Spruce Biosciences Inc. (NASDAQ: SPRB) announced the pricing of its underwritten public offering of 1,150,000 shares of common stock at $50.00 per share and pre-funded warrants to purchase 50,000 shares at $49.99 per share.

The biopharmaceutical company expects gross proceeds of $60 million from the offering before deducting underwriting discounts, commissions and other expenses. The offering is scheduled to close on April 22, 2026, subject to customary closing conditions.

Spruce Biosciences granted underwriters a 30-day option to purchase up to 180,000 additional shares of common stock. The pre-funded warrants carry an exercise price of $0.01 per share.

Leerink Partners, Guggenheim Securities and Oppenheimer & Co. serve as joint book-running managers for the offering, while Jones and Craig-Hallum act as co-managers.

The securities are being offered under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on October 29, 2025, and declared effective on November 26, 2025.

Spruce Biosciences focuses on developing therapies for neurological disorders. The company is based in South San Francisco, California.