Rivervest Venture Fund Iii, L.p.

SPRB

10% OWNER · SPRUCE BIOSCIENCES, INC. · CIK 0001601559

FILING MIX · LIFETIME60%/40%

BUYS

SELLS

TOTAL VALUE

$3.75M

COMPANIES

ACTIVE SINCE

Oct 2020

HOLDINGS NOW

1,070,172

AVG SELL PX

—

Trades · vs SPY

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Performance · forward returns vs SPY

1 backtested trades · 8 horizons

Forward-return performance of every backtestable P/S trade by Rivervest Venture Fund Iii, L.p., measured at 8 horizons from 7 days to 2 years. Deduped per economic event so co-filings count once. Excess return = trade return minus SPY return over the same window.

HORIZON	TRADES	WIN RATE	INSIDER RETURN	SPY RETURN	MEAN EXCESS	MEDIAN EXCESS	T-STAT
7d	1	+0.00%	-4.87%	-1.49%	-3.38%	-3.38%	—
14d	1	+100.00%	+21.12%	-6.11%	+27.23%	+27.23%	—
30d	1	+100.00%	+28.40%	+2.93%	+25.48%	+25.48%	—
60d	1	+100.00%	+25.43%	+4.81%	+20.62%	+20.62%	—
90d	1	+100.00%	+21.85%	+9.33%	+12.52%	+12.52%	—
180d	1	+0.00%	-9.64%	+19.20%	-28.84%	-28.84%	—
1y	1	+0.00%	-73.50%	+28.98%	-102.48%	-102.48%	—
2y	1	+0.00%	-93.61%	+5.82%	-99.43%	-99.43%	—

How to read this: Insider Returnis the average raw return of the filer's trades over the horizon. SPY Return is what SPY did over those same windows — reference only, not a comparison. The headline alpha number is Mean Excess = Insider − SPY; green means the filer beat SPY, red means they trailed it. Win rate is the share of individual trades where the filer beat SPY. T-statvalues above 2 mean the alpha is unlikely to be chance given the sample size. "Pending" counts trades where the horizon hasn't elapsed yet; their stats are not included in the row average.

Holdings over time

SPRB · 1,070,172 shares · as of Oct 14, 2020

Trading cadence · quarterly flow

BUY ● SELL ●

2020

FLOW · 3 buys / 2 sellsCOVERAGE · 1 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASE	250,000	$15.00	$3.75M	2,148,281	Oct 14, 2020	Oct 16, 2020 ↗
SPRB SPRUCE BIOSCIENCES, INC.	SALE	5,416,666	—	—	0	Oct 14, 2020	Oct 16, 2020 ↗
SPRB SPRUCE BIOSCIENCES, INC.	SALE	7,000,000	—	—	0	Oct 14, 2020	Oct 16, 2020 ↗
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASE	828,109	—	—	1,898,281	Oct 14, 2020	Oct 16, 2020 ↗
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASE	1,070,172	—	—	1,070,172	Oct 14, 2020	Oct 16, 2020 ↗

Other insiders · SPRB

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About this filer

CIK 0001601559

ROLE

10% Owner

PRIMARY

SPRB

COMPANIES

ACTIVE SINCE

Oct 2020

MARKETPEEL · /INSIDER/0001601559DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Rivervest Venture Fund Iii, L.p.

The morning brief, before the bell.