Better Therapeutics

About Better Therapeutics

Better Therapeutics operates as a prescription digital therapeutics (PDT) company, positioning itself at the intersection of healthcare and technology. The company was established in 2015 by David Perry and Kevin Appelbaum with the goal of developing a novel form of cognitive behavioral therapy (CBT) to address the root causes of cardiometabolic diseases. Perry, with a background in software and a personal connection to diabetes, co-founded the company after his own positive experience using a rudimentary app to manage his condition, leading to the insight that behavioral change could be delivered digitally to treat disease.

The firm's core business revolves around developing and commercializing software-based interventions designed to be prescribed by physicians and used by patients. Its primary product, AspyreRx, formerly known as BT-001, is an FDA-authorized prescription-only digital therapy for adults with type 2 diabetes (T2D). This treatment provides a form of cognitive behavioral therapy through a smartphone app, aiming to modify patient behavior to improve glycemic control. AspyreRx delivers tailored content, skill-building lessons, and goal-setting exercises to help patients make sustainable changes to their diet and activity levels. The business model is centered on obtaining reimbursement from payers, including insurance companies and government programs, positioning AspyreRx as a covered medical benefit. This approach targets the vast market of individuals struggling with T2D and other related cardiometabolic conditions.

Significant milestones for Better Therapeutics include securing FDA authorization for AspyreRx in July 2023, a landmark achievement that validated its platform and approach. Following this, the company gained inclusion on the formulary of a major pharmacy benefit manager (PBM), making AspyreRx available to millions of individuals with T2D. The company's journey also included a period of operating as a publicly traded entity after a SPAC merger in 2021, though it later faced financial challenges common in the digital therapeutics space, leading to a delisting from Nasdaq and a transition to the OTC market.