SAN FRANCISCO - Better Therapeutics Inc. (NASDAQ: BTTX), a developer of prescription digital therapeutics, has announced a rebate agreement with a leading U.S. Pharmacy Benefit Manager (PBM) to enhance access to its diabetes treatment app, AspyreRx™. Effective since January 1, 2024, the agreement covers the PBM's commercial operations and could impact over 70 million Americans.
The company's AspyreRx™, a prescription-only digital therapeutic for adults with type 2 diabetes, was authorized by the FDA in July 2023 and subsequently launched in October 2023. It offers cognitive behavioral therapy through a smartphone application, aiming to improve cardiometabolic health by changing patient behavior.
Frank Karbe, President and CEO of Better Therapeutics, commented, "Agreements like this demonstrate recognition of the value proposition of innovative solutions like AspyreRx and represent an important step toward increasing accessibility and coverage of our product for patients in need."
AspyreRx™ is designed to be used alongside standard care for managing type 2 diabetes, providing a structured, interactive experience that guides patients through therapy lessons, skill-building, and goal setting.
This news is based on a press release statement from Better Therapeutics Inc.
InvestingPro Insights
Better Therapeutics Inc. (NASDAQ: BTTX) has recently made strides with its innovative diabetes treatment app, AspyreRx™, through a significant rebate agreement. However, a closer look at the company's financial health through InvestingPro data and tips reveals some challenges that investors may want to consider.
InvestingPro data shows a market cap of 10.05M USD, reflecting the small size of the company in the biotech industry. The company's financials also indicate that it has not been profitable over the past twelve months, with an operating income of -29.61M USD. Additionally, the negative P/E Ratio (Adjusted) of -0.29 and a Price / Book of -0.93 suggest that the market currently values the company's assets and profitability prospects at less than their book value, which can be a sign of investor skepticism about the company's future performance.
Among the InvestingPro Tips, two particularly stand out for Better Therapeutics: the company is "quickly burning through cash" and "suffers from weak gross profit margins." These insights may be crucial for investors, as they highlight the company's immediate financial challenges amidst efforts to increase its product's accessibility.
Despite recent positive stock price movements, with a strong return over the last month of 14.66% and the last three months of 23.29%, Better Therapeutics has experienced a significant price fall over the last year, with a -84.78% return. This volatility is a key point for investors to monitor, especially in the context of the company's financial health and market position.
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