Spruce Biosciences slides on $60 mln share sale

Spruce Biosciences

21/04/2026 11:54

** Shares of Spruce Biosciences SPRB.O down 4.9% premarket to $59.50 after $60 mln overnight follow-on priced

** Neurological disorders-focused biopharma late Mon announced 1.2 mln shares, including 50,000 pre-funded warrants, at $50

** Offering size represents ~86% of total shares outstanding and priced at 28.5% discount to stock's last sale

** South San Francisco, California-based SPRB intends to use net offering proceeds to advance pre-commercial and launch activities, for planned clinical trials, among other uses, per the prospectus

** Leerink, Guggenheim and Oppenheimer joint bookrunners

** Through Mon close, shares off ~20% YTD

** 2 analysts rate the stock "strong buy", 2 others rate "buy"; median PT $185, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))