Better Therapeutics, Inc. (BTTX): History, Ownership, Mission, How It Works & Makes Money

Better Therapeutics, Inc. (BTTX) is pioneering prescription digital therapeutics (PDTs) to treat chronic cardiometabolic diseases, but can a company with a current market capitalization of just $5.45K truly revolutionize healthcare? Their core mission is to replace traditional medicine with software, using cognitive behavioral therapy (CBT) delivered through products like AspyreRx to address the root causes of conditions such as type 2 diabetes. The stark reality is a trailing twelve-month net loss of $31.57 million against a quarterly revenue forecast of $938.00K, which forces a defintely hard look at their business model and path to scale. Let's break down the history, ownership, and the specific mechanics of how Better Therapeutics, Inc. plans to monetize this innovative, yet highly capital-intensive, approach in the digital health market.

Better Therapeutics, Inc. (BTTX) History

Given Company's Founding Timeline

Year established

Better Therapeutics, Inc. was founded in 2015.

Original location

The company was founded and remains headquartered in San Francisco, California.

Founding team members

The company was co-founded by Kevin Appelbaum and David Perry, who later served as Executive Chairman.

Initial capital/funding

While the initial seed capital isn't specified, the company raised a total of approximately $158 million in funding over its operating history to support the development of its prescription digital therapeutics (PDTs).

Given Company's Evolution Milestones

You can see the company's trajectory wasn't a straight line; it involved a strategic pivot and major regulatory win, followed by significant corporate restructuring. This is defintely a case study in the volatile digital therapeutics (PDT) space.

Given Company's Transformative Moments

The company's history is defined by two massive, opposing forces: the regulatory triumph of its product and the commercial failure of its business model. The FDA authorization in July 2023 was the peak, but the inability to secure payer coverage and market adoption quickly enough proved fatal.

Here's the quick math on the near-term risk: despite the total funding of $158 million, the company was officially listed as 'Out of Business' as of March 2024, reflecting the sale of its operating assets. Still, the residual entity, trading as BTTX on the OTCPK, had a nominal market capitalization of only about $5.451 thousand as of November 2025.

The most transformative decisions were:

• The Pivot to Prescription Digital Therapeutics (PDT): Focusing on FDA-regulated software as a medical device, which is a high-risk, high-reward strategy that requires pharmaceutical-level evidence.
• The SPAC Merger in 2021: This accelerated the path to public markets, but also exposed the company to the harsh realities of public reporting and capital requirements before its product was fully commercialized.
• The 2025 Asset Sale: This was the ultimate, albeit forced, strategic decision. It preserved the technology and clinical data, allowing AspyreRx to potentially reach patients under a new owner, but it ended Better Therapeutics, Inc. as an independent operating entity.

If you want to dig deeper into the financial fallout, you should check out Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors.

Better Therapeutics, Inc. (BTTX) Ownership Structure

Better Therapeutics, Inc.'s ownership structure is currently dominated by insiders, which is a critical factor for governance and strategic direction, especially following the company's significant corporate changes. The company remains a publicly traded entity, but its trading status and market capitalization reflect a period of high uncertainty and transition as of November 2025.

Given Company's Current Status

Better Therapeutics, Inc. (BTTX) is a publicly traded company, but its status has shifted dramatically. After being delisted from the NASDAQ, the stock now trades on the OTC Markets (OTCPK) under the same ticker, BTTX. This move often signals a significant liquidity and valuation challenge for investors.

As of November 2025, the company's market capitalization is extremely low, hovering around just $5.45 thousand, with the stock price trading near $0.0001 per share. This low valuation follows the May 2024 acquisition of the company's assets by Click Therapeutics, Inc., which means investors are essentially holding shares in a shell entity exploring strategic alternatives after selling its core business. That's a tough spot to be in, defintely.

• Trading Exchange: OTC Markets (OTCPK).
• Market Capitalization (November 2025): Approximately $5.45K.
• Shares Outstanding (November 2025): Approximately 54.52 million.

Given Company's Ownership Breakdown

The company's governance is heavily influenced by its internal stakeholders, as a majority of the equity is held by insiders. Here's the quick math on who controls the shares, based on the latest available filings closest to November 2025:

When insiders hold over half the stock, as they do here with 51.40%, they can easily pass most resolutions without needing outside shareholder support. This means the strategic direction, including any future wind-down or new venture, is firmly in the hands of the leadership team.

