Spruce Biosciences, Inc. reported results
SEC 8-KRead source ↗
Spruce Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$66
Valuation models combined (2)
Base case. Range ~$61–$84. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers), the forward price-to-earnings vs peers counting double.
Price vs value
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Spruce Biosciences, Inc. valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Funds51 adding, 7 cuttingOf 11 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 9% in the quarter to 2026-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
Nothing in Spruce Biosciences, Inc.'s latest figures clears our strength thresholds.
Things to watch
- Volatile shares. Over the past year the shares showed annualised volatility of 84% and a beta of 1.6 against the S&P 500.
- Heavily shorted. 18.4% of the shares available to trade are sold short (5.9 days of average volume to cover).
- Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.
- Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 49.2% over 90 days.
Latest results
- Earnings per share
- -$6.68 against an average estimate of -$6.12: missed by 9.1%
- Share reaction
- +7.2% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Price chart
- 1 day-4.0%
- 1 week+1.3%
- 1 month-2.5%
- This year-48.9%
- 1 year-59.5%
- 5 years-99.8%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Earnings
- Last results
- August 12, 2026
News & updates
Company announcements, filed results and changes that matter to shareholders.
- Results
- Leadership
Spruce Biosciences, Inc. announced a director or officer change
SEC 8-KRead source ↗
Valuation models
We value Spruce Biosciences, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.45 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$61 ~$59–$120 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$84 ~$87–$330 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$66 ~$61–$84 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Spruce Biosciences, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$25.32 | +50% | — | 0% |
| Next | $4.97 | +120% | $79m | 0% |
Next year's EPS estimate has moved −49.2% in 90 days, across 8 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −3.7% on 90 days ago. In the last 30 days, 1 analyst raised Spruce Biosciences, Inc.'s forecast and 5 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$26.30 | $9.79 |
| 60 days ago | −$25.32 | $11.82 |
| 30 days ago | −$26.61 | $8.17 |
| 7 days ago | −$25.32 | $4.97 |
| Now | −$25.32 | $4.97 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$6.12 | −$6.68 | −9.1% |
| Mar 2026 | −$6.12 | −$8.94 | −46.2% |
| Dec 2025 | −$9.56 | −$9.58 | −0.2% |
| Sept 2025 | −$12.31 | −$14.58 | −18.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 18.4% of tradable shares
- Days to cover
- 5.86 at average volume
- Short interest, 1 month
- +25% to October 15, 2026
- Held by institutions
- 77% of shares
- Held by insiders
- 3.4% of shares
- Employees
- 22 full time
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| SPRB | −82% | −75% | +167% | −86% | −96% | −49% |
| Industry peers (median) | −35% | −56% | −18% | −28% | −5% | −26% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| SPRB | 17% | 25% | 50% | 50% | 42% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| SPRB | −91% | −79% | −67% | −93% | −100% | −57% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 9, 2020: 100% from November 27, 2020 to August 29, 2025. Getting back needed a 2605079% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $38.98 – $127.00
- From 52-week high
- −64.9%
- vs 50-day average
- −10.7%
- vs 200-day average
- −19.9%
- Volatility (1 year)
- 84%
- Beta vs S&P 500
- 1.63
Share price after results
- Next day
- 6 up, 6 down typical move ±9.1%
- After a week
- 3 up, 9 down typical move ±12.9%
- After a month
- 5 up, 7 down typical move ±24.6%
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 12, 2026 | +7.2% | +0.9% | +14.1% | +15.7% |
| May 13, 2026 | +4.1% | +1.4% | −9.1% | −8.4% |
| March 9, 2026 | +12.4% | +0.7% | +9.1% | +13.9% |
| January 8, 2026 | +2.4% | +0.7% | −4.1% | +1.3% |
| November 10, 2025 | −11.3% | +1.8% | −14.3% | −32.5% |
| August 14, 2025 | −3.1% | −0.2% | −8.6% | +5.4% |
| May 6, 2025 | +1.4% | −0.4% | −8.3% | −9.7% |
| April 15, 2025 | −60.8% | −2.5% | −57.6% | −79.0% |
| April 1, 2025 | +1.0% | +0.9% | −3.8% | −74.8% |
| November 12, 2024 | −4.1% | −0.3% | −8.8% | −27.4% |
| August 12, 2024 | −0.9% | +1.7% | +7.3% | +7.3% |
| May 13, 2024 | −1.0% | +0.5% | −9.6% | −20.2% |
Fundamentals
Who owns it
Funds buying and selling- Reported value
- $108M
- Institutions reporting
- 63
- Shares held vs prior quarter
- ▲ 168.4%
- Positions opened / closed
- 35 / 4
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Aigh Capital Management LLC | $13.5M | 250K | 12.5% | New |
| Orbimed Advisors LLC | $10.8M | 200K | 10.0% | New |
| Blackrock, Inc. | $10.1M | 188K | 9.4% | ▲ 1009.0% |
| Millennium Management LLC | $8.7M | 161K | 8.0% | ▲ 43.9% |
| Ikarian Capital, LLC | $6.6M | 121K | 6.1% | 0.0% |
| Vanguard Capital Management LLC | $6.4M | 119K | 6.0% | ▲ 550.8% |
| Alyeska Investment Group, L.P. | $4.4M | 82K | 4.1% | ▲ 58.1% |
| Geode Capital Management, LLC | $3.8M | 71K | 3.5% | ▲ 447.4% |
| ADAR1 Capital Management, LLC | $3.7M | 68K | 3.4% | ▲ 15.6% |
| Cable Car Capital, LP | $3.2M | 60K | 3.0% | New |
| Citadel Advisors LLC | $2.8M | 52K | 2.6% | ▼ 25.8% |
| State Street Corp | $2.7M | 50K | 2.5% | ▲ 834.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Spruce Biosciences, Inc.'s complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chart Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
- August 12, 2026
- May 13, 2026
- March 9, 2026
- January 8, 2026
- November 10, 2025
- August 14, 2025
Recent SEC filings
- 10-Q Quarterly report
- 8-K Current report
- 8-K Current report
- 8-K Current report
- 10-Q Quarterly report
- 8-K Current report
- 8-K Current report
- DEF 14A Proxy statement
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Spruce Biosciences, Inc. in brief
- What does Spruce Biosciences, Inc. do?
- Spruce Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
- What is Spruce Biosciences, Inc.'s stock ticker?
- Spruce Biosciences, Inc. trades under the ticker SPRB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- Who are Spruce Biosciences, Inc.'s largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Aigh Capital Management LLC, Orbimed Advisors LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
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