The firm continues to burn cash, reporting a negative free cash flow of $8.7 million in 2026Q1, which highlights the ongoing dependency on external funding to sustain clinical operations.
| Cash from Operations | -29.33M | -33.33M | -55.96M | -33.27M | -41.68M | -35.88M | -27.52M | -12.62M | -8.57M |
| Operating CF Margin % | - | - | -1139.56% | -329.81% | - | - | - | - | - |
| Operating CF Growth % | 163.04% | 40.45% | -68.19% | 20.17% | -16.18% | -30.37% | -118.11% | -47.22% | - |
| Net Income | -37.19M | -38.97M | -53.04M | -47.92M | -46.18M | -42.29M | -29.54M | -13.09M | -9.86M |
| Depreciation & Amortization | 15K | 21K | 46K | 70K | 429K | 68K | 36K | 12K | 1K |
| Stock-Based Compensation | 2.03M | 2.57M | 5.35M | 4.62M | 0 | 3.96M | 755K | 196K | 101K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.96M | 3.77M | 249K | -404K | 2.94M | 434K | 66K | 0 | -1.59M |
| Working Capital Changes | 850K | -724K | -8.57M | 10.36M | 1.13M | 1.96M | 1.16M | 263K | 1.19M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 764K | -352K | -2.04M | 1.91M | -1.4M | -805K | 3.73M | -226K | 1.7M |
| Cash from Investing | -10K | 0 | 0 | 55.78M | 23.69M | -79.17M | -74K | -4K | 0 |
| Capital Expenditures | -10K | 0 | 0 | -7K | -8K | -93K | -74K | -4K | 0 |
| CapEx % of Revenue | - | - | - | 0.07% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 57.81M | 43.48M | -1.62M | 49.14M | -241K | 643K | 181.03M | 12.43M | 0 |
| Debt Issued (Net) | 14.55M | -2.06M | -1.62M | -1.62M | 0 | 220K | 0 | 4.49M | 0 |
| Equity Issued (Net) | 50.08M | 50.07M | 246K | 53.62M | -201K | 0 | 180.98M | 7.94M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.82M | -4.53M | -246K | -2.85M | -40K | 423K | 51K | 0 | 0 |
| Net Change in Cash | 28.5M | 10.15M | -57.59M | 71.64M | -18.05M | -114.4M | 153.44M | -188K | -8.57M |
| Free Cash Flow | -29.34M | -33.33M | -55.96M | -33.28M | -41.69M | -35.97M | -27.59M | -12.62M | -8.57M |
| FCF Margin % | - | - | -1139.56% | -329.88% | - | - | - | - | - |
| FCF Growth % | 45.39% | 40.45% | -68.15% | 20.17% | -15.9% | -30.36% | -118.63% | -47.27% | - |
| FCF per Share | -21.38 | -43.47 | -104.32 | -66.48 | -68.16 | -59.22 | -45.63 | -21.80 | -431.20 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.86x | 1.06x | 0.69x | 0.90x | 0.85x | 0.93x | 0.95x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 207K | 0 | 20K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial failure risk
According to quarterly financial data, Spruce Biosciences exhibits a volatile OCF/NI ratio, which reached 0.71 in 2026Q1, suggesting that reported net losses frequently overstate the actual cash outflow due to non-cash adjustments and the timing of clinical trial accruals that do not reflect immediate liquidity usage.
The divergence between net income and operating cash flow indicates that the company's accounting losses are partially mitigated by non-cash items, yet the underlying cash burn remains persistent. Investors should monitor this relationship closely, as the reliance on accrual-based accounting may obscure the true velocity at which the company is depleting its remaining capital reserves.
As reported in recent financial statements, Spruce Biosciences has consistently generated negative free cash flow, with the 2026Q1 outflow of $8.7 million highlighting the company's ongoing inability to achieve self-sustaining operations while it remains entirely dependent on external capital to fund its clinical development programs.
The lack of positive free cash flow is a structural reality for a pre-revenue biotech, but the magnitude of these outflows relative to the company's market capitalization warrants concern. This trajectory suggests that without a successful clinical catalyst or a significant reduction in R&D intensity, the company will continue to face substantial pressure on its liquidity position.
Based on the company's reported figures, working capital changes have fluctuated significantly, including a $2.4 million inflow in 2026Q1, which appears to provide a temporary, albeit unsustainable, buffer against the company's core operating cash burn during this critical phase of clinical trial execution and restructuring.
These fluctuations in working capital often reflect the timing of payments to clinical research organizations and trial sites rather than operational efficiency. Such volatility makes it difficult to forecast the exact timing of future liquidity needs, suggesting that management's control over cash outflows remains highly sensitive to the pace of clinical activity.
As indicated by the cash flow statements, the company's reported operating cash flow is frequently adjusted by stock-based compensation and other non-cash items, which may mask the true economic cost of maintaining the current R&D pipeline and the associated overhead required to support clinical operations.
The reliance on stock-based compensation as a non-cash add-back effectively dilutes shareholders while allowing the company to preserve cash for essential trial-related expenditures. Analysts should be wary of viewing these adjustments as a sign of improved efficiency, as they represent a transfer of value from equity holders to employees rather than a reduction in the company's fundamental cash burn.
Quick answers to the most common questions about buying SPRB stock.
Spruce Biosciences, Inc. (SPRB) generated $-33.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spruce Biosciences, Inc. (SPRB) reported negative free cash flow of $33.3M in 2025, indicating capital requirements exceeded cash from operations.
Spruce Biosciences, Inc. (SPRB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.