Business Wire·Nov 9, 2026, 7:00 AM ET

Spruce Biosciences Announces Separation of CRHX-101 (Formerly SPR-202) Program into Adrenyx Biosciences

SPRB

Spruce Biosciences announced the separation of its CRHX-101 program into a new wholly-owned subsidiary named Adrenyx Biosciences to operate as a dedicated endocrinology company.
The transaction will result in two independent, publicly traded companies with distinct strategic priorities, separate capital structures, & dedicated teams.
Spruce intends to distribute all Adrenyx common stock to its existing stockholders on a pro rata basis in the first half of 2027.
CRHX-101 (formerly SPR-202) is an investigational monoclonal antibody designed to neutralize corticotropin-releasing hormone to treat classic congenital adrenal hyperplasia.
Samir Gharib will serve as President & CEO of Adrenyx while continuing his role as President & CFO of Spruce.
Javier Szwarcberg will remain CEO of Spruce, which will focus on neurological disorders & the development of TA-ERT for MPS IIIB.
Adrenyx secured a secured convertible note purchase agreement allowing for up to $10 million in aggregate principal, with $5 million issued at closing on November 6, 2026.
Up to $50 million in additional funding is committed from the lead healthcare-dedicated investor for Adrenyx through a future private placement of equity securities.
Adrenyx plans to complete IND-enabling activities, file an Investigational New Drug application with the FDA, & initiate a clinical program for CRHX-101.
Spruce will provide transition services to Adrenyx for up to 12 months following the distribution, compensated at Spruce's cost without markup.
The distribution is expected to be a taxable transaction for U.S. federal income tax purposes & does not require approval from Spruce stockholders.
Adrenyx leadership includes Kirk Ways as Chief Medical Officer, Patrick Gearing as Head of Chemistry, Manufacturing & Controls, & Meghan Bowler as Project Team Leader.