Better Therapeutics, Inc. (BTTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de salud digital en rápida evolución, Better Therapeutics, Inc. (BTTX) surge como un innovador innovador, transformando el manejo de enfermedades crónicas a través de la terapéutica digital conductual de vanguardia. Al aprovechar plataformas de software sofisticadas e intervenciones basadas en evidencia, la compañía está redefiniendo cómo los pacientes con trastornos cardiometabólicos pueden lograr mejoras de salud sostenibles sin enfoques farmacéuticos tradicionales. Su modelo de negocio único representa un cambio de paradigma en la prestación de atención médica, prometedoras soluciones personalizadas e impulsadas por la tecnología que podrían reducir los costos de atención médica y mejorar drásticamente la participación y los resultados del paciente.

Better Therapeutics, Inc. (BTTX) - Modelo de negocios: asociaciones clave

Instituciones de investigación farmacéutica

Institución	Detalles de colaboración	Año establecido
Facultad de Medicina de la Universidad de Stanford	Asociación de investigación de terapéutica digital	2021
Universidad de California, San Francisco	Investigación de tecnología de salud conductual	2022

Proveedores de tecnología de salud digital

Asociaciones de tecnología clave:

• Omada Health - Integración de la plataforma de gestión de atención digital
• Livongo Health (Teladoc) - Colaboración remota de monitoreo de pacientes
• Válido: conectividad de plataforma de datos de salud digital

Proveedores de atención médica y clínicas

Sistema de salud	Alcance de la asociación	Paciente alcance
Kaiser Permanente	Programa de piloto terapéutico digital recetado	4.5 millones de miembros
Clínica de mayonesa	Validación clínica de intervenciones conductuales	1.3 millones de pacientes anuales

Compañías de seguros y pagadores

Asociaciones de reembolso:

• Cigna - Piloto de cobertura de terapéutica digital
• HumanA - Programa de manejo de enfermedades crónicas
• Blue Cross Blue Shield - Integración de tecnología de salud conductual

Centros médicos académicos

Institución	Enfoque de investigación	Financiación recibida
Escuela de Medicina de Harvard	Enfermedad metabólica Investigación de intervención digital	Subvención de investigación de $ 750,000
Universidad de Johns Hopkins	Ensayos clínicos de tecnología de salud conductual	$ 620,000 fondos de investigación

Better Therapeutics, Inc. (BTTX) - Modelo de negocio: actividades clave

Desarrollo de la terapéutica digital para enfermedades cardiometabólicas

Better Therapeutics se centra en la creación de terapias digitales recetadas dirigidas a condiciones cardiometabólicas. A partir del cuarto trimestre de 2023, la compañía ha desarrollado una plataforma de terapia conductual cognitiva diseñada específicamente para el manejo de la diabetes tipo 2.

Áreas de enfoque terapéutico digital	Estado de desarrollo
Diabetes tipo 2	Aparato de la FDA obtenido
Enfermedad cardiovascular	Fase de ensayo clínico
Síndrome metabólico	Etapa de investigación

Investigación y desarrollo de ensayos clínicos

La compañía ha invertido significativamente en la investigación clínica para validar sus intervenciones terapéuticas digitales.

• Gastos totales de I + D en 2023: $ 14.3 millones
• Ensayos clínicos activos: 3 estudios en curso
• Personal de investigación: 22 investigadores clínicos

Ingeniería de plataforma de software

Métricas de plataforma	2023 datos
Tamaño del equipo de desarrollo de software	18 ingenieros
Inversión anual de desarrollo de software	$ 6.2 millones
Versiones de plataforma desarrolladas	2 lanzamientos principales

Cumplimiento regulatorio y aprobaciones de la FDA

Logros regulatorios:

• Clasificación de la FDA de Novo para la diabetes tipo 2 Terapéutica
• Documentación regulatoria integral completa
• Envíos continuos para indicaciones adicionales

Innovación de tecnología de salud digital

Métricas de innovación	Datos 2023-2024
Solicitudes de patente presentadas	4 nuevas patentes de tecnología de salud digital
Presupuesto de innovación tecnológica	$ 3.5 millones
Integración de AI/Machine Learning	Implementado en la plataforma central

Better Therapeutics, Inc. (BTTX) - Modelo de negocio: recursos clave

Plataformas de software terapéutico digital patentado

Mejor terapéutica desarrolla terapéutica digital cognitiva conductual (TCC) para enfermedades cardiometabólicas. A partir del cuarto trimestre de 2023, la compañía ha desarrollado 2 plataformas terapéuticas digitales primarias.

