Spruce Biosciences Q3 net loss widens on higher R&D costs
SPRB•Spruce Biosciences reported a third-quarter net loss of $24.006 million, with higher research and development costs driven by TA-ERT manufacturing and clinical development. It expects to submit a biologics license application for TA-ERT and start a confirmatory study in December 2026, and says cash can fund operations and debt obligations into the second half of 2027.
1. Quarterly results
Spruce Biosciences reported a third-quarter net loss of $24.006 million and operating expenses of $23.98 million. Higher R&D expenses reflected TA-ERT manufacturing and clinical development; general and administrative costs also rose on higher personnel and professional fees.
2. Program and financing
The company plans to separate its CRHX-101 program into a new subsidiary, Adrenyx Biosciences, and amended its Avenue Loan Agreement to expand debt access and extend the interest-only period.
3. TA-ERT outlook
Spruce expects to submit a biologics license application for TA-ERT and initiate the TrAnsform confirmatory study in December 2026. It expects cash to fund operations and debt obligations into the second half of 2027.
