HBM HOLDINGS-B (02142) announced details regarding the authorization and cooperation agreement entered into by its incubated innovative biotech company, HBM Alpha Therapeutics (HBMAT), with Spruce Biosciences Inc. (Spruce). The agreement aims to advance novel corticotropin-releasing hormone (CRH) targeted therapies for a variety of diseases. Under this agreement, HBMAT and its affiliates were granted warrants providing rights to acquire a minority equity stake in Spruce through the purchase of its common stock. On January 19, 2026, the company and HBMAT exercised these warrants in accordance with the agreement. Following the exercise, the company holds approximately 3.8% of Spruce's total issued shares and about 3.1% of Spruce's fully diluted shares.