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Pear Therapeutics (PEAR)

Participants
Meera Murphy Senior Director of Corporate Communications
Corey McCann President & CEO
Chris Guiffre Chief Financial Officer and Chief Operating Officer
Erin Brenner Chief Product Development Officer
Yuri Maricich Chief Medical Officer
Ronan O'Brien General Counsel and Chief Compliance Officer
Julia Strandberg Chief Commercial Officer
Michael Cherny Bank of America
Judah Frommer Credit Suisse
Eric Percher Nephron Research
Keay Nakae Chardan
Charles Rhyee Cowen
Marie Thibault BTIG
Neena Bitritto-Garg Citi
Call transcript
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Operator

Good afternoon, everyone. Welcome to the Pear Therapeutics Fourth Quarter and Full Year 2021 Financial Results Conference Call. My name is Gigi and I will be your operator for today. Please note that all lines have been placed on mute to prevent any background noise. This call is being recorded. will webcast company's available after website, of call the section the the of up the the for of approximately and replay will days. in be investor completion to A XX archived be two hours call I'll host, Meera Corporate to Murphy, now over your Director Senior turn of the Communications. Meera?

Meera Murphy

Financial With the Chief Yuri Operating behalf Maricich, Julia Officer, CEO, Corey Officer, are McCann, Officer. I'd to General Erin our President Safe and Counsel On Chief for of thank Chief turn Gigi. today Pear our Chief our you, Product To team, and Chief for Harbor me you Medical Guiffre, Officer statement. Officer our Brenner, to Ronan the call, our over like O'Brien, Chief Compliance Chris Thank Officer; start Commercial and the joining and us it today. Development Strandberg, our Ronan

Ronan O'Brien

presentation Reform conference Litigation future on Act by and Good due during within current made afternoon. a comments this forward-looking as Securities are of of results concerning the our our note statements results statements meaning this the in that those actual Please management's business, from differ variety financial condition may including Private materially expectations, important these statements is forward-looking Information factors. these indicated contained forward-looking XXXX and statements, during or of operating based statements call, to amended.

expectations Annual With XX-K, revise over no even Report my Additional to assumes materially. required information quarterly forward-looking Form update law, Corey. as our the on factors or actual to turn results or on filed it's by in these obligation with Form except call future to if statements, SEC, change regarding included is that, pleasure reports the and these XX-Q Pear

Corey McCann

call public Ron, a and Pear’s everyone as company. first earnings welcome to Thanks,

Chronic we've disease tailwinds the medicine. are leaders health. proud we healthcare drive spending for converge, Multiple continues millions trends creating digital pioneering of role in health the as And in digital and played burden of revolution. are We to software people.

provider a health. where conditions unavailable to is like treat We remote to are and shifted behavioral lives. COVID-XX, many expectations clinicians in have are pervasive shortage and technology trained our Due settings of the in prevalent for care toward midst addiction

the so creating category of revolution far called to PDTs. digital also contribution based digital Our medicines, health been therapeutics the has software prescription or

care, evidence commercial will introduce orient move in product pipeline We'll our providers. and and outcomes. it potential deliver wellness and ability and Let Today, remove terms me save the directly healthcare deliver and clinically collect traditional practices, tested of of how to Unlike apps, Enhancing us. patient generation enhance explain barriers unique introduce pharmaceuticals, clinicians. PDTs the regulatory through evidence-based payers they connection any the candidates. three bound medicine. providing and smartphone a like authorized will data treat therapeutic vision also regulators at by standards to through validated indications software. works. what Unlike our in for achieved use can disease as randomized to or PDTs to quality. tablet time geographic is PDT describe can between for to Then, PDTs for a the effectiveness, we anywhere commercial safety, opportunity Pear’s control interventions PDTs have the time, improve ability into XXXX. clinicians can use patients you on under healthcare and developed They and good the products in point be before real-world PDTs by pursue you to we FDA. PDTs significant must similar the inflection money trials, to system. manufacturing statistically of pharmacotherapy and our we

platform. discovery our of our We'll and will performance achievement our dual we financial our the and metrics toward our that mission. results PearCreate, our track you commercial also allow progress discuss platform to share PearConnect platform, Next, development the and

your Finally, we'll answering wrap by to cover. a questions. up That's lot ground of

So it. get to let's

PDTs commercial vision rapid PDTs The XX data measure not emergence Therapeutics, of our that the category and earliest is opportunity stay. than Pear our entire with point. prescriptions, category envisioned PDT And PDT results transforms of over acquisition outcomes digital performance these vision strong better was a and but the in major of the marketed commercial lives success call. decisions Within we obvious to large commercial to of reason a constant It As that ago, that OptumRx it it commercial most XXXX rate, Pear’s covered revolution. higher are years seems revolution. the of to its XXXX, since time, where key to more software a and of pursuing. in conditions. across remained cannot last I from from providing year in XXXX. derisking great mentioned, portfolio products was And driven when, part the metrics has accelerated mainstream PDTs one inflection days, and likes later organizations health would exploding. of The performance achieved here of and therefore turned evolution and lives discuss first world everything. The nine achieved Pear, used entire We'll the start the a has Prime at be especially founded its technology achieved a health When we treat products We progress Pear covered have Medicaid. We believe as Pear’s resolution but a coverage medical we fulfillment was financial of access think transform real-world digital pandemic into how. if, Massachusetts are is think with as to rapid the way and year, revenue. by to than space treatment. are health healthcare question digital The would our

is coverage. demonstrating economic in price what data health generate key to we product driving cost of excess strategy to savings Our believe is