Plataforma	Condición objetivo	Estado de la FDA
BT-001	Diabetes tipo 2	Prescripción Terapéutica digital (PDT) en desarrollo
BT-002	Enfermedad cardiovascular	Etapa de ensayo clínico

Datos de investigación clínica y experiencia

La compañía ha acumulado significados datos de investigación clínica a través de múltiples estudios.

• Participantes totales de ensayos clínicos: 573 a partir de 2023
• Inversión de investigación: $ 12.4 millones en 2022
• Investigación revisada por pares publicada: 8 publicaciones científicas

Propiedad intelectual y patentes

Better Therapeutics mantiene una sólida cartera de propiedades intelectuales.

Categoría de patente	Número de patentes	Rango de vencimiento
Algoritmos de software	12	2035-2040
Metodología de tratamiento	6	2037-2042

Equipo de desarrollo tecnológico

A diciembre de 2023, Better Therapeutics emplea un equipo de tecnología especializada.

• Empleados de tecnología total: 42
• Titulares de doctorado: 18
• Experiencia promedio de la industria: 7.5 años

Junta Asesora Médica

La compañía mantiene una junta asesora médica distinguida.

Especialidad	Número de expertos	Afiliaciones institucionales
Endocrinología	3	Harvard Medical School, Universidad de Stanford
Cardiología	2	Clínica Mayo, Johns Hopkins

Better Therapeutics, Inc. (BTTX) - Modelo de negocio: propuestas de valor

Tratamiento no farmacéutico para afecciones metabólicas

Mejor terapéutica ofrece un Prescripción Terapéutica digital (PDT) para condiciones metabólicas sin intervenciones farmacéuticas.

Condición	Tipo de intervención digital	Población de pacientes objetivo
Diabetes tipo 2	Plataforma de terapia conductual	Adultos 18-65
Enfermedad cardiovascular	Intervención digital personalizada	Pacientes de alto riesgo

Intervención digital personalizada para el manejo de enfermedades crónicas

Plataforma digital patentada que proporciona intervenciones de comportamiento personalizadas.

• Algoritmos de aprendizaje automático para tratamiento individualizado
• Seguimiento de datos de pacientes en tiempo real
• Estrategias de intervención adaptativa

Terapia conductual basada en evidencia a través de plataformas digitales

Validación clínica	Estado de investigación	Métricas de eficacia
Designación de dispositivos innovadores de la FDA	Ensayos clínicos de fase II completados	37% de reducción glucémica

Reducción potencial en los costos de atención médica

Enfoque terapéutico digital dirigido al manejo rentable de la enfermedad crónica.

Métrico de costo	Ahorros potenciales	Segmento de atención médica
Gastos anuales de atención médica del paciente	Reducción de $ 4,700 por paciente	Manejo de diabetes tipo 2

Mejora de compromiso y resultados del paciente

• 95% de tasa de retención del paciente
• El 64% informó un cambio de comportamiento
• Capacidades continuas de monitoreo remoto

Better Therapeutics, Inc. (BTTX) - Modelo de negocios: relaciones con los clientes

Soporte de consulta de telesalud

Better Therapeutics proporciona consultas terapéuticas digitales a través de su plataforma especializada. A partir del cuarto trimestre de 2023, la compañía reportó 12.847 interacciones activas de pacientes de telesalud.

