Spruce Biosciences (NASDAQ:SPRB) reported a significant reduction in annual operating expenses for 2025 on Monday, as the company successfully transitioned its clinical focus toward its enzyme replacement therapy for rare neurological disorders.
The company announced that total operating expenses for the year ended Dec. 31, 2025, fell to $36.5 million, a 40% decrease from the $61.1 million reported in 2024.
The sharp decline was primarily driven by the cessation of tildacerfont development for congenital adrenal hyperplasia (CAH), allowing the firm to reallocate resources toward its high-priority TA-ERT program for the treatment of Sanfilippo syndrome type B (MPS IIIB).
The company reported a net loss of $39 million for the full year, an improvement over the $53 million loss recorded in 2024.
Research and development expenses dropped to $19.5 million, down from $46.4 million in the prior year, even as the company integrated the acquisition of SPR202, a novel anti-corticotropin-releasing hormone monoclonal antibody.
General and administrative costs saw a slight uptick to $17 million due to increased professional service fees.
Financially, Spruce bolstered its position with $48.9 million in cash and equivalents at year-end.
This figure excludes $15 million in gross proceeds subsequently received from a loan facility with Avenue Capital.
Management confirmed that its current liquidity is expected to fund the operating plan into early 2027, providing a financial bridge beyond the anticipated Biologics License Application (BLA) submission for TA-ERT.