We've generate and the products. our are we coding share until clinicians from who strategy In and examples generate PDTs. payment. crusade. already see based organizations products, parallel, our advocacy, this we and of for to addition, patients now we both from coverage benefit gaining and actively to I'd broad utilizing streamline who mechanisms like this ground, continue how patient advocacy for others execute coverage In we of payer some to seen will contributing are understand

reimbursed American behavioral technologies The therapy Medical PDTs. fall monitoring its or CPT online new first of AMA is and to be of supplying their milestone our time codes cognitive category announcement the a spent to like family authorized Association allow for FDA physicians providing one last

therapy. last become establish The code such April Medicare XXXX. is a the for level code effective prescription Services reSET, month, two Medicaid second Centers Pear as and reSET-O digital PDTs, scheduled X, example Somryst. on behavioral or for new and to The is includes This CMS code HCPCS

I'll example coverage is enjoys final support to Prescription and this law Digital into third is The introduced to and The enacted bill for share both access into bicameral which Therapeutics include Act earlier bipartisan would the Medicare service PDTs. fee month. Congress expand

with three vision of observations. opportunity and our quick Some

will join commercial for in industry, products traction expansion. and PDT have the PDT will benefit opportunity now us that industry defined with believe for a building patients, medical and PDTs mainstream the to treatments. many five three quickly first companies of We from Pear become foundation and XX strong will We be providers that believe now years lay market the the payers. believe years the ubiquitous. they PDTs about that early And we achieved from First,

PDTs, and competitive mover obtained by via like scale business those PDT medical therapeutic for is commercial advantages data, to for the after PDT, by and advantages the features PDT standard engine, opportunity well Business like the like opportunity companies. life as and the software company deliver competitive see IP enabled to our value our platform regulatory with efficiency. At presents Second, PDTs. tech and dominant creation science create in the first as we both platform,

product believe data, opportunity and make data, Third, FDA greater prescriber the opportunity healthcare. market the right PDT opportunity. is for accelerating, coverage, PDTs transform likely be three candidates adoption we think company medical that are PDTs current to is growing market financial We to of complex. a And of even is payer We intend for the pipeline The opportunity creating still. the XX space. of leads trial real-world our rapidly disruption category market Clinical for even adoption for significant. collectively greater. the PDTs is authorized And major this

you Now, we why our and Julia? let's achieved with a we you last turn believe more tell to will year. Julia, who commercial point who share inflection marketing about will products

Julia Strandberg

addiction. all Americans year more employees investors, Thanks, our and chronic than each Corey. treatable use of use million are Greetings forms opioid Substance with these of partners. and struggle to diseases. yet And disorders XX analysts,

cannabis, product XX-day treatment substance with a prescription disorder. treatment and when use for a with is for the also combination any treatment of label reSET the It's product Our authorized It's addiction addiction those alcohol the stimulants. of cocaine for using only to products substances. to the of FDA indicated of

America, for reSET-O in of with of opioid FDA product authorized part pandemic. health in one only number gotten which care pandemic the the due to to Our when innovative XX-day an the reSET-O response called public combination was prescription medication disorder in country the the and before treatment product pharmaceutical which used worse crisis an use crisis is the opioid has buprenorphine. is our

it's from of the ever addiction during nearly in epidemic More CDC, XX-month is past than doubled died to drug ending XXX,XXX period the years. according period report same the earlier, In the of been. the XX.X% XXXX. a fact, This overdoses and in up is five the deadliest from year a people America's United States in recent April

insomnia. Somryst treatment FDA product the chronic for authorized prescription is XX-day a of

which product a American habit has of But called treatment In way. guidelines million treatments, of first CBT-I standardized it drug Academy about CBT means because depression insomnia. unlike Somryst have most accessible pharmaceuticals U.S. of recommend Clinical are the no insomnia, effect. insomnia. improvement anxiety never demonstrate acute to durable College fact, data a long-term displace of CBT-I Both is indicated which patients. for fewer the forming for XX for clinicians line months there the Medicine XX chronic insomnia, patients it insomnia than Physicians in in for the label acute treating a the treatment out get CBT-I that American as to for with treatment for symptoms It Sleep durable and the XXX opportunity and delivers convenient, only and

Pear we that XXXX Now the more commercial with on a you thoughts share believe for category I'll first inflection few why PDT point and the was broadly.

