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Spruce Biosciences Provides Clinical Program Updates and Outlook for 2022

Topline Data from CAHmelia-203 and CAHmelia-204 Anticipated in 2H 2023 and 2H 2024, Respectively

Strategic Reprioritization Extends Anticipated Cash Runway by 6 Months into Q2 2024

CAHmelia Program in Adult Classic CAH to Significantly Expand Sites Globally, Planned Increase of Up to 50 New Sites

Company Implementing Protocol Amendments to Enhance Design of and Accelerate Patient Recruitment in CAHmelia-203 and CAHmelia-204 Trials

SAN FRANCISCO–(BUSINESS WIRE)–Spruce Biosciences, Inc. (Nasdaq: SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today provided an update on its clinical programs, upcoming milestones and strategic priorities for enhancing the design of and accelerating patient recruitment into the CAHmelia studies, which are evaluating tildacerfont for the treatment of adult classic congenital adrenal hyperplasia (CAH).

“Following a comprehensive assessment of the CAHmelia program, we’ve identified opportunities to accelerate patient recruitment and enhance the designs of the studies evaluating the potential of tildacerfont as a treatment for adult patients with classic CAH,” said Javier Szwarcberg, M.D., MPH, Chief Executive Officer of Spruce Biosciences. “By increasing the number of global trial sites and effecting protocol amendments, we will be well-positioned to meet our revised topline data milestones. In addition, we have reprioritized activities which has enabled us to extend our anticipated cash runway by approximately 6 months, taking us into Q2 2024. We look forward to building momentum in 2022 with this new focus, wherein we execute on our strategic business and clinical objectives.”

Anticipated Milestones

Tildacerfont Program Updates

Late-Stage CAHmelia Program in Adult Classic CAH

Pediatric Classic CAH Program

Polycystic Ovary Syndrome (PCOS) Program

Financial Update

The company estimates that its cash, cash equivalents, and investments were $121.4 million as of December 31, 2021. This amount is unaudited and preliminary and is subject to completion of financial closing procedures.

Strategic prioritization of activities has resulted in projected program cost reductions and deferrals of expenditures that are aligned with updated program timelines. Spruce has extended its expected cash runway by approximately 6 months, from Q4 2023 into Q2 2024.

About Spruce Biosciences

Spruce Biosciences is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need. Spruce is initially developing its wholly-owned product candidate, tildacerfont, as the potential first non-steroidal therapy for patients suffering from classic congenital adrenal hyperplasia (CAH). Classic CAH is a serious and life-threatening disease with no known novel therapies approved in approximately 50 years. Spruce is also developing tildacerfont for women suffering from a rare form of polycystic ovary syndrome (PCOS) with primary adrenal androgen excess. To learn more, visit www.sprucebiosciences.com and follow us on Twitter @Spruce_Bio, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the results, conduct, progress and timing of Spruce’s clinical trials, including the impact of the strategies to enhance the design of and accelerate patient recruitment into the CAHmelia studies, the fulfillment of Spruce’s strategic business objectives, the advancement of Spruce’s drug development pipeline, and Spruce’s expectations regarding its extended cash runway. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans”, “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Spruce’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Spruce’s business in general, the impact of the COVID-19 pandemic, and the other risks described in Spruce’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Spruce undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Contacts

Media Contact
Will Zasadny

Canale Communications

(619) 961-8848

will.zasadny@canalecomm.com
media@sprucebiosciences.com

Investors
Xuan Yang

Solebury Trout

(415) 971-9412

xyang@soleburytrout.com
investors@sprucebiosciences.com

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