SPRB (Spruce Biosciences) Beneish M-Score: 0.00 (As of Aug. 02, 2026)

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SPRB Spruce Biosciences Inc SPRB
40 GF Score
Price $42.83
GF Value $4.08
Valuation Significantly Overvalued
! 1 Warning Sign
View Full Analysis

What is Spruce Biosciences Beneish M-Score?

Spruce Biosciences SPRB -1.25% 40 Beneish M-Score is 0.00 as of Aug. 02, 2026. GuruFocus rates SPRB with a GF Score™ of 40/100 and a GF Value™ of $4.08 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 822 Biotechnology companies, Spruce Biosciences ranks worse than 121654.38% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Spruce Biosciences's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Spruce Biosciences was 0.08. The lowest was -5.76. And the median was -3.26.

Spruce Biosciences Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Spruce Biosciences's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Spruce Biosciences Beneish M-Score Chart

Spruce Biosciences Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 -3.26 0.00

Spruce Biosciences Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.18 -4.14 -5.76 0.00 0.00

SPRB vs VXRT, VTVT, ENGN: Beneish M-Score Comparison

For the Biotechnology subindustry, Spruce Biosciences's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Spruce Biosciences Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Spruce Biosciences's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Spruce Biosciences's Beneish M-Score falls into.


SPRB
40GF Score
Spruce Biosciences Inc SPRB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Spruce Biosciences Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Spruce Biosciences for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $55.03 Mil.
Total Assets was $56.17 Mil.
Property, Plant and Equipment(Net PPE) was $0.60 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.27 Mil.
Selling, General, & Admin. Expense(SGA) was $17.75 Mil.
Total Current Liabilities was $11.78 Mil.
Long-Term Debt & Capital Lease Obligation was $5.80 Mil.
Net Income was -12.266 + -14.646 + -8.212 + -2.067 = $-37.19 Mil.
Non Operating Income was -0.091 + 0 + 0 + 0 = $-0.09 Mil.
Cash Flow from Operations was -8.732 + -6.456 + -5.316 + -8.828 = $-29.33 Mil.
 Total Receivables was $0.00 Mil.
Revenue was 0 + 0.697 + 0.602 + 1.61 = $2.91 Mil.
Gross Profit was 0 + 0.697 + 0.602 + 1.61 = $2.91 Mil.
Total Current Assets was $30.58 Mil.
Total Assets was $31.65 Mil.
Property, Plant and Equipment(Net PPE) was $0.87 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.04 Mil.
Selling, General, & Admin. Expense(SGA) was $13.98 Mil.
Total Current Liabilities was $15.67 Mil.
Long-Term Debt & Capital Lease Obligation was $0.66 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 0) / (0 / 2.909)
= / 0
=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(2.909 / 2.909) / (0 / 0)
=1 /
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (55.032 + 0.595) / 56.166) / (1 - (30.576 + 0.869) / 31.649)
=0.009597 / 0.006446
=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=0 / 2.909
=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.037 / (0.037 + 0.869)) / (0.267 / (0.267 + 0.595))
=0.040839 / 0.309745
=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(17.748 / 0) / (13.981 / 2.909)
= / 4.806119
=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5.796 + 11.784) / 56.166) / ((0.659 + 15.666) / 31.649)
=0.313001 / 0.515814
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-37.191 - -0.091 - -29.332) / 56.166
=-0.138304

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Spruce Biosciences (SPRB) has a Beneish M-Score of 0.00 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spruce Biosciences and its competitors. According to the industry distribution chart, Spruce Biosciences ranks #999999 out of 822 companies in the Biotechnology industry.
Is Spruce Biosciences' Beneish M-Score too high?
Spruce Biosciences' current Beneish M-Score is 0.00. Based on the distribution chart, Spruce Biosciences ranks #999999 out of 822 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Spruce Biosciences has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spruce Biosciences' Beneish M-Score compare to VXRT and VTVT?
According to the Biotechnology industry distribution chart, Spruce Biosciences ranks #999999 out of 822 companies for Beneish M-Score. This places Spruce Biosciences in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Spruce Biosciences and its competitors. Spruce Biosciences's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spruce Biosciences stock overvalued right now?
Based on GuruFocus' analysis, Spruce Biosciences (SPRB) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.08, compared to a current price of $42.83 — trading 949.8% above its estimated fair value. The current Beneish M-Score is 0.00. Spruce Biosciences' overall GF Score™ is 40/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Spruce Biosciences (SPRB), the current Beneish M-Score is 0.00 as of Aug. 02, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Spruce Biosciences (SPRB) Overvalued in 2026?

Based on GuruFocus' analysis, Spruce Biosciences stock appears to be overvalued. The current stock price of $42.83 is trading 949.8% above its estimated GF Value™ of $4.08. GuruFocus considers Spruce Biosciences to be Significantly Overvalued.

Key valuation signals for SPRB:

  • Beneish M-Score: 0.00
  • GF Value™: $4.08 vs. price of $42.83 (949.8% above fair value)
  • GF Score™: 40/100 with 1 warning sign

No single metric tells the full story. See the SPRB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Spruce Biosciences Business Description

Address 611 Gateway Boulevard, Suite 740, South San Francisco, CA, USA, 94080
Spruce Biosciences Inc is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with unmet medical needs. The company develops biologics and small-molecule product candidates aimed at addressing diseases with unmet medical needs and limited or no approved therapies. Its product candidate, TA-ERT for the treatment of Mucopolysaccharidosis Type IIIB (MPS IIIB), is a fusion protein comprised of recombinant human alpha-N-acetylglucosaminidase (rhNAGLU) intended as an enzyme replacement therapy for patients who lack rhNAGLU enzyme activity. TA-ERT is designed to restore rhNAGLU enzyme activity in the central nervous system following intracerebroventricular injection and promote clearance of heparan sulfate in the brain.
40GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$42.83
Price
$4.08
GF Value