Spruce Biosciences (SPRB)
Market Price (5/21/2026): $54.12 | Market Cap: $74.3 MilSector: Health Care | Industry: Biotechnology
Spruce Biosciences (SPRB)
Market Price (5/21/2026): $54.12Market Cap: $74.3 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -66% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. | Weak multi-year price returns2Y Excs Rtn is -139%, 3Y Excs Rtn is -179% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -57% High stock price volatilityVol 12M is 1387% Key risksSPRB key risks include [1] heavy pipeline dependence on a single new asset following the failure of its lead program, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -66% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. |
| Weak multi-year price returns2Y Excs Rtn is -139%, 3Y Excs Rtn is -179% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is null |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -57% |
| High stock price volatilityVol 12M is 1387% |
| Key risksSPRB key risks include [1] heavy pipeline dependence on a single new asset following the failure of its lead program, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Delay in Biologics License Application (BLA) Submission.
Spruce Biosciences announced in February 2026 that it would delay the submission of its BLA for tralesinidase alfa enzyme replacement therapy (TA-ERT) for Sanfilippo Syndrome Type B (MPS IIIB) from the first quarter of 2026 to the fourth quarter of 2026. This delay was attributed to the need to accommodate drug product process performance qualification (PPQ) batch requirements and other clinical and manufacturing requirements specified by the FDA. This pushed back the potential approval and commercialization timeline for their lead product candidate, creating uncertainty for investors.
2. Dilutive Equity Offering.
In April 2026, Spruce Biosciences completed an underwritten public offering, raising approximately $69.0 million in gross proceeds. The offering involved the sale of 1,150,000 common shares and 50,000 pre-funded warrants at $50.00 per share (or $49.99 per pre-funded warrant). While this significantly bolstered the company's cash reserves, extending its runway into the second half of 2027, the increased number of outstanding shares led to dilution for existing shareholders, typically exerting downward pressure on the stock price.
Show more
Stock Movement Drivers
Fundamental Drivers
The -33.6% change in SPRB stock from 1/31/2026 to 5/20/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.55 | 51.52 | -33.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 0 | |
| P/S Multiple | 62.6 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 1 | -59.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| SPRB | -33.6% | |
| Market (SPY) | 7.4% | 37.2% |
| Sector (XLV) | -4.5% | 22.0% |
Fundamental Drivers
The -53.2% change in SPRB stock from 10/31/2025 to 5/20/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 110.10 | 51.52 | -53.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 0 | |
| P/S Multiple | 51.4 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 1 | -55.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| SPRB | -53.2% | |
| Market (SPY) | 9.3% | 25.5% |
| Sector (XLV) | 2.9% | 14.4% |
Fundamental Drivers
The -88.4% change in SPRB stock from 4/30/2025 to 5/20/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 444.94 | 51.52 | -88.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 0 | |
| P/S Multiple | 50.1 | ∞ | 9.2233720368547763E17% |
| Shares Outstanding (Mil) | 1 | 1 | -59.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| SPRB | -88.4% | |
| Market (SPY) | 35.2% | 3.1% |
| Sector (XLV) | 6.6% | -2.1% |
Fundamental Drivers
The -99.6% change in SPRB stock from 4/30/2023 to 5/20/2026 was primarily driven by a -77.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11587.50 | 51.52 | -99.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 1 | -77.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| SPRB | -99.6% | |
| Market (SPY) | 85.2% | 2.8% |
| Sector (XLV) | 15.8% | -0.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPRB Return | -82% | -75% | 167% | -86% | -96% | -45% | -100% |
| Peers Return | -5% | -17% | 33% | 3% | -13% | -8% | -14% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| SPRB Win Rate | 17% | 25% | 50% | 50% | 33% | 20% | |
| Peers Win Rate | 48% | 48% | 50% | 52% | 50% | 32% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| SPRB Max Drawdown | -91% | -79% | -67% | -93% | -100% | -47% | |
| Peers Max Drawdown | -45% | -45% | -35% | -35% | -45% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMRN, RARE, NBIX, ABEO, CRNX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | SPRB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.7% | -7.8% |
| % Gain to Breakeven | 31.1% | 8.5% |
| Time to Breakeven | 71 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.2% | -9.5% |
| % Gain to Breakeven | 104.8% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.3% | -6.7% |
| % Gain to Breakeven | 37.5% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -76.7% | -24.5% |
| % Gain to Breakeven | 329.0% | 32.4% |
| Time to Breakeven | 478 days | 427 days |
In The Past
Spruce Biosciences's stock fell -23.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 31.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SPRB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.7% | -7.8% |
| % Gain to Breakeven | 31.1% | 8.5% |
| Time to Breakeven | 71 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.2% | -9.5% |
| % Gain to Breakeven | 104.8% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.3% | -6.7% |
| % Gain to Breakeven | 37.5% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -76.7% | -24.5% |
| % Gain to Breakeven | 329.0% | 32.4% |
| Time to Breakeven | 478 days | 427 days |
In The Past
Spruce Biosciences's stock fell -23.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 31.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Spruce Biosciences (SPRB)
AI Analysis | Feedback
Here are 1-3 brief analogies for Spruce Biosciences:
- Think of them as a Vertex Pharmaceuticals, but focused on rare endocrine disorders like CAH instead of cystic fibrosis.
- Like an early-stage Amgen or Gilead Sciences, but hyper-focused on developing novel treatments for specific hormonal imbalances.
AI Analysis | Feedback
- Tildacerfont: A non-steroidal therapy in clinical trials for multiple rare endocrine disorders, including congenital adrenal hyperplasia (CAH) in adult and pediatric patients, and polycystic ovary syndrome (PCOS) in females.
AI Analysis | Feedback
Spruce Biosciences (SPRB) is a biopharmaceutical company primarily engaged in the research and development of novel therapies for rare endocrine disorders. Its main drug candidate, tildacerfont, is currently in Phase 2b and Phase 2 clinical trials. As the company's product is still in clinical development and has not yet received regulatory approval for commercialization, Spruce Biosciences does not currently have major customers for its therapeutic products.
While the company has a license agreement with Eli Lilly and Company for research, development, and commercialization of other compounds, this represents a partnership or collaboration for intellectual property and development rather than Eli Lilly being a direct customer for Spruce Biosciences' primary commercial products.
AI Analysis | Feedback
nullAI Analysis | Feedback
Javier Szwarcberg, M.D., M.P.H. Chief Executive Officer
Dr. Szwarcberg was appointed Chief Executive Officer in January 2022. He brings over 18 years of leadership experience in the biotechnology and pharmaceutical industries. Dr. Szwarcberg previously served as Group Vice President and Head of Program and Portfolio Development for BioMarin Pharmaceuticals. His prior roles also include Senior Vice President, Head of Program and Portfolio Management at Ultragenyx Pharmaceutical, and Vice President of R&D and Business Development at Horizon Pharma. He is currently a scientific advisor to Abalone Bio.
Samir Gharib, M.B.A. President and Chief Financial Officer
Mr. Gharib has served as Chief Financial Officer since May 2020 and was promoted to President in January 2022. He has been instrumental in the company's capital raises, having raised nearly $1 billion from private and public capital markets, including two IPOs. Prior to joining Spruce Biosciences, Mr. Gharib was the Chief Financial Officer of Stemedica Cell Technologies, Inc. He also held executive finance roles at Revance Therapeutics, Inc. and Talon Therapeutics, Inc. Mr. Gharib began his career in the Audit and Advisory practice at KPMG LLP.
Michael Grey Executive Chairman of the Board
Mr. Grey possesses over 45 years of experience in the pharmaceutical and biotechnology industries. He has served as Executive Chairman of the Spruce Board since 2017 and as Interim Chief Executive Officer from November 2021 to January 2022. Mr. Grey has founded several biotechnology companies, including Lumena Pharmaceuticals, Inc., where he was President and CEO until its acquisition by Shire Plc. He also previously served as President and CEO of Auspex Pharmaceuticals, Inc., and was President and CEO of SGX Pharmaceuticals, Inc. until its acquisition by Eli Lilly in 2008. Additionally, he was President and CEO of Trega Biosciences, Inc. until its acquisition by Lion Bioscience in 2001. Mr. Grey is a venture partner at Pappas Capital and currently serves as chairman or executive chair of Mirum Pharmaceuticals, Inc., Plexium, Inc., Reneo Pharmaceuticals, Inc., and Theolytics Ltd.