Given Company's Leadership

The leadership team, as of November 2025, is steering the company through this post-asset-sale transition, focusing on maximizing remaining shareholder value. The composition reflects a mix of co-founders and experienced operational executives, though some roles are consolidated due to the company's reduced operational footprint. For a deeper dive into the guiding principles, you can review the Mission Statement, Vision, & Core Values of Better Therapeutics, Inc. (BTTX).

The current key leadership includes:

• Frank L. Karbe: CEO, Interim CFO, President & Director. He consolidates the top executive and financial roles.
• David P. Perry M.B.A.: Co-Founder & Executive Chairman. He provides strategic oversight and co-founder continuity.
• Dr. Mark A. Berman M.D.: Chief Medical Officer. He oversees the clinical and medical strategy, crucial for a prescription digital therapeutics (PDT) company.
• Kristin Wynholds: Chief Product Officer. She leads the product vision and development efforts.
• Andres Camacho: Senior Vice President of Technology & Head of Engineering.
• Angela Willis: Senior Vice President of Market Access.

Better Therapeutics, Inc. (BTTX) Mission and Values

Better Therapeutics, Inc. (BTTX) was founded on the principle of using software, not just pharmaceuticals, to treat chronic disease, focusing its mission on behavioral change as the root of clinical improvement. This is a company that, despite its recent financial turbulence-including a 2025 market capitalization of approximately US$5.44K-was built on a clear, patient-centric purpose.

You're looking at a company that aimed to change the fundamental approach to cardiometabolic care, and that core purpose is what drove its development of the FDA-authorized prescription digital therapeutic (PDT), AspyreRx. The firm's commitment to its mission and values is what attracted the eventual acquisition of its assets by Click Therapeutics, even as the BTTX stock delisted from the Nasdaq and moved to the OTCPK, still trading with 54.52 million shares outstanding as of November 2025.

Better Therapeutics' Core Purpose

The company's ethos maps directly to its product, which is a form of cognitive behavioral therapy (CBT) delivered via a smartphone app, designed to address the underlying drivers of conditions like type 2 diabetes and heart disease.

Official mission statement

The mission statement is precise; it's about a digital revolution in a specific area of medicine, which is a strong differentiator in the healthcare technology sector.

• Revolutionize the treatment of cardiometabolic diseases through innovative prescription software.
• Improve the lives of patients suffering from conditions like diabetes, obesity, and cardiovascular disease.
• Provide personalized and effective digital therapeutics.

Honestly, a mission statement that puts the patient's improved life before the product is defintely a good sign for long-term impact. You can see more on this at Mission Statement, Vision, & Core Values of Better Therapeutics, Inc. (BTTX).

Vision statement

While an explicit, one-sentence vision statement is often a corporate cliché, the company's stated goals point to a clear long-term aspiration: to establish prescription digital therapeutics as a standard of care.

• Reduce long-term healthcare costs by addressing the root causes of cardiometabolic conditions.
• Empower patients and healthcare systems with scalable, evidence-based digital interventions.
• Improve patient outcomes by enabling lasting behavioral changes through neuroplasticity.

The vision is about systemic change, not just a single product sale. That's the real value proposition for payers.

Better Therapeutics slogan/tagline

The company did not heavily promote a short, catchy slogan, but its core identity is captured in the most descriptive phrase used across its materials and by analysts.

• Innovative Digital Therapeutics.
• A novel form of cognitive behavioral therapy.

Here's the quick math: their core purpose is to use software to change the brain's neural pathways, making behavioral change possible, which is a much more powerful concept than a simple tagline.

Better Therapeutics, Inc. (BTTX) How It Works

Better Therapeutics, Inc. develops and commercializes prescription digital therapeutics (PDTs) that use a form of Cognitive Behavioral Therapy (CBT) to treat the root causes of cardiometabolic diseases, rather than just the symptoms. The company's platform delivers evidence-based software to patients via their smartphones, helping to drive sustained behavioral change for conditions like type 2 diabetes.

