Earnings Releases·Nov 9, 2026, 8:05 AM ET

Spruce Biosciences — Third Quarter 2026 Earnings Summary

**Financial Results & Liquidity:** Cash and cash equivalents rose to $87.7 million (from $48.9 million at year-end 2025), supporting operations into the second half of 2027; net loss for Q3 2026 was $24.0 million ($8.51/share) versus $8.2 million ($14.58/share) in Q3 2025, driven by R&D and G&A expenses increasing to $24.0 million from $8.2 million year-over-year.
**Strategic Separation & Capital:** CRHX-101 was separated into Adrenyx Biosciences with a planned stock distribution in H1 2027; Adrenyx secured a secured convertible note agreement for up to $10.0 million ($5.0 million issued in November 2026), while Spruce amended its Avenue Loan Agreement to increase Tranche 2 availability to $15.0 million.
**Regulatory Milestones:** The company remains on track to submit a BLA for TA-ERT in December 2026, following the completion of the first PPQ batch in July 2026 and alignment with the FDA on BLA content; the TrAnsform confirmatory study is expected to initiate in December 2026.
**Operational Expansion:** An Expanded Access Program (EAP) for TA-ERT launched in November 2026 to treat approximately 10 participants, partially funded by a $5.5 million strategic investment, while total stockholders' equity increased to $66.3 million from $42.5 million at year-end 2025.