Bali Muralidhar

SPRB

DIRECTOR · SPRUCE BIOSCIENCES, INC. · CIK 0001784138

FILING MIX · LIFETIME92%/8%

BUYS

SELLS

TOTAL VALUE

$3.29M

COMPANIES

ACTIVE SINCE

Jun 2020

HOLDINGS NOW

80,000

AVG SELL PX

—

Trades · vs SPY

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Performance · forward returns vs SPY

2 backtested trades · 8 horizonsHow are these numbers computed? →

Forward-return performance of every backtestable P/S trade by Bali Muralidhar, 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	2	+50.00%	-2.23%	+1.29%	-3.52%	-3.52%	—
14d	2	+100.00%	+12.59%	+0.53%	+12.05%	+12.05%	—
30d	2	+100.00%	+14.24%	-1.36%	+15.61%	+15.61%	—
60d	2	+50.00%	-14.42%	+1.65%	-16.07%	-16.07%	—
90d	2	+50.00%	-7.67%	+9.68%	-17.35%	-17.35%	—
180d	2	+0.00%	-38.98%	+11.19%	-50.17%	-50.17%	—
1y	2	+0.00%	-73.38%	+19.14%	-92.53%	-92.53%	—
2y	2	+0.00%	-89.98%	+23.04%	-113.02%	-113.02%	—

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 · 30,000 shares · as of Jul 22, 2025

Trading cadence · quarterly flow

BUY ● SELL ●

2020

2021

2022

2023

2024

2025

FLOW · 11 buys / 1 sellsCOVERAGE · 22 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED	DETAILS
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASEGRANT Stock grant	30,000	—	—	30,000	Jul 22, 2025	Jul 24, 2025 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASEGRANT Stock grant	30,000	—	—	30,000	May 22, 2024	May 24, 2024 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASEGRANT Stock grant	30,000	—	—	30,000	May 25, 2023	May 26, 2023 ↗	View →
XCUR EXICURE, INC.	PURCHASEGRANT Stock grant	50,000	—	—	50,000	Jun 13, 2022	Jun 15, 2022 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASEGRANT Stock grant	22,500	—	—	22,500	May 25, 2022	May 27, 2022 ↗	View →
XCUR EXICURE, INC.	PURCHASE	1,472,126	$0.19	$285.2K	8,449,126	May 19, 2022	May 19, 2022 ↗	View →
XCUR EXICURE, INC.	PURCHASEGRANT Stock grant	50,000	—	—	50,000	Jun 2, 2021	Jun 4, 2021 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASEGRANT Stock grant	10,000	—	—	10,000	May 20, 2021	May 21, 2021 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	SALE	10,416,666	—	—	0	Oct 14, 2020	Oct 16, 2020 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASE	200,000	$15.00	$3.00M	1,792,518	Oct 14, 2020	Oct 16, 2020 ↗	View →
SPRB SPRUCE BIOSCIENCES, INC.	PURCHASE	1,592,518	—	—	1,592,518	Oct 14, 2020	Oct 16, 2020 ↗	View →
XCUR EXICURE, INC.	PURCHASEGRANT Stock grant	21,693	—	—	21,693	Jun 4, 2020	Jun 9, 2020 ↗	View →

Other insiders · SPRB

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About this filer

CIK 0001784138

ROLE

Director

PRIMARY

SPRB

COMPANIES

ACTIVE SINCE

Jun 2020

MARKETPEEL · /INSIDER/0001784138DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Bali Muralidhar

The morning brief, before the bell.