First, In we of benefiting saw prescriptions. to XXXX, more our from products patients than number XX,XXX grow. continues the

through patient a of on treatment our their patients with We as path are look providers prescribe and engaged And evolution journey. refills reimbursement their benefiting of recovery. ecosystem to prescribers refills products second support grow. We HCPCS keep continues PDT. XX% for the and reSET for reSET-O code also our of prescriptions of prescribers the to to the three reflects to of and treatment believe of the see third number adoption starting Approximately to from the CPT category

monitoring one and therapeutic Corey along These AMA and the As codes education earlier, that treatment the recognize of announced the value monitoring. including remote therapy management PDTs services CPT revisions services, specify services. mentioned monitoring reporting both cognitive related for physician category setup, with the behavioral of codes

X, is Additionally, two HCPCS on including new marketed for April effective code CMS to established PDTs products. become scheduled new level a our code The three XXXX.

remain our year at XX%. rate end, we're Second, up to fulfillment steady.

simpler our into prescribing We on drive further focus provider the infrastructure fulfillment. integration continued expect and optimized digital to

our employer Health formulary a products Therapeutics, and this either the as bulk. include than benefit of lives commercial At XX Prime more covered Hartford, you forward. then access million call of out XX strong of business the giving by Alliance, payers, turn revenue you happy of outcomes year, commercial Fourth, are driving data, organizations tell XXXX access couple and as fortune our Ohio, continue and Massachusetts, and and quarter we've product a more to purchasing look progress and providing Yuri savings I'm in in PDT to for over grow, it Kentucky. had forward HEOR organizations updates for and state unlocking The nine moving showed to to our groups product Michigan more each to number listing healthcare of data the likes our model. XX real-world providing months than take about net in the evidence Americans products reSET-O. a cost evidence XX year lives we the end, list covered on and Oklahoma Transformation with who made excess about PDT. I The potential in unlocking talk covered our real-world progress Indiana, These payers. more and Pear to more of TBMs, or and Third, the price. states this We away. will and to employers point, to economic Already such a real-world added across candidates. our At a economic access health the you OptumRx, Yuri, data published

Yuri Maricich

Julia, you, everyone to thanks call. Thank and this joining

Julia Before made market to an great economic our I and publishing the noted, dive strategy. evidence important data into months. pipeline, our component We've over as generation and progress both real-world evidence health is access last XX with data

and months what Somryst. in data I reviewed anticipate able months XX reSET, will be months months, I peer reSET-O, data in talk journal HEOR for In already data the published to for next six addition HEOR we've XX about for to HEOR articles, few

our month, insomnia interim will PDTs at patients, and enable have combination the RCTs, was Pear this provider that payers. organizations, Data be study earlier virtual DREAM, HEOR we or CBT. clinicians, shorts. of stakeholders everyone real-world with which waves regulators, to of saw that you the called The they presented key are data show of bring value RWE to out adults coming As World chronic

are XX% For retained XX% reSET-O were RCT abstinence. and shows therapy, of patients example, in [indiscernible]

While this is XX% data differentiator weeks, net at continuum rapidly The $X,XXX savings evidence nine a for of generate of HEOR key and abstinence data real-world XX shows over a Pear. ability months. shows competitive to evidence

real-world We will data dig quarter. into next further

to time each about candidate. pipeline. privilege my it's We have today, introduce to don't talk you our For to

orient you to of and to shine candidates to on generally, pipeline I'll a give two what's you then a So our sense light come.

Our various is development. the neurology, on three category into and The of most with is three in organized stages market candidates pipeline psychiatry, categories, all products others. and advanced the psychiatry other

dashboard. use shop to we Our category a Pain, opportunity stop pipeline And a alcohol The example, and treatment for in which one our behavioral choose a is patients cross by discuss another with candidate CNS suited into area XX clinician see This for related of of disorder and The more mental mission extension left because for headlined great of candidates PDT category prescribing is cardiovascular is a including candidate driven by is across category depressive for conditions to major our all and disorders. health. between become is to a our logical like are product will million Both [indiscernible]. well disorder all or have targeting or GI, others. MDD. that markets moment. AUD PDT major I for We last than conditions. oncology, treatment and pain promised areas, believe range therapeutic in our neurology

and let's Now candidates. AUD discuss our depression

is program with of outgrowth natural success AUD reSET. Our our a

reSET of when know, not label or may you in the of AUD As it is recess substances more alcohol one two use. But label is does alone. include

of reSET expansion good for based probability success promise reSETs this showing a are data AUD believe existing developing data. We only. we label have setting We patients in has this and with on

a we market is In by currently force. it field our which label expansion, create existing opportunity if obtained would large the commercial covered addition,

in candidate Next, our December, need demonstrated treatments deals both an our our more therapeutic In we our digital with is depression, in site perfectly candidate. allow I'd like already dashboard. clinician to allowing treating those XX to for a that a FDA Erin of leverage mention this biomarkers, subtypes patients incorporate use is to controlled effectiveness MDD MDD. software-based clinical us the promising commercial you and our unmet submission. depression The alone us via prescribe MDD of assets cross other I into with to before for yours, area At to psychiatrist across trials. allowing announced have potential Americans COVID Unlike XX with Like bit randomized are two million before assets infrastructure than our to of be in depression the category to of be pandemic. from able pipeline, AUD, digital and/or suffering it to specific in fits our This the in All then patients discuss for candidate platform. the It Erin. treat about end to it we assets I'd our plans along Leveraging plans trials, premature with trial like for support PDT to and you clinical developing announce turn combination but candidate a over would PDT pharmacotherapy severity. dual year. evaluated point, talk with to expect the pivotal to of continuum enormous

Erin Brenner

Pear that give to dual and us is platform. development it today's Pear’s to that we driven platform-based approval it candidates. became And one and development several multiple joining Yuri. a a We has PearConnect. product you Moderna product and discovery create use platform biotech will call. product sense to that our is only minutes thanks platform. a to Thank that product, for company. obtain biotech discover, the similarities PearCreate of believe you candidates, comes a on Moderna’s is job this not mRNA platform. which you, all My used platform, the in a is regard, be important PearCreate next very from In to product of develop of

