Aisling Capital V Cuts Spruce Biosciences Stake to 1.2M Shares

TL;DR

**Aisling Capital V just cut its Spruce Biosciences stake, watch for potential stock price dip.**

AI Summary

Aisling Capital V, LP, a Delaware-organized entity, filed an amended Schedule 13G/A on February 6, 2024, indicating a change in their beneficial ownership of Spruce Biosciences, Inc. common stock as of December 31, 2023. They now report shared voting power over 1,205,511 shares, a decrease from their previous holdings. This matters to investors because a significant institutional investor reducing their stake could signal a loss of confidence in the company's future prospects, potentially impacting stock price.

Why It Matters

This filing shows a major institutional investor, Aisling Capital V, has reduced its stake in Spruce Biosciences, which could be interpreted as a bearish signal by the market.

Risk Assessment

Risk Level: medium — A significant reduction in ownership by a major institutional investor like Aisling Capital V can indicate a perceived increase in risk or a decrease in future potential for Spruce Biosciences, leading to potential stock price volatility.

Analyst Insight

A smart investor would closely monitor Spruce Biosciences' stock performance and look for any further institutional selling or news that might explain Aisling Capital V's reduced stake before making investment decisions.

Key Numbers

• 1,205,511 — Shares Beneficially Owned (Represents the shared voting power of common stock in Spruce Biosciences, Inc. held by Aisling Capital V, LP as of December 31, 2023.)
• December 31, 2023 — Date of Event (The date on which the change in beneficial ownership occurred, triggering this filing.)
• 0 — Sole Voting Power (Indicates Aisling Capital V, LP holds no sole voting power over Spruce Biosciences shares.)

Key Players & Entities

• Aisling Capital V, LP (company) — the reporting person reducing its stake in Spruce Biosciences, Inc.
• Spruce Biosciences, Inc. (company) — the subject company whose common stock is being reported on
• Andrew Schiff (person) — a group member associated with Aisling Capital Partners V LLC
• Steve Elms (person) — a group member associated with Aisling Capital Partners V LLC
• Delaware (company) — place of organization for Aisling Capital V, LP

Forward-Looking Statements

• Spruce Biosciences' stock price may experience downward pressure in the short term. (Spruce Biosciences, Inc.) — medium confidence, target: 3 months
• Other institutional investors might re-evaluate their positions in Spruce Biosciences. (Spruce Biosciences, Inc.) — low confidence, target: 6 months

FAQ

Key Financial Figures

• $0.0001 — of Class of Securities Common Stock, $0.0001 par value per share (“Common Stoc

Filing Documents

• ea192928-13ga1aisling5_spru.htm (SC 13G/A) — 95KB
• 0001213900-24-010558.txt ( ) — 97KB

(a). Name of Issuer

Item 1(a). Name of Issuer Spruce Biosciences, Inc. (the “Issuer”)

(b). Address of the Issuer’s Principal Executive Offices

Item 1(b). Address of the Issuer’s Principal Executive Offices 2001 Junipero Serra Boulevard, Suite 640 Daly City, California, 94014

(a). Names of Persons Filing

Item 2(a). Names of Persons Filing This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the “Reporting Persons”: (i) Aisling Capital V, LP, a Delaware limited partnership (“Aisling”), the direct holder of 1,205,511 Common Shares; (ii) Aisling Capital Partners V, LP , a Delaware limited partnership (” Aisling GP”), a general partner of Aisling; (iii) Aisling Capital Partners V LLC, a Delaware limited liability company (“Aisling Partners”), a general partner of Aisling GP and each of the individual managing members of Aisling Partners; (iv) Dr. Andrew Schiff, a managing member of Aisling Partners; and (v) Steve Elms, a managing member of Aisling Partners.

(b). Address of the Principal Business Office, or if none, Residence

Item 2(b). Address of the Principal Business Office, or if none, Residence The principal business address of each of the Reporting Persons is as follows: c/o Aisling Capital V, LP 888 7th Ave, 12th Floor, New York, New York 10106

(c). Citizenship

Item 2(c). Citizenship See responses to Item 4 on each cover page.

(d). Title of Class of Securities

Item 2(d). Title of Class of Securities Common Stock, $0.0001 par value per share (“Common Stock”)

(e). CUSIP Number

Item 2(e). CUSIP Number 85209E109 Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a (n): Not Applicable 7

Ownership

Item 4. Ownership (a) Amount beneficially owned: See responses to Item 9 on each cover page. (b) Percent of Class: See responses to Item 11 on each cover page. (c) Number of shares as to which the Reporting Person has: (i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page. (ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page. (iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page. (iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page. By virtue of the relationships between and among the Reporting Persons as described in Item 2, each of Aisling GP, Aisling Partners, Messrs. Elms and Schiff may be deemed to beneficially own the 1,205,511 Common Shares beneficially owned by Aisling as of the date hereof. This Statement shall not be construed as an admission that any of the Reporting Persons are, for purposes of Section 13(d) and 13(g), beneficial owners of the reported securities.

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following:

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person Not Applicable. Item 7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company Not Applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group Not Applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group Not Applicable

Certification

Item 10. Certification Not Applicable. 8 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 6, 2024 Aisling Capital V, LP By: /s/ Robert Wenzel Name: Robert Wenzel Title: Authorized Signatory Aisling Capital Partners V, LP By: /s/ Robert Wenzel Name: Robert Wenzel Title: Attorney-in-Fact Aisling Capital Partners V LLC By: /s/ Robert Wenzel Name: Robert Wenzel Title: Attorney-in-Fact Andrew Schiff By: /s/ Robert Wenzel Name: Robert Wenzel Title: Attorney-in-Fact Steve Elms By: /s/ Robert Wenzel Name: Robert Wenzel Title: Attorney-in-Fact 9 EXHIBIT LIST Exhibit A Joint Filing Agreement, dated as of February 12, 2021, incorporated by reference to Exhibit A of the Schedule 13G filed February 12, 2021. Exhibit B Power of Attorney, dated as of February 12, 2021, incorporated by reference to Exhibit B of the Schedule 13G filed February 12, 2021. 10

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View this SC 13G/A filing on SEC EDGAR