Peer Therapeutics said Friday it is exploring “strategic alternatives” and may need to restructure or fold if its efforts fail.
digital therapeutic company A potential sale, merger, acquisition, divestiture of assets, licensing agreement or other strategic transaction, or is seeking additional financing, it said in a filing with the Securities and Exchange Commission on Friday. Without outside financial support, Pear said it may need to liquidate or reorganize.
A spokeswoman for the publicly held company declined to comment.
Within the same SEC filing, Pear Therapeutics retracted its revenue and operating guidance for fiscal years 2022 and 2023. The company said it would not hold an earnings conference call and webcast for the fourth quarter and full year 2022, which had not been determined.
In a regulatory filing last month, the company said that Chief Commercial Officer Julie Strandberg will leave the company at the end of March.
The peer posted a loss of $30.7 million, or $0.22 per share, for the third quarter of 2022 and disclosed that it laid off 22% of its employees, or 59, at the end of the quarter. Earlier in the third quarter, it had laid off 25 additional employees.
Pear Medicine goes public in December 2021 In a $1.6 billion deal with Thimble Point Acquisition Corp., a special purpose acquisition company. It has seen its share price slide from a high of $5.22 per share to a price of $0.49 per share on Friday morning.
PEAR, founded in 2013, develops software applications that should be prescribed by physicians and target opioid use disorder, chronic insomnia and substance use.
Health insurance companies have been slow to cover these devices over concerns over liability, lack of clinical evidence, and slow Food and Drug Administration approvals. Pear has worked to get commercial insurers to cover its digital therapeutics and has had some success. 15 Blue Cross Blue Shield Plans Contains pear products for their commercial sources.
The peer said it is working with investment bank MTS Health Partners to evaluate its options.
This story was first published in Digital Health Business & Technology.