Prescription Digital Therapeutics Company Peer Therapeutics is exploring “strategic options” including a possible company sale, merger or acquisition.
In a press release, the company said it has hired a financial advisor to look into actions that “maximize shareholder value.” This includes a potential sale, M&A, divestiture of assets, licensing or other strategic transactions. It may also seek additional financing.
Without a transaction, Pear said it may need to reorganize, liquidate or pursue other forms of restructuring. one in In a filing with the Securities and Exchange Commission, Pear retracted its revenue and operating guidance for fiscal years 2022 and 2023. It also won’t be making the fourth quarter and full year earnings call.
“There is no set timetable for this process and there can be no assurance that the Company will close as a result of this process or that any transaction will be completed on attractive terms,” ​​the company said in a press statement.
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Pears offers prescription digital therapeutics for substance use disorder, opioid use disorder and insomnia. Pear Received FDA de novo clearance for its substance use product, Reset, in 2017.
company entered the public markets in late 2021 through a merger with a special purpose acquisition company, which was then a popular method of public exit for digital health firms.
But the share price of the company is There has been a general decline since then, and an October Rock Health report noted that publicly traded digital therapeutics players have underperformed other digital health companies.
In the third quarter, Pear reported $4.1 million in revenue and a Net loss of $30.7 million. The company also said it had approved more layoffs, affecting 59 employees, or about 22% of Pear’s workforce, at the end of September. It laid off 25 employees earlier in the summer.
Former Chief Commercial Officer, Pear Julia Strandberg also recently left the company to lead the connected care business of health tech giant Philips.
