Spruce Biosciences(US:SPRB)2024-05-13 20:05Financial Performance - Cash and cash equivalents as of March 31, 2024, were $81.2 million, expected to fund operations through the end of 2025[13] - Collaboration revenue for Q1 2024 was $2.0 million, consistent with Q1 2023, reflecting partial recognition of a $15.0 million upfront payment from Kaken Pharmaceutical[13] - Research and development expenses decreased to $10.3 million in Q1 2024 from $11.7 million in Q1 2023, primarily due to completion of enrollment in CAH programs[13] - General and administrative expenses increased to $4.3 million in Q1 2024 from $3.5 million in Q1 2023[13] - Total operating expenses for Q1 2024 were $14.6 million, a slight decrease from $15.2 million in Q1 2023[13] - Net loss for Q1 2024 was $11.6 million, compared to a net loss of $12.8 million in Q1 2023[13] Clinical Trials and Research - The CAHmelia-203 study showed a maximum mean reduction in ACTH of 45% at week 64, indicating effective treatment engagement[2] - Patients with a baseline GC dose of 55 mg HCe experienced a mean placebo-adjusted decrease in A4 of 27% after 12 weeks of treatment with tildacerfont[3] - Topline results from the CAHmelia-204 clinical trial are anticipated in Q3 2024, focusing on adult classic CAH patients[8] - The company plans to hold an End of Phase 2 meeting with the FDA in Q1 2025 to discuss the potential registrational path for tildacerfont[8]