$SPRB
SPRUCE BIOSCIENCES, INC.

2021 Q1 Form 10-K Financial Statement

#000156459021014593 Filed on March 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2019 Q4 2019
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.100M $2.290M $2.290M
YoY Change 45.86%
% of Gross Profit
Research & Development $6.714M $10.82M $10.82M
YoY Change 45.64% 28.77%
% of Gross Profit
Depreciation & Amortization $13.00K $10.00K $12.00K
YoY Change 1200.0%
% of Gross Profit
Operating Expenses $9.817M $13.11M $13.11M
YoY Change 91.25% 31.46%
Operating Profit -$9.817M -$13.11M
YoY Change 91.25%
Interest Expense $89.00K -$65.00K -$70.00K
YoY Change 20.27%
% of Operating Profit
Other Income/Expense, Net $19.00K $84.00K $80.00K
YoY Change -51.28% -27.27%
Pretax Income -$9.890M -$13.09M -$13.09M
YoY Change 32.76%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.887M -$13.09M -$13.09M
YoY Change 91.31% 32.74%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$424.8K -$587.9K -$588.1K
COMMON SHARES
Basic Shares Outstanding 23.30M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.6M $3.900M
YoY Change -4.88%
Cash & Equivalents $148.6M $3.924M $3.900M
Short-Term Investments
Other Short-Term Assets $272.0K $513.0K $700.0K
YoY Change 0.0%
Inventory
Prepaid Expenses $2.687M $215.0K
Receivables
Other Receivables
Total Short-Term Assets $151.6M $4.652M $4.700M
YoY Change -2.08%
LONG-TERM ASSETS
Property, Plant & Equipment $1.700M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $473.0K $0.00
YoY Change
Total Long-Term Assets $2.405M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $151.6M $4.652M $4.700M
Total Long-Term Assets $2.405M $0.00
Total Assets $154.0M $4.700M
YoY Change -2.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.566M $1.900M
YoY Change -17.39%
Accrued Expenses $4.300M $1.200M
YoY Change 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.252M $1.300M
YoY Change
Total Short-Term Liabilities $6.851M $4.303M $4.300M
YoY Change 59.26%
LONG-TERM LIABILITIES
Long-Term Debt $4.843M $3.193M $3.200M
YoY Change
Other Long-Term Liabilities $8.000K $0.00
YoY Change
Total Long-Term Liabilities $4.851M $3.193M $3.200M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.851M $4.303M $4.300M
Total Long-Term Liabilities $4.851M $3.193M $3.200M
Total Liabilities $13.27M $7.496M $7.500M
YoY Change 177.78%
SHAREHOLDERS EQUITY
Retained Earnings -$70.73M
YoY Change
Common Stock $211.5M $665.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.7M -$30.64M -$2.800M
YoY Change
Total Liabilities & Shareholders Equity $154.0M $4.700M
YoY Change -2.08%

Cashflow Statement

Concept 2021 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$9.887M -$13.09M -$13.09M
YoY Change 91.31% 32.74%
Depreciation, Depletion And Amortization $13.00K $10.00K $12.00K
YoY Change 1200.0%
Cash From Operating Activities -$8.787M -$4.190M -$12.62M
YoY Change 47.53% 47.22%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $0.00 $4.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$19.00K $0.00 -$4.000K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.770M
YoY Change
Cash From Financing Activities 283.0K 4.490M 12.43M
YoY Change -99.35%
NET CHANGE
Cash From Operating Activities -8.787M -4.190M -12.62M
Cash From Investing Activities -19.00K 0.000 -4.000K
Cash From Financing Activities 283.0K 4.490M 12.43M
Net Change In Cash -8.523M 300.0K -188.0K
YoY Change -122.61% -97.81%
FREE CASH FLOW
Cash From Operating Activities -$8.787M -$4.190M -$12.62M
Capital Expenditures $19.00K $0.00 $4.000K
Free Cash Flow -$8.806M -$4.190M -$12.62M
YoY Change 47.27%

Facts In Submission

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Spruce Biosciences, Inc.
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 balance sheet. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</p>
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CY2020 sprb Temporary Equity Conversion Basis
TemporaryEquityConversionBasis
Additionally, each share of redeemable convertible preferred stock would be automatically converted into common stock (i) immediately prior to the closing of the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, in which (a) the gross cash proceeds to the Corporation (before underwriting discounts, commissions and fees) were at least $50.0 million, (b) the price per share in the public offering was at least $15.6984 per share, and (c) the Company’s shares were listed for trading on the New York Stock Exchange, Nasdaq Global Select Market or Nasdaq Global Market, or (ii) upon the affirmative election of the holders of a majority shares of then-outstanding shares of redeemable convertible preferred stock, voting together as a single class on an as-converted basis, which majority must include the approval of certain holders of Series B preferred stock.
CY2020 sprb Potential Minimum Gross Cash Proceeds From Redeemable Convertible Preferred Stock
PotentialMinimumGrossCashProceedsFromRedeemableConvertiblePreferredStock
50000000
CY2020 sprb Potential Minimum Public Offering Price Per Share
PotentialMinimumPublicOfferingPricePerShare
15.6984
CY2020 sprb Redeemable Convertible Preferred Stock Holders Voting Rights
RedeemableConvertiblePreferredStockHoldersVotingRights
one vote
CY2020 sprb Redeemable Preferred Stock Dividends Declared
RedeemablePreferredStockDividendsDeclared
0
CY2019 sprb Redeemable Preferred Stock Dividends Declared
RedeemablePreferredStockDividendsDeclared
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
Following the effectiveness of the 2020 Plan, 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. Any shares subject to outstanding stock options or other stock awards that were granted under the 2016 Plan that terminate or expire prior to exercise or settlement; are settled in cash; are forfeited or repurchased because of the failure to vest; or are reacquired or withheld to satisfy a tax withholding obligation or the purchase or exercise price in accordance with the terms of the 2016 Plan will also be reserved for issuance under the 2020 Plan.
CY2020Q4 sprb Share Based Compensation Arrangement By Share Based Payment Award Options Early Exercised Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsEarlyExercisedShares
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P4Y
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1775808
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
427055
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
682000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
600000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.33
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.43
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.56
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.98
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.801
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.800
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.004
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
CY2019Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
119000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2500000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
755000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
196000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5000000
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y6M
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0698
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0009
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0014
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0615
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0202
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.4138
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2315
CY2020 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.0696
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0038
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0001
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
12200000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3000000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
16381000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6259000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
326000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
151000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
143000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
109000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
25000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
19459000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
7236000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
19459000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7236000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1094000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
398000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
230000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
10000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
686000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
168000
CY2020 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2019 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2302889
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5189621

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