05:18 PM EDT, 03/13/2024 (MT Newswires) -- Spruce Biosciences ( SPRB ) late Wednesday reported a net loss of $1.24 per share in 2023, compared with $1.96 loss in 2022.

Analysts polled by Capital IQ expected a loss of $1.40.

Collaboration revenue for the year ended Dec. 31 was $10.1 million. Analysts expected $8.53 million.

The late-stage drugmaker said top-line results from its CAHmelia-203 study of tildacerfont in adult classic congenital adrenal hyperplasia with severe hyperandrogenemia did not meet primary efficacy endpoint, while another tildacerfont trial in pediatric classic CAH supports further dose-ranging across additional dosing cohorts.

Spruce expects results from CAHmelia-204 study of tildacerfont in adult classic CAH evaluating glucocorticoid reduction in Q3.

The company said it plans to cut costs, including termination of the CAHmelia-203 study and a workforce reduction of about 21%, to help it run its operating plan through the end of 2025.

The stock was down about 76% in extended trading.

Price: 1.23, Change: -3.96, Percent Change: -76.3