Better Therapeutics, Inc.'s Product/Service Portfolio

Better Therapeutics, Inc.'s Operational Framework

The company's core operational value chain centers on the rigorous development and validation of its software-as-a-medical-device (SaMD) products, even as its corporate structure has undergone significant changes in 2024 and 2025, including a delisting from Nasdaq and an asset acquisition by Click Therapeutics. Honesty, the focus shifted from a growth-stage company to an asset-holding entity.

Here's the quick process that drives product value:

• Clinical Validation: Conduct randomized controlled trials (RCTs) to demonstrate safety and efficacy, which is crucial for securing FDA clearance and payer reimbursement.
• Regulatory Approval: Secure FDA clearance for the software (like AspyreRx) to be marketed as a prescription product, allowing physicians to prescribe it.
• Payer Access: Negotiate with Pharmacy Benefit Managers (PBMs) and health plans to secure reimbursement coverage, which is the main revenue driver in the prescription market.
• Therapeutic Delivery: Deliver the CBT-based program through a user-friendly mobile application, providing personalized lessons, exercises, and real-time feedback to the patient.

What this estimate hides is the financial reality: the company's Trailing Twelve Months (TTM) Net Income sits around -$31.57M, reflecting the high cost of clinical development and commercialization efforts relative to early revenue, plus the impact of the strategic shift. You can get a deeper look at the financials in Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors.

Better Therapeutics, Inc.'s Strategic Advantages

The company's competitive edge is defintely grounded in its clinical and regulatory achievements, which are hard to replicate in the digital health space.

• FDA-Cleared PDT: AspyreRx is an FDA-cleared treatment for type 2 diabetes, a significant regulatory barrier that few digital therapeutics companies have overcome.
• Evidence-Based CBT: The platform addresses the root, behavioral causes of cardiometabolic disease, offering a non-pharmacological, non-invasive treatment that complements traditional medicine.
• Pipeline Validation: The platform's success is being extended, evidenced by the FDA's Breakthrough Device Designation for a digital therapeutic targeting advanced liver disease.
• Reimbursement Foundation: Securing a rebate agreement with a major PBM and a new CMS HCPCS code for prescription digital behavioral therapies establishes a foundational pathway for future revenue generation, even under new ownership.

The stock's bearish sentiment, with a forecasted price around $0.0003000 in late 2025, reflects the high-risk nature of its corporate transition, still, the value of the core FDA-cleared asset remains.

Better Therapeutics, Inc. (BTTX) How It Makes Money

Better Therapeutics, Inc. was designed to generate revenue by selling its flagship product, AspyreRx, a prescription digital therapeutic (PDT) for Type 2 Diabetes, to patients through healthcare providers, with the ultimate goal of securing broad reimbursement from commercial and government payers.

The core business model was a subscription-based healthcare service, where a patient would receive a prescription from a doctor, and the company would be paid a recurring fee, similar to a pharmaceutical company's revenue stream, but for a software-based treatment. However, the company ceased operations in March 2024, a direct result of failing to secure significant payer coverage and commercial traction for AspyreRx, meaning the fiscal year 2025 revenue is effectively $0.00 million.

Given Company's Revenue Breakdown

To be clear, Better Therapeutics, Inc. shut down operations in March 2024, so the company did not generate revenue in the 2025 fiscal year. The table below reflects the intended revenue streams and the financial reality that led to the company's cessation of business.

Business Economics

The entire economic model for Better Therapeutics, Inc. hinged on proving that a Prescription Digital Therapeutic (PDT) could be reimbursed like a drug, but with the scalability and low Cost of Goods Sold (COGS) of software. That didn't happen.

The company's primary product, AspyreRx, was a 90-day prescribed treatment. The economic challenge was getting commercial payers (insurance companies) to cover the cost, which is the same hurdle that led to the bankruptcy of its peer, Pear Therapeutics. Without reimbursement, the revenue stream was limited to cash-pay patients and small-scale partnerships, which is not a sustainable model for a public company.

Here's the quick math on the cash burn: In the trailing twelve months (TTM) ending September 30, 2023, the company's operating expenses were approximately $29.61 million, split between Research & Development (R&D) at $10.51 million and Selling, General & Administrative (SG&A) at $19.1 million. With revenue at virtually zero, that entire operating expense became the net loss, which was $31.57 million for that same TTM period. That's a huge burn rate against no income. Mission Statement, Vision, & Core Values of Better Therapeutics, Inc. (BTTX).