Kirk Ways, M.D., Ph.D. Chief Medical Officer
Dr. Ways is an experienced endocrinologist with more than 30 years of pharmaceutical drug discovery and development experience. He serves as the Chief Medical Officer and is also a member of the company's Board of Directors.
Dasharatha Reddy, Ph.D. Vice President, Pharmaceutical Development and Manufacturing
Dr. Reddy was appointed Vice President, Pharmaceutical Development and Manufacturing in May 2020. Before joining Spruce Biosciences, he was the Head of CMC at Landos Biopharma. His career also includes positions in product and pharmaceutical development and manufacturing at Reviva Pharmaceuticals, Teikoku Pharma USA, Spectrum Pharmaceuticals, and Relypsa Inc.
AI Analysis | Feedback
Here are the key risks to Spruce Biosciences (SPRB):- Clinical Development and Product Pipeline Concentration Risk: Spruce Biosciences faces substantial risk associated with its drug development pipeline. The company's previous lead product candidate, tildacerfont, which was in Phase 2b clinical trials for congenital adrenal hyperplasia (CAH), failed to meet its primary efficacy endpoints in both adult and pediatric studies in 2024 and has since been trimmed from the pipeline, leaving its future direction uncertain. This highlights the high risk inherent in clinical trials. The company's current prospects are now heavily concentrated on tralesinidase alfa (TA-ERT) for Sanfilippo Syndrome Type B (MPS IIIB). While TA-ERT has received FDA Breakthrough Therapy Designation and shows promising long-term data for biomarker normalization and cognitive stabilization, its Biologics License Application (BLA) submission has been delayed to late 2026. The success or failure of this single, critical program will largely determine the company's future.
- Significant Financial Distress and Going Concern Risk: Spruce Biosciences is in a challenging financial position, characterized by negative margins, substantial losses (EPS of -85.91), and a low Piotroski F-Score of 1, indicating poor business operations. The company's Altman Z-Score of -23.26 places it within the distress zone, suggesting a high risk of bankruptcy. As of March 2026, the company has explicitly stated substantial doubt about its ability to continue as a going concern and acknowledges that it lacks sufficient working capital for the next twelve months without securing new funding. The need to raise additional capital to fund manufacturing and commercialization plans is a critical and immediate risk.
- Regulatory Approval and Commercialization Risk for TA-ERT: Despite TA-ERT receiving Breakthrough Therapy Designation, which is intended to expedite development and review, there is no guarantee of regulatory approval. Even if approved, Spruce Biosciences will face significant challenges in successfully commercializing a therapy for an ultra-rare disease like MPS IIIB, particularly given its precarious financial situation and the need for specialized market access and distribution strategies. Any further delays in the BLA submission or unforeseen hurdles in the approval process could severely impact the company's viability.
AI Analysis | Feedback
nullAI Analysis | Feedback
For Spruce Biosciences, the addressable markets for its main products are as follows:Polycystic Ovary Syndrome (PCOS)
The global market for polycystic ovary syndrome (PCOS) treatment is substantial, with varying estimates across different reports. The global polycystic ovary syndrome treatment market size was calculated at US$ 5.15 billion in 2025, grew to US$ 5.48 billion in 2026, and is projected to reach approximately US$ 9.72 billion by 2035. Another estimate valued the global polycystic ovarian syndrome (PCOS) market size at USD 6.53 billion in 2024, with expectations to reach USD 10.41 billion by 2032. North America is a dominant region in the global PCOS market.Congenital Adrenal Hyperplasia (CAH) (Adult and Pediatric Classic)
The global Congenital Adrenal Hyperplasia (CAH) treatment market, which includes both adult and pediatric patients, is projected to see significant growth. The global market is estimated to grow from USD 472 million in 2024 to USD 703 million by 2030. Another report values the global congenital adrenal hyperplasia treatment market at USD 478.36 million in 2025, with a projection to reach USD 1,040 million by 2035. The U.S. market specifically for Congenital Adrenal Hyperplasia (CAH) treatment was estimated at USD 188.8 million in 2024 and is projected to reach USD 262.7 million by 2030.AI Analysis | Feedback
Spruce Biosciences (SPRB) is expected to drive future revenue growth over the next 2-3 years through the following key areas:
-
Advancement of Tildacerfont for Polycystic Ovary Syndrome (PCOS): Following positive Phase 2 POWER study results for tildacerfont in PCOS, which demonstrated significant reductions in DHEAS and increases in SHBG, Spruce Biosciences is evaluating strategic collaboration opportunities. A successful collaboration or further internal development of tildacerfont for PCOS could lead to upfront payments, development milestones, and eventual commercialization revenue from a market with significant unmet medical need.
