Schedule 13G Filing for Spruce Biosciences, Inc.

Squadron Master Fund LP, Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank have filed a Schedule 13G with the SEC, disclosing their beneficial ownership of shares in Spruce Biosciences, Inc. Squadron Master Fund LP owns 5.8% of the common stock, while Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank each own 6.6%. The filing indicates that Squadron Capital Management, LLC is an investment adviser registered with the SEC, and it may be deemed the beneficial owner of the shares held by the funds it manages. Matthew Sesterhenn and William Blank, as partners of Squadron Capital Management, LLC, may also be deemed beneficial owners of these shares. However, they have disclaimed beneficial ownership of the securities reported in this statement. The filing was made under Rule 13d-1(c) and includes certifications that the securities were not acquired for the purpose of influencing the control of the issuer.