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Spruce Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash and cash equivalents to $60.1 million from $96.3 million at the end of 2023. The decrease is attributed to operating expenses and ongoing clinical trials.
Collaboration revenue for the quarter was $602,000, down from $3,073,000 in the same quarter of the previous year, primarily due to the recognition of revenue from the Kaken License Agreement.
Research and development expenses were $6,554,000 for the quarter, a decrease from $13,494,000 in the previous year, due to the completion of certain clinical trials and reduced personnel expenses.
General and administrative expenses increased to $3,456,000 from $3,237,000, primarily due to legal professional services.
Net loss for the quarter was $8,671,000, compared to $12,354,000 in the previous year, reflecting lower operating expenses.
Spruce Biosciences continues to focus on the development of its product candidate, tildacerfont, for the treatment of classic congenital adrenal hyperplasia (CAH) and other indications.
The company acknowledges the need for substantial additional financing to continue its clinical development programs and potential commercialization efforts.
Spruce Biosciences operates as an emerging growth company and a smaller reporting company, which allows for reduced reporting requirements under the JOBS Act.
The filing details various risks associated with the company's business, including reliance on third-party manufacturers, competition, and regulatory challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spruce Biosciences Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.