Spruce Biosciences
SPRB on Nasdaq. Pharmaceutical preparations. Market value $131m.
Figures from the annual report for the year ended 31 December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $0 | $10m | $5m | $0 |
| Operating margin | |||||
| Operating margin | n/a | n/a | -515.3% | -1143.4% | n/a |
| Debt to equity | |||||
| Debt to equity | 0.04 | 0.08 | 0.05 | 0.06 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.04bn | 0.04bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 88% fewer since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
None of the long-term investors we follow own it. 64 funds in all.
Largest holders overall
- AIGH Capital Management$14mNew
- Orbimed Advisors$11mNew
- BlackRock$10mAdded
- Millennium Management$9mAdded
- AWM Investment Company$8mNew
- Ikarian Capital$7m
- Vanguard Capital Management$6mAdded
- Alyeska Investment Group, L.P.$4mAdded
- Geode Capital Management$4mAdded
- ADAR1 Capital Management$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
14 investors own more than 5%.
- Orin HirschmanPassive investorat least 9.1%(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor6.8%Since 30 June 2026
- Boone Peter David MrPassive investor6.4%Since 21 November 2025
- Integrated Core Strategies (US) LLCPassive investorat least 5.8%−3.8 pts(filed with 3 related holders)Since 30 June 2026
- AWM Investment Company, Inc.Passive investor5.1%Since 30 June 2026
- OrbiMed Advisors LLCPassive investorat least 4.8%(filed with 1 related holder)Since 30 June 2026
- Ikarian Capital, LLCPassive investorat least 4.8%−6.6 pts(filed with 1 related holder)Since 30 April 2026
- The Carlyle Group Inc.Passive investorat least 4.7%(filed with 9 related holders)Since 18 February 2026
What they said
Item 4 of the Schedule 13D is hereby amended as follows: Bali Muralidhar, who represented Abingworth Bioventures VII LP on the Issuer's board of directors, resigned as a director in October 2025.
Read the filing - Alyeska Investment Group, L.P.Passive investorat least 4.5%−1.3 pts(filed with 2 related holders)Since 31 March 2026
- John P. McKearn, Ph.D.Passive investorat least 4.2%(filed with 10 related holders)Since 7 January 2025
- Wellington Management Group LLPPassive investorat least 3.6%−1.9 pts(filed with 2 related holders)Since 31 March 2026
- HealthCap VIII, L.P.Passive investorat least 3.4%(filed with 1 related holder)Since 7 October 2025
- ADAR1 Capital Management, LLCPassive investorat least 2.5%−2.9 pts(filed with 1 related holder)Since 30 June 2026
- Kenneth GriffinPassive investorat least 1.9%−3.2 pts(filed with 6 related holders)Since 30 June 2026
- Squadron Capital Management LLCPassive investorSold down below 5%Since 31 March 2026
- ExodusPoint Capital Management, LPPassive investorSold down below 5%Since 22 April 2026
- Radoff Family FoundationPassive investorSold down below 5%Since 30 June 2025
- Rock Springs Capital Management LPPassive investorSold down below 5%Since 3 July 2025
- Rosalind Advisors, Inc.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Orin Hirschman Passive investor | at least 9.1% (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.8% | 30 June 2026 | |
Boone Peter David Mr Passive investor | 6.4% | 21 November 2025 | |
Integrated Core Strategies (US) LLC Passive investor | at least 5.8%−3.8 pts (filed with 3 related holders) | 30 June 2026 | |
AWM Investment Company, Inc. Passive investor | 5.1% | 30 June 2026 | |
OrbiMed Advisors LLC Passive investor | at least 4.8% (filed with 1 related holder) | 30 June 2026 | |
Ikarian Capital, LLC Passive investor | at least 4.8%−6.6 pts (filed with 1 related holder) | 30 April 2026 | |
The Carlyle Group Inc. Passive investor | at least 4.7% (filed with 9 related holders) | 18 February 2026 | What they saidItem 4 of the Schedule 13D is hereby amended as follows: Bali Muralidhar, who represented Abingworth Bioventures VII LP on the Issuer's board of directors, resigned as a director in October 2025. Read the filing |
Alyeska Investment Group, L.P. Passive investor | at least 4.5%−1.3 pts (filed with 2 related holders) | 31 March 2026 | |
John P. McKearn, Ph.D. Passive investor | at least 4.2% (filed with 10 related holders) | 7 January 2025 | |
Wellington Management Group LLP Passive investor | at least 3.6%−1.9 pts (filed with 2 related holders) | 31 March 2026 | |
HealthCap VIII, L.P. Passive investor | at least 3.4% (filed with 1 related holder) | 7 October 2025 | |
ADAR1 Capital Management, LLC Passive investor | at least 2.5%−2.9 pts (filed with 1 related holder) | 30 June 2026 | |
Kenneth Griffin Passive investor | at least 1.9%−3.2 pts (filed with 6 related holders) | 30 June 2026 | |
Squadron Capital Management LLC Passive investor | Sold down below 5% | 31 March 2026 | |
ExodusPoint Capital Management, LP Passive investor | Sold down below 5% | 22 April 2026 | |
Radoff Family Foundation Passive investor | Sold down below 5% | 30 June 2025 | |
Rock Springs Capital Management LP Passive investor | Sold down below 5% | 3 July 2025 | |
Rosalind Advisors, Inc. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.