Better Therapeutics, a prescription digital therapeutics company focused on cardiometabolic diseases, laid off approximately 35% of its workforce in late March 2023 as part of a cost reduction initiative. The company, which had gone public via a SPAC in 2021, faced financial challenges with significant net losses and a declining stock price. The layoffs aim to extend the company's financial runway to reach key milestones, including potential FDA marketing authorization for its BT-001 product for Type 2 diabetes. This move reflects broader struggles within the digital therapeutics industry, where companies like Akili Interactive and Pear Therapeutics have also implemented workforce reductions or explored strategic alternatives amid profitability pressures.
