SPRB SPRUCE BIOSCIENCES, INC. Insider Trading

10% owner Parkman Healthcare Partners executes mixed trade: bought 256 shares, sold 257 shares, net position down 1 share to 1,050 held

Parkman Healthcare Partners filed 3 separate transactions on 2025-10-06: a purchase of 256 shares at $17.91 totaling $4,585.16, and 2 sales totaling 257 shares at $19.33 and $17.46 for combined proceeds of $4,920.11. The net effect is a reduction of 1 share from 1,051 to 1,050 shares held—a material liquidation of only -0.1% of the pre-transaction position. SPRB is an unprofitable biotech company with revenue of $0.00 in the latest quarter, full-year net income of -$2,067,000.00, and annual revenue growth of -51.3%, trading at $159.06 (a current price significantly removed from the $17–$19 range of these individual transaction prices). The insider's prior cross-ticker trading history (1 prior buy, 2 prior sells) is too limited to establish a meaningful pattern, and this is the first set of measurable same-ticker transactions.

Parkman Healthcare (10% owner) executes mixed trades: 256 shares bought at $17.91, 232 shares sold at $19.33, 25 shares sold at $17.46 on 2025-10-06—net -1 share position.

Parkman Healthcare Partners LLC executed three separate transactions on 2025-10-06: one purchase of 256 shares at $17.91 and two sales totaling 257 shares at $19.33 and $17.46. The net effect is a reduction of 1 share, leaving a post-transaction holding of 1,050 shares from 1,051 shares pre-transaction. The stock's current price of $160.08 reflects a 30-day change of +1678.7% and 90-day change of +2807.9%, representing extraordinary recent appreciation far above the transaction prices. With the company unprofitable (net income of $-2,067,000 in the latest quarter) and revenue declining 51.3% annually, the fundamental backdrop remains challenged despite the price surge. The near-parity between buy and sell volume (256 bought vs 257 sold) on the same day, executed at substantially different prices, suggests operational portfolio management rather than a directional conviction signal, though the negligible position change makes this transaction's investor relevance limited.