• Pricing Strategy: The intended pricing was a subscription fee for the 90-day prescription, but the lack of a clear, universally accepted reimbursement code (CPT code) or established payer coverage meant the effective price for most patients was zero, and the revenue to the company was minimal.
• Scalability: The COGS for a software-based product is inherently low, meaning a high gross margin (theoretically near 100%) once the platform is built. But you need massive volume to cover the high fixed R&D and SG&A costs.
• Capital Risk: The company's cash and cash equivalents were only $6.6 million as of September 30, 2023, which was not defintely enough to sustain the $29.61 million annual operating expense for long, forcing the shutdown just a few months later.

Given Company's Financial Performance

The financial performance was characterized by a rapid cash depletion in the face of non-existent commercial revenue, a classic sign of a pre-commercial biotech-style burn rate hitting a wall. The company's financial runway simply ended before it could secure the necessary payer contracts to monetize its product, AspyreRx.

• Net Loss: The net loss for the trailing twelve months (TTM) ended September 30, 2023, was approximately $31.57 million. This loss was the primary driver of the company's financial distress and subsequent shutdown.
• Earnings Per Share (EPS): TTM Basic EPS as of September 30, 2023, was a loss of -$1.08, reflecting the significant net loss divided by the growing share count.
• Cash Position: Cash and cash equivalents dropped to $6.6 million by September 30, 2023, down from $15.7 million at the end of 2022, showing an unsustainable burn rate that ultimately forced the cessation of operations in early 2024.
• Key Metric Failure: The most crucial metric, 'Revenue from AspyreRx Prescriptions,' remained negligible, a clear indicator that the commercialization strategy failed to gain traction in the critical period following FDA authorization in July 2023.

Better Therapeutics, Inc. (BTTX) Market Position & Future Outlook

The outlook for Better Therapeutics, Inc. (BTTX) as a standalone operating company is effectively non-existent, following the cessation of operations and the sale of its core assets in 2024. The company's primary value now lies in the disposition of its remaining entity, while its FDA-authorized prescription digital therapeutic (PDT), AspyreRx, is now owned and being integrated by Click Therapeutics. The BTTX stock, trading on the OTC market, reflects this reality with a market capitalization around $5.45 thousand as of November 2025, a stark contrast to the broader digital therapeutics (DTx) market, which is projected to be worth approximately $9.6 billion globally this year.

To be clear, the future trajectory for the technology-the digital cognitive behavioral therapy (dCBT) for cardiometabolic disease-is now entirely tied to Click Therapeutics' strategy, not BTTX's. The 2025 fiscal year operational revenue for BTTX is negligible, reflecting the wind-down. Breaking Down Better Therapeutics, Inc. (BTTX) Financial Health: Key Insights for Investors is a good place to start if you want to understand the financial context that led to this point.

Competitive Landscape

In the Prescription Digital Therapeutics (PDT) space, BTTX's former product, AspyreRx, was a pioneer, but the company failed to secure the necessary payer coverage to compete effectively. The table below reflects the competitive positioning of the technology within the broader cardiometabolic DTx market, acknowledging that BTTX itself holds a near-zero market share as of November 2025. This is a tough market; commercialization is defintely the hardest part.

Opportunities & Challenges

The opportunities and risks for BTTX are now bifurcated: the shell company is focused on its final legal disposition, while the technology is focused on integration and re-launch under a new owner. The DTx market itself is growing at a CAGR of over 20%, so the underlying opportunity for effective products is massive.

Industry Position

Better Therapeutics, Inc.'s journey serves as a cautionary tale for the Prescription Digital Therapeutics industry, highlighting the immense difficulty of commercializing FDA-authorized software without deep capital reserves and established payer relationships. The company's position as of November 2025 is that of a defunct entity, but its technology remains a significant industry benchmark.

• Technology Validation: AspyreRx remains the first FDA-authorized PDT for Type 2 Diabetes, validating the dCBT mechanism for cardiometabolic conditions.
• Market Signal: The acquisition by Click Therapeutics signals a shift toward consolidation, where successful DTx companies are integrating proven assets to build broader, multi-indication platforms.
• Strategic Pivot: The technology's new focus on combining with GLP-1 drugs for obesity and metabolic dysfunction-associated steatohepatitis (MASH) positions the asset at the forefront of the most lucrative and rapidly evolving chronic disease market.