SCHEDULE: ADAR1 Capital Management Reports Spruce Biosciences Stake

ADAR1 Capital Management and Daniel Schneeberger have updated their beneficial ownership filing for Spruce Biosciences, Inc., reporting a 2.5% stake as of June 30, 2026.

Summary

• ADAR1 Capital Management, LLC and Daniel Schneeberger have filed an amendment to their Schedule 13G, reporting their beneficial ownership of Spruce Biosciences, Inc. common stock.
• As of June 30, 2026, the reporting persons collectively beneficially owned 67,717 shares of common stock, representing 2.5% of the outstanding shares.
• This ownership includes shares held through ADAR1 Partners, LP (47,652 shares), Spearhead Insurance Solutions IDF, LLC (9,916 shares), and other separately managed accounts (10,149 shares).
• Daniel Schneeberger, as manager of ADAR1 Capital Management, LLC, may be deemed to indirectly beneficially own these securities.
• The filing is based on 2,752,810 shares of common stock outstanding as of June 30, 2026, as reported in Spruce Biosciences' Form 10-Q filed on August 12, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting changes in beneficial ownership without new strategic or financial performance information.

Positives

• Clear disclosure of beneficial ownership by ADAR1 Capital Management and Daniel Schneeberger.
• The filing confirms a stable, non-controlling ownership stake of 2.5%.

Negatives

• No new financial performance data or strategic updates are provided in this filing.

Risks

• The filing does not introduce new risks but relies on the general market and company-specific risks inherent in Spruce Biosciences' operations.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding future performance.

Management Comments

• Daniel Schneeberger certifies that the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for institutional investors and significant shareholders, indicating changes in holdings or confirming existing positions. This filing by ADAR1 Capital Management is typical for investment managers tracking their positions in publicly traded companies.

Stakeholder Impact

• Shareholders: Provides transparency on significant ownership stakes, confirming ADAR1 Capital Management's position as a passive investor.
• Management: Reinforces that the reporting persons are not seeking to influence control of the company.

Next Steps

• ADAR1 Capital Management and Daniel Schneeberger will continue to monitor their beneficial ownership in Spruce Biosciences, Inc. and file amendments as required by SEC regulations.

Key Dates

Keywords

Spruce Biosciences, Schedule 13G, Beneficial Ownership, ADAR1 Capital Management, Daniel Schneeberger, Investment Management, Shareholder