We universal The asset PearCreate come design the also our infrastructure, and reSET, be technology of will component only system, and believe aggregation that content platform not that consists from Somryst and our capabilities, PearCreate. of components reSET-O libraries. products

Pear and economic to and virtual In a addition, or evidence real-world third-party clinical a as well timely as we've and regular for built engine study data decentralized facilitate PVCS. an integrated platform, health generation

and if product scalability they is patients, centered commercialize our payers. it have It other with to We and platform. PearConnect make capabilities leverage to intend use human so to potential create PDT the available connects we it companies, commercial choose. our of to providers, PDTs as All and design. these we practice

on like products platform, are lot Pear.MD product resemble focus PearConnect a which to of integrations, clinical a lot entire is configured PDTs. for development journeys data all that my aggregate teams category. our unified platform. access to Whereas infrastructure biotech streamline PDTs adherence end-to-end are Pear, a delivered of looks part part center head enterprise like ways So provider that working PearCreate the big a our a platform of a payers providers service company dashboard, team up the steam. with and will I at therapeutic providers and Think PearConnect is to have the software. a the that infrastructure gaining Since as to PDT company EMR tech build data and to is PearConnect patient patient and engagement, and outcome patient clinician in

an Orchard As App healthcare week Epic leading last announced in that example, we is to from Gallery can PearConnect access providers our now so providers platform EMR. platform Epic the the within available

And working make providers to We PDTs it motivates for we on for and is all we I vision than shop one This category. us with why payers platform building are believe category every Pear’s forward to and entire calls We're stop more patients. are day. the connect their us creating of building to in the you build. Pear look gigantic future inspires just company. updating a

I'll hand Next, the call to Chris.

Chris Guiffre

Thanks, Erin.

jump operating results we guidance. for Before financial few which a we Q&A, metrics I'll cover to and provide

XX,XXX forecasted generated for more XXXX. than We prescriptions XX,XXX. we First,

rate hit for Second, XXXX. XX% we forecasted XX%. fulfillment We

delivered was $X,XXX. was XX average XX% prescription XXXX. XXXX. our It to we Fourth, lives three million forecasted XX in X% XX price million. We and XXXX gross per paid the forecasted net more we for to than million products Third, for covered across

revenue And will provide that operating gross net we metrics. we believe fulfillment GAAP key because rate covered Going prescriptions, key and not the results. guidance, is that financial are believe the to we lives forward,

to operating from financial turn let's results. Now metrics

this to million. mates generated Pear like for I'd all forecasts to of these revenue to for Our We take $X.X thank together opportunity deliver results. million. standing was strong our $X XXXX

of be our permeates one team our is diverse extends and most success. diversity strengths. Our of team important the board, our recipe in the management That company. at ingredient every for our could diversity And level starts to

which innovate to to who a denominator, share few XXXX love that driven patients. Pear mission know. more is Our A they common mates for are pioneers metrics

XXXX. million on year-end, we takes approximately the which had $XXX sheet, us at well balance into First,

we This recorded in related X.X the at to And in approximately we December. million expenses XXX had operating fourth Second, approximately approximately SEC press end. employees Form results. of we tonight. $XX.X XXXX fourth in XX-K that a includes furnished to reporting release, and finally, the under XXXX total non-recurring which for expenses to million going quarter year public Form was our plan our afternoon We full file issued quarter X-K year

ahead look to let's Now our XXXX guidance.

prescriptions; second a execution a and XX,XXX to public revenue. strong we've in so rates; fulfillment million XX% million private as XX,XXX XXX First We as XX% we XXX shown to far believe fourth lives; covered company, company. million $XX as just did to third

excel XXXX of record allowed revenue to building execution in the track our beyond. in us meet capability year Our for XXXX and while guidance the to

Pear’s and PDTs; continued poised After PDT is we had for track and growth. category one the CMS the entire three availability introduction of make Japan; of leading the within related benefit a Our of are legislation category; franchise that availability of for to potentially coverage expand in record months covered Pear our four, a PDT execution our six a recent Epic's and establishing in EMR. platform two, PearConnect reSET-O collaboration federal to in includes XXXX payer year XXXX, the HCPCS of code announcements to five, Oklahoma; Michigan three, in and first Spanish; in reSET sleep

new that have similarities like transformational, believe were prior we monoclonal commercial fact, liquid expansions. antibodies telehealth, just massive with biopsies and today glucose immediately PDTs. Those technologies continuous and In monitors, their PDTs to

success and is privilege As lead With ubiquity and novel the that potential payers. let's open novelty are the was that to for commercial PDTs with establishment Today, it coding that, real-world Gigi, parents’ call charge. coverage the from government and of questions. reimbursement We transition broad from believe to to classes, billing mechanisms. healthcare have product stories those evidence by and unlocked commercial bespoke technologies

Operator

the Our line comes from of Michael Instructions] America. question Cherny [Operator first or from Bank

open. Your line now is

Michael Cherny

as egg CMS in little you the bit chicken so want all ask for the the a to code think approach. color the Thanks about afternoon. I Good about far.

