$SPRB
SPRUCE BIOSCIENCES, INC.

2023 Q2 Form 10-Q Financial Statement

#000095017023021984 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $2.200M $2.000M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.011M $3.451M $3.271M
YoY Change 6.7% 7.01% 13.69%
% of Gross Profit
Research & Development $13.13M $11.71M $8.839M
YoY Change 44.88% 37.66% 41.24%
% of Gross Profit
Depreciation & Amortization $18.00K $19.00K $24.00K
YoY Change 100.0% -9.52% 20.0%
% of Gross Profit
Operating Expenses $16.14M $15.16M $12.11M
YoY Change 35.81% 29.23% 32.57%
Operating Profit -$13.97M -$13.20M
YoY Change 17.59% 12.49%
Interest Expense $127.0K $131.0K -$129.0K
YoY Change 35.11% 50.57% 46.59%
% of Operating Profit
Other Income/Expense, Net $1.275M $539.0K $1.095M
YoY Change 1125.96% 829.31% 2707.69%
Pretax Income -$12.82M -$12.79M -$11.14M
YoY Change 8.02% 8.75% 21.34%
Income Tax
% Of Pretax Income
Net Earnings -$12.82M -$12.79M -$11.14M
YoY Change 8.02% 8.75% 21.34%
Net Earnings / Revenue -582.91% -639.55%
Basic Earnings Per Share -$0.32 -$0.40
Diluted Earnings Per Share -$0.32 -$0.40 -$0.47
COMMON SHARES
Basic Shares Outstanding 39.75M 39.75M 23.56M
Diluted Shares Outstanding 40.55M 31.90M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.5M $118.6M $79.08M
YoY Change 29.18% 29.82% -11.12%
Cash & Equivalents $97.48M $73.93M $24.49M
Short-Term Investments $23.04M $44.66M $54.59M
Other Short-Term Assets $206.0K $253.0K $1.211M
YoY Change -47.18% -22.15% 205.81%
Inventory
Prepaid Expenses $3.400M $3.398M $3.320M
Receivables $15.00M $0.00
Other Receivables $0.00
Total Short-Term Assets $124.1M $137.2M $83.61M
YoY Change 28.62% 44.31% -9.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.297M $1.353M $1.400M
YoY Change 921.26% 932.82% 900.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $536.0K $525.0K $640.0K
YoY Change -20.47% -22.57% 46.45%
Total Long-Term Assets $1.833M $1.878M $2.040M
YoY Change -77.11% -90.56% -94.1%
TOTAL ASSETS
Total Short-Term Assets $124.1M $137.2M $83.61M
Total Long-Term Assets $1.833M $1.878M $2.040M
Total Assets $126.0M $139.1M $85.65M
YoY Change 20.52% 20.98% -32.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $945.0K $3.448M $1.426M
YoY Change -34.6% 210.91% -49.49%
Accrued Expenses $12.11M $8.720M $9.399M
YoY Change 54.31% 16.97% 55.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.622M $1.622M $1.622M
YoY Change 100.0% 300.49%
Total Short-Term Liabilities $22.73M $23.00M $12.45M
YoY Change 125.04% 156.38% 40.31%
LONG-TERM LIABILITIES
Long-Term Debt $2.507M $2.901M $3.293M
YoY Change -38.51% -35.32% -32.49%
Other Long-Term Liabilities $202.0K $181.0K $161.0K
YoY Change 72.65% 90.53% 120.55%
Total Long-Term Liabilities $2.709M $3.082M $3.454M
YoY Change -35.41% -32.71% -30.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.73M $23.00M $12.45M
Total Long-Term Liabilities $2.709M $3.082M $3.454M
Total Liabilities $29.40M $31.12M $17.16M
YoY Change 90.99% 111.03% 13.54%
SHAREHOLDERS EQUITY
Retained Earnings -$174.9M -$162.1M -$149.3M
YoY Change 37.93% 41.08% 44.76%
Common Stock $271.5M $270.3M $218.4M
YoY Change 25.29% 25.23% 1.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $96.56M $108.0M $68.49M
YoY Change
Total Liabilities & Shareholders Equity $126.0M $139.1M $85.65M
YoY Change 20.52% 20.98% -32.29%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$12.82M -$12.79M -$11.14M
YoY Change 8.02% 8.75% 21.34%
Depreciation, Depletion And Amortization $18.00K $19.00K $24.00K
YoY Change 100.0% -9.52% 20.0%
Cash From Operating Activities $1.993M -$11.79M -$11.74M
YoY Change -120.89% -0.3% 19.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $22.00M $10.48M $14.57M
YoY Change -34.35% -239.95% -343.75%
Cash From Investing Activities $22.00M $10.48M $14.57M
YoY Change -34.34% -239.95% -343.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $405.0K
YoY Change
Cash From Financing Activities -432.0K 50.53M 36.00K
YoY Change 336.36% -57519.32% -78.44%
NET CHANGE
Cash From Operating Activities 1.993M -11.79M -11.74M
Cash From Investing Activities 22.00M 10.48M 14.57M
Cash From Financing Activities -432.0K 50.53M 36.00K
Net Change In Cash 23.56M 49.22M 2.867M
YoY Change -1.28% -353.66% -118.36%
FREE CASH FLOW
Cash From Operating Activities $1.993M -$11.79M -$11.74M
Capital Expenditures $0.00 $0.00
Free Cash Flow $1.993M -$11.74M
YoY Change -120.9% 19.86%

