Spruce Biosciences, Inc. ( (SPRB) ) has released its Q3 earnings. Here is a breakdown of the information Spruce Biosciences, Inc. presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Spruce Biosciences, Inc. is a late-stage biopharmaceutical company focusing on developing and commercializing novel therapies for endocrine and neurological disorders, with a key focus on congenital adrenal hyperplasia (CAH).
In their third-quarter 2024 earnings report, Spruce Biosciences highlighted upcoming data releases from significant clinical studies and provided updates on their financial standing, including a cash runway extending through the end of 2025.
Key financial metrics reveal a decrease in research and development expenses, down to $6.6 million in the third quarter from $13.5 million in the previous year, influenced by the termination of certain studies and completion of others. Collaboration revenue also declined, with $0.6 million reported this quarter compared to $3.1 million in the same period last year. Meanwhile, the company reported a net loss of $8.7 million for the quarter, showing an improvement from a $12.4 million loss in the third quarter of 2023.
Looking ahead, Spruce Biosciences is poised to report crucial data from its CAHmelia-204 and CAHptain-205 studies in December 2024, which could have transformative impacts on the treatment of CAH. With a scheduled meeting with the FDA in early 2025, the company remains committed to advancing its therapeutic candidates and addressing unmet needs in its target markets.
