Prescription digital therapeutics firm Pear Therapeutics is exploring “strategic 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 property, licensing or different strategic transactions. It might additionally search further financing.
With no transaction, Pear stated it might have to reorganize, liquidate or pursue different varieties of restructuring. In a filing with the Securities and Exchange Commission, 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 could be no assurance that this course of will outcome within the firm pursuing a transaction or that any transaction, if pursued, shall be accomplished on engaging phrases,” the corporate stated in a press assertion.
THE LARGER TREND
Pear gives prescription digital therapeutics for substance use dysfunction, opioid use dysfunction and insomnia. Pear received FDA De Novo clearance for its substance use product, reSET, in 2017.
The corporate hit the public markets in late 2021 by means of a merger with a particular objective acquisition firm, then a well-liked technique of public exit for digital well being companies.
However the firm’s inventory value has generally declined since then, and an October Rock Health 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 net loss. The corporate additionally stated it had accredited extra layoffs, affecting 59 employees, or about 22% of Pear’s workforce on the finish of September. It had beforehand laid off 25 staff over the summer time.
Pear’s former chief industrial officer, Julia Strandberg, additionally lately left the corporate to move up well being tech large Philips’ related care enterprise.
