SPRUCE BIOSCIENCES, INC.

SPRB

Spruce Biosciences, Inc. is a biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders. The company develops TA-ERT, a fusion protein comprised of recombinant human alpha-N-acetylglucosaminidase, which is an enzyme replacement therapy for patients with Sanfilippo Syndrome Type B.

About the company

Country: United StatesPrice: $43.31Market Cap: $124.5M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Buffett, Marks and Asness object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-09 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-09 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-09 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-09 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-09 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14

Where It Passes

Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Buffett, Marks and Asness object
LT Debt vs Net Current AssetsLT Debt $3.8M vs NCA $71.6M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.12, IC: -21.3x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.12
✓Lynch< 0.33
Cash - Long-term Debt$83.9M
✓LynchPositive preferred
LT Debt / Total Assets Change0.27% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.83
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.12
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.12
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-21.3x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.12
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.1180; #1363/4210 (top 32.4%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

Valuation0% pass✓ 3✗ 25▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / Book Value per Share1.4x
✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.4x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-48.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-48.3%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Valuation ReasonablenessOE Yield=-65.5%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=1.4x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low619% of trailing low ($7.00)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-53.94%; #5088/6340 (top 80.3%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.5326; #2760/6449 (top 42.8%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.40x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0000; #5080/5247 (top 96.8%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-31.93%; #4499/6202 (top 72.5%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-53.0M
✗BuffettPositive and growing
FCF Positive and Growing$-56.0M
✗LynchPositive and growing
Operating Cash Flow$-33.3M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-62.86%, ROA=-73.49%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/6 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency0/7 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-51.3%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability6% pass✓ 3✗ 32▾
15 of 16 flag SPRB's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)0/8 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-88.7%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-53.0M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-101.3%
✗Lynch> 15%
EBIT / Enterprise Value-48.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-48.3%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-73.49%
✗PiotroskiROA > 0
ROA Change YoY-117.31% -> -73.49% (delta: +43.82%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-62.86%, ROA=-73.49%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-101.3%
✗Dreman> 12%
Margin of SafetyP/B=1.4x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-112.8% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-101.3%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-53.94%; #5088/6340 (top 80.3%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-101.29%; #4601/5226 (top 88.0%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2927; #4581/5884 (top 77.9%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/7 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts14% pass✓ 2✗ 12▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag SPRB's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio4.83
✓Graham>= 2.0
ROIC (3-5 yr avg)-60.8%
✗Buffett> 10%
ROIC - WACC-70.8%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY2.90 -> 5.17
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.11x -> 0.00x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities4.83
✓Dreman> 1.5
Return on Invested Capital-67.8%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-51.4%; FY2024: ROIC=-145.1%; FY2025: ROIC=-67.8%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest -67.8%)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products

SIC Sector: Chemicals & Pharmaceuticals

Size: Micro Cap($124.5M)

Revenue: $0.00-100.0% YoY

Net Income: $39.0M+26.5% YoY

Financial Snapshot

Operating Margin--

Return on Equity-91.7%

Debt / Equity0.00

Current Ratio5.17

EPS (Diluted)$-50.83

Similar Companies

MRKMerck & Co., Inc.

