STAT+: Pear Therapeutics dreamt of huge revenues and ‘commercial scale.’ It never came close
Pear Therapeutics said it would grow from $4 million in 2021 to a whopping $125 million by the end of 2023. It didn’t come close.
In January, Pear Therapeutics was quickly running out of money. The digital health startup embarked on an effort to sell up to $150 million worth of its stock, which could have tossed Pear a crucial lifeline as it sought to claw its way to a sustainable business.
By the end of March, the stock sale had yielded just $1 million and it was evident that investors were no longer interested in funding the company. In early April, Pear filed for bankruptcy and announced it would lay off almost all of its employees.
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