Spruce Biosciences (SPRB) investor relations material

Executive summary

• Advanced TA-ERT (tralesinidase alfa) program for MPS IIIB toward planned BLA submission in Q4 2026, with potential U.S. launch in mid-2027 and no current FDA-approved therapies for this indication.

• Presented long-term TA-ERT data showing rapid and durable reduction of heparan sulfate and stabilization of cognitive function in MPS IIIB patients.

• Strengthened leadership team across commercial, clinical development, and regulatory functions to support regulatory milestones and pre-launch readiness.

• No products approved or revenue generated; operations funded by equity, debt, and collaborations, with $54.1M in cash as of March 31, 2026.

• April 2026 public offering raised $69M; Avenue Loan Agreement provides up to $50M in term loans, with $15M drawn as of March 31, 2026.

Financial highlights

• Net loss for Q1 2026 was $12.3M ($8.94 per share), improved from $14.0M ($23.95 per share) in Q1 2025, driven by lower R&D expenses.

• Cash and cash equivalents increased to $54.1M from $48.9M at year-end 2025, mainly due to loan proceeds; preliminary cash as of April 30, 2026, was $107.3M.

• R&D expenses for Q1 2026 were $7.6M, down from $10.8M in Q1 2025, mainly due to one-time product acquisition costs and program discontinuation.

• G&A expenses increased to $4.4M in Q1 2026 from $3.7M in Q1 2025, driven by higher professional fees and personnel costs.

• Accumulated deficit reached $301.5M as of March 31, 2026.

Outlook and guidance

• Cash runway extended into the second half of 2027 and beyond, supported by recent financing activities.

• Anticipates increased expenses as TA-ERT advances toward regulatory submission and commercialization, with plans for a confirmatory study and expanded access program.

• Plans to expand manufacturing, pursue strategic collaborations, and grow headcount.