$364.3B

ABTABBOTT LABORATORIES

$188.0B

BMYBRISTOL MYERS SQUIBB CO

$129.7B

TECHBIO-TECHNE Corp

$11.4B

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-03-09 10-Q · 2026-05-13 10-Q · 2026-08-12 10-Q · 2026-11-09 Derived from cumulative filings: revenue, net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-09 Derived from cumulative filings: operating cash flow, depreciation amortization, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-12 Derived from cumulative filings: operating cash flow, depreciation amortization, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-13	FY 2025 Sources 10-K · 2026-03-09	FY 2024 Sources 10-K · 2025-04-15	FY 2023 Sources 10-K · 2024-03-18	FY 2022 Sources 10-K · 2023-03-16	FY 2021 Sources 10-K · 2023-03-16
Market Cap	$124.5Mcurrent	--	--	--	$106.4Mest.	$89.1Best.	$847.2Best.	$391.6Best.	$335.7Best.
Revenue	--	--	--	--	$0↓100%	$4.9M↓51%	$10.1M	$0	--
Operating Income	-$63.6M↓28%	-$24.0M↓191%	-$16.5M↓513%	-$12.0M↑17%	-$36.5M↑35%	-$56.2M↓8%	-$52.0M↓10%	-$47.3M↓12%	-$42.1M
Net Income	-$67.1M↓40%	-$24.0M↓192%	-$16.2M↓685%	-$12.3M↑13%	-$39.0M↑27%	-$53.0M↓11%	-$47.9M↓4%	-$46.2M↓9%	-$42.3M
EPS (Diluted)	--	$-8.51↑42%	$-6.68↓91%	$-8.94↓2694%	$-50.83↓3840%	$-1.29↓4%	$-1.24↑37%	$-1.96↓8%	$-1.81
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	-1143.4%↓122%	-515.3%	—	—
ROE	-101.3%↑89%	—	—	—	-91.7%↑50%	-184.0%↓194%	-62.6%↑7%	-67.4%↓78%	-38.0%
Total Debt	$7.8M↑1351%	$7.8M↑1351%	$7.1M↑652%	$6.5M↑381%	$0↓100%	$1.7M↓48%	$3.3M↓32%	$4.9M↑1%	$4.9M
Shareholders' Equity	$66.3M↑1131%	$66.3M↑1131%	$83.7M↑535%	$34.6M↑126%	$42.5M↑48%	$28.8M↓62%	$76.5M↑12%	$68.5M↓39%	$111.4M
Current Ratio	4.83↑213%	4.83↑213%	9.23↑255%	4.67↑139%	5.17↑78%	2.90↓31%	4.18↓38%	6.72↓35%	10.36
Debt / Equity	0.12↑18%	0.12↑18%	0.08↑18%	0.19↑113%	0.00↓100%	0.06↑39%	0.04↓39%	0.07↑64%	0.04
Operating Cash Flow	-$51.1M↓7%	-$13.8M↓159%	-$22.1M↓151%	-$8.7M↑31%	-$33.3M↑40%	-$56.0M↓68%	-$33.3M↑20%	-$41.7M↓16%	-$35.9M
Free Cash Flow	--	-$13.8M	-$22.3M	-$8.7M	--	-$56.0M↓68%	-$33.3M↑20%	-$41.7M↓16%	-$36.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

SPRB vs Peers — Financial Grading

Revenue$0.00Bottom 25%

Net Income$39.0MBottom 25%

ROE-91.7%Bottom 25%

D/E0.00Top 25%

Op. Margin—

Curr. Ratio5.17Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
Merck & Co., Inc.MRK	$364.3B	$147.76	$65.0B	$18.3B	34.7%	0.94	—	1.54	2/9	5/9	4/7	0/3	F-Score 4	1/11
ABBOTT LABORATORIESABT	$188.0B	$108.52	$44.3B	$6.5B	12.5%	0.25	18.2%	1.58	3/9	4/9	2/7	1/3	F-Score 5	3/11
BRISTOL MYERS SQUIBB COBMY	$129.7B	$63.43	$48.2B	$7.1B	38.2%	2.44	19.4%	1.26	2/9	1/9	3/7	1/3	F-Score 8	5/11
BIO-TECHNE CorpTECH	$11.4B	$72.80	$1.2B	$73.4M	3.8%	—	8.4%	3.46	4/9	3/9	3/7	0/3	F-Score 5	4/11
REPLIGEN CORPRGEN	$10.7B	$167.79	$738.3M	$48.9M	2.3%	0.26	7.5%	8.37	3/9	2/9	3/7	0/3	F-Score 7	5/11
IONIS PHARMACEUTICALS INCIONS	$4.8B	$29.06	$943.7M	$381.4M	-78.0%	3.60	-40.4%	3.83	3/9	1/9	1/7	0/3	F-Score 4	3/11
NEOGEN CORPNEOG	$2.5B	$11.23	$870.4M	$7.9M	-0.4%	0.76	-2.5%	3.82	3/9	1/9	2/7	0/3	F-Score 6	4/11
Pharvaris N.V.PHVS	$2.4B	$33.36	—	$206.4M	-64.8%	0.00	—	—	0/9	0/9	2/7	0/3	F-Score 2	2/11