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    Amendment: SEC Form SCHEDULE 13D/A filed by Spruce Biosciences Inc.

    2/18/26 5:27:03 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $SPRB alert in real time by email



    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549


    SCHEDULE 13D

    Under the Securities Exchange Act of 1934

    (Amendment No. 3)


    Spruce Biosciences, Inc.

    (Name of Issuer)


    Common Stock, par value $0.0001 per share

    (Title of Class of Securities)


    85209E208

    (CUSIP Number)


    Jeffrey Ferguson
    The Carlyle Group, 1001 Pennsylvania Avenue, NW, Suite 220S
    Washington, DC, 20004
    (202) 729-5626

    (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
    02/18/2026

    (Date of Event Which Requires Filing of This Statement)


    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    The Carlyle Group Inc.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    CO



    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Carlyle Holdings I GP Inc.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    CO



    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Carlyle Holdings I GP Sub L.L.C.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    OO

    Comment for Type of Reporting Person:
    Limited Liability Company


    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Carlyle Holdings I L.P.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    PN



    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    CG Subsidiary Holdings L.L.C.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    OO

    Comment for Type of Reporting Person:
    Limited Liability Company


    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    TC Group, L.L.C.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    OO

    Comment for Type of Reporting Person:
    Limited Liability Company


    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Carlyle Investment Management L.L.C.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    OO

    Comment for Type of Reporting Person:
    Limited Liability Company


    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Carlyle Genesis UK LLC
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    OO

    Comment for Type of Reporting Person:
    Limited Liability Company


    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Abingworth LLP
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    UNITED KINGDOM
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    PN



    SCHEDULE 13D

    CUSIP No.
    85209E208


    1 Name of reporting person

    Abingworth Bioventures VII LP
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    UNITED KINGDOM
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    50,893.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    50,893.00
    11Aggregate amount beneficially owned by each reporting person

    50,893.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox not checked
    13Percent of class represented by amount in Row (11)

    4.7 %
    14Type of Reporting Person (See Instructions)

    PN



    SCHEDULE 13D

    Item 1.Security and Issuer
    (a)Title of Class of Securities:

    Common Stock, par value $0.0001 per share
    (b)Name of Issuer:

    Spruce Biosciences, Inc.
    (c)Address of Issuer's Principal Executive Offices:

    611 Gateway Boulevard, Suite 740, South San Francisco, CALIFORNIA , 94080.
    Item 1 Comment:
    Explanatory Note This Amendment No. 3 to Schedule 13D ("Amendment No. 3") amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission (the "SEC") on October 16, 2020 (as amended to date, the "Schedule 13D"), relating to the shares of common stock, par value $0.0001 per share (the "Common Stock"), of Spruce Biosciences, Inc., a Delaware corporation (the "Issuer"). Capitalized terms used herein without definition shall have the meanings set forth in the Schedule 13D.
    Item 4.Purpose of Transaction
     
    Item 4 of the Schedule 13D is hereby amended as follows: Bali Muralidhar, who represented Abingworth Bioventures VII LP on the Issuer's board of directors, resigned as a director in October 2025.
    Item 5.Interest in Securities of the Issuer
    (a)
    Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons, based on 1,070,370 shares of Common Stock outstanding as of November 7, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 10, 2025. The amount of Common Stock reported herein reflects a 1-for-75 reverse stock split effected by the Issuer on August 4, 2025. The Reporting Persons beneficially own 50,893 shares of Common Stock, or approximately 4.7% of the shares of Common Stock outstanding, which include (i) 38,620 shares of Common Stock held of record by Abingworth Bioventures VII LP, (ii) 1,233 shares of Common Stock underlying stock options exercisable within 60 days of the date hereof held for the benefit of Abingworth Bioventures VII LP and (iii) 11,040 shares of Common Stock underlying the Standard Warrants exercisable within 60 days of the date hereof. The Carlyle Group Inc., which is a publicly traded entity listed on Nasdaq, is the sole shareholder of Carlyle Holdings I GP Inc., which is the sole member of Carlyle Holdings I GP Sub L.L.C., which is the general partner of Carlyle Holdings I L.P., which, with respect to the securities reported herein, is the managing member of CG Subsidiary Holdings L.L.C., which is the managing member of TC Group, L.L.C., which is the managing member of Carlyle Investment Management, L.L.C., which is the sole member of Carlyle Genesis UK LLC, which is the principal member of Abingworth LLP. Abingworth Bioventures VII LP has delegated to Abingworth LLP all investment and dispositive power over the securities held of record by Abingworth Bioventures VII LP. Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by Abingworth Bioventures VII LP, but each disclaims beneficial ownership of such securities.
    (b)
    Sole power to vote or to direct the vote: 0 Shared power to vote or to direct the vote: 50,893 Sole power to dispose or to direct the disposition: 0 Shared power to dispose or to direct the disposition: 50,893
    (c)
    During the past 60 days, the Reporting Persons have not effected any transactions with respect to the Common Stock.
    (d)
    None.
    (e)
    As of the date hereof, the Reporting Persons ceased to be the beneficial owners of more than five percent of the outstanding shares of Common Stock.

        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.

     
    The Carlyle Group Inc.
     
    Signature:/s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Corporate Secretary
    Date:02/18/2026
     
    Carlyle Holdings I GP Inc.
     
    Signature:/s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    Carlyle Holdings I GP Sub L.L.C.
     
