Why Spruce Biosciences Inc. (SPRB) stock rallied in the after-hours on Thursday?

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SPWR Stock
SPWR Stock

Spruce Biosciences Inc. (SPRB) shares rallied 29.84% in after-hours on Thursday and moved at $3.22. However, in the regular trading session, SPRB’s stock lost 0.80%. SPRB shares have fallen 88.79% over the last 12 months, and they have moved down 3.12% in the past week. Over the past three months, the stock has lost 65.07%, while over the past six months, it has declined 78.53%.

Let’s see what’s going on recently with the company?


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SPRB participation in the recent event

Spruce Biosciences, Inc. (SPRB) recently participated at the Piper Sandler 33rd Annual Virtual Healthcare Conference, which was held on November 29, 2021, through December 2, 2021. The company was presented by Samir Gharib, Chief Financial Officer during the event.

SPRB latest financial results

On November 15, 2021, Spruce Biosciences, Inc. (SPRB), reported financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • SPRB reported nil revenue in Q3 2021 and Q3 2020.
  • Research and development expenses were $8.6 million in Q3 2021, compared to $7.8 million in Q3 2020.
  • General and administrative expenses were $8 million in Q3 2021, compared to $1.8 million in Q3 2020.
  • It suffered a net loss of $11.4 million in Q3 2021, compared to a $9.6 million loss in Q3 2020.
  • As of September 30, 2021, the company had cash, cash equivalents, and investments of $131.3 million.

SPRB new appointment

On November 15, 2021, Spruce Biosciences, Inc. (SPRB), appointed Mike Grey as interim Chief Executive Officer, effective immediately. Mr. Grey currently serves as Executive Chairman of the Spruce Board and will succeed Richard King, who is retiring after a 35-year career in the life sciences industry.

Conclusion

Well, as of this writing, there is no recent news or development which could be the reason behind its exceptional gains in the after-markets on Thursday. we are not sure how it will perform on Friday.

About the company

Spruce Biosciences is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet needs. Spruce is initially developing it’s wholly-owned product candidate, tildacerfont, as the potential first non-steroidal therapy for patients suffering from classic congenital adrenal hyperplasia (CAH).

 

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