Case timeline

1. Apr 72023
   Sale: Pear Therapeutics enters Chapter 11 to pursue asset sale

   Pear Therapeutics, Inc. filed Chapter 11 in Delaware on April 7, opening a sale-oriented restructuring for a commercial-stage prescription digital therapeutics company whose marketed products included reSET, reSET-O, and Somryst. The voluntary petition starts the case, while Christopher Guiffre's first-day declaration says the debtors filed after they could not raise enough capital to continue operating despite three workforce reductions and financing efforts through 2022 and early 2023.

   The liquidity picture is tight: the declaration cites roughly $4.5 million in a sweep account and $0.7 million in a payroll account at Silicon Valley Bridge Bank as of the petition date, against a $30 million Perceptive Credit Holdings term loan secured by first-priority liens on substantially all debtor assets. Pear told the court it intended to sell its assets through Chapter 11, making the opening filing immediately relevant for buyers, lenders, unsecured creditors, and counterparties tracking whether the digital-therapeutics platform can generate recoveries through a court-supervised transaction First Day Declaration.

   Sources and provenanceApril 7, 2023