Harbour BioMed, a biopharmaceutical company focused on antibody-based therapies in immunology and oncology, has exercised its warrant to acquire common stock in Spruce Biosciences, through its wholly owned subsidiary. Following the transaction, the company now holds approximately 3.8 percent of Spruce’s total outstanding shares and about 3.1 percent of its fully diluted shares.

The warrant was originally issued to Harbour BioMed’s subsidiary and other minority shareholders of HBM Alpha Therapeutics (HBMAT), a biotechnology company incubated by Harbour BioMed, as part of a licensing and collaboration agreement with Spruce Biosciences. The collaboration is aimed at advancing SPR202 (formerly HBM9013), a potent and selective anti-Corticotropin-Releasing Hormone (CRH) monoclonal antibody being developed for multiple indications, including congenital adrenal hyperplasia.

Commenting on the development, Dr. Jingsong Wang, Founder, Chairman and Chief Executive Officer of Harbour BioMed, said, “The transaction marks an important milestone in the relationship with Spruce Biosciences, creating a more integrated strategic partnership and strengthening our commitment to advancing innovative treatments for patients worldwide.”

According to Harbour BioMed, the warrant exercise represents a strategic step toward closer alignment with Spruce Biosciences, extending the partnership beyond a conventional licensor-licensee arrangement. The move is expected to support the accelerated development of SPR202 and reinforce both companies’ shared focus on delivering transformative therapies to patients with significant unmet medical needs.