Exhibit 10.1 Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[***]". LOAN AND SECURITY AGREEMENT Dated as of January 7, 2026 among and any Person from time to time party hereto as a lender (in such capacity, with Avenue 2, a "Lender" and collectively, the "Lenders") LOAN AND SECURITY A ...

The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top Upgrades: More bullish on the name, CFRA upgraded Pool Corp. (POOL) to Buy from Hold with a $304 price target.Piper Sandler upgraded SEI Investments (SEIC) to Overweight from Neutral with a price target of $102, up from $93, as part of a Q4 preview for the asset management group. The firm believes SEI will be a "clear benefic ...

Core Insights - Several biotechnology and pharmaceutical companies experienced significant gains in after-hours trading due to corporate updates and upcoming event announcements [1] Company Updates - Jasper Therapeutics, Inc. (JSPR) saw a 21.51% increase to $2.09 after hours, following the announcement of a webinar on December 2 to present findings from the BEACON study and preliminary data from the ETESIAN study [2] - NRx Pharmaceuticals, Inc. (NRXP) rose 13.39% to $2.71 after hours, with the CEO scheduled to present at NobleCon21 on December 3, discussing the company's expanded focus and clinical revenue progress [3] - Unicycive Therapeutics, Inc. (UNCY) increased by 5.42% to $6.33, with the CEO participating in two upcoming events, although no new announcements were made on Monday [4] - Spruce Biosciences, Inc. (SPRB) shares rose 4.68% to $87.00 after reporting a net loss of $8.2 million for the quarter ending September 30, 2025, an improvement from a net loss of $8.7 million in the previous year [5] - Evaxion A/S (EVAX) added 3.96% to $5.65, announcing progress in its CMV vaccine program with new protective data and ongoing preclinical development [6] - Solana Company (HSDT) gained 3.48% to $3.87, reporting a net loss of $352.8 million for the third quarter, a significant increase from a net loss of $3.7 million in the prior-year period, with revenue totaling $697,000 [7] - Protara Therapeutics, Inc. (TARA) rose 5.04% to $7.08, planning a conference call on December 3 to review interim data from its Phase 2 trial of TARA-002 in bladder cancer patients [8]

Financial Performance - For the nine months ended September 30, 2025, the company incurred a net loss of $24.3 million, compared to a net loss of $29.5 million for the same period in 2024, reflecting a decrease of $5.2 million [94]. - The total operating expenses for the nine months ended September 30, 2025, were $25.4 million, down from $36.3 million in 2024, indicating a reduction of $10.9 million [114]. - The company incurred interest expense of $84,000 for the nine months ended September 30, 2025, compared to $251,000 in 2024, reflecting a decrease of $167,000 [114]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $26.9 million, an improvement of $8.4 million compared to $35.3 million in 2024 [140]. - Net cash used in operating activities decreased by $8.4 million during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to lower payments from decreased clinical development activities [141]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $1.2 million, compared to $1.0 million for the same period in 2024, with principal payments on the Term Loan being the main component [142]. Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $15.4 million, a decrease of $9.5 million from $25.0 million in 2024 [114]. - Research and development expenses decreased by $1.5 million to $5.0 million for the three months ended September 30, 2025, compared to $6.6 million for the same period in 2024 [116]. - For the nine months ended September 30, 2025, research and development expenses decreased by $9.5 million to $15.4 million, down from $24.9 million in 2024 [117]. - The decrease in clinical development expenses for the nine months was $6.4 million, primarily due to the discontinuation of the tildacerfont CAH development program, which accounted for $11.0 million [117]. - The company anticipates an increase in research and development expenses as it advances TA-ERT through an anticipated biologics license application in Q1 2026 [118]. Cash and Liquidity - As of September 30, 2025, the company had cash and cash equivalents of $10.7 million, which is expected to be insufficient to fund operations for at least the next 12 months [96]. - As of September 30, 2025, the company had cash and cash equivalents of $10.7 million, down from $38.8 million as of December 31, 2024 [124]. - The company raised approximately $50.0 million through a private placement transaction on October 7, 2025, selling 502,181 shares of common stock [125]. - As of September 30, 2025, cash and cash equivalents totaled $10.7 million, consisting of bank deposits and money market funds, with no excessive risk anticipated in future investments [149]. Company Status and Future Outlook - The company has no products approved for commercial sale and has not generated any product revenue to date [93]. - The company anticipates submitting a biologics license application for TA-ERT in the first quarter of 2026, targeting the treatment of Sanfilippo Syndrome Type B [92]. - The company expects to continue incurring net losses and will need to finance future cash needs through various means, including equity offerings and collaborations [126]. - The accumulated deficit increased to $274.6 million as of September 30, 2025, compared to $250.3 million at the end of 2024 [124]. - The company is classified as an "emerging growth company" under the JOBS Act and may retain this status until December 31, 2025, unless certain revenue or debt thresholds are met [146]. Accounting and Risk Management - There were no changes to critical accounting estimates during the nine months ended September 30, 2025, compared to those discussed in the Annual Report [145]. - The company has not engaged in hedging transactions to manage exposure to interest rate risk [150]. - Operating results are exposed to changes in foreign currency exchange rates, but there was no material impact on results for the periods presented [151]. - A hypothetical 1% change in interest rates as of September 30, 2025, would not have a material effect on the financial statements [150]. - The company does not expect anticipated changes in inflation to have a material effect on its business, financial condition, or results of operations for future reporting periods [152]. Stock and Shareholder Information - The company executed a one-for-seventy-five reverse stock split on August 4, 2025, retroactively adjusting share numbers and prices in financial statements [99]. - Payments made for asset acquisitions amounted to $7.1 million during the nine months ended September 30, 2025 [141]. - Collaboration revenue recognized in the nine months ended September 30, 2024, was $4.2 million, while no collaboration revenue was recognized in 2025 [115].

