What Happened to Pear Therapeutics?
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Trust Size
$95M
Summary
Pear Therapeutics was a pioneer in prescription digital therapeutics (PDTs), developing FDA-authorized software-based treatments for substance use disorders, insomnia, and other conditions. The company went public via SPAC merger with Thimble Point Acquisition Corp in 2021. It filed for Chapter 11 bankruptcy in April 2023.
What Happened
Thimble Point Acquisition Corp merged with Pear Therapeutics in December 2021 at a $1.6 billion valuation. Despite having three FDA-authorized digital therapeutics products, Pear struggled with insurance reimbursement and physician adoption. The company burned through cash and filed for Chapter 11 in April 2023, just 16 months after going public. Its assets were sold for approximately $6 million.
Timeline
2021-01-26
S-1 Registration Filed
2023-05-02
Last SEC Filing