Ikarian Capital, LLC - 06 Oct 2025 SCHEDULE 13G Report for Spruce Biosciences Inc. Common Stock, par value $0.0001 per share (SPRBD)

Filing Manager: Ikarian Capital, LLC
Reporting Manager: Ikarian Capital, LLC
Security: Spruce Biosciences Inc. Common Stock, par value $0.0001 per share
Symbol: SPRBD
Shares outstanding: 561,833 shares
Disclosed Ownership: 121,356 shares
Ownership: 22%
Form type: SCHEDULE 13G
Filing time: 08 Oct 2025, 11:04:21 UTC
Date of event: 06 Oct 2025
Next filing: 07 Nov 2025
SEC: View on sec.gov

Reporting Managers (2)

Name	Ownership	Shares Owned	sole voting power	shared voting power	Signature	Title	CIK
Ikarian Capital, LLC	22%	121,356	0	121,356	/s/ Neil Shahrestani	Neil Shahrestani, Sole Manager
Neil Shahrestani	22%	121,356	0	121,356	/s/ Neil Shahrestani	Neil Shahrestani