Better Therapeutics (Nasdaq:BTTX) announced today that it is terminating its employees and will explore strategic alternatives.
Among those alternatives, the company could consider assignment for the benefit of creditors and/or a wind-down of the company. The San Francisco-based digital therapeutics maker came to the decision at a special meeting of its board on March 13.
It faces a similar fate to fellow digital therapeutic maker Pear Therapeutics, which scaled down operations after filing bankruptcy last year.
Better Therapeutics previously faced delisting from the Nasdaq market unless it regained compliance before a hearings panel. It now voluntarily requests the delisting and expects that to occur in the near term.
The decision to shut up shop follows an up-and-down stretch for the company, which managed multiple regulatory milestones recently. Its AspyreRx offering became the first cognitive behavioral therapy (CBT) to receive FDA authorizati…