$SPRB
SPRUCE BIOSCIENCES, INC.

2022 Q2 Form 10-Q Financial Statement

#000095017022009335 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.822M $3.225M $3.100M
YoY Change 8.75% 4.03%
% of Gross Profit
Research & Development $9.060M $8.508M $6.714M
YoY Change -0.65% 26.72% 45.64%
% of Gross Profit
Depreciation & Amortization $9.000K $21.00K $13.00K
YoY Change 80.0% 61.54% 1200.0%
% of Gross Profit
Operating Expenses $11.88M $11.73M $9.817M
YoY Change 1.43% 19.52% 91.25%
Operating Profit -$11.88M -$11.73M -$9.817M
YoY Change 1.43% 19.52% 91.25%
Interest Expense $94.00K $87.00K $89.00K
YoY Change 17.5% -2.25% 20.27%
% of Operating Profit
Other Income/Expense, Net $104.0K $58.00K $19.00K
YoY Change 420.0% 205.26% -51.28%
Pretax Income -$11.87M -$11.76M -$9.890M
YoY Change 0.83% 18.93%
Income Tax
% Of Pretax Income
Net Earnings -$11.87M -$11.76M -$9.887M
YoY Change 0.83% 18.96% 91.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$0.50
Diluted Earnings Per Share -$505.3K -$500.7K -$424.8K
COMMON SHARES
Basic Shares Outstanding 23.49M 23.49M 23.30M
Diluted Shares Outstanding 23.49M 23.49M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.30M $91.35M $148.6M
YoY Change -14.58% -38.53%
Cash & Equivalents $47.21M $23.34M $148.6M
Short-Term Investments $46.09M $68.01M
Other Short-Term Assets $390.0K $325.0K $272.0K
YoY Change -81.83% 19.49%
Inventory
Prepaid Expenses $2.821M $3.423M $2.687M
Receivables
Other Receivables
Total Short-Term Assets $96.51M $95.10M $151.6M
YoY Change -13.35% -37.27%
LONG-TERM ASSETS
Property, Plant & Equipment $127.0K $131.0K $1.700M
YoY Change -92.25% -92.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.805M $17.60M
YoY Change -80.5%
Other Assets $674.0K $678.0K $473.0K
YoY Change 0.15% 43.34%
Total Long-Term Assets $8.009M $19.89M $2.405M
YoY Change -75.03% 727.11%
TOTAL ASSETS
Total Short-Term Assets $96.51M $95.10M $151.6M
Total Long-Term Assets $8.009M $19.89M $2.405M
Total Assets $104.5M $115.0M $154.0M
YoY Change -27.14% -25.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.445M $1.109M $2.566M
YoY Change 29.83% -56.78%
Accrued Expenses $7.846M $7.455M $4.300M
YoY Change 33.73% 73.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $811.0K $405.0K $0.00
YoY Change
Total Short-Term Liabilities $10.10M $8.969M $6.851M
YoY Change 44.73% 30.92%
LONG-TERM LIABILITIES
Long-Term Debt $4.077M $4.485M $4.843M
YoY Change -16.02% -7.39%
Other Long-Term Liabilities $117.0K $95.00K $8.000K
YoY Change -92.24% 1087.5%
Total Long-Term Liabilities $4.194M $4.580M $4.851M
YoY Change -13.61% -5.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.10M $8.969M $6.851M
Total Long-Term Liabilities $4.194M $4.580M $4.851M
Total Liabilities $15.39M $14.75M $13.27M
YoY Change 15.38% 11.13%
SHAREHOLDERS EQUITY
Retained Earnings -$126.8M -$114.9M -$70.73M
YoY Change 53.7% 62.45%
Common Stock $216.7M $215.8M $211.5M
YoY Change 2.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $89.12M $100.2M $140.7M
YoY Change
Total Liabilities & Shareholders Equity $104.5M $115.0M $154.0M
YoY Change -27.14% -25.33%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$11.87M -$11.76M -$9.887M
YoY Change 0.83% 18.96% 91.31%
Depreciation, Depletion And Amortization $9.000K $21.00K $13.00K
YoY Change 80.0% 61.54% 1200.0%
Cash From Operating Activities -$9.541M -$11.83M -$8.787M
YoY Change -1.55% 34.59% 47.53%
INVESTING ACTIVITIES
Capital Expenditures -$6.000K $0.00 $19.00K
YoY Change 200.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $33.51M -$7.491M
YoY Change -155.09%
Cash From Investing Activities $33.51M -$7.491M -$19.00K
YoY Change -155.08% 39326.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $4.770M
YoY Change -100.0%
Cash From Financing Activities -99.00K -88.00K 283.0K
YoY Change -155.31% -131.1% -99.35%
NET CHANGE
Cash From Operating Activities -9.541M -11.83M -8.787M
Cash From Investing Activities 33.51M -7.491M -19.00K
Cash From Financing Activities -99.00K -88.00K 283.0K
Net Change In Cash 23.87M -19.41M -8.523M
YoY Change -133.93% 127.68% -122.61%
FREE CASH FLOW
Cash From Operating Activities -$9.541M -$11.83M -$8.787M
Capital Expenditures -$6.000K $0.00 $19.00K
Free Cash Flow -$9.535M -$11.83M -$8.806M
YoY Change -1.59% 34.29%

