SPIEGELMAN DANIEL K 4

What Happened
Daniel K. Spiegelman, a director of Spruce Biosciences (SPRB), was reported on Form 4 as the recipient of a grant/award for 1,700 derivative shares on 2026-05-21. The reported acquisition price is $0.00 (derivative instrument). This was a grant (not a sale), so it is a compensation/award event rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-21. Form 4 filed: 2026-05-26. Filed 5 calendar days after the transaction (3 business days late; Form 4s are normally due within 2 business days). Filing timeliness: late.
• Transaction type/code: A (Grant, award or other acquisition); labeled as a derivative. Reported price: $0.00 for 1,700 shares.
• Shares owned after transaction: Not disclosed in the provided excerpt.
• Footnote (F1): The award is subject to vesting — it vests on the first anniversary of the grant date, will in any case be fully vested by the company’s 2027 annual stockholder meeting (subject to continuous service per the 2020 Equity Incentive Plan), and will vest in full upon a Change in Control. The footnote refers to the award as an "Option."
• No indication in the filing that any shares were sold immediately (this was a grant/award).

Context

• This is a typical director compensation award (time-based vesting). For retail investors, grants signal the company compensating insiders with equity to align incentives; they are not direct cash purchases by the insider.
• The late filing does not change the economic nature of the grant but is a compliance lapse worth noting; repeated late filings can attract SEC attention or investor scrutiny.