Pear Therapeutics ended 2021 with $4.2M in revenue, expects $22M this year

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The prescription digital therapeutics (PDTs) developer Pear Therapeutics reported financial results for its fourth quarter and full year 2021 ended December 31, 2021.

Pear’s total revenue for the fourth quarter of 2021 was $1.3 million, compared with $34 thousand for the fourth quarter of 2020, with the increase over the prior year period primarily related to product sales of its three FDA-authorized products.

Select 2021 results

Key figures include:

  • Total revenue for the year: $4.2M
  • Prescriptions: 14,000+
  • Fulfillment Rate: ~51%
  • Covered Lives: 31.7M+

More than 550 prescribers wrote prescriptions for reSET, reSET-O, and Somryst in 2021. Providers deploying Pear’s PDTs include large addiction health systems, hospital network providers, and academic medical centers such as ChristianaCare, Crossroads, Northwell Health, M Health Fairview, and Kaiser Permanente Washington.

Massachusetts became the first state to cover PDTs for all Medicaid patients. Pear’s products, reSET and reSET-O, were added to MassHealth’s Non-Drug Product List, effective November 1, 2021.

Outlook for 2022

Guidance for key performance operating metrics:

  • Revenue: $22M
  • Prescriptions: 50,000-60,000
  • Fulfillment Rate: 50-65%
  • Covered Lives: 100M-120M

On March 21, 2022, announced a development agreement with SoftBank Corp. to develop a Japanese-language digital therapeutic for the treatment of sleep/wake disorders for the Japanese market as part of Pear’s strategy to commercialize digital therapeutics in international markets.

Three days later, Pear announced its PearConnect platform is available to healthcare providers in the Epic App Orchard Gallery. Initially, this will allow healthcare providers who implement the application the ability to access the PearConnect platform within Epic’s leading electronic health record (EHR) platform to remotely monitor patients who have been prescribed reSET and reSET-O.

On the record

“We showed strong execution in 2021, with the company reaching its first commercial inflection point, highlighted by our rapid progress on provider adoption and payor access for our three commercial PDTs,” said Corey McCann, M.D., Ph.D., President and Chief Executive Officer of Pear Therapeutics. “In 2022, we will build value for our shareholders by continuing to bring our PDTs to more and more patients and providers, increase access to our PDTs to help improve the lives of the patients we serve, publish health economic data generated in the real world, advance our pipeline, develop our commercial platform called PearConnect and our development platform called PearCreate.”