Spruce Biosciences, Inc. (SPRB) stock surged 2.34% in the pre-market trading session at the price of $4.38 despite no fundamental reason. The last published news was its earnings report for the third quarter ended 30th September 2021. SPRB is a late-stage biopharmaceutical firm that develops and commercializes novel therapies to treat rare endocrine disorders.
SPRB Third Quarter 2021 Financial Results
On 15th November 2021, SPRB published its financial results for the quarter ended 30th September 2021 and delivered business updates.
SPRB had cash and cash equivalents of roughly $131.3M on 30th September 2021. For the Q3 of 2021, the net loss totaled $11.4M. Net loss was $9.6M for the same quarter last year. For the nine months ended 30th September 2021, the company has a net loss of $33.1M. Total operating costs were $11.4M for the third quarter of 2021. For the Q3 of 2020, operating expenses were $9.6M. Operating expenses totaled $32.9M for nine months ended 30th September 2021.
Executive Chairman of SPRB, Mike Grey, remarked that they would keep advancing tildacerfont with the planned Phase-II clinical trial for patients with congenital adrenal hyperplasia. Meanwhile, they are focused on proof-of-concept clinical trials to treat polycystic ovary syndrome in women, Grey added.
They had recently witnessed a favorable upward trend in the rate of patient enrollment across their CAHmelia study for patients with CAH. The ongoing COVID-19 pandemic across multiple sites throughout Europe and the United States had earlier affected the enrollment rate. They anticipate reporting topline results from the CAHmelia-203 clinical study by 2023, Mr. Grey concluded.
Appointment of Mike Grey
On 15th November 2021, SPRB appointed Mike Grey as its acting Chief Executive Officer. The appointment became effective immediately. Mr. Mike has replaced Richard King, who was retired after his 35-year career in the biosciences. Mr. Grey currently serves as Executive Chairman of the company. He will keep working as a strategic advisor to the SPRB till 31st December 2021. Spruce’s Board has started searching for a candidate to fill the vacancy of Chief Executive Officer.