Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Spruce Biosciences, Inc.SPRB · healthcare
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025
Peer failure rate1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$12.5M to $120M assetstotal assets $53.0M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningslate filer, thin data, degenerate inputs · fortress balance sheet
Inputs computable6 of 14
Graded fromfilings received through Mar 9, 2026214 days before the rescan; every figure keyed to the SEC receipt date
Last close$45.262026-10-08; market equity $130.1M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$100NovDecJanFebMarAprMayJunJulAugSepOct$45.54
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Apr 21, 2021nonen/aQ3
Mar 21, 2023nonen/aQ2

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 9, 2026; the document on sec.gov.

We are a biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need. We have a diverse portfolio of product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are either no approved therapies treating the underlying disease or suboptimal treatment options. We were founded in April 2016 and are led by a management team experienced in the development and commercialization of groundbreaking therapeutics. Seek regulatory approval and maximize the U.S. commercial potential of TA-ERT for the treatment of MPS IIIB. We intend to seek U.S.

Warnings [top]

Late filer. found 1 NT 10-K/Q filings in the last eight quarters
Thin data. 6 of 14 grade factors are computable; minimum is 7
Degenerate inputs. latest revenue or assets are at or below the $100,000 validity floor[1-2]
Fortress balance sheet. cash minus debt is 36,913,000 USD; Altman Z is not used[3-4]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 37.5
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio(11.5%)[1,5-7](6.6%)37.58112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 57.5
Twelve-month failure probability0.20%0.07%70.42482026-06-30
Altman Z double-prime(12.96)[1,8-13](0.31)66.67562025-12-31
Net debt to EBITDAnot computable1.82x
EBITDA must exceed $100,000
Interest coveragenot computable(4.51x)
interest expense must exceed $100,000
Current ratio5.17x[8-9]2.96x35.48392025-12-31
Growth and financing, sleeve percentile 38.0
Revenue growth, three-year compoundnot computable10.0%
four annual observations are required; found 3
Free cash flow growth, three-year compoundnot computable10.9%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable37.1%
one or more required annual facts are missing
Asset growth, three years(14.8%)[1,7,14-15]2.1%76.07042025-12-31
Net share issuance, one year(96.8%)[16-17]2.5%0.06342026-03-03

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month558.9%8.0%99hotter than 99 of 100 peers
Distance from 52-week high(74.3%)(31.4%)11closer to its high than 11 of 100 peers
EBIT to enterprise value(67.0%)(1.5%)10pricier than 90 of 100 peers
Free cash flow yield(42.8%)(1.0%)13pricier than 87 of 100 peers
Book value to price0.640.2876pricier than 24 of 100 peers
Sales to price0.000.310pricier than 100 of 100 peers
Composite equity issuance, five years(209.3%)20.3%0more equity-funded than 0 of 100 peers
Relative strength against the sector, log excess return1.67(0.14)99ahead of 99 of 100 peers

Inputs: market equity $130.9M; EBIT -$36.5M; free cash flow -$56.0M; book equity $83.7M; sales $0; debt $19.9M; cash $96.3M[18].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(86.2%)✗ fail[5,7]
Operating cash flow above zero-$33.3M✗ fail[6]
Return on assets improved(35.2 pts)✗ fail[5,7,14,19]
Operating cash flow exceeds net income$5.6M✓ pass[5-6]
Long-term leverage fell(0.2 pts)✓ pass[1,7,14,20-21]
Current ratio improved226.7 pts✓ pass[8-9,22-23]
No new shares issued(96.8%)✓ pass[16-17]
Gross margin improvedn/a
Asset turnover improved(4.7 pts)✗ fail[2,7,14,24]
Cash, filings, liquidity
Cash and equivalents$96.3M[25]
Operating cash flow, four quarters-$42.6M[6,25-29]
Months of runway27.1
Late filings, two years1
NT 10-K or NT 10-Q
Days since last periodic filing58
10-Q received Aug 12, 2026
Median daily dollar volume$3.2M
63 sessions
Days since newest grade input214

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$53.0M2025-12-312026-03-0910-Kfiling · viewer · series
2revenueus-gaap:Revenues$02025-12-312026-03-0910-Kfiling · viewer · series
3cashus-gaap:CashAndCashEquivalentsAtCarryingValue$38.8M2024-12-312026-03-0910-Kfiling · viewer · series
4total debtus-gaap:LongTermDebt$1.8M2024-12-312025-04-1510-Kfiling · viewer · series
5net incomeus-gaap:NetIncomeLoss-$39.0M2025-12-312026-03-0910-Kfiling · viewer · series
6operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$33.3M2025-12-312026-03-0910-Kfiling · viewer · series
7assetsus-gaap:Assets$45.2M2024-12-312026-03-0910-Kfiling · viewer · series
8current assetsus-gaap:AssetsCurrent$52.1M2025-12-312026-03-0910-Kfiling · viewer · series
9current liabilitiesus-gaap:LiabilitiesCurrent$10.1M2025-12-312026-03-0910-Kfiling · viewer · series
10retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$289.2M2025-12-312026-03-0910-Kfiling · viewer · series
11operating incomeus-gaap:OperatingIncomeLoss-$36.5M2025-12-312026-03-0910-Kfiling · viewer · series
12book equityus-gaap:StockholdersEquity$42.5M2025-12-312026-03-0910-Kfiling · viewer · series
13liabilitiesus-gaap:Liabilities$10.5M2025-12-312026-03-0910-Kfiling · viewer · series
14assetsus-gaap:Assets$103.9M2023-12-312025-04-1510-Kfiling · viewer · series
15assetsus-gaap:Assets$85.6M2022-12-312024-03-1810-Kfiling · viewer · series
16shares outstandingdei:EntityCommonStockSharesOutstanding1,372,0432026-03-032026-03-0910-Kfiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding42,231,2852025-04-112025-04-1510-Kfiling · viewer · series
18shares outstandingdei:EntityCommonStockSharesOutstanding2,874,0132026-08-102026-08-1210-Qfiling · viewer · series
19net incomeus-gaap:NetIncomeLoss-$53.0M2024-12-312026-03-0910-Kfiling · viewer · series
20long term debtus-gaap:LongTermDebtNoncurrent$02025-12-312026-03-0910-Kfiling · viewer · series
21long term debtus-gaap:LongTermDebtNoncurrent$124,0002024-12-312026-03-0910-Kfiling · viewer · series
22current assetsus-gaap:AssetsCurrent$44.2M2024-12-312026-03-0910-Kfiling · viewer · series
23current liabilitiesus-gaap:LiabilitiesCurrent$15.2M2024-12-312026-03-0910-Kfiling · viewer · series
24revenueus-gaap:Revenues$4.9M2024-12-312026-03-0910-Kfiling · viewer · series
25cashus-gaap:CashAndCashEquivalentsAtCarryingValue$96.3M2026-06-302026-08-1210-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$30.9M2026-06-302026-08-1210-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$8.7M2026-03-312026-05-1310-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$26.9M2025-09-302025-11-1010-Qfiling · viewer · series
29operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$21.6M2025-06-302026-08-1210-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026