The company has experienced a complete loss of revenue, with quarterly figures falling from $2.9 million in 2023Q4 to zero, while operating losses remain significant at $12.0 million for 2026Q1.
| Sales/Revenue | 0 | 0 | 4.91M | 10.09M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | -100% | -51.32% | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 1K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 4.91M | 10.09M | 0 | 0 | 0 | -12K | -1K |
| Gross Margin % | - | - | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | -100% | -51.32% | - | - | - | 100% | -1100% | - |
| Operating Expenses | 34.01M | 36.51M | 61.06M | 62.08M | 47.28M | 42.07M | 29.42M | 13.11M | 9.97M |
| OpEx % of Revenue | - | - | 1243.37% | 615.34% | - | - | - | - | - |
| Selling, General & Admin | 17.75M | 16.99M | 14.64M | 12.65M | 12.09M | 11.37M | 5.56M | 2.29M | 1.57M |
| SG&A % of Revenue | - | - | 298.19% | 125.38% | - | - | - | - | - |
| Research & Development | 16.69M | 19.52M | 46.42M | 49.43M | 35.2M | 30.7M | 23.85M | 10.82M | 8.4M |
| R&D % of Revenue | - | - | 945.18% | 489.96% | - | - | - | - | - |
| Other Operating Expenses | -430K | 0 | 0 | 0 | 0 | 0 | 0 | 84K | 0 |
| Operating Income | -34.01M | -36.51M | -56.15M | -51.99M | -47.28M | -42.07M | -29.42M | -13.11M | -9.97M |
| Operating Margin % | - | - | -1143.37% | -515.34% | - | - | - | - | - |
| Operating Income Growth % | - | 34.97% | -8% | -9.96% | -12.4% | -43% | -124.43% | -31.44% | - |
| EBITDA | -33.99M | -36.49M | -56.1M | -51.92M | -47.21M | -42M | -29.38M | -13.1M | -9.97M |
| EBITDA Margin % | - | - | -1142.44% | -514.65% | - | - | - | - | - |
| EBITDA Growth % | 41.36% | 34.96% | -8.05% | -9.99% | -12.41% | -42.95% | -124.36% | -31.33% | - |
| D&A (Non-Cash Add-back) | 15K | 21K | 46K | 70K | 74K | 68K | 36K | 12K | 1K |
| EBIT | -36.86M | -38.88M | -52.73M | -47.44M | -45.76M | -41.95M | -29.42M | -13.02M | -9.86M |
| Net Interest Income | -74K | 1.05M | 3.12M | 4.07M | 1.1M | -226K | -200K | -46K | 0 |
| Interest Income | 654K | 1.14M | 3.42M | 4.56M | 1.52M | 119K | 123K | 19K | 0 |
| Interest Expense | 728K | 90K | 307K | 483K | 420K | 345K | 323K | 65K | 0 |
| Other Income/Expense | -3.18M | -2.45M | 3.12M | 4.07M | 1.1M | -226K | -123K | 19K | 114K |
| Pretax Income | -37.19M | -38.97M | -53.04M | -47.92M | -46.18M | -42.29M | -29.54M | -13.09M | -9.86M |
| Pretax Margin % | - | - | -1079.94% | -474.96% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -37.19M | -38.97M | -53.04M | -47.92M | -46.18M | -42.29M | -29.54M | -13.24M | -9.86M |
| Net Margin % | - | - | -1079.94% | -474.96% | - | - | - | - | - |
| Net Income Growth % | 32.93% | 26.53% | -10.68% | -3.77% | -9.19% | -43.17% | -123.15% | -34.28% | - |
| Net Income (Continuing) | -37.19M | -38.97M | -53.04M | -47.92M | -46.18M | -42.29M | -29.54M | -13.09M | -9.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -27.11 | -50.83 | -96.75 | -93.00 | -72.00 | -68.25 | -48.75 | -22.50 | -483.75 |
| EPS Growth % | 62.59% | 47.46% | -4.03% | -29.17% | -5.49% | -40% | -116.67% | 95.35% | - |
| EPS (Basic) | - | -50.83 | -96.75 | -93.00 | -72.00 | -68.25 | -48.75 | -22.50 | -483.75 |
| Diluted Shares Outstanding | 1.37M | 766.6K | 536.44K | 500.63K | 611.71K | 607.4K | 604.77K | 578.85K | 19.88K |
| Basic Shares Outstanding | 1.37M | 766.6K | 536.44K | 500.63K | 611.71K | 607.4K | 604.77K | 578.85K | 19.88K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial failure risk
As reported in recent financial filings, Spruce Biosciences has seen its quarterly revenue collapse from $2.9 million in 2023Q4 to zero in the most recent quarter, reflecting the company's transition from a nascent commercial entity back to a purely pre-revenue, development-stage biotechnology firm.
The total cessation of revenue suggests that the company's early-stage commercial efforts have failed to gain traction or were deprioritized following clinical trial disappointments. Investors should monitor whether any future revenue streams can be established, as the current trajectory indicates a complete lack of market-ready product demand.
Based on the company's income statement data, R&D expenses have fluctuated significantly, peaking at $21.5 million in 2024Q4 before dropping to $7.6 million in 2026Q1, highlighting the high-stakes nature of clinical trial funding and the subsequent impact of recent cost-cutting measures on operational capacity.
The erratic nature of R&D spending reflects the company's reliance on specific trial milestones, which appear to be the primary driver of its financial instability. The recent reduction in spending suggests a reactive attempt to preserve liquidity, which may inadvertently compromise the speed and quality of remaining clinical programs.
According to quarterly income statements, Spruce Biosciences continues to report significant operating losses, with the 2026Q1 operating loss of $12.0 million underscoring the company's inability to scale its operations or achieve any meaningful operating leverage while it remains in a pre-revenue, high-burn clinical development phase.
The absence of gross profit means that every dollar spent on SG&A and R&D directly exacerbates the company's net loss, leaving no room for operational efficiency gains. This structure implies that the company is entirely dependent on external capital to fund its ongoing existence, as there is no internal engine to cover overhead.
As indicated by the persistent net losses and the absence of revenue, the company's financial position appears increasingly precarious, with the 2026Q1 net loss of $12.3 million highlighting the significant risk that current cash reserves may be insufficient to reach the next major clinical data readout.
Short-sellers would likely focus on the company's inability to generate sustainable revenue and the high probability of dilutive financing in the near term. The reliance on a single therapeutic candidate, tildacerfont, creates a binary risk profile where any further clinical failure could render the company's remaining assets effectively worthless.
Quick answers to the most common questions about buying SPRB stock.
For fiscal year 2025, Spruce Biosciences, Inc. (SPRB) reported total revenue of $0.0M.
Spruce Biosciences, Inc. (SPRB) reported a net loss of $39.0M for the fiscal year ending 2025.