Spruce Biosciences, Inc. has announced the termination of its Collaboration and License Agreement with Kaken Pharmaceutical Co., Ltd., effective March 31, 2026. This decision follows a mutual agreement between the two companies after a comprehensive assessment of the tildacerfont program for the treatment of congenital adrenal hyperplasia (CAH). Under the terms of the original agreement, Kaken was granted exclusive rights to develop, manufacture, and commercialize tildacerfont in Japan, with Spruce receiving a non-refundable upfront payment of $15 million and potential milestone payments totaling approximately $65 million. However, with the termination, all rights and licenses granted to Kaken will cease, and Spruce will not receive any previously disclosed milestone payments or royalties. The company has stated that there are no early termination penalties incurred in connection with this agreement. This development raises concerns regarding Spruce's operational execution and strategic outlook, as the termination of a significant collaboration could impact future revenue streams and the company's position in the market.

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