SCHEDULE 13G 0002050709 XXXXXXXX LIVE Common Stock, par value $0.0001 per share 10/08/2025 0001683553 SPRUCE BIOSCIENCES, INC. 85209E208 611 GATEWAY BOULEVARD, SUITE 740 SOUTH SAN FRANCISCO CA 94080 Rule 13d-1(c) Squadron Master Fund LP DE 0.00 62000.00 0.00 62000.00 62000.00 5.8 PN Squadron Capital Management LLC DE 0.00 70000.00 0.00 70000.00 70000.00 6.6 IA HC Matthew Sesterhenn X1 0.00 70000.00 0.00 70000.00 70000.00 6.6 HC IN William Blank X1 0.00 70000.00 0.00 70000.00 70000.00 6.6 HC IN SPRUCE BIOSCIENCES, INC. 611 GATEWAY BOULEVARD, SUITE 740, SOUTH SAN FRANCISCO, CALIFORNIA, 94080. Squadron Master Fund LP Squadron Capital Management, LLC Matthew Sesterhenn William Blank Squadron Master Fund LP c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 Matthew Sesterhenn c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 William Blank c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 Squadron Master Fund LP - Delaware Squadron Capital Management, LLC - Delaware Matthew Sesterhenn - United States William Blank - United States Y Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission. Squadron Capital Management, LLC, which serves as investment adviser to private funds, including but not limited to Squadron Master Fund LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Sesterhenn and Mr. Blank, as Partners of Squadron Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Squadron Capital Management, LLC and Mr. Sesterhenn and Mr. Blank expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Squadron Capital Management, LLC or Mr. Sesterhenn and Mr. Blank are the beneficial owner of any of the securities reported herein. Squadron Master Fund LP - 62,000 shares Squadron Capital Management, LLC - 70,000 shares Matthew Sesterhenn - 70,000 shares William Blank - 70,000 shares Ownership percentage is based on 1,065,223 shares of common stock outstanding, par value $0.0001 per share, comprising (i) 563,042 shares of common stock outstanding as of August 12, 2025, as reported by the Issuer on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2025, and (ii) 502,181 shares of common stock issued by the Issuer in a private placement, announced by the Issuer on October 8, 2025. Squadron Master Fund LP - 5.8% Squadron Capital Management, LLC - 6.6% Matthew Sesterhenn - 6.6% William Blank - 6.6% Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0 Squadron Master Fund LP - 62,000 shares Squadron Capital Management, LLC - 70,000 shares Matthew Sesterhenn - 70,000 shares William Blank - 70,000 shares Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0 Squadron Master Fund LP - 62,000 shares Squadron Capital Management, LLC - 70,000 shares Matthew Sesterhenn - 70,000 shares William Blank - 70,000 shares Y N N The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement. N See Notes above. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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. Squadron Master Fund LP /s/ Matthew Sesterhenn 10/15/2025 Squadron Capital Management LLC /s/ Matthew Sesterhenn 10/15/2025 Matthew Sesterhenn /s/ Matthew Sesterhenn 10/15/2025 William Blank /s/ William Blank 10/15/2025