SPRUCE BIOSCIENCES, INC. 8-K

What Happened
Spruce Biosciences, Inc. announced (8-K filed March 20, 2026) that on March 16, 2026 it entered into a Termination Agreement with Kaken Pharmaceutical Co., Ltd. to end their Collaboration and License Agreement (originally dated January 5, 2023). The Collaboration Agreement will terminate effective March 31, 2026; all licenses and rights granted to Kaken related to tildacerfont for treating congenital adrenal hyperplasia (CAH) in Japan will end as of that date. The parties said the termination follows a comprehensive assessment of the tildacerfont program for CAH.

Key Details

• Effective termination date: March 31, 2026; Termination Agreement executed March 16, 2026.
• Financials previously received: Kaken paid a $15.0 million non‑refundable upfront in April 2023.
• Foregone future payments: Spruce will not be entitled to any previously disclosed but unearned milestone payments (up to ~$65.0 million at original exchange rates) or future royalties from Kaken.
• No early termination penalty to Spruce was incurred under the Termination Agreement.

Why It Matters
For investors, this ends Spruce’s potential future revenue stream from Kaken in Japan tied to tildacerfont (milestones, royalties, and product purchase payments). The company retains any rights it granted to Kaken, but will not receive the contingent payments that were part of the original deal. There were no penalties reported, so the termination does not create a direct cash liability per the filing.