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South San Francisco-based Spruce Biosciences, Inc. (NASDAQ:SPRB) announced on Monday that it has filed a Notification of Late Filing with the Securities and Exchange Commission (SEC) regarding its Annual Report for the fiscal year ended December 31, 2024. The pharmaceutical company, known for its specialization in drug development for rare endocrine disorders, disclosed the delay in its Form 12b-25 submission, which was due on March 31, 2025.
In the late filing notification, Spruce Biosciences provided preliminary estimates of its financial results for the past fiscal year. These figures, which have not yet been filed, are intended to offer investors insight into the company’s performance. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.36, though it’s currently experiencing accelerated cash burn. The company emphasized that this information is provisional and should not be considered final until the complete Annual Report is filed.
The delay in filing the Annual Report is not an uncommon occurrence in corporate reporting, and the company has not indicated any specific reasons for the postponement. The information contained in the notification and this news article does not constitute a formal financial statement and will not be incorporated into any future SEC filings unless explicitly stated.
Spruce Biosciences, which operates under Delaware incorporation, has its shares listed on the Nasdaq Capital Market. As an emerging growth company, Spruce Biosciences has the option, though not exercised, to adhere to an extended transition period for complying with new or revised financial accounting standards.
Investors and stakeholders can expect the complete and audited financial statements to be made available once the company files its Annual Report. The details provided in the notification are based on a press release statement and are intended to maintain transparency with the market and comply with SEC reporting obligations.
The company’s stock performance and investor sentiment could be influenced by the delayed report, as timely financial disclosures are critical for market analysts and investors to make informed decisions. The stock has declined over 30% year-to-date and is currently trading near its 52-week low of $0.28. InvestingPro analysis indicates the stock is currently undervalued, with analysts setting price targets ranging from $1.00 to $3.00. Spruce Biosciences’ commitment to addressing rare endocrine diseases remains central to its mission, as the company continues to navigate the regulatory and operational aspects of its business. For deeper insights into SPRB’s valuation and 15+ additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.
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