Spruce Biosciences reports FY22 EPS ($1.96), consensus ($2.01)

Cash, cash equivalents and investments as of December 31, 2022 were $79.1 million, excluding $53.6 million in gross proceeds from the February 2023 private placement and the $15.0 million upfront payment due to the company from Kaken. The company "has a banking relationship with Silicon Valley Bank but did not experience any financial losses or operational impact from the recent failure of the bank." CEO Javier Szwarcberg says: "In 2022, we made significant progress across the board heading into 2023, which we believe will be a pivotal year for Spruce. In 2023, we remain focused on delivering data for a number of our ongoing clinical programs, including topline data from our CAHmelia-203 study in adult classic congenital adrenal hyperplasia, which surpassed 50% enrollment. We’ve had a very strong start to the year. In January, we announced a strategic collaboration and exclusive license agreement with Kaken Pharmaceutical to develop and commercialize tildacerfont for CAH in Japan. In February, we closed a private placement financing with top-tier healthcare investors for gross proceeds of $53.6 million, which, together with the Kaken upfront payment of $15.0 million, enables us to fund operating and capital expenditures into the first half of 2025, beyond topline results for CAHmelia-204 which are anticipated in the second half of 2024."