Facts In Submission

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CY2022Q1 sprb Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
188000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses as well as related disclosure of contingent assets and liabilities. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, accrued research and development expenses, stock-based compensation and uncertain tax positions. The Company bases its estimates on its historical experience and on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.</span></p>
CY2021Q4 sprb Cash And Cash Equivalents And Available For Sale Amortized Cost
CashAndCashEquivalentsAndAvailableForSaleAmortizedCost
116931000
CY2021Q4 sprb Cash And Cash Equivalents And Available For Sale Gross Unrealized Loss
CashAndCashEquivalentsAndAvailableForSaleGrossUnrealizedLoss
184000
CY2021Q4 sprb Cash And Cash Equivalents And Available For Sale Fair Value
CashAndCashEquivalentsAndAvailableForSaleFairValue
116747000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23343000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
148627000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
216000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
216000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23559000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
148843000
CY2022Q1 sprb Cash And Cash Equivalents And Available For Sale Amortized Cost
CashAndCashEquivalentsAndAvailableForSaleAmortizedCost
107042000
CY2022Q1 sprb Cash And Cash Equivalents And Available For Sale Gross Unrealized Loss
CashAndCashEquivalentsAndAvailableForSaleGrossUnrealizedLoss
693000
CY2022Q1 sprb Cash And Cash Equivalents And Available For Sale Fair Value
CashAndCashEquivalentsAndAvailableForSaleFairValue
106348000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedGainLossExcludingOtherThanTemporaryImpairment
0
CY2022Q1 sprb Cash Equivalents And Short Term Investments Due Term
CashEquivalentsAndShortTermInvestmentsDueTerm
P1Y
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
131000
CY2020Q1 sprb Operating Lease Commencement Month And Year
OperatingLeaseCommencementMonthAndYear
2020-09
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P63M
CY2020Q1 sprb Lease Gross Commitment Amount
LeaseGrossCommitmentAmount
2300000
CY2022Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
5000000.0
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
31000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
140000
CY2022Q1 us-gaap Depreciation
Depreciation
9000
CY2021Q1 us-gaap Depreciation
Depreciation
4000
CY2022Q1 sprb Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5417000
CY2021Q4 sprb Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3837000
CY2022Q1 sprb Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
670000
CY2021Q4 sprb Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
416000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
370000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
360000
CY2022Q1 sprb Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
6457000
CY2021Q4 sprb Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
4613000
CY2022Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The lease includes an option to renew the lease term for an additional period of 60 months. The renewal option is not included in the lease term as the Company is not reasonably certain to exercise the option.
CY2020Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P60M
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2022Q1 sprb Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
100000
CY2021Q1 sprb Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
37000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
5000000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
110000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
4890000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
405000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4485000
CY2022Q1 sprb Aggregate License Agreement Amount
AggregateLicenseAgreementAmount
23000000.0
CY2022Q1 sprb Additional Aggregate License Agreement Amount
AdditionalAggregateLicenseAgreementAmount
0
CY2022Q1 us-gaap Legal Fees
LegalFees
0
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8015745
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5745648
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
No further grants will be made under the 2016 Plan; however, shares subject to awards granted under the 2016 Plan will continue to be governed by the 2016 Plan.
CY2022Q1 sprb Share Based Compensation Arrangement By Share Based Payment Award Options Early Exercised Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsEarlyExercisedShares
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.59
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1141000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1120000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7100000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-11762000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-9887000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23492295
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23283658
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3711787
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2612416

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