Pear Therapeutics' assets were sold for about $6 million Monday to four companies, including one with ties to its former CEO.
At a hearing in U.S. Bankruptcy Court for the District of Delaware, Judge Thomas Horan ruled that Click Therapeutics, Nox Health, Welt and Harvest Bio can proceed with the formal sales process.
Former CEO Corey McCann, who left Pear in April, and former executive Michael Langer are listed in court filings as managers of Harvest Bio, which seeks to acquire Pear’s substance use therapy assets as well as various corporate trademarks, licenses and patents for $2.03 million.
McCann and Langer did not respond to interview requests. Attorneys representing Harvest Bio did not respond to a request for comment.
Click Therapeutics, a digital therapeutics company, seeks to buy patents from Pear for $70,000. Nox Health, a company that develops diagnostics for sleep, wants to buy Pear’s insomnia therapeutics product for $3.9 million. Welt, a digital biomarkers company, plans to buy Pear’s migraine-related assets for $50,000.
The sale price of around $6 million is a dramatic turn for the company, which went public in December 2021 through special purpose acquisition company Thimble Point Acquisition in a deal that valued Pear at $1.6 billion. Pear, which reported $13 million in revenue last year and lost around $123 million, filed for bankruptcy in April. In the Chapter 11 filing, it listed $65.6 million in assets and $51 million in debt.