Spruce Biosciences Inc. (Nasdaq: SPRB), a late-stage biopharmaceutical company, has announced a private placement financing expected to raise approximately $50 million in gross proceeds. The funds will support the advancement of tralesinidase alfa enzyme replacement therapy (TA-ERT) for Sanfilippo Syndrome Type B (MPS IIIB), with plans for a biologics license application submission in early 2026 and a potential U.S. commercial launch later that year. Under the terms of the agreement, investors will purchase around 502,181 shares of Spruce Biosciences' common stock at $68.00 per share. Certain investors will also acquire pre-funded warrants to purchase up to 233,144 shares of common stock at $67.99 per warrant, with an exercise period of five years. Leerink Partners, Citizens Capital Markets, and H.C. Wainwright & Co. are serving as placement agents, and Oppenheimer & Co. is acting as capital markets advisor for the transaction. The private placement is expected to close around October 9, 2025, subject to customary closing conditions.