Spruce Biosciences Inc. Common Stock (SPRB)

FairStock Score: 64/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I have learned to separate a story from a business. Spruce Biosciences is a 22-employee biotech with a story: TA-ERT for Sanfilippo Syndrome Type B and Tildacerfont for a severe mental disorder. The filed numbers, however, show no durable business yet. In fiscal year 2023, the year ended 2023-12-31, revenue was $10.1M and net loss was $47.9M, diluted EPS -$1.24. In fiscal year 2024, the year ended 2024-12-31, revenue was $4.9M and net loss was $53.0M, diluted EPS -$96.40. In fiscal year 2025, the year ended 2025-12-31, revenue was n/a and net loss was $39.0M, diluted EPS -$50.83. In fiscal Q1 2026, the quarter ended 2026-03-31, net loss was $12.3M, diluted EPS -$8.94; in fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $16.2M, diluted EPS -$6.68. Those are not the marks of a compounding machine. The only possible moat is intellectual property or regulatory exclusivity if a therapy is approved; it is not visible in current financials. Financial health is mixed: D/E is low at 0.09, but trailing-twelve-month free cash flow is -$42.8M and FCF yield is -36.9%. FairStock calculations at the 2026-10-13 close of $40.35 show P/B 1.33, ROE -105.98%, ROCE -40.03%, Piotroski 3/9, and Altman Z -0.40. The Lynch category is none because losses occurred in each of the last four years. With market cap $116M and no earnings, P/E -1.05 is meaningless. The price near the 52-week low of $40.19 may look cheaper than the high of $163.00, but book value is being consumed by losses. This is a pipeline option, not a Graham value.

In plain English: Spruce Biosciences is a small biotech with 22 employees developing treatments for severe neurological disorders, including Sanfilippo Syndrome Type B. By the numbers, it is a weak business today: it has little or no revenue in recent periods and loses tens of millions of dollars. At $40.35 on 2026-10-13, the price looks more like a bet on future drug results than a value based on current sales or profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer