Pear Therapeutics

Pear Therapeutics, founded in 2013 in Boston, was a pioneer in developing prescription digital therapeutics (PDTs) for neurological conditions. The company's flagship products included reSET for substance use disorder, reSET-O for opioid use disorder, and Somryst for chronic insomnia. These FDA-approved mobile applications delivered evidence-based cognitive behavioral therapy (CBT) interventions to patients. Pear's digital therapeutics were designed to be used either as standalone treatments or in conjunction with traditional pharmacological interventions. The company's technology aimed to provide personalized, on-demand therapeutic interventions to patients, potentially reducing the need for medications in some cases. In 2022, Pear reported an operating loss of USD 123.4 million on USD 12.7 million in revenue. The company received over 45,000 prescriptions for its products in 2022, with an average selling price of USD 1,195. However, only about half of these prescriptions were filled, and Pear was able to collect payment for only 41% of those filled. In April 2023, Pear Therapeutics filed for Chapter 11 bankruptcy and sought to sell its assets. In May 2023, the company's assets were sold at auction for a total of USD 6.05 million to multiple bidders, including Click Therapeutics, Harvest BIO, Nox Health Group, and Welt.