---
schema_version: "secwatch.filing_event.v1"
accession: "0001835567-23-000020"
form_type: "8-K"
ticker: null
cik: "0001835567"
company_name: "Pear Therapeutics, Inc."
filed_at: "2023-04-07T23:59:59+00:00"
generated_at: "2026-06-17T04:43:04.407535+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Pear Therapeutics files Chapter 11, terminates 92% of staff, CEO steps down

## Summary
- Filed Chapter 11 in Delaware; intends to sell business or assets under section 363 of Bankruptcy Code.
- Reached pre-filing settlement with lender: paid $18.66M cash, assigned up to $4.7M tax refund; residual unsecured claim up to $10.4M.
- CEO Corey McCann stepped down; COO/CFO Christopher Guiffre becomes principal executive officer.
- Board authorized termination of ~170 employees (92% of workforce); ~15 employees retained for transition; one-time charge of ~$1.2M.
- Equity holders likely receive little or no recovery; trading in securities highly speculative.

## SEC filing metadata
- accession: 0001835567-23-000020
- form_type: 8-K
- cik: 0001835567
- company_name: Pear Therapeutics, Inc.
- filed_at: 2023-04-07T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.02, 1.03, 2.04, 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/pear-20230405.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001835567-23-000020
- JSON: https://secwatch.observer/filing/0001835567-23-000020.json
- Plain text: https://secwatch.observer/filing/0001835567-23-000020.txt

## Key facts
- Debt Financings
  Pear Therapeutics, Inc. reported a default on credit facility with Administrative Agent.
  - Instrument: credit facility
  - Counterparty: Administrative Agent
  - Event: default
  source text: For purposes of the Settlement Agreement, the Company and Pear US acknowledged and agreed that outstanding defaults occurred and were continuing under the Credit Agreement and the Administrative Agent exercised certain rights and remedies pursuant to the Credit Agreement and Loan Documents as set forth in the Settlement Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm
- Distress & Bankruptcy
  Pear Therapeutics, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-04-07).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the District of Delaware
  - Petition: 2023-04-07
  source text: On April 7, 2023 (the " Petition Date "), the Company and its wholly-owned direct subsidiary, Pear US (together with the Company, the “ Debtors ”), each commenced a voluntary case under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm
- Executive change
  Christopher D.T. Guiffre was appointed as Principal Executive Officer at Pear Therapeutics, Inc..
  - Action: appointed
  - Role: Principal Executive Officer
  source text: Christopher D.T. Guiffre, J.D., M.B.A., the Company’s Chief Operating Officer, and Chief Financial Officer will serve as the Company’s principal executive officer following the departure of Dr. McCann.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm
- Executive change
  Corey McCann departed as Chief Executive Officer and President at Pear Therapeutics, Inc..
  - Action: stepped down
  - Role: Chief Executive Officer and President
  source text: Effective April 6, 2023, in anticipation of the filing of the Chapter 11 Cases discussed in Item 1.03 above, Corey McCann, M.D., Ph.D. stepped down as the Company’s Chief Executive Officer and President.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm
- Material Agreements
  Pear Therapeutics, Inc. terminated Settlement Agreement with Perceptive Credit Holdings III, LP (as Administrative Agent and Lender) valued at $18.66 million cash and assignment of federal tax refund claim estimated at up to $4.7 million, plus (effective 2023-04-06).
  - Action: termination
  - Agreement: settlement
  - Counterparty: Perceptive Credit Holdings III, LP (as Administrative Agent and Lender)
  - Value: $18.66 million cash and assignment of federal tax refund claim estimated at up to $4.7 million, plus
  - Effective: 2023-04-06
  source text: On April 6, 2023, Pear Therapeutics, Inc. (“ Pear ” or the “ Company ”) entered into a Settlement Agreement (the “ Settlement Agreement ”) by and among Perceptive Credit Holdings III, LP, as Administrative Agent (the “ Administrative Agent ”), Perceptive Credit Holdings III, LP, as sole Lender (the “ Lender ”), the Company, Pear Therapeutics (US), Inc. (“ Pear US ”, together with the Company, the “ Obligors ”), and Pear Therapeutics Securities Corporation (“ Pear MSC ”) in connection with that certain Amended and Restated Credit Agreement and Guaranty dated as of March 25, 2022 (as amended, modified, restated or supplemented to from time to time, the “ Credit Agreement ”) and the Loan Documents (as defined in the Credit Agreement) in connection therewith. Pursuant to the Settlement Agreement and in full, complete and final satisfaction of all obligations under the Credit Agreement and the Loan Documents (inclusive of the early prepayment fee of $3.6 million) (i) $18.66 million in cash
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm
- Restructurings & Charges
  Pear Therapeutics, Inc. announced a restructuring with charges of approximately $1.2 million (approximately 170 employees, or 92% of full-time employees).
  - Type: restructuring
  - Charge: approximately $1.2 million
  - Headcount: approximately 170 employees, or 92% of full-time employees
  source text: On April 5, 2023, the Company's board of directions (the " Board ") authorized the termination of approximately 170 employees, or 92% of full-time employees effective April 7, 2023 and restructured the Company's operations to maintain a transition team of approximately 15 employees to continue operations in connection with the Chapter 11 Cases. All terminated employees were paid through April 7, 2023, received two weeks’ salary as severance and were asked to sign a separation agreement, which includes a general release of claims against the Company. The reduction in force was completed on April 6, 2022 and the Company recorded a one-time charge of approximately $1.2 million in the second quarter of 2023 related to the reduction in workforce, consisting primarily of one-time severance payments upon termination of the employees.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1835567/000183556723000020/0001835567-23-000020-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.