Spruce Biosciences (SPRB)
Develops an enzyme therapy for Sanfilippo syndrome and a preclinical CAH antibody.
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Develops tralesinidase alfa enzyme replacement therapy for Sanfilippo syndrome type B and a preclinical antibody for congenital adrenal hyperplasia. With no approved products, its prospective revenue model depends on regulatory approval and commercialization of licensed rare-disease therapies.
Develops tralesinidase alfa enzyme replacement therapy (TA-ERT) for mucopolysaccharidosis type IIIB, also called Sanfilippo syndrome type B, a neurodegenerative disease. Delivered by intracerebroventricular infusion, TA-ERT replaces deficient NAGLU enzyme activity in the central nervous system and reduces heparan-sulfate accumulation.
Focuses its regulatory and commercial plan on a U.S. filing and possible launch for TA-ERT, while holding worldwide rights to the enzyme-replacement portfolio. SPR202, a preclinical anti-corticotropin-releasing-hormone monoclonal antibody for congenital adrenal hyperplasia, is the only active pipeline asset.
Uses licensed assets, external partners and contractors while building selected regulatory, medical and commercial capabilities. The accelerated-approval approach combines interventional and natural-history data around cerebrospinal-fluid heparan-sulfate non-reducing ends as a potential surrogate endpoint; it remains subject to FDA acceptance, manufacturing readiness and a confirmatory study. No product is approved, and current commercialization depends on contractual rights, third-party execution and regulatory clearance.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Guggenheim | Reiterate | Buy | $123 | $104 | |
| Aug 13, 2026 | Goldman Sachs | Upgrade | Overweight | |||
| Jul 13, 2026 | B. Riley | Initiate | Buy | |||
| Jun 16, 2026 | Guggenheim | Target | $123 | |||
| Jun 1, 2026 | H.C. Wainwright | Target | $150 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $96.3M · Total debt $7.7M · Total assets $102.9M · Shareholders' equity $83.7M
- Revenue
- $0
- Operating income
- −$16.5M
- Net income
- −$16.2M
No dividends on record.
| Institutions32 holders · as of Mar 31, 2026 | 25.74% | 739.8K shares | |
| Insiders5 holders · as of Jul 27, 2026 | 9.77% | 280.9K shares | |
| Strategic holders1 holder · as of Oct 8, 2025 | 0.04% | 1.1K shares | |
| Otherremainder | 64.45% | 1.85M shares |
2.87M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Orin HirschmanInsider | 8.70% | 250,000 | 13Gfiled Jul 27, 2026 ↗ |
AWM Investment Company, Inc.Institution | 5.11% | 146,988 | 13Gfiled Aug 14, 2026 ↗ |
Ikarian Capital, LLCInstitution | 4.22% | 121,356 | 13Fas of Mar 31, 2026 |
Millennium Management LLCInstitution | 3.89% | 111,888 | 13Fas of Mar 31, 2026 |
Citadel Advisors LLCInstitution | 2.44% | 69,999 | 13Fas of Mar 31, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Oct 6, 2025 | Parkman Healthcare Partners LLC | 10 percent owner | −257 | $19.14 |
| Oct 6, 2025 | Parkman Healthcare Partners LLC | 10 percent owner | +256 | $17.91 |
- Neurocrine Biosciences
Approved CRF1 therapy for CAH overlaps the anti-CRH program.
- Crinetics Pharmaceuticals
Late-stage ACTH-receptor program for the same CAH population.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spruce Biosciences | $59.68 | +7.34% | $164.2M | — | — | — | — |
| Neurocrine Biosciences | $157.77 | +0.64% | $15.87B | 23.1 | 17.3 | 4.7 | +39.5% |
| Crinetics Pharmaceuticals | $84.95 | 0.00% | $9.00B | — | — | 213.5 | +2,336.3% |
| Median | 23.1 | 17.3 | 109.1 | +1,187.9% |