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NetCashProvidedByUsedInFinancingActivities
50529000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
49223000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-19405000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24732000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42964000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73955000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23559000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73926000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23343000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
29000
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
216000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73955000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23559000
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
118600000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-12800000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
11800000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-162100000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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, revenue recognition, 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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:12.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets. While the Company has not experienced any losses in such accounts, the recent failure of Silicon Valley Bank ("SVB"), at which the Company held cash and cash equivalents in multiple accounts, potentially exposed the Company to significant credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
115857000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
31000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
219000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
115669000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
77644000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
559000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
77086000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
16743000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
77000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
34911000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
482000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
51654000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
559000
CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedGainLossExcludingOtherThanTemporaryImpairment
0
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedGainLossExcludingOtherThanTemporaryImpairment
0
CY2023Q1 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
0
CY2022Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
0
CY2023Q1 sprb Weighted Average Remaining Contractual Term Maturities Available For Sale
WeightedAverageRemainingContractualTermMaturitiesAvailableForSale
P4M
CY2023Q1 sprb Cash Equivalents And Short Term Investments Due Term
CashEquivalentsAndShortTermInvestmentsDueTerm
P1Y
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
4500000
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
4900000
CY2023Q1 sprb Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
6969000
CY2022Q4 sprb Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
7449000
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
998000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1286000
CY2023Q1 sprb Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
524000
CY2022Q4 sprb Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
525000
CY2023Q1 sprb Lease Liability Current
LeaseLiabilityCurrent
229000
CY2022Q4 sprb Lease Liability Current
LeaseLiabilityCurrent
139000
CY2023Q1 sprb Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
8720000
CY2022Q4 sprb Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
9399000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1479000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1849000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1709000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
136000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
5173000
CY2023Q1 sprb Debt Interest
DebtInterest
578000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4595000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
72000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1622000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2901000
CY2023Q1 us-gaap Revenues
Revenues
2000000.0
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
13000000.0
CY2023Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
9200000
CY2023Q1 sprb Upfront Payments
UpfrontPayments
15000000.0
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
22564160
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7704202
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1060000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1141000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-12791000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-11762000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31900160
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31900160
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23492295
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23492295
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.50
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19442929
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3711787

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sprb-20230331_cal.xml Edgar Link unprocessable
0000950170-23-021984-index-headers.html Edgar Link pending
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0000950170-23-021984.txt Edgar Link pending
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