X0202 SCHEDULE 13G/A 0001104659-26-016661 0001940272 XXXXXXXX LIVE 1 Common Stock, par value $0.0001 per share 06/30/2026 0001683553 Spruce Biosciences, Inc. 85209E208 611 Gateway Boulevard Suite 740 South San Francisco CA 94080 Rule 13d-1(b) ADAR1 Capital Management, LLC b TX 0.00 67717.00 0.00 67717.00 67717.00 N 2.5 IA OO Includes (i) 47,652 shares of common stock, par value $0.0001 per share ("Common Stock") held by ADAR1 Partners, LP, and (ii) 9,916 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (iii) 10,149 shares of Common Stock held by other separately managed accounts as of June 30, 2026. As the investment manager of ADAR1 Partners, LP, as the sub-advisor of Spearhead Insurance Solutions IDF, LLC and as the manager of the separately managed accounts referenced above, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC and the separately managed accounts. Based on 2,752,810 shares of Common Stock of Spruce Biosciences, Inc (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission on August 12, 2026. Daniel Schneeberger b V8 0.00 67717.00 0.00 67717.00 67717.00 N 2.5 HC IN Includes (i) 47,652 shares of common stock, par value $0.0001 per share ("Common Stock") held by ADAR1 Partners, LP, and (ii) 9,916 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (iii) 10,149 shares of Common Stock held by other separately managed accounts as of June 30, 2026. As the manager of ADAR1 Capital Management, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC. Based on 2,752,810 shares of Common Stock of Spruce Biosciences, Inc (the "Issuer") outstanding as of June 30, 2026, reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission on August 12, 2026. Spruce Biosciences, Inc. 611 Gateway Boulevard Suite 740 South San Francisco, CA 94080 This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"): (i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management"); and (ii) Daniel Schneeberger ("Mr. Schneeberger"). The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738. (i) ADAR1 Capital Management is a Texas limited liability company; and (ii) Mr. Schneeberger is a citizen of Switzerland. N IA HC The information contained on the cover pages of this Schedule 13G is incorporated herein by reference. The information contained on the cover pages of this Schedule 13G is incorporated herein by reference. The information contained on the cover pages of this Schedule 13G is incorporated herein by reference. The information contained on the cover pages of this Schedule 13G is incorporated herein by reference. The information contained on the cover pages of this Schedule 13G is incorporated herein by reference. The information contained on the cover pages of this Schedule 13G is incorporated herein by reference. N Y Y N Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E). Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. ADAR1 Capital Management, LLC /s/ Daniel Schneeberger 08/14/2026 Daniel Schneeberger /s/ Daniel Schneeberger 08/14/2026