having towards with those Is more now build able are the dynamics. to more funnel drive more table more fact the utilize Or the of physicians continue is more the that the the bring part? members clarity use you in place it lives to prescriptions? payers order lives What the to to is payers the coding and it to important that you reimbursement? you need have on that As and code help willing

Corey McCann

Michael, thank for the Thank earnings attending you you call. for question. our

think I broadly both. it's

HCPCS continue simple I combination to lines that's think regard bit what story health payers we side, of that's evolve. add of headed. current a as coding to hear we need payment. example where coverage. our order a our payers is able to to He payer in to evidence demand about a demand both provide roster Yuri we're for the to where these are. for of to and where covered economic payer providing an and the mechanism billing mentioned be category well coding provide From With as mentioned to you mechanisms code,

of demand way of convergence it's winded a at to we both and it's long mechanism can saying that both our payer coverage. advance continue believe and So it's the we

Michael Cherny

get you being from are to individuals? access, thing It's way there access, products your payer do place formulary? guess, one make I once to about you're side well. on on relative this have that being drive want names management that think And positioning adopted, brand get in you then dynamic as are really under answer sure that how to you you sure in that make the the analysts versus obviously that Understood. already lives your some Obviously, that get the the How having in you're PBM adopting do the your nice between positioned how the adoption can then to to stateside further Corey, coverage. optimizing the

Corey McCann

Michael, that's sure we've I are PBMs. medical valued think customers an of employer demonstrating these by value of strategy. taken and where many making it's all And the about that we

and a by us today, impediment the the largest forward. a positioning creation of of believe We on. continue value employer position in expect would to an And a to of medical our industry. you many something top XX far, some prominence Thus generation. again, have to with formulary in ask price of they watch positioning. excess revenue that something are These not will PBMs that the helps heard You formulary customers in the it's product But along call U.S. in going certainly demand, been that keep the it's with that adoption we of I PBM of the has

Michael Cherny

it Guess topic really we'll today a and here I soon. will go catching to address be the more educational time appreciate up forward forward but look effort the and

Corey McCann

Thanks Michael, from great you. hear to

Operator

Thank you.

of next Frommer comes Judah from from Suisse. the Our line question Credit

is line Your open. now

Judah Frommer

EMR or level, around of progress Thanks questions. news the to conversations PDT affect what's an announcement. How there been Epic? in within the like guys. to And high Hi, that I Yes. would wondering have for the two, de-SPAC. serve any Pear’s terms you on more can I going say announced, kind Pear been as then, the of certainly the is of surprises as serve from taking Pear robust. help a platform a that PDT ability transaction. one us since to has upside platform, first, the flow Epic ability was out thoughts since with you've -- specifically been, connects maybe or

Corey McCann

you thank Judah, the for two such. And question. we'll it as part address

and I'll our most I help able First, business. what positioned de-SPAC to process, to we'll accomplishments, little then and important the a since our as speak to it's way Epic, view it's, some our believe we through be bit walk that of

And a supportive very expand larger opportunity believe, and a really our from be many this of events. And do very just prescribers we what those we're are to to prescribers. metrics, is interested initial love important to a most we perspective, in operating is prescription sense I'd what care what a have really work give group in the of prescribers. for systems. we place you So health within think From the where are these

CMS, expansion that, releasing place supported first be for to think I digital expansion have the us our that EMR emphasis could be to App its codes, reSET-O, that like the Orchard. notion would via to and that providers and of one category reSET, like to Somryst our for think time, products. can be CPT their on believe the by the financial it I be prescription like by therapeutics remuneration also will see We use appropriate driven continue able for ability integration potentially things Epic things

this On as the side, about forward. movement progressive and you long fulfillment can think a

entire move think the laying we make rates. boosting And I are that to call emblematic believe plumbing like we direction, prescribing in of what and tech this platform, is key space, again, Epic, that that fulfillment things continue for the the really to us you'll affectionately simpler. see

the coverage very may of quite like for that some year side, other we Massachusetts coverage a And to be providing cover that really seen, every the template think marquee the that had. a example, we provides you've Medicaid of proud wins On looking Medicaid PDTs. year, I had for we're organization

pleasant You've codes. world issued as by seen the that believe already release supported Oklahoma, in level well. two a we the momentum the on-board, press surprise HCPCS payer and that again of jump with is Michigan We

become. to more think are they're pay the easier to ubiquitous to for, products likely these the I prescribe and

of in our the are but that the business. real-world. products a way economic pleasant and centric just the Pear. that real-world the about forth just last our data. shows heard talk put very roll We're just our in real-world. nine-month the proud we effects utilized at to products that shows have clinical think is not thing data Data I you the data We're health continue would to surprise, money shows in that products not save I a this it's highlight, And that Yuri that data ability our that not that

decisions. think revenue, $XX to dog. that clear. It's million health you drive increase an XXXX major for I the that in the our that's economic because scale, put quite are continuing data calendar all if wags we that our To And priorities together, so generate And some at across is adoption tail it major of centers. that of payer achieve these year in it's know coverage

And to we're with talk do very about our and but time chance about excited company we didn't speak pipeline. to we're our be going again. to forward a developments to able that get Finally, this in much time you pipeline, a aims

Judah Frommer

enough one more is I what you the are little they trial kind of Or to get like and we randomized Great, by of sort modality you of data clinical and kicking of do path get thanks. make a we're see laid we're from feel But credit still and looks that one is, the of saying, real-world the wait decisions in If in effectively entities. you've bit? being investors the going various early this for conversations? question’s done could and the just forward kind and sneak key the stages Pear can work

