$SPRB
SPRUCE BIOSCIENCES, INC.

2024 Q3 Form 10-Q Financial Statement

#000095017024095461 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $600.0K $1.600M
YoY Change -80.65% -27.27%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.456M $3.556M
YoY Change 6.67% 18.1%
% of Gross Profit
Research & Development $6.554M $8.090M
YoY Change -51.43% -38.37%
% of Gross Profit
Depreciation & Amortization $10.00K $12.00K
YoY Change 0.0% -33.33%
% of Gross Profit
Operating Expenses $10.01M $11.65M
YoY Change -40.17% -27.83%
Operating Profit -$9.408M -$10.04M
YoY Change -31.12% -28.17%
Interest Expense $71.00K $83.00K
YoY Change -40.34% -34.65%
% of Operating Profit
Other Income/Expense, Net $808.0K $938.0K
YoY Change -43.1% -26.43%
Pretax Income -$8.671M -$9.181M
YoY Change -29.79% -28.41%
Income Tax
% Of Pretax Income
Net Earnings -$8.671M -$9.181M
YoY Change -29.81% -28.41%
Net Earnings / Revenue -1445.17% -573.81%
Basic Earnings Per Share -$0.21 -$0.22
Diluted Earnings Per Share -$0.21 -$0.22
COMMON SHARES
Basic Shares Outstanding 41.30M 41.15M
Diluted Shares Outstanding 41.30M 41.16M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.06M $69.68M
YoY Change -44.39% -42.18%
Cash & Equivalents $60.06M $69.68M
Short-Term Investments
Other Short-Term Assets $860.0K $1.531M
YoY Change 105.25% 643.2%
Inventory
Prepaid Expenses $2.658M $2.698M
Receivables
Other Receivables
Total Short-Term Assets $63.57M $73.91M
YoY Change -42.8% -40.46%
LONG-TERM ASSETS
Property, Plant & Equipment $998.0K $1.060M
YoY Change -16.83% -18.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $531.0K $547.0K
YoY Change -12.52% 2.05%
Total Long-Term Assets $1.529M $1.607M
YoY Change -17.22% -12.33%
TOTAL ASSETS
Total Short-Term Assets $63.57M $73.91M
Total Long-Term Assets $1.529M $1.607M
Total Assets $65.10M $75.52M
YoY Change -42.38% -40.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.799M $682.0K
YoY Change -42.93% -27.83%
Accrued Expenses $7.740M $10.68M
YoY Change -33.28% -11.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.622M $1.622M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $11.86M $14.29M
YoY Change -50.98% -37.16%
LONG-TERM LIABILITIES
Long-Term Debt $524.0K $923.0K
YoY Change -75.2% -63.18%
Other Long-Term Liabilities $273.0K $262.0K
YoY Change 24.09% 29.7%
Total Long-Term Liabilities $797.0K $1.185M
YoY Change -65.84% -56.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.86M $14.29M
Total Long-Term Liabilities $797.0K $1.185M
Total Liabilities $13.46M $16.35M
YoY Change -51.22% -44.39%
SHAREHOLDERS EQUITY
Retained Earnings -$226.7M -$218.0M
YoY Change 21.04% 24.64%
Common Stock $278.3M $277.2M
YoY Change 2.08% 2.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.64M $59.17M
YoY Change
Total Liabilities & Shareholders Equity $65.10M $75.52M
YoY Change -42.38% -40.05%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$8.671M -$9.181M
YoY Change -29.81% -28.41%
Depreciation, Depletion And Amortization $10.00K $12.00K
YoY Change 0.0% -33.33%
Cash From Operating Activities -$9.223M -$11.11M
YoY Change -24.83% -657.25%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -405.0K -365.0K
YoY Change -1.22% -15.51%
NET CHANGE
Cash From Operating Activities -9.223M -11.11M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -405.0K -365.0K
Net Change In Cash -9.628M -11.47M
YoY Change -829.39% -148.69%
FREE CASH FLOW
Cash From Operating Activities -$9.223M -$11.11M
Capital Expenditures $0.00
Free Cash Flow -$9.223M
YoY Change -24.89%

Facts In Submission

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Spruce Biosciences, Inc.
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611 Gateway Boulevard
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
52000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
99000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
8000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2721000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
811000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
811000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
13000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
94000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-592000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
50097000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-26656000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
72784000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96374000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24732000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69718000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97516000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
69683000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
97482000
CY2024Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
35000
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
34000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69718000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97516000
CY2024Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
69700000
us-gaap Net Income Loss
NetIncomeLoss
-20800000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
26100000
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-218000000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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, 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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash and cash equivalents. 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 condensed balance sheets.</span></p>
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0
CY2024Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2023Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
sprb Impairment Loss On Investments Available For Sale Securities
ImpairmentLossOnInvestmentsAvailableForSaleSecurities
0
sprb Impairment Loss On Investments Available For Sale Securities
ImpairmentLossOnInvestmentsAvailableForSaleSecurities
0
CY2024Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2800000
CY2023Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
3600000
CY2024Q2 sprb Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
7864000
CY2023Q4 sprb Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
10832000
CY2024Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1736000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3101000
CY2024Q2 sprb Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
816000
CY2023Q4 sprb Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
416000
CY2024Q2 sprb Lease Liability Current
LeaseLiabilityCurrent
267000
CY2023Q4 sprb Lease Liability Current
LeaseLiabilityCurrent
251000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10683000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14600000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
913000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1714000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
136000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
2763000
CY2024Q2 sprb Debt Interest
DebtInterest
195000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2568000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23000
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1622000
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
923000
CY2024Q2 sprb Potential Additional Cash Receipt
PotentialAdditionalCashReceipt
65000000
CY2024Q2 us-gaap Revenues
Revenues
1600000
CY2023Q2 us-gaap Revenues
Revenues
2200000
us-gaap Revenues
Revenues
3600000
us-gaap Revenues
Revenues
4100000
CY2024Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1300000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
23050984
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
21019708
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1685000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1219000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3247000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2279000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
210000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-9181000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-12824000
us-gaap Net Income Loss
NetIncomeLoss
-20806000
us-gaap Net Income Loss
NetIncomeLoss
-25615000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41163209
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41163209
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40547925
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40547925
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41129719
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41129719
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36247931
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36247931
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20788982
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19958430

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