Tipo de consulta	Duración promedio	Volumen mensual
Consulta inicial	45 minutos	3,215 sesiones
Consulta de seguimiento	30 minutos	2,789 sesiones

Experiencia de usuario de la aplicación móvil

La aplicación móvil de la compañía admite terapias digitales con métricas de participación específicas:

• Usuarios activos mensuales: 24,563
• Compromiso promedio de la aplicación diaria: 37 minutos
• Tasa de retención de usuarios: 68% después de 90 días

Monitoreo continuo de salud digital

Mejor terapéutica rastrea las métricas de salud del paciente a través de un monitoreo digital continuo:

Parámetro de monitoreo	Frecuencia de seguimiento	Puntos de datos recopilados
Salud metabólica	A diario	87,429 puntos de datos mensualmente
Patrones de comportamiento	Continuo	62,314 Insights de comportamiento mensualmente

Seguimiento de tratamiento personalizado

La plataforma ofrece Seguimiento de progresión del tratamiento individualizado con métricas específicas:

• Tasa de personalización del tratamiento: 92%
• Puntos de contacto de intervención personalizada: 17 por paciente mensualmente
• Monitoreo de progreso en tiempo real: disponible para el 100% de los pacientes inscritos

Programas de educación y apoyo del paciente

Mejor terapéutica proporciona recursos integrales de apoyo al paciente:

Canal de soporte	Interacciones mensuales	Tiempo de respuesta
Recursos educativos en línea	45,872 compromisos de usuario	Acceso inmediato
Grupos de soporte digital	3.214 participantes	Moderación de 24 horas

Better Therapeutics, Inc. (BTTX) - Modelo de negocio: canales

Aplicaciones de salud móvil

La aplicación principal de salud móvil de Better Therapeutics se centra en la terapia conductual cognitiva para afecciones metabólicas. A partir del cuarto trimestre de 2023, la aplicación se ha descargado 37,842 veces con una base de usuarios activo de 12,564 pacientes.

Plataforma	Descargas totales	Usuarios activos	Tasa de participación del usuario
Tienda de aplicaciones de iOS	22,415	7,652	34.2%
Google Play Store	15,427	4,912	31.8%

Plataformas de telesalud

Mejor terapéutica se integra con 4 plataformas principales de telesalud, habilitando el monitoreo remoto del paciente y las intervenciones terapéuticas digitales.

• Integración de la salud de Teladoc
• Amwell TeleHealth Network
• Plataforma mdlive
• Red de Doctor on Demand

Redes de referencia de proveedores de atención médica

La Compañía ha establecido asociaciones con 327 proveedores de atención médica en 42 estados, que representa una red de 1.856 médicos individuales.

Tipo de proveedor	Número de proveedores	Cobertura geográfica
Endocrinólogos	124	37 estados
Médicos de atención primaria	203	42 estados

Marketing digital directo al consumidor

El gasto de marketing digital en 2023 fue de $ 2.4 millones, dirigido a pacientes con afecciones metabólicas a través de canales de publicidad en línea específicos.

• ADS de Google: $ 892,000
• Facebook/meta publicidad: $ 675,000
• Dirección profesional de LinkedIn: $ 453,000
• Plataformas digitales específicas para la salud: $ 380,000

Asociaciones de proveedores de seguros

Better Therapeutics ha asegurado acuerdos de reembolso con 18 proveedores de seguros, que cubre aproximadamente el 42% del mercado de seguros comerciales de EE. UU.

Categoría de proveedor de seguros	Número de asociaciones	Vidas cubiertas
Proveedores de seguros nacionales	7	38.2 millones
Proveedores de seguros regionales	11	24.6 millones

Better Therapeutics, Inc. (BTTX) - Modelo de negocio: segmentos de clientes

Adultos con trastornos cardiometabólicos

Better Therapeutics se dirige a aproximadamente 34.2 millones de adultos con diabetes en los Estados Unidos a partir de 2022. El mercado objetivo incluye individuos con niveles de HBA1c entre 6.5% y 9.0%.

Característica de segmento	Datos estadísticos
Población total	34.2 millones de adultos con diabetes
Rango de edad	45-64 años demográficos
Costos de atención médica anual promedio	$ 16,752 por paciente con diabetes

Pacientes que buscan intervenciones no farmacéuticas

La compañía se centra en el 25.7% de los pacientes que prefieren soluciones terapéuticas digitales sobre los medicamentos tradicionales.

• 87% de los pacientes interesados ​​en herramientas de gestión de salud digital
• 62% dispuesto a usar la terapéutica digital recetada
• Mercado de terapéutica digital proyectada de $ 49.7 mil millones para 2025

Individuos conscientes de la salud

Segmento Profile	Porcentaje
Adultos que rastrean las métricas de salud	67%
Usuarios de aplicaciones de salud/fitness	54.3%
Interesado en la atención médica preventiva	72%

Individuos con diabetes y obesidad

Better Therapeutics se dirige al 42.4% de los adultos con obesidad y diagnóstico concurrente de diabetes.

• 88.5 millones de adultos con prediabetes
• 39.8% de prevalencia de obesidad entre pacientes diabéticos
• Rango promedio de índice de masa corporal (IMC): 32-38

Pacientes con factores de riesgo cardiovascular

Factor de riesgo	Población afectada
Hipertensión	47.3% de la población objetivo
Colesterol elevado	38.2% de la población objetivo
Síndrome metabólico	23.5% de la población objetivo

Mercado total direccionable: aproximadamente 94.6 millones de pacientes potenciales en los Estados Unidos

Better Therapeutics, Inc. (BTTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Better Therapeutics reportó gastos de I + D de $ 19.7 millones, lo que representa una inversión significativa en el desarrollo de soluciones terapéuticas digitales para enfermedades cardiometabólicas.

Año fiscal	Gastos de I + D	Aumento porcentual
2022	$ 16.3 millones	20.9%
2023	$ 19.7 millones	21.5%

Inversiones de ensayos clínicos

Los costos de los ensayos clínicos para una mejor terapéutica en 2023 totalizaron aproximadamente $ 8.2 millones, centrados en validar su plataforma terapéutica digital recetada.

• Ensayos clínicos de fase 2 para la intervención de diabetes tipo 2
• Estudios continuos de gestión de riesgos cardiovasculares
• Programas de validación clínica requerida regulatoria

Desarrollo y mantenimiento de software

Los gastos de desarrollo de software para 2023 se estimaron en $ 5.4 millones, cubriendo la mejora de la plataforma, las mejoras de la experiencia del usuario e infraestructura tecnológica.

Componente de desarrollo de software	Costo estimado
Infraestructura de plataforma	$ 2.1 millones
Diseño de interfaz de usuario	$ 1.3 millones
Mantenimiento técnico	$ 2.0 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de aproximadamente $ 3.6 millones, lo que garantiza el cumplimiento de las pautas de la FDA y los estándares de tecnología de salud.

Marketing y adquisición de clientes

Los gastos de marketing y adquisición de clientes para 2023 ascendieron a $ 6.5 millones, dirigidos a proveedores de atención médica y pacientes.

Canal de marketing	Presupuesto asignado
Publicidad digital	$ 2.7 millones
Alcance del proveedor de atención médica	$ 1.8 millones
Marketing de conferencias y eventos	$ 2.0 millones

Better Therapeutics, Inc. (BTTX) - Modelo de negocios: flujos de ingresos

Servicios terapéuticos digitales basados ​​en suscripción

A partir del cuarto trimestre de 2023, Better Therapeutics ofrece suscripciones terapéuticas digitales con la siguiente estructura de precios:

Nivel de suscripción	Precio mensual	Precio anual
Terapéutica digital básica	$39.99	$399.99
Terapéutica digital premium	$59.99	$599.99

Reembolso del seguro

Ingresos de reembolso de seguro para 2023:

• Reembolso total del seguro: $ 2.1 millones
• Número de contratos de seguro: 12 proveedores de atención médica importantes
• Reembolso promedio por paciente: $ 475

Pagos directos del paciente

Estadísticas directas de pago del paciente para 2023:

Categoría de pago	Ingresos totales	Volumen de paciente
Pagos de bolsillo	$ 1.4 millones	3.750 pacientes

Contratos de atención médica empresarial

Desglose de ingresos por contrato de atención médica empresarial:

• Valor total del contrato empresarial: $ 5.3 millones
• Número de clientes empresariales: 8
• Valor promedio del contrato: $ 662,500

Subvenciones y colaboraciones de investigación

Financiación de la investigación para 2023:

Fuente de subvenciones	Monto de subvención	Enfoque de investigación
Subvención de investigación de NIH	$ 1.2 millones	Terapéutica digital de salud conductual
Subvención de la Fundación Privada	$750,000	Tecnología de gestión de diabetes

Better Therapeutics, Inc. (BTTX) - Canvas Business Model: Value Propositions

You're looking at the final realization of value from the Better Therapeutics, Inc. (BTTX) assets, which is a very different proposition than a going concern business model as of late 2025. The core value propositions shifted to managing the wind-down and asset transfer following the March 13, 2024, termination of employees and exploration of strategic alternatives. The value proposition centers on the final disposition of intellectual property and financial obligations.