Corey McCann

a in flatly pharmaceutical health data And Judah, I any it innovative for play is product device, or look economic of real-world product for digital to I view benefit. the or other of medical look standard and and industry standard of it to think don't I health as a evidence whether kicking can. the standard view new healthcare. are the this as we addressing

think of clinical ask will trial the very So performance we position And I our to health as for in all rules where on Chief of if data, add engagement. just to you products really have to the And be think this or addition the real-world of I data, first time, is our Medical commercial economic affectionately refer what have data, might in a Officer, holy addition real-world in excited the cost randomized front? anything I trinity to data. Yuri, to clinical we're

Yuri Maricich

see that the really, said Pear's what and is is and speed of the large which think of on for bid competitive And health product. advantage I we type can generating really of differentiator Corey systems, particularly the focus ecosystem health Judah, here demand with just part for any it. payers underscore as Yes, just the the evidence do to we

So RCTs. have internal as the Corey to the real-world, with said and use that, that that benefit clinical of products. is in our show clear of our those RCTs But those we we use is really see the that, and consistent validity RCTs,

the more then the cost catalyst savings to as believe engage in product, Corey a we use in can to real-world the and do whether our do fact allows that studies rapidly with can that as this us payers. we that this, really medical so and from or said, we value the by but and gives reasons is providers as payers. in third, But showing And

it. able really so to as are generate talk excited And additional data we're to about continue we to

Judah Frommer

Great, thanks.

Operator

Thank you.

next the Percher comes Our Nephron from Eric of question from line Research.

is open. now line Your

Eric Percher

to driving that, steady for side What's systems for the the to terms per see doc. is your Good like if XX,XXX important. scripts you. there. flip Thank for expectation density Massachusetts driver of and sounds scripts the like states in scripts And the today you're aspiration is you're your target averaging wondering, XX,XXX what's looks doc? within like XX,XXX. It about a additions It per then Also prescribers? expansion of in existing XX

Corey McCann

and you run listening we're your going so to try to that bit answers here, to a we're you starting thank I brief. keep questions. Eric, our and And for long for know thank relatively

we with allows I either a like integration to mean things that then do what to I say clinicians tend a you number I in level, in or that sorry, that then we any metrics what is embed other think to of mean scripts. productivity is by guidance utilization of and it my of haven't didn't sort issued doc expansion, I'm and you able software much by metaphors detail doc, physically if organization. enterprise embed, organization that of prescribers within that mean tell and level by company. And what at sort said, As is of us I target I EMR can to top-down provider is very via strategy I top than in terms center center a that or traditional functional when associated our embedding, any mix more I know, And healthcare embed, was prescriber via all or here, what resembles groups. And pear.md what in opposed and as of detailing mandate meant by high does large Massachusetts, I creates mix. our pharmaceutical that With we're dashboard

in So expect the health XXXX larger expect potentially going be larger of so I systems that toward but ratios, conversion expect conversion clinics would and what per of what clinician see thinking to those larger be the much of is scripts forward. catalysts really some I would I looking clinics, not are and about be you might to our to

Eric Percher

for financial Chris. it that I helpful. gross fair Is guidance, you're at changed? expectation know has far net you're not the quick assume off That's but And not mature a like sunsetting to one mature from to XX%, it sounds expectations.

Chris Guiffre

not have expectations mature changed. Our

Eric Percher

thank Perfect, you.

Operator

Thank you.

line comes from the Nakae from Keay of question next Chardan. Our

open. now is line Your

Keay Nakae

you. thank Yes,

the First know all interest CPT seeing mechanics of now the question of you establishment point interested what with either to in the codes, are the in related that from on? in reimbursement more to about providers terms wanting product in or

Corey McCann

codes education, we So for for physician for those programs. really will the Payers additional to as Keay, for of but addition certainly as will anticipate while, on days a that pear.md around using considering early the payments track outcomes setup have codes it's but support well codes, these CBT therapeutic. CPT therapy education been for the occur

CPT to in little it think seeing around Julia I bit to I'd at what we're to a Category just to order X codes. speak pass this the love point, more

Julia Strandberg

Corey. Thanks, Great.

And codes these using to products. setup will therapy that code therapy year-end and this for again Pear's through monitoring and be monitoring. clinicians our adherence the X response product able believe XXXX, when So utilize we Cat and supports

XXXX, equipment, and As payments Pear's XX-minute greater monitoring and approximate schedules and those minute. that national and believe also Corey And these across codes we therapy Xst include first three, use patient and minute XX fee services that some the increments, XX than two, created is in CBT's it codes. monitoring are There are with and relates on services to mentioned, January products. behavioral setup these codes supply code cognitive thus, as available. payments of education, Again, will be for apply

can appreciate thereafter. and both reSET setup on for codes well and monitoring these get of as each the receive could then provider services a education, could as So that payment Somryst for paid reSET-O, and you

Keay Nakae

Okay. begin and of you about getting we product? that would entities mentioned And as product, what that expect the you've easiest to think the different second covering question that for on covered types specific the to call be would of today Somryst, types lives

Corey McCann

Somryst. products Keay, broken covered not lives I our think reSET-O, reSET, have commercial and we, three to-date, out for

some however products. those have differing what across spoken We are are the patients treated representations by to payer that

so us heard state And good you've a bit emphasize Medicaid.

