Pear Therapeutics, Inc.
PEARW
NASDAQ Capital Market0.01
USD
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Pear Therapeutics, Inc.
PEARW
(NASDAQ Capital Market)
Recent
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0.01
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yld
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ROIC.AI
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- Business
- Pear Therapeutics, Inc. (PEARW) develops and commercializes prescription digital therapeutics, including software-based medicines for substance use disorders, opioid use disorder, and chronic insomnia; its core products comprise reSET for treatment of alcohol, cannabis, cocaine, and stimulant use disorders as an adjunct to outpatient therapy; reSET-O for opioid use disorder in combination with buprenorphine; Somryst for chronic insomnia; and PearConnect, a patient engagement platform. The company, founded in 2013 and headquartered in Boston, Massachusetts, primarily operates in the United States with a pipeline historically targeting psychiatry, neurology, gastroenterology, cardiology, and oncology. In April 2023, Pear Therapeutics filed for voluntary Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the District of Delaware amid financial challenges and revenue shortfalls; the case converted to Chapter 11 liquidation by May 2024, leading to asset auctions totaling approximately $6 million. Assets were distributed to multiple buyers, including Nox Health Group acquiring Somryst-related properties for $3.9 million; Harvest Bio obtaining reSET, reSET-O, PearConnect, corporate trademarks, and pipeline patents for schizophrenia, multiple sclerosis, depression, and others for $2.03 million; Click Therapeutics purchasing platform patents for $70,000; and Welt securing migraine assets for $50,000. Post-bankruptcy, select assets like reSET and reSET-O have been revived through acquisitions, with PursueCare relaunching them in 2024 as adjuncts to its virtual addiction treatment services; the company ceased independent operations following extensive layoffs exceeding 90% of its workforce and CEO Corey McCann's departure in 2023.