Harbour BioMed has transitioned from a traditional licensor to a significant shareholder in Spruce Biosciences, exercising warrants to acquire a nearly 4% stake in the California-based rare disease specialist.
The move, announced Jan. 18, gives Harbour BioMed approximately 3.8% of Spruce’s outstanding common stock and 3.1% on a fully diluted basis.
The warrants were originally issued as part of a collaboration agreement between Spruce and HBM Alpha Therapeutics—an incubator under the Harbour BioMed umbrella—focused on the development of SPR202.
SPR202, a monoclonal antibody formerly known as HBM9013, targets the corticotropin-releasing hormone (CRH) to treat endocrine disorders.
The primary focus of the partnership is Congenital Adrenal Hyperplasia (CAH), a group of genetic disorders that affect the adrenal glands.
By exercising the warrants, Harbour BioMed is aligning its financial incentives more closely with Spruce's clinical success.
"This warrant exercise marks a significant milestone in our relationship with Spruce Biosciences," said Dr. Jingsong Wang, Founder and CEO of Harbour BioMed. "It moves us beyond a traditional licensor-licensee relationship to a truly aligned strategic partnership."
The investment comes as Spruce Biosciences (NASDAQ:SPRB) enters a pivotal year.
The company recently secured a $50 million loan facility to extend its cash runway into 2027 and is preparing for a potential Biologics License Application (BLA) for its lead enzyme replacement therapy.
For Harbour BioMed, the equity position provides a direct stake in the commercial upside of the SPR202 program while reinforcing its role as a global provider of next-generation antibody therapeutics.