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| | | |
|:---|:---|:---|
|  | (d) | Title of Class of Securities<br>Common Stock, par value $0.0001 per share par value ("Common Stock") |
|  | (e) | CUSIP Number<br>85209E109 |
| **Item 3.** | **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:** | **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:** |
|  | Not applicable | Not applicable |

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**Item 4.** **Ownership**

The following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1 is provided as of February 27, 2023:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reporting<br> Persons** | **Shares Held<br> Directly** | **Sole <br> Voting <br> Power** | **Shared <br> Voting <br> Power** | **Sole <br> Dispositive <br> Power** | **Shared <br> Dispositive <br> Power** | **Beneficial <br> Ownership** | **Percentage <br> of Class (2)** |
| Opps II (1) | 4137000 | 0 | 4137000 | 0 | 4137000 | 4137000 | 9.97% |
| Opps II GP (1) | 0 | 0 | 4137000 | 0 | 4137000 | 4137000 | 9.97% |
| Parmar (1) | 0 | 0 | 4137000 | 0 | 4137000 | 4137000 | 9.97% |
| Schwab (1) | 0 | 0 | 4137000 | 0 | 4137000 | 4137000 | 9.97% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes (i) 2,364,000 shares of Common Stock held directly
by Opps II and (ii) 1,773,000 shares of Common Stock issuable upon exercise of warrants held by Opps II that are currently exercisable.
Opps II GP is the sole general partner of Opps II and Parmar and Schwab are the managing members of Opps II GP. Each of Opps II GP, Parmar
and Schwab share voting and dispositive power over the shares held by Opps II.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This percentage is calculated based upon the sum of (i) 23,601,004 shares of the Issuer's Common Stock issued and outstanding as of December
31, 2022, (ii) 16,116,000 shares of Common Stock issued in the Private Placement on February 17, 2023, and (iii) 1,773,000 shares of Common
Stock issuable upon conversion of warrants held by Opps II.

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| | |
|:---|:---|
| **Item 5.** | **Ownership of Five Percent or Less of a Class** |
|  | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ◻ |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person** |
|  | Not applicable |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person** |
|  | Not applicable |
| **Item 8.** | **Identification and Classification of Members of the Group** |
|  | Not applicable |
| **Item 9.** | **Notice of Dissolution of Group** |
|  | Not applicable |
| **Item 10.** | **Certification** |
|  | By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purpose or effect. |

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**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.

Dated: February 27, 2023

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| | |
|:---|:---|
| **5AM Opportunities II, L.P.** | **5AM Opportunities II, L.P.** |
| By: | 5AM Opportunities II (GP), LLC |
| its | General Partner |
| By: | /s/ Kush Parmar |
|  | Name: Dr. Kush Parmar |
|  | Title: Managing Member |
| **5AM Opportunities II (GP), LLC** | **5AM Opportunities II (GP), LLC** |
| By: | /s/ Kush Parmar |
|  | Name: Dr. Kush Parmar |
|  | Title: Managing Member |

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| |
|:---|
| /s/ Kush Parmar |
| Dr. Kush Parmar |
| /s/ Andrew J. Schwab |
| Andrew J. Schwab |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**ATTENTION** |
| &nbsp;&nbsp;**Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).** | &nbsp;&nbsp;**Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).** |

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**Exhibit(s):**

A Joint Filing Agreement

EXHIBIT A

JOINT FILING AGREEMENT

We, the undersigned, hereby express our agreement that the attached Schedule 13G (or any amendments thereto) relating to the Common Stock of Spruce Biosciences, Inc. is filed on behalf of each of us.

Dated: February 27, 2023

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| | |
|:---|:---|
| **5AM Opportunities II, L.P.** | **5AM Opportunities II, L.P.** |
| By: | 5AM Opportunities II (GP), LLC |
| its | General Partner |
| By: | /s/ Kush Parmar |
|  | Name: Dr. Kush Parmar |
|  | Title: Managing Member |
| **5AM Opportunities II (GP), LLC** | **5AM Opportunities II (GP), LLC** |
| By: | /s/ Kush Parmar |
|  | Name: Dr. Kush Parmar |
|  | Title: Managing Member |

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| |
|:---|
| /s/ Kush Parmar |
| Dr. Kush Parmar |
| /s/ Andrew J. Schwab |
| Andrew J. Schwab |

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