    Signature:By: Carlyle Holdings I GP Inc., its sole member, /s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    Carlyle Holdings I L.P.
     
    Signature:/s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    CG Subsidiary Holdings L.L.C.
     
    Signature:/s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    TC Group, L.L.C.
     
    Signature:/s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    Carlyle Investment Management L.L.C.
     
    Signature:/s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    Carlyle Genesis UK LLC
     
    Signature:By: Carlyle Investment Management L.L.C., its sole member, /s/ Anne K. Frederick
    Name/Title:Anne K. Frederick, Managing Director
    Date:02/18/2026
     
    Abingworth LLP
     
    Signature:/s/ Emma O'Reilly
    Name/Title:Emma O'Reilly, Authorized Signatory
    Date:02/18/2026
     
    Abingworth Bioventures VII LP
     
    Signature:/s/ Emma O'Reilly
    Name/Title:Emma O'Reilly, Authorized Signatory
    Date:02/18/2026
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    Spruce Reports Interim Data from Phase 2 POWER Proof-of-Concept Study in Polycystic Ovary Syndrome (PCOS) CAHmelia Program in Adult Classic Congenital Adrenal Hyperplasia (CAH) Surpasses 75% Enrollment in CAHmelia-203 and Approaches 75% Enrollment in CAHmelia-204 Screening Underway for Cohort 3 in CAHptain Study for Pediatric Classic CAH Spruce Biosciences, Inc. (NASDAQ:SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today reported financial results for the second quarter ended June 30, 2023 and provided corporate updates. "Our goal with the POWER study is to ass

    8/14/23 4:00:00 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    Spruce Biosciences Appoints Percival Barretto-Ko to Board of Directors

    Accomplished life sciences industry executive brings more than 20 years of commercial and biopharmaceutical expertise to Spruce Board Spruce Biosciences, Inc. (NASDAQ:SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need, today announced the appointment of Percival Barretto-Ko to the company's Board of Directors. Concurrently, Dina Chaya, Ph.D., has stepped down from the Board of Directors. "On behalf of Spruce, I am pleased to welcome Percival Barretto-Ko to our Board of Directors," said Mike Grey, Executive Chairman of Spruce Biosciences. "Percival is an accomplished and

    5/25/23 8:00:00 AM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    $SPRB
    Financials

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    Harbour BioMed Acquires Common Stock in Spruce Biosciences, Deepening Strategic Collaboration

    CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, Jan. 18, 2026 /PRNewswire/ -- Harbour BioMed (HKEX: 02142), a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology and oncology, today announced that through its wholly-owned subsidiary, it has exercised its warrant to acquire the common stock in Spruce Biosciences, Inc. (NASDAQ:SPRB) ("Spruce"). Following this transaction, Harbour BioMed holds approximately 3.8% of the total outstanding shares of Spruce and approximately 3.1% of the fully diluted shares of Spruce[1].

    1/18/26 7:02:00 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    Spruce Biosciences Announces New Corporate Strategy and Acquisition of Tralesinidase Alfa for the Treatment of Sanfilippo Syndrome Type B (MPS IIIB)

    Biologics License Application (BLA) Submission to U.S. FDA for Tralesinidase Alfa Enzyme Replacement Therapy (TA-ERT) Anticipated in 1H 2026 Spruce to Host Conference Call Today at 8:30 a.m. ET Spruce Biosciences, Inc. (NASDAQ:SPRB), a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for neurological disorders with significant unmet medical need, today announced the company's new corporate strategy and acquisition of tralesinidase alfa enzyme replacement therapy (TA-ERT) for the treatment of Sanfilippo Syndrome Type B (MPS IIIB). "This is truly a transformative moment for Spruce as we focus our expertise in rare disease on a potential near-te

    4/15/25 7:00:00 AM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    Spruce Biosciences Reports Full Year 2023 Financial Results and Provides Corporate Updates

    CAHmelia-203 Study of Tildacerfont in Adult Classic Congenital Adrenal Hyperplasia (CAH) with Severe Hyperandrogenemia Did Not Meet Primary Efficacy Endpoint Positive Data from CAHptain-205 Study of Tildacerfont in Pediatric Classic CAH Supports Further Dose-Ranging Across Additional Dosing Cohorts Topline Results from CAHmelia-204 Study of Tildacerfont in Adult Classic CAH Evaluating Glucocorticoid (GC) Reduction Anticipated in Third Quarter of 2024 Resource Prioritization and Cost Reductions Extend Cash Runway Through End of 2025 Conference Call Today at 4:30 p.m. ET Spruce Biosciences, Inc. (NASDAQ:SPRB), a late-stage biopharmaceutical company focused on developing and commerci

    3/13/24 4:08:00 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    $SPRB
    Large Ownership Changes

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    Amendment: SEC Form SC 13G/A filed by Spruce Biosciences Inc.

    SC 13G/A - SPRUCE BIOSCIENCES, INC. (0001683553) (Subject)

    11/14/24 5:45:17 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    Amendment: SEC Form SC 13G/A filed by Spruce Biosciences Inc.

    SC 13G/A - SPRUCE BIOSCIENCES, INC. (0001683553) (Subject)

    11/14/24 4:39:47 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care

    Amendment: SEC Form SC 13G/A filed by Spruce Biosciences Inc.

    SC 13G/A - SPRUCE BIOSCIENCES, INC. (0001683553) (Subject)

    11/12/24 4:10:36 PM ET
    $SPRB
    Biotechnology: Pharmaceutical Preparations
    Health Care