Spruce Biosciences, Inc. (Spruce) (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need, today announced that, on January 7, 2026, it entered into a loan facility with Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group (Avenue Capital), for up to $50 million in growth capital.

The loan facility has a 42-month term and includes an initial tranche of $15 million, which will be fully funded on or around January 9, 2026, and three additional tranches totaling up to $35 million, the funding of which is subject to the satisfaction of certain terms and conditions of the loan and security agreement, including the achievement of key regulatory and commercial milestones related to the company's development and planned commercial launch of tralesinidase alfa enzyme replacement therapy (TA-ERT) for the treatment of Sanfillipo Syndrome Type B (MPS IIIB).