Harbour BioMed (HBM), a biotechnology firm headquartered in Hong Kong, expanded its investment in Spruce Biosciences Inc. (NASDAQ: SPRB) by exercising warrants to purchase additional common shares. This transaction has resulted in Harbour BioMed holding approximately 3.8% of Spruce Biosciences' total outstanding shares, which corresponds to close to 3.1% of the company's fully diluted share count.
The warrants exercised by Harbour BioMed were originally issued to its subsidiary, alongside other minority shareholders of HBM Alpha Therapeutics (HBMAT). HBMAT is a biotechnology venture incubated within Harbour BioMed, created to advance novel therapeutic strategies. The issuance of these warrants was linked to a license and collaboration agreement between HBMAT and Spruce Biosciences, signaling an ongoing partnership aimed at accelerating pharmaceutical innovation.
A key focus of the collaboration is the development of SPR202, a therapy formerly designated HBM9013 by Harbour BioMed. SPR202 is a selective anti-corticotropin-releasing hormone (CRH) monoclonal antibody currently under investigation for its potential to treat several disorders, including congenital adrenal hyperplasia, a genetic condition affecting adrenal gland function.
Earlier in January, Spruce Biosciences procured growth capital via a loan facility amounting to up to $50 million from Avenue Capital Group. This funding infusion supports the company's ongoing development programs and operational needs as it advances its clinical pipeline.
Harbour BioMed's engagement in the pharmaceutical space is further reflected in its strategic alliances with major industry players. In November 2025, Harbour BioMed provided an update on its global strategic collaboration with AstraZeneca Plc (NASDAQ: AZN), initially forged earlier that year in March 2025. This partnership targets complementary areas of therapeutic development and signals a strengthening relationship between the two entities.
Adding to its portfolio of collaborations, in December 2025 Harbour BioMed entered into a multi-year, worldwide strategic collaboration and license agreement with Bristol Myers Squibb Co (NYSE: BMY). This agreement focuses on the discovery and development of next-generation multi-specific antibodies, representing a sophisticated modality in biologic therapies. Under the terms of this arrangement, Harbour BioMed stands to receive upfront payments totaling $90 million, supplemented by development and commercial milestones that could amount to as much as $1.035 billion. Additionally, tiered royalties are on the table should Bristol Myers Squibb choose to advance all prospective programs.
Regarding market sentiment, Spruce Biosciences currently reflects a weak momentum indicator, as quantified by the Benzinga Edge scorecard. With a momentum score of 21 out of 100, the stock has underperformed relative to the broader market indices. Such a score signals that, despite recent positive developments, investor enthusiasm has been muted.
In premarket trading on Wednesday, Spruce Biosciences shares were flat, holding steady at $71.45. This price remains near the stock's 52-week low, previously recorded at $7.26, based on data from Benzinga Pro. The restrained price action underscores ongoing challenges for the company's stock performance, perhaps reflecting market caution amid a complex biotech investment landscape.
Spruce Biosciences' positioning within the pharmaceutical industry, especially in connection with Harbour BioMed and its partnerships with AstraZeneca and Bristol Myers Squibb, illustrates a multifaceted strategic ecosystem. These relationships may pave the way for future therapeutic innovations but currently operate against a backdrop of conservative investor sentiment.
As Harbour BioMed continues to increase its stake in Spruce Biosciences and deepen collaborative efforts with major pharma companies, the combined efforts could contribute to the development of novel biologic therapies targeting serious medical conditions. However, market indicators suggest that stakeholders should monitor developments closely given the current momentum trends and stock price behavior.