Form 4: Insider Trading: Parkman Healthcare Adjusts SPRB Holdings

Parkman Healthcare Partners LLC and Gregory Martinez reported recent transactions in Spruce Biosciences, Inc. common stock, including both acquisitions and disposals.

Summary

• Parkman Healthcare Partners LLC and Gregory Martinez, a 10% owner and director of Spruce Biosciences, Inc. (SPRB), reported transactions in the company's common stock.
• On October 6, 2025, 256 shares of common stock were acquired at a weighted average price of $17.9108 per share, with prices ranging from $17.55 to $18.
• On the same date, 232 shares were disposed of at a weighted average price of $19.3264 per share, with prices ranging from $19.125 to $19.63.
• Additionally, 25 shares were disposed of at a weighted average price of $17.4557 per share, with prices ranging from $17.44 to $17.56.
• Following these reported transactions, the reporting persons indirectly beneficially own 1,050 shares of SPRB common stock through an investment in private funds.
• The net change in beneficial ownership from these transactions is a decrease of 1 share.

Sentiment

Score: 5

Explanation: The filing reports both acquisitions and disposals of a small number of shares by a 10% owner and director, resulting in a negligible net decrease of 1 share. This indicates a largely neutral stance on the company's immediate prospects from this specific insider's perspective, as the activity does not suggest a strong directional conviction.

Positives

• Acquisition of 256 shares at a weighted average price of $17.9108 indicates continued, albeit small, investment interest.

Negatives

• Disposal of a total of 257 shares (232 + 25) at weighted average prices of $19.3264 and $17.4557, resulting in a net decrease of 1 share in beneficial ownership.
• One of the disposal transactions (25 shares at $17.4557) occurred at a price lower than the acquisition price of $17.9108 for the 256 shares.

Future Outlook

NA

Management Comments

• The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought or sold at each separate price within the reported ranges.
• Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Industry Context

NA

Stakeholder Impact

• Shareholders: May observe minor adjustments in insider holdings, but the net change of 1 share is negligible and unlikely to influence investment decisions or company perception significantly.

Key Dates

Recommendation

The filing details minor, routine insider transactions with a negligible net change in beneficial ownership (a decrease of 1 share). This activity does not provide a strong signal for either buying or selling, suggesting a 'hold' recommendation as it does not materially alter the investment thesis based solely on this report.

Keywords

Spruce Biosciences, SPRB, Parkman Healthcare Partners, Gregory Martinez, Insider Trading, Form 4, Stock Transaction, Beneficial Ownership, Equity Securities