Pear Therapeutics mentioned Friday it’s exploring “strategic options” and should have to restructure or fold if its efforts fail.
The digital therapeutics firm is in search of a possible sale, merger, acquisition, divestiture of property, licensing settlement or different strategic transactions, or extra financing, it mentioned in a Friday submitting with the Securities and Change Fee. With out exterior monetary assist, Pear mentioned it might have to liquidate or restructure.
A spokesperson for the publicly held firm declined remark.
Throughout the identical SEC submitting, Pear Therapeutics withdrew its income and working steerage for fiscal 2022 and 2023. The corporate mentioned it won’t maintain fourth quarter and full yr 2022 earnings convention name and webcast, which had not been scheduled.
In a regulatory submitting final month, the corporate mentioned Chief Business Officer Julie Strandberg would depart the corporate on the finish of March.
Pear posted a lack of $30.7 million or $0.22 per share within the third quarter of 2022 and disclosed that it laid off 22% or 59 of its workers on the finish of the quarter. Earlier within the third quarter, it had laid off 25 extra workers.
Pear Therapeutics went public in December 2021 in a $1.6 billion cope with a particular goal acquisition firm Thimble Level Acquisition Corp. It has seen its share worth go from a excessive of buying and selling at $5.22 per share to its Friday morning worth of $0.49 per share.
Pear, based in 2013, develops software program functions that should be prescribed by clinicians and goal opioid use dysfunction, power insomnia and substance use.
Medical health insurance corporations have been sluggish to cowl these instruments over considerations over legal responsibility, an absence of scientific proof and sluggish Meals and Drug Administration approvals. Pear has labored to get industrial insurers to cowl its digital therapeutics and has discovered some success. Fifteen Blue Cross Blue Defend plans have added Pear’s products to their industrial formularies.
Pear mentioned it’s working with funding financial institution MTS Well being Companions to judge its options.
This story first appeared in Digital Health Business & Technology.
