Pear Therapeutics exploring sale, different ‘strategic alternate options’ | NEWSRUX

Prescription digital therapeutics firm Pear Therapeutics is exploring “strategic alternate options,” together with a attainable firm sale, merger or acquisition. 

In a press launch, the corporate stated it employed a monetary advisor to look into actions that would “maximize shareholder worth.” That features a potential sale, M&A, divestiture of belongings, licensing or different strategic transactions. It could additionally search extra financing. 

With out a transaction, Pear stated it might must reorganize, liquidate or pursue different forms of restructuring. In a submitting with the Securities and Alternate Fee, Pear withdrew its income and working steerage for fiscal 2022 and 2023. It additionally will not maintain a fourth quarter and full yr earnings name. 

“There isn’t a set timetable for this course of and there may be no assurance that this course of will end result within the firm pursuing a transaction or that any transaction, if pursued, will likely be accomplished on enticing phrases,” the corporate stated in a press assertion. 

THE LARGER TREND

Pear presents prescription digital therapeutics for substance use dysfunction, opioid use dysfunction and insomnia. Pear acquired FDA De Novo clearance for its substance use product, reSET, in 2017. 

The corporate hit the general public markets in late 2021 by way of a merger with a particular goal acquisition firm, then a well-liked methodology of public exit for digital well being corporations.

However the firm’s inventory worth has usually declined since then, and an October Rock Well being report famous publicly traded digital therapeutics gamers have underperformed in contrast with different digital well being firms. 

Within the third quarter, Pear reported $4.1 million in income and a $30.7 million internet loss. The corporate additionally stated it had permitted extra layoffs, affecting 59 workers, or about 22% of Pear’s workforce on the finish of September. It had beforehand laid off 25 staff over the summer season. 

Pear’s former chief industrial officer, Julia Strandberg, additionally just lately left the corporate to go up well being tech big Philips’ linked care enterprise.