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Monday 9 November 2026
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Spruce Biosciences, Inc.
SPRBSpruce Biosciences, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $4.9 million, down 51.3% from fiscal 2023.
- Revenue
- −75.9%
- EPS
- −90.9%
- Free cash flow
- −152.1%
- Total debt
- +427.2%
Quarter to June 2026, against a year earlier
46.55
3.84
+8.99%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 10 | 5 | — | 5 | (51.3%) | — | 79 | 34 | (57.2%) | |
| Gross margin, % | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 100.00 | — | 100.00 | +100.0 pt | ||||||
| EBT | — | — | (10) | (13) | (30) | (42) | (46) | (48) | (53) | (39) | (51) | +21.7% | ||||||
| EBT margin, % | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (474.96) | (1,079.94) | 0.00 | 0.00 | 0.0 pt | ||||||
| Net income | — | 0 | (10) | (13) | (30) | (42) | (46) | (48) | (53) | (39) | (51) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.70 | 8.93 | 0.00 | 0.00 | n/m | |||||
| Earnings | — | — | (0.44) | (1,288.04) | (370.68) | (136.09) | (147.37) | (93.23) | (96.99) | (50.83) | (41.24) | +97.1% | ||||||
| Cash flow | — | — | (0.38) | (1,236.96) | (345.28) | (115.47) | (133.22) | (64.96) | (101.75) | (43.45) | (17.53) | +96.4% | ||||||
| Capex | — | — | 0.00 | (0.39) | (0.93) | (0.30) | (0.03) | (0.01) | 0.00 | 0.00 | (0.06) | n/m | ||||||
| Free cash flow | — | — | (0.38) | (1,237.35) | (346.21) | (115.77) | (133.24) | (64.98) | (101.75) | (43.45) | (17.60) | +96.4% | ||||||
| Book value | — | — | 0.09 | (276.86) | 1,874.87 | 358.45 | 218.88 | 149.37 | 52.40 | 55.43 | 34.44 | +149.2% | ||||||
| Shares, m | — | — | 22 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | (38.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | — | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 11.27 | 3.53 | — | 23.04 | 7.4 | ||||||
| P/B | — | — | — | — | — | — | — | 1.49 | 0.60 | — | 1.35 | 1.0 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 2.06 | (4.01) | — | 4.88 | (1.0) | ||||||
| EV/FCF | — | — | — | — | — | — | — | (0.62) | 0.35 | — | (0.56) | (0.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (9) | (13) | (28) | (36) | (42) | (33) | (56) | (33) | (43) | +21.4% | |||||
| Capex | — | — | — | 0 | 0 | 0 | 0 | 0 | — | — | 0 | +15.0% | ||||||
| Free cash flow | — | — | (9) | (13) | (28) | (36) | (42) | (33) | (56) | (33) | (43) | +21.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 2 | 0 | 151 | 83 | 71 | 78 | 29 | 42 | 90 | +53.8% | |||||
| Net debt | — | — | (4) | 1 | (153) | (84) | (74) | (93) | (37) | (49) | (89) | +42.4% | ||||||
| Shareholders’ equity | — | — | 2 | (3) | 149 | 111 | 68 | 77 | 29 | 43 | 84 | +54.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | (412.90) | (276.50) | (35.25) | (29.23) | (43.54) | (50.55) | (71.12) | (79.34) | (82.38) | +333.6 pt | |||||
| ROIC | — | — | 0.00 | 0.00 | 0.00 | (95.12) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | 40.70 | 54.04 | (49.73) | (32.43) | (51.35) | (66.10) | (100.70) | (109.24) | (105.98) | (149.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 17 | 15 | 27 | 29 | 21 | 8 | — | (14.0%) | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.35 | 0.23 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2024 · latest quarter Dec 2024 · fundamentals updated 26 Oct 2026
Spruce Biosciences, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| YARW Yarrow Bioscience, Inc | $147.2M | — (loss-making) | — (loss-making) | +40.58% (above 0%: growing) | n/m | +81.56% (above 0%: growing) | 100.00% | (3,197.94%) | Compare |
| CMPX Compass Therapeutics, Inc. | $136.7M | — (loss-making) | — (loss-making) | — | n/m | −26.05% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| CUE Cue Biopharma, Inc. | $136.1M | — (loss-making) | — (loss-making) | +166.66% (above 0%: growing) | n/m | −742.65% (below 0%: shrinking) | 100.00% | (1,113.30%) | Compare |
| TARA Protara Therapeutics, Inc. | $135.9M | — (loss-making) | — | — | n/m | −28.10% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| SPRB Spruce Biosciences, Inc. | $133.8M | — (loss-making) | — (loss-making) | −75.86% (below 0%: shrinking) | n/m | −152.10% (below 0%: shrinking) | 100.00% | 0.00% | |
| MENS Jyong Biotech Ltd. | $133.6M | — | — | — | — | — | — | — | Compare |
| PDSB PDS Biotechnology Corporation | $129.2M | — (loss-making) | — | — | n/m | +69.32% (above 0%: growing) | 0.00% | 0.00% | Compare |
| MOLN Molecular Partners AG Sponsored ADR | $119.2M | — (loss-making) | — (loss-making) | −98.86% (below 0%: shrinking) | n/m | +11.07% (above 0%: growing) | 0.00% | 0.00% | Compare |
| CHRS Coherus Oncology, Inc. | $119.0M | — (loss-making) | — (loss-making) | +39.53% (above 0%: growing) | n/m | −33.15% (below 0%: shrinking) | 70.35% | (225.98%) | Compare |
| Median of peers | $134.8M | — | — | +40.05% | — | −26.05% | 70.35% | 0.00% |
Pay and ownership Proxy statement filed 9 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.91m | 4.23m | 39.64 |
| 2024 | 1.53m | (993.22k) | 14.33 |
Ownership
Directors and executive officers, together
4.30%
Entities affiliated with Ikarian Capital, LLC
8.80%
Entities affiliated with Millennium Management LLC
7.50%
Entities affiliated with Citadel Advisors LLC
5.10%
Entities affiliated with Squadron Capital Management LLC
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement