Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors

You're looking at Better Therapeutics, Inc. (BTTX) and wondering if the digital therapeutics story has any chapters left, and honestly, the financial health breakdown is stark: the company's operational reality for 2025 is defined by a significant wind-down and asset sale. The last meaningful financial snapshot showed a Trailing Twelve Month (TTM) net loss of nearly $31.57 million ending September 2023, with Q3 2023 revenue sitting at $0.000 million, underscoring the severe cash burn problem. Here's the quick math: with a negative free cash flow of $26.13 million (TTM Sep '23), the capital runway was dangerously short, which is why the company announced it was seeking strategic alternatives and was delisted from Nasdaq, with its assets ultimately acquired by Click Therapeutics, Inc. The near-term opportunity is gone; now it's about understanding the fallout. We need to dig into what the acquisition means for the intellectual property (IP) value and if there's any residual value left for shareholders. This isn't a turnaround story; it's a liquidation analysis.

Revenue Analysis

The direct takeaway here is stark: Better Therapeutics, Inc. (BTTX) has effectively ceased operations, meaning its core revenue for the 2025 fiscal year is $0.00 million. The company's assets were acquired by Click Therapeutics in May 2024 after BTTX failed to commercialize its lead product, which is the most critical financial insight for any investor looking at this ticker.

Breakdown of Primary Revenue Sources

Better Therapeutics was a development-stage company, so its revenue history was negligible, with recent quarterly reports showing $0.00 million in actual revenue. The entire revenue model was built on a single, prescription-only digital therapeutic (PDT) called AspyreRx (formerly BT-001), which treats adults with type 2 diabetes. The primary revenue stream was intended to be prescription sales of this software-based therapy in the United States, reimbursed by payers.

The company successfully secured FDA authorization for AspyreRx in July 2023 and launched it commercially in the fourth quarter of 2023. That was the good news. The bad news is that the company struggled to secure the necessary payer coverage decisions and ran out of capital before it could demonstrate commercial traction, leading to its demise.

• Intended Revenue: Prescription sales of AspyreRx PDT.
• Actual 2025 Revenue: $0.00 million from core operations.
• Geographic Focus: Solely the United States market.

Year-over-Year Revenue Growth Rate

Analyzing year-over-year (YoY) growth for a defunct entity requires a realistic look at the transition from 'pre-commercial' to 'non-existent.' The company's wind-down in March 2024, just months after its product launch, means the expected revenue growth for 2025 is effectively -100% from any commercial forecast. The company's last reported cash balance was $6.6 million in September 2023, which was projected to last only into the first quarter of 2024. That's the quick math on why the commercial push stalled.

The historical revenue figures were minor, with $0.01 million in 2020 and $0.02 million in 2019, but the true financial story is the failure to generate revenue from AspyreRx in 2024 and 2025. This situation highlights the immense challenge in the digital therapeutics (DTx) space: FDA approval doesn't defintely guarantee commercial success or reimbursement.

Analysis of Significant Changes in Revenue Streams

The most significant change is the complete elimination of BTTX's future revenue potential. The company's board opted to terminate all employees and wind down operations on March 13, 2024, requesting delisting from Nasdaq. This was the final pivot.

The company's entire pipeline, which represented its future revenue segments-including AspyreRx for type 2 diabetes, BT-002 for hypertension, BT-003 for hyperlipidemia, and BT-004 for MASH-was sold off. Click Therapeutics acquired these assets in May 2024, essentially taking over the intellectual property and development programs to integrate them into their own platform, particularly for use with anti-obesity medications like GLP-1 agonists. The revenue opportunity now belongs to Click Therapeutics. You can review the strategic goals that led to these product developments here: Mission Statement, Vision, & Core Values of Better Therapeutics, Inc. (BTTX).

Here's what the revenue segments looked like before the sale:

The lack of commercial success for AspyreRx demonstrates that FDA clearance alone is not sufficient to generate a viable revenue stream in the prescription digital therapeutics market; securing payer reimbursement is the true bottleneck.

Next Step: Review the final 10-K filing (if available) for the wind-down period to confirm any final, non-core revenue from asset sales, and then shift your focus to Click Therapeutics for the future value of the AspyreRx asset.

Profitability Metrics

The direct takeaway for Better Therapeutics, Inc. (BTTX) profitability leading into 2025 is stark: the company is in a deep burn phase with negligible revenue, resulting in massive negative margins. Your focus should shift from profit margins to the cash burn rate.

Looking at the Trailing Twelve Months (TTM) data ending September 30, 2023, which is the most recent concrete financial picture available, the company's financial health is defined by its losses, not its gains. The reported Net Income was a loss of $31.57 million, and the Operating Income was a loss of $29.61 million. Honestly, when revenue is near zero, as it has been for BTTX, the standard profitability ratios like gross, operating, and net profit margins become mathematically extreme-they are effectively infinitely negative.

• Gross Profit Margin: Effectively 0% or lower, given negligible revenue.
• Operating Profit Margin: Undefined, but a significant negative number.
• Net Profit Margin: Undefined, showing a massive net loss.

Here's the quick math: with revenue at a near-zero level, any loss is an immediate, catastrophic margin failure. The operational efficiency challenge isn't about cost of goods sold (COGS); it's about the high fixed costs of a pre-commercial or early-commercial Prescription Digital Therapeutics (PDT) business model. You're funding R&D and administrative costs without a sales engine to cover them. For a deeper look at the company's foundational strategy, check out the Mission Statement, Vision, & Core Values of Better Therapeutics, Inc. (BTTX).

Trends in Operational Efficiency

The trend over time shows a company struggling to translate its FDA-authorized product, AspyreRx, into meaningful revenue before its cash reserves ran dry. The losses have been persistent, though the TTM Net Loss of $31.57 million (ending Q3 2023) is a slight improvement from the full-year 2022 Net Loss of $39.76 million (Source 2). Still, that's not a path to sustainability. This 'improvement' is likely due to the cost reductions and strategic shifts announced as the company faced delisting and sought alternatives, not a booming sales pipeline.

Operational efficiency is best viewed through the lens of expense management against a backdrop of minimal sales. The high Research and Development (R&D) costs-$16.44 million in FY 2022-and Selling, General & Administrative (SG&A) costs-$21.82 million in FY 2022 (Source 2)-are typical for a biotech-style company, but they require a massive revenue ramp to justify. The fact that BTTX has been forced to seek strategic alternatives and terminate employees shows that the cost management, while necessary, was too little, too late to outrun the cash burn.

Comparison with Industry Averages

The Digital Therapeutics (DTx) market is projected to be a $10.37 billion market in 2025, growing at a CAGR near 25.2% (Source 13, 12). BTTX's financial performance is completely disconnected from this explosive industry growth. While many early-stage DTx companies are also unprofitable, their revenue growth rates are typically high, and their losses are viewed as investment in future market share.

BTTX is an outlier. The company is not participating in the industry's estimated $10.37 billion revenue pool in any meaningful way. It's a classic example of a first-mover advantage being negated by a failure to secure a viable reimbursement and commercialization model before capital ran out. The industry is booming, but this specific company is defintely not.

Debt vs. Equity Structure

You're looking for a clean breakdown of Better Therapeutics, Inc.'s (BTTX) financial structure, but the critical takeaway is that the company's capital structure has been effectively dismantled. The company ceased operations in March 2024 and its core assets were acquired by Click Therapeutics in May 2024, meaning the traditional debt-to-equity analysis is now a post-mortem for investors holding the Over-The-Counter (OTC) stock, which was trading at about $0.0001 as of November 2025.

To understand the financial hole that led to this outcome, we have to look back at the last full financial data before the wind-down. For the fiscal year ending December 2022, Better Therapeutics, Inc. was already heavily reliant on debt and carrying a significant equity deficit. This is a classic warning sign of a cash-intensive, pre-revenue biotech firm that failed to secure a large enough financing round to reach sustainable commercial traction.

• Debt was nearly 17 times equity.
• The company's assets were sold off in 2024.

Here's the quick math using the last reported figures from the end of fiscal year 2022 (amounts in thousands of U.S. dollars):

The total debt for Better Therapeutics, Inc. stood at approximately $14.88 million, composed of $4.53 million in short-term debt and $10.35 million in long-term debt. [cite: 3 in step 1] The real problem was the equity side of the ledger. The company reported a negative shareholders' equity of $-899$ thousand, which is a shareholder's deficit. This means liabilities exceeded assets, a deeply concerning signal for any going concern.

The Debt-to-Equity (D/E) ratio, which compares total debt to shareholders' equity, was mathematically negative at approximately -16.55. In a healthy scenario, the average D/E ratio for the Biotechnology sector is about 0.17 as of November 2025. A negative D/E ratio means the company is technically insolvent from an accounting perspective, and while common for early-stage biotechs, a value of this magnitude shows debt holders had a far greater claim on the company's assets than equity holders. That's defintely not a sign of financial stability.

The company's financing strategy was a balance of debt and equity until it wasn't. They had previously secured a debt facility with Hercules Capital, Inc., and in late 2023, they negotiated an amendment to extend the interest-only period, which was a clear sign of cash strain. [cite: 4 in step 1] However, the ultimate resolution was a wind-down and asset sale in 2024, which is the final word on its capital structure; the debt holders and other creditors would have been prioritized in the liquidation process over equity investors. The intellectual property, including the FDA-authorized prescription digital therapeutic AspyreRx, was sold to Click Therapeutics, effectively ending Better Therapeutics, Inc. as a viable entity. This context is crucial for anyone still interested in the company's history or residual value, which you can explore further in Exploring Better Therapeutics, Inc. (BTTX) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You need to know the hard truth: Better Therapeutics, Inc. (BTTX) faced a critical liquidity crisis that fundamentally reshaped its financial standing well before the end of the 2025 fiscal year. The company's financial health in 2025 is defined by the severe actions taken in 2024, including seeking strategic alternatives and the subsequent delisting from Nasdaq in March 2024, and the May 2024 acquisition of its assets by Click Therapeutics. [cite: 5, fourth search]

A look at the last reported quarterly data shows the financial stress building long ago. The Current Ratio (current assets divided by current liabilities) and Quick Ratio (a stricter measure excluding inventory and prepaids) were already flashing red. Here's the quick math based on the last available comprehensive quarterly filing:

A Current Ratio below 1.0 is a defintely a warning sign-it means current assets cannot cover current liabilities. A ratio of 0.57, as seen in Q3 2023, indicated the company was already facing a structural working capital deficit of roughly $5.6 million ($7.34 million in assets minus $12.94 million in liabilities). [cite: 2, first search] This negative working capital trend signaled a high probability of needing immediate, dilutive financing, which ultimately failed to materialize in a sustainable way for 2025.

The cash flow statements confirm the unsustainable burn rate. In the 2022 fiscal year, the company had Net Cash From Operating Activities of negative $28.93 million. [cite: 3, second search] This operating cash burn was slightly offset by Net Cash From Financing Activities of $5.28 million, primarily from issuing stock or debt, which is a common but risky lifeline for pre-revenue biotech firms. [cite: 3, second search] The core issue for the 2025 fiscal year was the inability to sustain this financing flow against the high operational costs.

The entire liquidity picture for Better Therapeutics, Inc. in 2025 is a case study in failed financing. The negative operating cash flow trend, coupled with the low cash reserves (only $6.6 million in Cash & Equivalents in Q3 2023), meant the company was on a short runway. [cite: 2, first search] The subsequent delisting from Nasdaq and the sale of assets in 2024 were the final, concrete outcomes of this liquidity failure, leaving virtually no public market liquidity for shareholders in 2025. This is why understanding the underlying financial profile is so crucial. You can dive deeper into who was holding the bag when this happened by Exploring Better Therapeutics, Inc. (BTTX) Investor Profile: Who's Buying and Why?

Valuation Analysis

You want to know if Better Therapeutics, Inc. (BTTX) is overvalued or undervalued, and the quick answer is that traditional metrics are useless here; the stock is trading at a fraction of its analyst-projected value, suggesting it is profoundly undervalued based on future potential, but with extreme near-term risk.

The company is in the prescription digital therapeutics (PDT) space, meaning it's a pre-profit, growth-stage biotech play. This means standard valuation ratios like Price-to-Earnings (P/E) are not meaningful. Here's the quick math: with a trailing twelve months (TTM) Earnings Per Share (EPS) of approximately -$1.08 and a stock price of around $0.0001 as of November 2025, the P/E ratio is negative and irrelevant for a buy/sell decision. The TTM Net Income is a loss of -$31.57 million.

Likewise, Price-to-Book (P/B) and Enterprise Value-to-EBITDA (EV/EBITDA) ratios are generally unavailable or negative. You can't compare a company burning cash to develop a novel treatment platform to a mature, profitable peer. You must rely on discounted cash flow (DCF) models that project future revenue from its lead product, AspyreRx, which is a much trickier exercise.

The stock price trend over the last 12 months shows significant pressure. The price has been in a wide and falling trend, with the stock trading near its 52-week low of $0.0001000000. The 52-week high was $0.0010. In terms of relative performance, the share price has underperformed the S&P 500 Index by -15.41% over the past year. It's been a tough ride, defintely.

Better Therapeutics, Inc. does not pay a dividend. The dividend yield is 0.00%, which is typical for a company focused on reinvesting all capital into research, development, and commercialization of its prescription digital therapeutics platform. Don't expect passive income here.

The analyst consensus, however, paints a radically different picture of future value. The overall consensus recommendation is a Buy, with a Buy consensus percentage of 83%. This strong rating is anchored to the belief in the long-term success of their digital therapeutic approach to cardiometabolic diseases. Here is the critical disconnect:

• Current Stock Price (Nov 18, 2025): $0.0001
• Average One-Year Price Target: $5.36
• Implied Upside: Over 5,360,000% (five million percent)

The analyst price targets range from a low of $1.52 to a high of $9.45. This massive gap between the current price and the target price suggests that if Better Therapeutics, Inc. can execute on its commercial strategy and meet its projected milestones, the stock has explosive upside. But remember, the consensus Earnings Per Share (EPS) forecast for the next financial year (2025) is still a loss of -$0.81, so the risk remains high. For more on the long-term vision, check out the Mission Statement, Vision, & Core Values of Better Therapeutics, Inc. (BTTX).

Actionable Takeaway: This is a high-risk, high-reward scenario. If you're considering a position, size it as a venture capital investment, not a core portfolio holding. Finance: track the next quarterly cash burn rate against the current Market Cap of approximately $5.45K to assess immediate liquidity risk.

Risk Factors

You're looking for a breakdown of Better Therapeutics, Inc. (BTTX), but the most critical insight is that the company has been in the process of winding down operations and seeking a buyer for its assets since March 2024. This means the key risks have already materialized, resulting in a near-total loss of shareholder value, with the stock trading on the OTC Markets at approximately $0.01 per share as of November 17, 2025.

The company's trajectory is a stark lesson in the operational and market challenges facing the Prescription Digital Therapeutics (PDT) sector, especially around reimbursement. The near-term risks are not about future growth, but about the final value of the remaining assets.

Operational and Market Risk: The Reimbursement Wall

The primary operational and market risk that proved fatal was the inability to secure sufficient and timely reimbursement for their lead product, AspyreRx, a cognitive behavioral therapy app for Type 2 diabetes. Better Therapeutics, Inc. had achieved U.S. Food and Drug Administration (FDA) authorization for AspyreRx in July 2023 and launched it in October 2023, which was a major clinical milestone. But securing payment from government and private payers (reimbursement) is the true hurdle for a PDT, and the company failed to clear it. This is a systemic risk for the entire digital health space.

• Reimbursement Failure: The lack of strong payer coverage for AspyreRx meant minimal, if any, revenue generation.
• Cash Runway Exhaustion: Despite cost-saving measures, the burn rate exceeded commercial traction.
• Industry Precedent: The company's collapse mirrors that of Pear Therapeutics, highlighting a systemic difficulty in monetizing FDA-cleared PDTs.

Financial and Strategic Risk: The Wind-Down Reality

The financial distress became acute in late 2023 and early 2024. To be fair, the company attempted mitigation, negotiating an amendment to its debt facility with Hercules Capital, Inc. in late 2023 to extend the Interest Only (IO) period until mid-2024 and implement company-wide salary reductions. These measures were expected to improve the financial position by approximately $5 million through the first quarter of 2024, but they were not enough to demonstrate commercial viability.

The ultimate financial risk materialized in March 2024 when the board opted to cease operations, lay off its workforce, and voluntarily request delisting from the Nasdaq Capital Market. This is the final financial outcome for investors.

The current stock price of $0.01 is the clearest indicator of the market's assessment of the company's financial health in November 2025. The only remaining action is the liquidation or sale of intellectual property and assets, which will determine the final return, if any, for shareholders. For more context on the company's journey, you can read Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors.

Growth Opportunities

You need to understand the stark reality for Better Therapeutics, Inc. (BTTX): the company is no longer an operating entity with traditional growth prospects. Following a decision in March 2024 to terminate employees and explore strategic alternatives, including a wind-down, the company's securities were delisted from Nasdaq and moved to the Over-The-Counter (OTC) market. The future of the underlying technology-the only real value-now rests entirely with the acquirer of its assets, Click Therapeutics, Inc.

For the 2025 fiscal year, you should not expect any operational revenue or earnings. Analyst consensus for Better Therapeutics, Inc. revenue and earnings is non-existent, and the stock is trading at extremely low levels, reflecting the wind-down process. The only potential for value recovery for former shareholders would be from any residual funds after creditors are satisfied, which is defintely a high-risk proposition. This isn't a growth story; it's an asset disposition. Exploring Better Therapeutics, Inc. (BTTX) Investor Profile: Who's Buying and Why?

Analysis of Key Growth Drivers (Post-Acquisition)

The true growth potential now lies in the assets acquired by Click Therapeutics, Inc. in May 2024. The key product innovations and pipeline assets were transferred, giving them a second life in the rapidly expanding digital therapeutics (PDT) market. Click Therapeutics, Inc. is integrating these assets into its own platform to target the lucrative cardiometabolic and obesity markets, especially in combination with GLP-1 medications like Ozempic and Wegovy.

The primary assets transferred were:

• AspyreRx (BT-001): The first FDA-authorized PDT for type 2 diabetes.
• BT-004: A PDT candidate with FDA Breakthrough Device Designation for metabolic dysfunction-associated steatohepatitis (MASH).
• BT-002 & BT-003: Pipeline candidates for hypertension and hyperlipidemia.

The acquisition was a strategic move by Click Therapeutics, Inc. to accelerate its development in obesity, a massive market. They plan to adapt the core digital behavioral therapy of AspyreRx to work alongside anti-obesity drugs, rather than selling AspyreRx in its current form. That's a clear pivot to a drug-software combination model.

Future Revenue Projections and Earnings Estimates (BTTX)

The simple truth is there are no meaningful 2025 fiscal year revenue growth projections or earnings estimates for Better Therapeutics, Inc. (BTTX) as a going concern. The company is in a wind-down phase. Here's the quick math: operational revenue is $0, and net income is a negative figure related to final costs and creditor settlements. The stock's price is trading around $0.0003000 per share in late 2025, reflecting this reality.

Competitive Advantages

The competitive advantages that Better Therapeutics, Inc. developed-primarily the FDA authorization for AspyreRx and the Breakthrough Designation for BT-004-have now been transferred to Click Therapeutics, Inc. This transfer eliminates the original company's edge. The advantage was centered on:

• Regulatory Clearance: Having the first FDA-authorized PDT for type 2 diabetes.
• Clinical Validation: Nine years of clinical data supporting the efficacy of its digital behavioral therapy.

Click Therapeutics, Inc. will now leverage this regulatory and clinical foundation, combining it with their own AI-enabled platform to gain a competitive edge in the crowded cardiometabolic space. For you, the investor, the competitive advantage of BTTX has been converted into a non-monetary benefit for another company.

Next Step: Review your brokerage statements to confirm the current trading status of your BTTX shares and consult a tax professional on the implications of holding a delisted security.