Shareholders' equity has contracted significantly from $76.5 million in 2023Q4 to $34.6 million in 2026Q1, reflecting the impact of persistent net losses on the firm's capital base.
| Total Current Assets | 55.03M | 52.11M | 44.21M | 102.18M | 83.61M | 91.89M | 160.4M | 4.65M | 4.77M |
| Cash & Short-Term Investments | 54.08M | 48.91M | 38.75M | 96.34M | 79.08M | 88.97M | 157.15M | 3.92M | 4.11M |
| Cash Only | 54.08M | 48.91M | 38.75M | 96.34M | 24.49M | 42.75M | 157.15M | 3.92M | 4.11M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 54.59M | 46.22M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 88K | 2.85M | 2.28M | 1.97M | 1.21M | 396K | 276K | 513K | 250K |
| Total Non-Current Assets | 1.13M | 909K | 1M | 1.76M | 2.04M | 34.59M | 2.49M | 40K | 2K |
| Property, Plant & Equipment | 595K | 666K | 934K | 1.18M | 1.4M | 1.48M | 1.87M | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | 5.26x | 8.54x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 107K | 0 | 0 | 0 | -54.54M | 32.46M | 0 | 0 | 0 |
| Other Non-Current Assets | 503K | 243K | 69K | 582K | 55.18M | 653K | 620K | 40K | 2K |
| Total Assets | 56.17M | 53.02M | 45.21M | 103.95M | 85.65M | 126.49M | 162.88M | 4.69M | 4.78M |
| Asset Turnover | 0.00x | - | 0.11x | 0.10x | - | - | - | - | - |
| Asset Growth % | -52.84% | 17.28% | -56.51% | 21.36% | -32.29% | -22.35% | 3371.5% | -1.74% | - |
| Total Current Liabilities | 11.78M | 10.09M | 15.25M | 24.46M | 12.45M | 8.87M | 9.76M | 4.3M | 2.71M |
| Accounts Payable | 2.68M | 943K | 1.29M | 3.33M | 1.43M | 2.82M | 3.63M | 1.88M | 2.3M |
| Days Payables Outstanding | - | - | - | - | - | - | - | 57.12K | 839.5K |
| Short-Term Debt | 1.33M | 0 | 1.62M | 1.62M | 1.62M | 0 | 2.55M | 1.25M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 4.91M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.13M | 1.77M | 882K | 11.25M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 4.67x | 5.17x | 2.90x | 4.18x | 6.72x | 10.36x | 16.43x | 1.08x | 1.76x |
| Quick Ratio | 4.67x | 5.17x | 2.90x | 4.18x | 6.72x | 10.36x | 16.43x | 1.08x | 1.76x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 9.73M | 419K | 1.14M | 2.97M | 4.71M | 6.24M | 3.69M | 31.03M | 19.87M |
| Long-Term Debt | 5.46M | 0 | 124K | 1.72M | 3.29M | 4.88M | 1.92M | 3.19M | 0 |
| Capital Lease Obligations | 1.83M | 419K | 736K | 1.02M | 1.26M | 1.29M | 1.65M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.94M | 0 | 282K | 236K | 161K | 73K | 118K | 27.83M | 19.87M |
| Total Liabilities | 21.52M | 10.51M | 16.39M | 27.44M | 17.16M | 15.12M | 13.46M | 35.33M | 22.58M |
| Total Debt | 7.12M | 736K | 2.77M | 4.61M | 6.32M | 6.53M | 6.38M | 4.45M | 0 |
| Net Debt | -46.96M | -48.17M | -35.99M | -91.73M | -18.17M | -36.22M | -150.77M | 521K | -4.11M |
| Debt / Equity | 0.21x | 0.02x | 0.10x | 0.06x | 0.09x | 0.06x | 0.04x | - | - |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.38x | - | - | - | - | - | - | - | - |
| Interest Coverage | -50.63x | -431.96x | -171.76x | -98.21x | -108.95x | -121.59x | -91.07x | -200.35x | - |
| Total Equity | 34.65M | 42.52M | 28.82M | 76.51M | 68.49M | 111.37M | 149.43M | -30.64M | -17.8M |
| Equity Growth % | 6.33% | 47.52% | -62.33% | 11.71% | -38.51% | -25.47% | 587.73% | -72.1% | - |
| Book Value per Share | 25.25 | 55.46 | 53.73 | 152.82 | 111.96 | 183.36 | 247.08 | -52.93 | -895.71 |
| Total Shareholders' Equity | 34.65M | 42.52M | 28.82M | 76.51M | 68.49M | 111.37M | 149.43M | -30.64M | -17.8M |
| Common Stock | 0 | 0 | 4K | 4K | 3K | 3K | 2K | 1K | 1K |
| Retained Earnings | -301.5M | -289.23M | -250.27M | -197.23M | -149.31M | -103.13M | -60.84M | -31.3M | -18.21M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -411K |
| Accumulated OCI | 0 | 0 | 0 | 0 | -558K | -184K | 0 | -27.81M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial failure risk
As reported in recent financial filings, Spruce Biosciences has seen its total assets decline from $103.9 million in 2023Q4 to $56.2 million in 2026Q1, signaling a rapid contraction in the company's resource base as it attempts to navigate the fallout from recent clinical trial setbacks.
The consistent decline in total assets suggests that the company is consuming its capital reserves at an unsustainable rate to fund ongoing R&D. This trajectory indicates that the firm is increasingly reliant on its remaining cash to survive, leaving little room for operational pivots if upcoming clinical data fails to impress.
Based on the company's reported figures, cash and equivalents fell from $96.3 million in 2023Q4 to $54.1 million in 2026Q1, highlighting a narrowing runway that forces management to prioritize clinical programs while simultaneously managing a precarious liquidity position in a high-risk development environment.
While the current ratio of 4.67 appears superficially healthy, it is largely a function of the company's limited liability structure rather than operational strength. Investors should monitor whether this cash balance is sufficient to reach the next major data readout, as any further delays could necessitate dilutive financing.
According to quarterly balance sheet data, shareholders' equity has plummeted from $76.5 million in 2023Q4 to $34.6 million in 2026Q1, driven by the accumulation of significant losses that continue to erode the company's book value and overall financial stability.
The persistent growth in negative retained earnings underscores the high cost of the company's clinical development strategy. This trend suggests that the equity base is being systematically depleted, which may limit the company's future ability to raise capital without significantly diluting existing shareholders.
As indicated by the balance sheet, the company's asset base is almost entirely composed of cash, with net PPE representing less than 1.1% of total assets as of 2026Q1, which suggests that the firm lacks tangible collateral to support potential debt-based financing alternatives.
The absence of meaningful tangible assets means that the company's valuation is entirely dependent on the intangible value of its clinical pipeline. This lack of physical backing increases the risk of a total loss of value should the lead therapeutic candidate fail to achieve regulatory approval.
Quick answers to the most common questions about buying SPRB stock.
As of 2025, Spruce Biosciences, Inc. (SPRB) had total assets of $53.0M including $52.1M in current assets.
Spruce Biosciences, Inc. (SPRB) carries total debt of $0.7M, offset by $48.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spruce Biosciences, Inc. (SPRB) has total shareholders' equity (book value) of $42.5M ($55.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spruce Biosciences, Inc. (SPRB) reported a current ratio of 5.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.