# EDGAR Filing Document

**Accession Number:** 0001822557
**File Stem:** 0001822557-25-000007
**Filing Date:** 2025-12
**Character Count:** 8927
**Document Hash:** f0c2263b8c0f8429ae841872424566bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001822557-25-000007.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001822557-25-000007

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251211

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SIMPSON CAMILLA V
- **CENTRAL INDEX KEY:** 0001822557

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39594
- **FILM NUMBER:** 251572916

**MAIL ADDRESS:**
- **STREET 1:** 20 ELAINE AVE.
- **CITY:** MILL VALLEY
- **STATE:** CA
- **ZIP:** 94941
**ISSUER**: 

**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

**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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>SIMPSON CAMILLA V<br><sub>(Last) (First) (Middle)</sub><br>C/O SPRUCE BIOSCIENCES, INC.<br>611 GATEWAY BOULEVARD, SUITE 740<br><sub>(Street)</sub><br>SOUTH SAN FRANCISCO, CA 94080<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-11 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>SPRUCE BIOSCIENCES, INC. [ SPRB ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option (Right to Buy) | $104.13 | 2025-12-11 |  | A |  | 173<sup>(1)</sup> |  | <sup>(2)</sup> | 2029-07-22 | Common Stock | 173 | <sup>(3)(4)</sup> | 173 | D |  |
| Stock Option (Right to Buy) | 108<sup>(1)</sup> | 2025-12-11 |  | D |  |  | 173<sup>(1)</sup> | <sup>(2)</sup> | 2029-07-22 | Common Stock | 173 | <sup>(3)(4)</sup> | 0 | D |  |
| Stock Option (Right to Buy) | $104.13 | 2025-12-11 |  | A |  | 309<sup>(1)</sup> |  | <sup>(2)</sup> | 2030-06-07 | Common Stock | 309 | <sup>(3)(4)</sup> | 309 | D |  |
| Stock Option (Right to Buy) | 123<sup>(1)</sup> | 2025-12-11 |  | D |  |  | 309<sup>(1)</sup> | <sup>(2)</sup> | 2030-06-07 | Common Stock | 309 | <sup>(3)(4)</sup> | 0 | D |  |
| Stock Option (Right to Buy) | $104.13 | 2025-12-11 |  | A |  | 362<sup>(1)</sup> |  | <sup>(2)</sup> | 2030-08-06 | Common Stock | 362 | <sup>(3)(4)</sup> | 362 | D |  |
| Stock Option (Right to Buy) | 230.25<sup>(1)</sup> | 2025-12-11 |  | D |  |  | 362<sup>(1)</sup> | <sup>(2)</sup> | 2030-08-06 | Common Stock | 362 | <sup>(3)(4)</sup> | 0 | D |  |
| Stock Option (right to buy) | $104.13 | 2025-12-11 |  | A |  | 133<sup>(1)</sup> |  | <sup>(2)</sup> | 2031-05-19 | Common Stock | 133 | <sup>(3)(4)</sup> | 133 | D |  |
| Stock Option (right to buy) | 1143<sup>(1)</sup> | 2025-12-11 |  | D |  |  | 133<sup>(1)</sup> | <sup>(2)</sup> | 2031-05-19 | Common Stock | 133 | <sup>(3)(4)</sup> | 0 | D |  |
| Stock Option (Right to Buy) | $104.13 | 2025-12-11 |  | A |  | 400<sup>(1)</sup> |  | <sup>(2)</sup> | 2033-05-24 | Common Stock | 400 | <sup>(3)(4)</sup> | 400 | D |  |
| Stock Option (Right to Buy) | 169.50<sup>(1)</sup> | 2025-12-11 |  | D |  |  | 400<sup>(1)</sup> | <sup>(2)</sup> | 2033-05-24 | Common Stock | 400 | <sup>(3)(4)</sup> | 0 | D |  |

---

### Footnotes:

(1) Effective August 4, 2025, the Issuer effected a reverse stock split (the "Reverse Split") whereby every seventy-five shares of its issued and outstanding Common Stock were automatically combined into one share of Common Stock. In connection with the Reverse Split, each stock option to purchase 75 shares of Common Stock was automatically combined into a stock option to purchase one share of Common Stock and the exercise prices of such options were multiplied by seventy-five.

(2) The shares subject to the option are fully vested and exercisable.

(3) The transactions reported herein reflect a one-time stock option repricing (the "Option Repricing") effective on December 11, 2025 (the "Repricing Date"). The Option Repricing applies to options with exercise prices of $106.09 per share or greater held by employees and directors of the Issuer who remained in continuous service with the Company as of the Repricing Date.

(4) Pursuant to the Option Repricing, the exercise price of the repriced options has been amended to reduce the exercise price to $104.13 per share, the thirty (30)-day trailing volume-weighted average price of the Common Stock on the Nasdaq Capital Market on the Repricing Date. However, if an optionholder exercises a repriced option before the end of a retention period of one year (which period may be shorter in certain circumstances), such optionholder will be required to pay the original exercise price per share of such repriced option. No other changes were made to the repriced options in connection with the Option Repricing, including with respect to the vesting schedules, expiration dates or number of shares underlying such repriced options.

**Signature:** /s/ Samir Gharib, Attorney-in-Fact  
**Date:** 2025-12-15

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**