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Spruce BiosciencesSPRB -2.77%40 Net-Net Working Capital is $23.73 as of Mar. 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 859 Biotechnology companies, Spruce Biosciences ranks better than 81.72% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Spruce Biosciences's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $23.73.
The industry rank for Spruce Biosciences's Net-Net Working Capital or its related term are showing as below:
SPRB's Price-to-Net-Net-Working-Capital is ranked better than 81.72% of 859
companies
in the Biotechnology industry
Industry Median: 5.45
vs SPRB: 1.87
Spruce Biosciences (NAS:SPRB) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Spruce Biosciences Net-Net Working Capital Related Terms
Spruce Biosciences Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Spruce Biosciences's Net-Net Working Capital 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.
SPRB vs TLSA, MIST, TNYA: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Spruce Biosciences's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Spruce Biosciences's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Spruce Biosciences's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $23.73 mean?
Spruce Biosciences (SPRB) has a Net-Net Working Capital of $23.73 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Spruce Biosciences According to the industry distribution chart, Spruce Biosciences ranks #157 out of 859 companies in the Biotechnology industry, placing it in the top 18.3%.
Is Spruce Biosciences' Net-Net Working Capital too high?
Spruce Biosciences' current Net-Net Working Capital is $23.73. The Biotechnology industry median Net-Net Working Capital is 5.45. Spruce Biosciences' value of $23.73 is 335.4% above this industry median. Based on the distribution chart, Spruce Biosciences ranks #157 out of 859 companies in the Biotechnology industry, which is in the top quartile — a strong position 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' Net-Net Working Capital compare to TLSA and MIST?
According to the Biotechnology industry distribution chart, Spruce Biosciences ranks #157 out of 859 companies for Net-Net Working Capital. This places Spruce Biosciences in the top 18% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.45. Spruce Biosciences' value of $23.73 is 335.4% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.45, based on 859 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spruce Biosciences's current Net-Net Working Capital of $23.73 is 335.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Spruce Biosciences For the Biotechnology industry, the median Net-Net Working Capital is 5.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spruce Biosciences's current Net-Net Working Capital is $23.73. 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 $44.27 — trading 985% above its estimated fair value. The current Net-Net Working Capital is $23.73 and 335.4% above the Biotechnology industry median of 5.45. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Spruce Biosciences (SPRB), the current Net-Net Working Capital is $23.73 as of Mar. 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 $44.27 is trading 985% above its estimated GF Value™ of $4.08.
GuruFocus considers Spruce Biosciences to be Significantly Overvalued.
Key valuation signals for SPRB:
Net-Net Working Capital: $23.73
GF Value™: $4.08 vs. price of $44.27 (985% above fair value)
Industry Position: 335.4% above the Biotechnology median (#157 of 859)
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 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.
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