Financial Performance - Cash and cash equivalents as of September 30, 2025, were $10.7 million, which does not include the $50.0 million from the recent financing[5] - Research and Development (R&D) expenses for Q3 2025 were $5.0 million, a decrease from $6.6 million in Q3 2024[5] - General and Administrative (G&A) expenses for Q3 2025 were $3.2 million, compared to $3.5 million in Q3 2024[8] - Total operating expenses for Q3 2025 were $8.2 million, down from $10.0 million in Q3 2024[8] - Net loss for Q3 2025 was $8.2 million, compared to a net loss of $8.7 million in Q3 2024[8] Financing Activities - Spruce Biosciences completed a $50.0 million private placement financing in October 2025, resulting in gross proceeds before offering expenses[5] - The company expects to fund its operating plan into the fourth quarter of 2026 with current cash and proceeds from the recent financing[5] Regulatory Developments - The company received Breakthrough Therapy Designation from the FDA for TA-ERT for the treatment of MPS IIIB in October 2025[5] - The biologics license application submission for TA-ERT is on track for the first quarter of 2026[1] Share Information - Common shares outstanding as of September 30, 2025, were 563,491[8]

Core Insights - In September, the OTC market in the U.S. welcomed 30 new companies, a decrease of 9 compared to the previous month [1] - There were 5 companies that transitioned from OTC to the main board, an increase of 3 from August [1] - The new listings came from 6 countries, with Canada accounting for 47% of the new companies [1] - As of September 30, 2025, there are 12,278 companies listed on the U.S. OTC market, with a transaction volume of $61.2 billion for the month and $527.1 billion year-to-date [1] New Listings - The following companies were newly listed in September: - EMPIRE METALS LTD (OTCQX: EPMLF) - VERUSA HOLDING A S (OTCQX: VRSHF) - ACG Metals Limited (OTCQX: ACGAF) - FIRST NORDIC METALS CORP. (OTCQX: FNMCF) - Bitcoin Treasury Corporation (OTCQX: BTCFF) - Radisson Mining Resources Inc. (OTCQX: RMRDF) - Bonvenu Bancorp, Inc. (OTCQX: BBNA) - Associated Capital Group, Inc. (OTCQX: ACGP) - Horizon Kinetics Holding Corporation (OTCQX: HKHC) - Capstone Green Energy Holdings Inc. (OTCQX: CGEH) - Pacifica Silver Corp. (OTCQB: PAGFF) - BIONXT SOLUTIONS INC. (OTCQB: BNXTF) - Metalsource Mining Inc. (OTCQB: SFRIF) - Orogen Royalties Inc (OTCQB: OGNNF) - SUPERQ QUANTUM COMPUTING INC (OTCQB: QBTQF) - WESTERN STAR RES INC. (OTCQB: WSRIF) - Top End Energy Limited (OTCQB: SERPY, TNDEF) - Hamak Gold Limited (OTCQB: HASTF) - IMA TECH (OTCQB: IMAA) - TOKENWELL PLATFORMS INC. (OTCQB: TWELF) - Crypto Blockchain Industries, SA (OTCQB: CBIPF) - GREENLAND RES INC. (OTCQB: GRLRF) - Nexcel Metals Corp. (OTCQB: NXXCF) - Atex Resources Inc. (OTCQB: ATXRF) - Longevity Health Holdings, Inc. (OTCQB: XAGE) - PRINCE SILVER CORP (OTCQB: PRNCF) - Grayscale Near Trust (OTCQB: GSNR) - ConnectM Technology Solutions, Inc. (OTCQB: CNTM) - Eco Bright Future, Inc. (OTCQB: EBFI) - dMY Squared Technology Group, Inc. (OTCQB: DMYY, DMYYW) [1] Companies