Prescription digital therapeutics firm Pear Therapeutics is exploring “strategic options,” together with a potential firm sale, merger or acquisition.
In a press launch, the corporate stated it employed a monetary advisor to look into actions that might “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 sorts 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 12 months earnings name.
“There isn’t a set timetable for this course of and there might be no assurance that this course of will consequence 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 affords prescription digital therapeutics for substance use dysfunction, opioid use dysfunction and insomnia. Pear obtained FDA De Novo clearance for its substance use product, reSET, in 2017.
The corporate hit the general public markets in late 2021 by 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 corporations.
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 staff, or about 22% of Pear’s workforce on the finish of September. It had beforehand laid off 25 employees over the summer season.
Pear’s former chief industrial officer, Julia Strandberg, additionally lately left the corporate to move up well being tech large Philips’ linked care enterprise.
