Pear Therapeutics’ assets were sold for about $6 million on Monday to four companies, including one associated with its former CEO.
At a hearing in the US 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 sale process.
Former CEO Corey McCann, who left Pear in April, and former CEO Michael Langer are listed in lawsuits as principals of Harvest Bio, which is seeking to acquire Pear’s substance abuse therapy assets as well as various company 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, is looking to buy patents from Pear for $70,000. Nox Health, a sleep diagnostics company, wants to buy Pear’s insomnia product for $3.9 million. Welt, a digital biomarker company, plans to buy Pear’s migraine-related assets for $50,000.
The sale price of about $6 million is a dramatic turnaround for the company, which went public in December 2021 through special-purpose buyout firm Thimble Point Acquisition in a deal that valued Pear at $1.6 billion. Pear, which reported $13 million in revenue last year and lost about $123 million, filed for bankruptcy in April. In the Chapter 11 filing, it listed $65.6 million in assets and $51 million in debt.