Spruce Biosciences, a late-stage biopharmaceutical firm focused on novel neurological treatments, saw its revenue vanish in 2025 following earlier collaborative income in prior years. Operating losses narrowed compared to 2024 but remain substantial, accompanied by significant negative cash flow from operations. Despite positive regulatory engagement for its lead candidate TA-ERT, the company’s future hinges on access to new financing to sustain operations beyond the next year. Licensing agreements and regulatory designations provide strategic assets but also embed milestone-related financial obligations with uncertain timing.