Pear Therapeutics

Digital therapeuticsUSA

New to Unitard

💀 Dead / Bankrupt

Peak $1.6 BillionToday

~-98%

from peak

🦄
Became a unicorn
2021
📈
Peak valuation
$1.6 Billion ’21
💔
Became a Unitard
Apr 2023
💸
Last valuation
Wiped out

Capital raised

$264M

Total raised

$73.8K/day

Raised per day

Total raised averaged per day over approximately 9.8 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: VCNewsDaily/Crunchbase

Current status

Chapter 11 (Apr 2023)

The rise & fall

7 moments · 2013–2023

The key moments, with employee sentiment along the way.

2013

Founded to prescribe software

Corey McCann's pitch: FDA-cleared apps as medicine for conditions like addiction and insomnia.

Wikipedia

2017

FDA clears reSET

Pear's addiction-treatment app becomes the first prescription digital therapeutic authorized in the US.

FDA

Dec 2021

The peak: a $1.6B SPAC debut$1.6B

Goes public via SPAC in December 2021 — unicorn status and a listing in the same stroke.

SEC filing

2022

Payers won't pay

Insurers decline to reimburse prescription software at scale; the cash runs down.

SEC filing

2021–23

From the inside · Glassdoor reviews, 2021–23

Glassdoor reviews sketched true believers watching the commercial engine stall: insiders called leadership too junior and thin on both pharma and software experience, and more than one concluded Pear went public too early and simply ran out of money.

Apr 2023

Chapter 11 — joins the Unitard Club 💔

Sixteen months after its $1.6B listing, Pear files and puts its FDA-cleared products up for auction.

Court filing

2023

The auction: ~$6M for everything

Its products and assets fetch roughly $6M combined — after $264M raised.

Court filing

$1.57Bof peak value erased · 10 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Pear Therapeutics pioneered FDA-cleared prescription digital therapeutics for conditions like addiction and insomnia, going public via SPAC in late 2021 at roughly a $1.6B valuation. It could not get payers to reimburse its software at scale, filed for Chapter 11 in April 2023, and auctioned off its products.

Source: SEC filings; SPAC Dec 2021

Where they went

Corey McCann
Founder, President & CEO
Co-Founder and Managing Partner at T.Rx Capital
LinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.

Disclosed investors (20)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard