Overview

• U.S. biopharma firm's Q1 net loss narrowed on lower operating expenses

• Company closed $69 mln public offering in April, extending cash runway into H2 2027

• Preliminary cash and equivalents were $107.3 mln as of April 30, 2026

Outlook

• Spruce expects to submit BLA for TA-ERT in Q4 2026

• Spruce expects cash position to fund operations into second half of 2027

Result Drivers

• R&D EXPENSES - Lower R&D expenses due to absence of prior-year one-time product acquisition costs and discontinued program, partially offset by increased TA-ERT spending

• G&A EXPENSES - Higher G&A expenses driven by increased professional fees and personnel-related costs

• TA-ERT INVESTMENT - Ongoing investment in TA-ERT program as company advances toward regulatory submission and potential commercial launch

Company press release: ID:nBwbcQ8VRa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$12.27 mln
Q1 Income From Operations		-$11.99 mln
Q1 Operating Expenses		$11.99 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Spruce Biosciences, Inc is $170.00, about 200% above its May 12 closing price of $56.67

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.