You as and those payer many coverage can reSET-O. driving specific to for think wins largely being about reSET of

On which deeply commercial. patient the Medicare, Somryst is more is it's this population, also side, a deeply more

to coverage cases, compels organizations, fantastic care managed to in commercial ways about entree service coverage are and and think together these for in bring be reSET reSET-O, fee provide you for the Somryst. we a a coverage which ultimately that As by strategies state many run are for engineering we payers that's who large into Medicaid

act these other mentioned many across Act. That we In the that are addition, of believe patients again fruition, coverage we channels. to that if because is Somryst fee-for-service an comes Medicare And we patients. Medicare, as impact a Therapeutics that's on act Prescription large as Digital generate have it an well that some would

Keay Nakae

that Okay. color. Thanks for

Corey McCann

Keay. Thanks,

Operator

you. Thank

Our comes Rhyee next the question line Cowen. from Charles of from

now is open. line Your

Charles Rhyee

ballpark, place not thanks far. in much 'XX, that the have so much go sort growth taking of how that picked percentage look earlier the maybe the maybe so back a should was at the we access made follow-up for? growth more code HCPCS of And for versus the Wanted sense And we coverage of questions of here? one HCPCS of a of everyone. terms could have we Yes. up Thanks, to reimbursed to the clients in in revenue coming the a this to that congrats in all about trying progress here, if about and sort our implementation Just the rate questions. were sorry points think rate on as to how year, If primarily, for you get we the terms of far? code prescriptions coverage fulfillment Medicare 'XX, in think ask

Corey McCann

it's they there are question great imagine appreciate that get question your voice. and can that would you hear and that to I great address into, of it's Charles, parts just I a because your can't MMPI. Maxie,

the pharmacy I via on and is we've tremendous a pharmacy provide think what I side. via expect to that coverage done can both work amount that most of to And continue payers to-date for of medical we pharmacy. We've benefits. the you tell seen PDTs is reimbursement

than reasons which that. to adjudicate it is and oversee payers statute It's via easier of able claim. there the think Simplicity a for That a benefit. claim important most not are I are a traditional medical here. device PDTs, are is number process pharmacy perhaps a said medical just by a to all pharmacy

And the those allow reimbursed a medical quite products interested as we benefit. codes, being them ultimately to so payers, in HCPCS for which be see these as

to to codes front. be probably medical HCPCS I been to issued. will a think on updated we We'll work excitement is date can that's too coding split you have what I I April the that exactly that you continue was fact, just all my hope And to standard calendar potentially which that again something far that those is across at XXXX. mechanism have Xst voice, continue and bias codes medical, codes keep too but monitor from impact that continue early between it's to not a have, drop. pharmacy payers, we'll we we'll tell it's from the yet on. mentioned but continue It's We across in year toward those able HCPCS know of think early those what sort something will to

Charles Rhyee

SoftBank, sleep. talked about that. were Pear you the be for” developer the would the the market here platform? and Japanese Great. to or a I here this talking appreciate follow Pear up When making In also SoftBank language is “developer another of PDT version Want PearCreate, question. for with Japanese you scenario, using the relationship guys about sort the of

Corey McCann

for to highlighting And disclose of details the and that it's Charles, you particular, not partnership which of incredibly news, in question into we MMPI done deeply portion is operational you thank that's excited about. that and the Yes. are have agreement. we the something something is thank for the potential What

SoftBank also SoftBank the lead it step first poised our represents that DTx just partner say exciting, that's but I quite in Pear believe and not think other what and in that deal is with is because we be in it's ex-U.S. revolution, We I because to expansion can that could the toward the great U.S., believe Japan. is a personally geographies.

Charles Rhyee

is off build platform. was Appreciate that. having I question going other where people with PDTs the I of in your PearCreate terms guess,

sort sort Just is Pear of from curious, use going and where a maybe bit that you potential getting developers sort else request platform of PDT what the on are with? to of more inbound little

Corey McCann

XX Yes. And there clarifying highly I date, thank you deals. out To acquisitive. question, the We've publicly is been for about think the available Charles. number that's

think, think having space, in very are having in I discussions these is we space this companies. of small seeing the old whom with academic institutions deal the what if we with in are with we I were evolution discussions. And bad PDT think parties the you about days and

of companies as commercialize Series able stage B to see these either think after cases proposition PDTs and many approval. commercial financing, have late been raise A I Series pipeline to is to or value in a able be of their some they what the

driven of of that's productivity is large, those having that is last the believe it's believe of say something think, this more here I So, in that are we our this consistent thing kinds conversations writ the landscape. I we is think that ambition. would not by driven the I maturation the is something with space We that very healthcare by and

investment because positioned with PDT are platform. potentially of of first-mover there we be only our with and be speaking that in provider As system provider to to we're appetite interact and infrastructure, because they EMR, excited for one the and PDT one is much an very like advantage, platform. And our

Charles Rhyee

If for about about walk $XXX of you know million year? got through this maybe in year? on us for given us far, think loss can about could it. you maybe help we I in ‘XX you've Chris. EBITDA think sneak of expenses I terms your use kind so that guidance as balance for for Appreciate cash one appreciate thinking sheet, this Great, the the

Chris Guiffre

I grew don't we launches to at you other our quarterly same first, Charles, last have We provide do quarter But but guidance. and as assure tonight, referred that the our about if but yet. certainly as go see public. you that not do and to can of to, will this don't don't $XXX expenses in prepared So provide look you'll that be the Pear at commercial some in you year. XX-K, not maturation at we where that to state we neighborhood I I our you year that we with of expect sheet million metrics see Again, growth guidance do which clarify on expenses a million, filed invested is each right expense to the estimated. think balance we expense $XXX just year-end, want we're ready

Charles Rhyee

all Appreciate helpful. the comments. guys. Thanks That's Okay.