Transitioning to Main Board - Sono Group N.V. transitioned to NASDAQ with the ticker SSM on September 5, 2025, focusing on solar technology development and applications [2] - Sol Strategies, Inc. transitioned to NASDAQ with the ticker STKE on September 9, 2025, specializing in Solana blockchain infrastructure [3] - Spruce Biosciences, Inc. transitioned to NASDAQ with the ticker SPRB on September 15, 2025, focusing on innovative therapies for rare endocrine diseases [7] - Grayscale transitioned to NYSE MKT with the ticker GDLC on September 19, 2025, as a multi-asset cryptocurrency fund [8] - BTQ Technologies Corp. transitioned to NASDAQ with the ticker BTQ on September 26, 2025, focusing on quantum computing and cybersecurity [8]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Spruce Biosciences, Inc. (SPRB) - SPRB currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating a favorable outlook for the stock [2][3] - The stock has experienced significant price increases, with shares up 1868.25% over the past week, while the Zacks Medical - Biomedical and Genetics industry has seen a decline of 0.34% during the same period [5] - Over the last quarter, SPRB shares have risen 1860.75%, and are up 403.62% over the past year, significantly outperforming the S&P 500, which has moved 6.33% and 14.66% respectively [6] Trading Volume - SPRB's average 20-day trading volume is 1,450,847 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for SPRB has increased, while none have decreased, leading to a consensus estimate improvement from -$51.13 to -$2.83 [9] - For the next fiscal year, one estimate has moved upwards with no downward revisions, indicating positive sentiment [9] Conclusion - Considering the strong momentum indicators and positive earnings outlook, SPRB is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [11]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - The article discusses the Biotech Analysis Central service, which provides in-depth analysis of pharmaceutical companies and investment opportunities in the biotech sector [1][2]. Group 1 - The service offers a library of over 600 biotech investing articles, a model portfolio of more than 10 small and mid-cap stocks, and live chat features for investors [2]. - A promotional offer is available, providing a two-week free trial for new subscribers, with a monthly subscription priced at $49, and an annual plan at a discounted rate of $399, reflecting a 33.50% discount [1].

Core Insights - The microcap biotech stock experienced its best trading day ever following the FDA's grant of a breakthrough designation for its rare-disease drug [1] Company Summary - The company specializes in developing treatments for rare diseases and has received significant recognition from the FDA, which may enhance its market position and investor interest [1] Industry Summary - The biotech industry, particularly in the microcap segment, can see substantial stock price movements based on regulatory approvals and designations, highlighting the volatility and potential for high returns in this sector [1]