-
Milestone Payments and Royalties from Kaken Pharmaceutical Collaboration: Spruce Biosciences has an exclusive licensing agreement with Kaken Pharmaceutical for the development and commercialization of tildacerfont for congenital adrenal hyperplasia (CAH) in Japan. This agreement includes an upfront payment received by Spruce, and potential future revenue from development and commercial milestones, as well as tiered double-digit royalties on net sales in Japan.
-
Progression of Tildacerfont for Major Depressive Disorder (MDD) through Strategic Collaboration: Spruce Biosciences has partnered with HMNC Brain Health GmbH to develop tildacerfont for MDD, utilizing HMNC's companion diagnostic. HMNC will fund and conduct a Phase 2 proof-of-concept study. The advancement of this program, including potential milestone payments from the collaboration, could contribute to future revenue growth.
AI Analysis | Feedback
Share Repurchases
- Spruce Biosciences has not engaged in any share repurchases, with the share buybacks for SPRB stock reported as $0.00.
Share Issuance
- In October 2025, Spruce Biosciences completed a private placement, issuing approximately 502,181 shares of common stock at $68.00 per share and pre-funded warrants for up to 233,144 shares at $67.99 each, resulting in gross proceeds of approximately $50.0 million.
- On March 9, 2026, the company entered into a new Open Market Sale Agreement with Jefferies for at-the-market issuances of common stock, replacing a previous agreement from 2022.
- The number of issued and outstanding shares increased significantly, from 563,042 as of December 31, 2024, to 1,372,043 as of December 31, 2025.
Inbound Investments
- In October 2025, Spruce Biosciences secured $50.0 million through a private placement financing aimed at advancing its tralesinidase alfa enzyme replacement therapy (TA-ERT) program.
- In January 2026, the company established a loan facility of up to $50 million in growth capital with Avenue Capital Group, with an initial tranche of $15 million fully funded in January 2026. This capital is intended to support the development and potential commercial launch of TA-ERT.
Capital Expenditures
- Research and development (R&D) expenses were $19.5 million for the year ended December 31, 2025, a decrease from $46.4 million in 2024. This reduction was primarily due to the cessation of tildacerfont development activities, offset by increased activities for TA-ERT and the acquisition of SPR202.
