Spruce Biosciences announced an EPS of $(1.24) for FY23, marking an improvement from $(1.96) compared to the previous year. Collaboration revenue for the year ending on December 31, 2023, reached $10.089 million. By the end of 2023, the company had $96.3 million in cash and cash equivalents, with over $81 million readily available.
R&D expenses for FY23 totaled $49.4 million, reflecting an increase from $35.2 million in 2022, mainly driven by advancements in the clinical development of tildacerfont across various conditions. G&A expenses for FY23 stood at $12.7 million, slightly up from $12.1 million in 2022.
In an effort to prolong the cash runway until the end of 2025, Spruce Biosciences implemented cost-cutting measures, including discontinuing the CAHmelia-203 clinical trial and reducing the workforce by approximately 21%. Despite challenges such as the CAHmelia-203 trial falling short of its primary efficacy endpoint in adult patients, promising initial data from the pediatric CAHptain-205 study indicates potential opportunities for future research and market expansion in pediatric patients.
Date: March 13, 2024
SPRB Stock Analysis: Strong Performance Followed by After-Hours Drop – March 13, 2024
On March 13, 2024, SPRB stock showed strong performance, trading near the top of its 52-week range and above its 200-day simple moving average. The stock closed at $5.19, showing a price increase of $0.23 or 4.64% since the market last closed. This positive momentum indicated investor confidence in the company’s prospects.
However, after-hours trading saw a significant drop in SPRB stock, with shares falling by $4.02. This sharp decline could be attributed to various factors such as profit-taking by investors or negative news impacting the company.
Overall, SPRB stock demonstrated both positive and negative movements on March 13, 2024. While the initial price increase was a promising sign, the subsequent drop in after-hours trading serves as a reminder of the volatility of the stock market. Investors should conduct thorough research and consider their risk tolerance before making investment decisions in such a dynamic market environment.
SPRB Stock Performance Analysis: Decline in Net Income but Recent Improvement in Earnings
On March 13, 2024, SPRB stock experienced mixed performances based on the financial data provided by CNN Money. The company’s total revenue was not available at the time, making it difficult to assess the overall financial health of the company. However, the net income for SPRB was reported at -$46.18 million for the past year and -$12.35 million for the third quarter.
The net income decreased by 9.19% compared to the previous year, indicating a decline in profitability. However, there was a 3.67% increase in net income from the previous quarter, suggesting a slight improvement in financial performance.
Similarly, the earnings per share (EPS) for SPRB were reported at -$1.96 for the past year and -$0.30 for the third quarter. The EPS decreased by 8.42% compared to the previous year but increased by 4.05% from the previous quarter. This indicates that while the company’s profitability has been declining on a yearly basis, there has been a recent uptick in earnings per share.
Investors may want to closely monitor the company’s financial reports and market developments to make informed decisions about their investments in SPRB.
