Pear Therapeutics filed for Chapter 11 monetary extinguish protection Friday and acknowledged it has eradicated most of its personnel.
The submitting, in monetary extinguish court in Delaware, comes factual three weeks after the digital therapeutics firm, acknowledged it became once exploring strategic imaginable alternate alternate suggestions and could perhaps presumably must restructure or fold if it didn’t score a monetary lifeline.
In the monetary extinguish petition, the firm listed $65.6 million in assets and $51 million in debt. The largest unsecured creditor is Perceptive Advisors, owed $10.4 million.
Boston-based fully Pear’s board licensed taking out about 170 employees, or 92% of its tubby-time employees, based fully on a Wednesday Securities and Alternate Price submitting. The job cuts, accomplished Thursday, resulted in a one-time price of roughly $1.2 million, basically tied to severance payments, the firm acknowledged.
The firm acknowledged this can abet about 15 employees to work by the monetary extinguish route of and continue marketing and marketing efforts. Pear acknowledged this can search investors attracted to explicit assets or the total firm.
Based in 2013, Pear wrathful by clinician-prescribed therapies to heart of attention on opioid exhaust dysfunction, chronic insomnia and substance exhaust.
The firm went public in December 2021 in a $1.6 billion tackle special motive acquisition firm Thimble Point Acquisition Corp. Pear’s shares contain dropped from a high of $6.forty eight per part on Could also 5, 2022, to 22 cents on Thursday.