Spruce Biosciences(SPRB) - 2024 Q2 - Quarterly Results

Financial Performance - Spruce Biosciences reported cash and cash equivalents of $69.7 million as of June 30, 2024, which is expected to fund operations through the end of 2025[4] - Collaboration revenue for Q2 2024 was$1.6 million, a decrease from $2.2 million in Q2 2023, while total collaboration revenue for the first half of 2024 was$3.6 million compared to 4.1 million in the same period last year[4] - Research and Development (R&D) expenses decreased to 8.1 million for Q2 2024 from 13.1 million in Q2 2023, primarily due to reduced clinical development costs[4] - General and Administrative (G&A) expenses increased to 3.6 million for Q2 2024 from $3.0 million in Q2 2023[4] - Total operating expenses for Q2 2024 were$11.6 million, down from $16.1 million in Q2 2023[4] - The net loss for Q2 2024 was$9.2 million, compared to a net loss of $12.8 million in Q2 2023[4] Strategic Collaborations - Spruce announced a strategic collaboration with HMNC to develop tildacerfont for Major Depressive Disorder (MDD), with HMNC funding a Phase 2 study[2] Clinical Development - Topline data from the CAHmelia-204 study of tildacerfont is anticipated in Q4 2024, along with data from the CAHptain-205 study[1] - The company plans to meet with the U.S. FDA in the first half of 2025 to discuss the potential registrational path for tildacerfont[4] - Tildacerfont demonstrated the ability to reduce dehydroepiandrosterone sulfate levels in women with Polycystic Ovary Syndrome (PCOS) during the Phase 2 POWER study[2]