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In January, Pear Therapeutics was quickly running out of money. The digital health startup embarked on an effort to sell up to $150 million worth of its stock, which could have tossed Pear a crucial lifeline as it sought to claw its way to a sustainable business.

By the end of March, the stock sale had yielded just $1 million and it was evident that investors were no longer interested in funding the company. In early April, Pear filed for bankruptcy and announced it would lay off almost all of its employees.


In the wake of the filing, much has been made of the promise of the digital medicines that the company developed. Less has been said about how the company so misjudged its trajectory in believing that it was “poised for near-term commercial scale.”

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