SPRUCE BIOSCIENCES, INC.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 9, 2026
SPRB$49.34+6.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
| Page | ||
|---|---|---|
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | 1 | |
| SUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS | 2 | |
| PART I | ||
| Item 1. | Business | 4 |
| Item 1A. | Risk Factors | 28 |
| Item 1B. | Unresolved Staff Comments | 86 |
| Item 1C. | Cybersecurity | 86 |
| Item 2. | Properties | 87 |
| Item 3. | Legal Proceedings | 87 |
| Item 4. | Mine Safety Disclosures | 87 |
| PART II | ||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 88 |
| Item 6. | [Reserved] | 88 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 89 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 98 |
| Item 8. | Financial Statements and Supplementary Data | 99 |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 127 |
| Item 9A. | Controls and Procedures | 127 |
| Item 9B. | Other Information | 128 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 128 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 129 |
| Item 11. | Executive Compensation | 129 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 129 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 129 |
| Item 14. | Principal Accountant Fees and Services | 130 |
| PART IV | ||
| Item 15. | Exhibit and Financial Statement Schedules | 131 |
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