- Total operating expenses for the year ended December 31, 2025, were $36.5 million, down from $61.1 million in 2024.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Spruce Biosciences Earnings Notes | 12/16/2025 | |
| With Spruce Biosciences Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to SPRB.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.23 |
| Mkt Cap | 3.1 |
| Rev LTM | 344 |
| Op Inc LTM | -63 |
| FCF LTM | -57 |
| FCF 3Y Avg | -51 |
| CFO LTM | -54 |
| CFO 3Y Avg | -49 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.5% |
| Rev Chg 3Y Avg | 24.8% |
| Rev Chg Q | 22.5% |
| QoQ Delta Rev Chg LTM | 8.5% |
| Op Inc Chg LTM | -21.2% |
| Op Inc Chg 3Y Avg | 6.4% |
| Op Mgn LTM | -83.8% |
| Op Mgn 3Y Avg | -43.6% |
| QoQ Delta Op Mgn LTM | 3.5% |
| CFO/Rev LTM | -74.2% |
| CFO/Rev 3Y Avg | -32.2% |
| FCF/Rev LTM | -75.9% |
| FCF/Rev 3Y Avg | -36.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.1 |
| P/S | 5.0 |
| P/Op Inc | -2.7 |
| P/EBIT | 1.2 |
| P/E | 1.3 |
| P/CFO | -3.1 |
| Total Yield | -5.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -12.5% |
| D/E | 0.1 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.6% |
| 3M Rtn | 0.1% |
| 6M Rtn | -10.0% |
| 12M Rtn | -16.7% |
| 3Y Rtn | 8.6% |
| 1M Excs Rtn | -7.3% |
| 3M Excs Rtn | -9.1% |
| 6M Excs Rtn | -23.6% |
| 12M Excs Rtn | -39.7% |
| 3Y Excs Rtn | -74.5% |
Price Behavior
| Market Price | $51.52 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/09/2020 | |
| Distance from 52W High | -92.6% | |
| 50 Days | 200 Days | |
| DMA Price | $60.43 | $127.24 |
| DMA Trend | down | down |
| Distance from DMA | -14.8% | -59.5% |
| 3M | 1YR | |
| Volatility | 93.8% | 1,452.2% |
| Downside Capture | 385.21 | 807.92 |
| Upside Capture | 263.35 | 347.27 |
| Correlation (SPY) | 41.8% | 3.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.52 | 3.05 | 2.53 | 1.90 | 3.39 | 1.47 |
| Up Beta | 3.05 | 2.59 | 4.10 | 3.25 | -7.95 | -1.10 |
| Down Beta | 37.50 | 2.62 | 1.97 | 1.14 | 2.04 | 0.64 |
| Up Capture | 229% | 387% | 120% | 58% | 769% | 226% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 28 | 37 | 68 | 109 | 345 |
| Down Capture | 2063% | 321% | 250% | 202% | 219% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 15 | 27 | 57 | 115 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPRB | |
|---|---|---|---|---|
| SPRB | -84.2% | 1,452.2% | 0.99 | - |
| Sector ETF (XLV) | 11.5% | 14.7% | 0.52 | -2.8% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 3.6% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 7.7% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | 4.4% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | -6.9% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 6.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPRB | |
|---|---|---|---|---|
| SPRB | -76.6% | 634.4% | 0.34 | - |
| Sector ETF (XLV) | 5.4% | 14.6% | 0.19 | 1.1% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 4.1% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 5.8% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 2.2% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 1.1% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 3.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPRB | |
|---|---|---|---|---|
| SPRB | -52.3% | 600.3% | 0.32 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 0.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 4.0% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 5.5% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 2.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 1.2% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 2.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/9/2026 | 11.2% | 7.5% | 11.2% |
| 11/10/2025 | -2.6% | -5.9% | -23.5% |
| 8/14/2025 | 0.0% | 0.0% | -3.2% |
| 4/1/2025 | 9.2% | 3.8% | -72.7% |
| 11/12/2024 | -1.3% | -11.1% | -19.3% |
| 8/12/2024 | 3.9% | 12.5% | 12.5% |
| 3/13/2024 | -84.4% | -85.6% | -85.8% |
| 11/13/2023 | -3.7% | 25.9% | 61.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 5 |
| # Negative | 8 | 6 | 12 |
| Median Positive | 3.9% | 7.5% | 12.5% |
| Median Negative | -3.1% | -14.4% | -13.7% |
| Max Positive | 11.2% | 25.9% | 61.1% |
| Max Negative | -84.4% | -85.6% | -85.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 BLA Submission Timing | |||||||
| 2027 Cash Runway | |||||||
Prior: Q4 2025 Earnings Reported 3/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 BLA Submission Timing | |||||||
| 2027 Cash Runway | 2,027 | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Parkman, Healthcare Partners Llc | See footnote | Buy | 10152025 | 17.91 | 256 | 4,585 | 23,409 | Form | |
| 2 | Parkman, Healthcare Partners Llc | See footnote | Sell | 10152025 | 19.14 | 257 | 4,920 | 20,102 | Form | |
| 3 | Parkman, Healthcare Partners Llc | See footnote | Buy | 10082025 | 17.91 | 256 | 4,585 | 23,409 | Form | |
| 4 | Parkman, Healthcare Partners Llc | See footnote | Sell | 10082025 | 19.14 | 257 | 4,920 | 20,102 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.