Spruce Biosciences (NASDAQ:SPRB) stock is falling hard on Thursday after the biopharmaceutical company posted two new updates for investors.
The first big update that has investors in SPRB stock reeling are the results of a Phase 2b clinical trial of tildacerfont in adult patients with classic congenital adrenal hyperplasia (CAH). The bad news here is that this study did not meet its primary endpoint.
Spruce Biosciences CEO Javier Szwarcberg said the following about the study results:
“We are grateful to all the patients, families, study team and investigators who supported the CAHmelia-203 clinical trial. We garnered important data from this study which will inform ongoing development of tildacerfont in adult classic CAH.”
SPRB Stock Falls on Worker Update
With these latest study results, Spruce Biosciences is terminating its development of tildacerfont for adult patients. As a result, the company is reducing its workforce by 21%.
Spruce Biosciences notes that these cost-cutting measures leave it with more than $81 million in cash and cash equivalents. This should provide the company with enough funds to operate through 2025.
This is worth pointing out as Spruce Biosciences still has additional trials of tildacerfont in the works. The extended operation time will allow it to obtain topline data from these trials.
SPRB stock is down 77.7% as of Thursday morning, with more than 1.7 million shares traded. The company’s daily average trading volume is about 395,000 shares.
Investors looking for more of the most recent stock market stories are in luck!
We’re offering insight into all of the tops tock market news worth reading about on Thursday! A few examples include what’s going on with shares of Dollar Tree (NASDAQ:DLTR), First Wave BioPharma (NASDAQ:FWBI) and Presto Automation (NASDAQ:PRST) stock this morning. All of that news is available at the following links!
More Thursday Stock Market News
- Trade of the Day: Wager on Cheapened Dollar Tree (DLTR) Calls
- Why Is First Wave BioPharma (FWBI) Stock Up Today?
- Why Is Presto Automation (PRST) Stock Up 77% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