Chris Guiffre

Thank you.

Corey McCann

Thank you, Charles.

Operator

Thank you.

line the next from Our comes of question Marie Thibault from BTIG.

is now Your open. line

Marie Thibault

your I see quarter. ask Hi, questions XXXX and if revenue Wanted you wondered reaffirmed debut to the here. to taking for earnings guidance. on a thank the congrats question you Happy going could sales you or analysts be give of prefer cadence us of look would about thinking has anecdotal been how this investors to how any and year? the sort into QX

Corey McCann

your love voice. it's hear And to Marie, to to I'd good Chris, pass the question you.

Chris Guiffre

so We think I noted to the Sure. as very off say much you there Marie, is to we're that end all question. we the close can thanks for the year. and to believe of the start we good a are quarter,

Marie Thibault

to you I follow-up introduced. a talk take get might here it. simply on you this of I'll ask on we Can do something to here enough. is timelines? the this was I efforts, year? Maybe it's or my about bill year? fair material a certainly, more hard predict more legislative could think way that bit can conversation but possible it something hear know the Is little of legislation, sort that started happen Okay,

Corey McCann

this but Marie, for would visibility of timing. the we to sort us introduce bill, particular it had into I around wish be of folly guidance timing I think any

is a say PDTs the product products. I think We run to institute what that for is very and class home that believe would we for a prepares absolutely something coverage this as swing again a be can commercial would space. big and for universal close which is the Company this is what and

very financial thing that clear in particular I to-date. think into about we've conversations that it's regard and been only to can that's the any investors our of discussions with that our think baked this our is in I I something And with say projections. bill not

you. upside. I about on sort of of And very think to as excited timing. any opportunity being I So this estimates on I back to news to would be would relay able on success and/or decline have we're to provide to probability the think But able

Marie Thibault

All right, And the taking you Thank questions. very good. for luck. good

Corey McCann

you, Thank Marie.

Operator

you. Thank

comes Bitritto-Garg Neena of Our from question next Citi. the from line

is line Your open. now

Neena Bitritto-Garg

maybe to taking question for I on identify we're reimbursement just guess, kind my quick time event one maybe but key of out a if kind progressing the had know most number event what thanks driver key on Thanks. would you key for call you covered kind guys, year? question. of of increasing payer kind But Hey questions. short on of the up here, theme I of following this the kind deals of of of one and your as of lives, a or

Corey McCann

Yes.

about both key So, regard They're I trends. XXXX, and coverage think I point are with events. neither would in two discrete to events them of to

see data another proposition of And is months that, value we really this XX to those and stream of performance data. trial forward. we have publish significance as first continue I my a that again, be economic call, this are to seems the excited for health think randomized to publication economic our milestone conversations data. for clinical data, payer real-world that that company hope an analyst reSET-O, payers. helps for a mentioned health some it's upcoming our signal all in very following health will steady data to we're that And and you economic time moving developing of products that's every And we that

is it's X,XXX I thing payer a and think the the of bit of cuts. death second world coverage, a trend, another by in

as that already. with this Michigan. of coverage the PDTs Very you're Massachusetts in thereafter, what Oklahoma states looking we're and state. to think innovative move saw around coverage as And move press as is that this we're doing of saw was I of something We coverage by being you standard. Medicaid, our releases decision and to so soon innovative And that do the PDTs announced from work we really something and the issued seeing being you an lauded already

work the of and to Kentucky. be doing Ohio We similar in also states happen Indiana,

they're asking And they they're fee asking yet cover do these and like what cover service asking we and just so not state their other to are as you're we Massachusetts, for a cover states and to how like states, really that Oklahoma PDT, is tone asking a PDT mentioned. they do states how PDT, mass innovative effort seeing critical do this changing are, I are how we PDT a opposed the the

binary events, and So discrete more I cadence steady to mainstream this think medical treatments. making a of is novelty progress is these less this going about about from products

Neena Bitritto-Garg

Thank it. you. Got

Operator

turn now for I'll back to closing McCann you. the Thank call Dr. remarks.

Corey McCann

we've great know covered introductory call. We this in a deal

plan to PDTs guidance. closer wrap build $X.X commercial with time. the of for plan mainstream commercial to major I'll very our commercial last class XXXX, a year. to PDT system we million traction as with Thank XXXX, with we progress and So That to We up the significant we Software wins briefly. led rapid put in revenue, on the on category highlighted your move in generated healthcare map by In progress In line medicine. a you payers. as the the further momentum

of out if please Murphy, Corporate As always, to our Head any reach questions. Meara you have Communications

Operator

call. for concludes Thank joining. That today's you