Spruce Biosciences Separates CRHX-101 Program Into Adrenyx Biosciences, Plans Spin-Off To Stockholders

Transaction Expected to Create Two Independent, Publicly Traded Companies with Distinct Strategic Priorities, Separate Capital Structures and Dedicated Teams

Up to $50 Million Committed to Adrenyx from Leading Healthcare-Dedicated Investor

Adrenyx to Advance CRHX-101 (Formerly SPR-202), an Investigational Monoclonal Antibody Designed to Address an Upstream Driver of Classic Congenital Adrenal Hyperplasia ("CAH")

Distribution of Adrenyx Common Stock to Spruce Stockholders on a Pro Rata Basis Expected in First Half of 2027

Spruce Biosciences, Inc. (NASDAQ:SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need, today announced that it has separated the company's CRHX-101 (formerly SPR-202) program into Adrenyx Biosciences, Inc. ("Adrenyx"), a newly formed wholly-owned subsidiary of Spruce that will operate as a dedicated endocrinology company (the "Separation"). Spruce currently intends to distribute all of the outstanding shares of Adrenyx common stock to Spruce stockholders on a pro rata basis (the "Distribution"), in a transaction expected to result in two independent, publicly traded companies. Samir Gharib, who currently serves as President and Chief Financial Officer of Spruce Biosciences, is the President and Chief Executive Officer of Adrenyx and is expected to continue in that role following the Distribution. Mr. Gharib will also continue to serve in his role as President and Chief Financial Officer of Spruce Biosciences.