Spruce Biosciences Reports FY23 EPS $(1.24) Vs $(1.96) YoY; Collaboration Revenue For The Year Ended December 31, 2023 Was $10.089M
Portfolio Pulse from Benzinga Newsdesk
Spruce Biosciences reported a FY23 EPS of $(1.24), an improvement from $(1.96) YoY. Collaboration revenue reached $10.1M, mainly from a deal with Kaken Pharmaceutical for tildacerfont in Japan. Despite cost reductions and a 21% workforce reduction, R&D expenses rose to $49.4M, driving total operating expenses to $62.1M and a net loss of $47.9M. The company's cash position is strong, with $96.3M in cash and equivalents, extending its runway through the end of 2025.
March 13, 2024 | 8:16 pm
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POSITIVE IMPACT
Spruce Biosciences showed improved EPS and significant collaboration revenue in FY23, despite increased R&D expenses and a net loss. The company's strong cash position extends its operational runway through 2025.
The improvement in EPS and the generation of significant collaboration revenue indicate a positive financial trajectory for Spruce Biosciences, despite the increased R&D expenses and net loss. The strong cash position and extended operational runway through 2025 are likely to be viewed positively by investors, potentially leading to a short-term positive impact on SPRB's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100