Ikarian Capital and Neil Shahrestani's Schedule 13G Filing for Spruce Biosciences Inc.

Ikarian Capital, LLC and Neil Shahrestani have jointly filed a Schedule 13G with the SEC, disclosing their beneficial ownership of 121,356 shares of Spruce Biosciences Inc.'s common stock, representing 21.6% of the outstanding shares. The filing indicates that Ikarian Capital, an investment adviser, manages the shares through its fund and separately managed accounts, with Neil Shahrestani indirectly controlling Ikarian Capital. The filing also includes certifications that the shares were acquired in the ordinary course of business and not for the purpose of influencing control of the issuer. The event date requiring this filing is October 6, 2025.