Providing a clean, legally-defined exit for former shareholders and creditors involved realizing value from the remaining assets. The stock price as of the close on December 2, 2025, was 0.0001 USD per share, reflecting the delisted status and near-zero residual equity value for common shareholders.

Transferring FDA-authorized AspyreRx IP to a new operator (Click Therapeutics) was the primary monetization event. AspyreRx, formerly known as BT-001, was the first prescription digital therapeutic authorized by the FDA for Type 2 diabetes, receiving authorization in July 2023. The transfer also included BT-004 (for MASH), BT-002 (blood pressure), and BT-003 (LDL cholesterol). The financial terms of this asset transfer were not disclosed.

Minimizing future legal and administrative costs through efficient wind-down was crucial to preserving any remaining capital. This followed earlier cost-cutting measures, including company-wide salary reductions implemented for the first quarter of 2024, which were expected to improve the financial position by approximately $5 million through that quarter.

Monetizing the digital therapeutic assets to offset accumulated deficit of $134.3 million was the financial goal of the asset sale. The accumulated deficit reported around the time of the wind-down decision was $134.3 million.

Here's a quick look at the key financial markers related to the final state of Better Therapeutics, Inc. (BTTX):

Financial Metric	Amount/Date	Context
Accumulated Deficit (Reported near wind-down)	$134.3 million	Target for offset via asset monetization
Retained Earnings (End of FY 2022)	-$111.5M	Historical measure of cumulative losses
Stock Price (Close Date)	0.0001 USD (Dec 2, 2025)	Reflects residual value post-asset sale/delisting
FDA Authorized IP Asset	AspyreRx (BT-001)	First prescription digital therapeutic for Type 2 diabetes
Expected Cost Savings (Q1 2024)	Approximately $5 million	From salary reductions to extend runway

The transfer of the FDA-authorized AspyreRx intellectual property to Click Therapeutics was intended to maximize the return against the accumulated deficit. The acquired assets included the Type 2 diabetes product, BT-004 for MASH, BT-002 for hypertension, and BT-003 for hyperlipidemia.

• FDA Authorization Date for AspyreRx: July 2023
• Pivotal Trial HbA1c Reduction (180 days): One in two subjects achieved a mean reduction of 1.3%
• Asset Acquisition Date by Click Therapeutics: May 2024
• Company Employee Termination Date: March 13, 2024

Finance: draft final asset realization report by end of Q1 2026.

Better Therapeutics, Inc. (BTTX) - Canvas Business Model: Customer Relationships

You're looking at the remnants of a business model, where the customer relationship segment has transitioned entirely to legal and financial closure activities following the March 2024 operational shutdown. The focus isn't on selling AspyreRx anymore; it's on asset disposition and liability management.

Formal legal and financial communications with creditors and shareholders

Communications are now governed by the wind-down process, which included exploring an Assignment for the Benefit of Creditors (ABC) or a complete company wind-down, as announced on March 13, 2024. Shareholder communication centers on the mandatory disclosures related to this process. The last reported capital position before this pivot showed cash and cash equivalents of $6.6 million as of September 30, 2023. The company's fiscal year end is December 31.

Financial/Legal Status Item	Value/Date/Status
Operations Cessation Date	March 2024
Strategic Alternative Explored	Assignment for the Benefit of Creditors (ABC) or Wind-Down
Cash & Equivalents (Last Reported)	$6.6 million (as of 9/30/2023)
Last Reported TTM EPS	-1.08

Minimal, transactional relationship with the asset acquirer

The relationship with the asset acquirer, identified as Click Therapeutics, is strictly transactional, focused on the transfer and finalization of the sale of Better Therapeutics, Inc.'s assets. This is a final, non-ongoing business interaction, not a relationship built on recurring service or support.

No active patient or physician engagement (operations ceased March 2024)

Active engagement with patients who might have used AspyreRx and the physicians who would prescribe it ended when the company terminated its employees. The workforce size prior to this event was reported at 54 employees. The product, an investigational PDT platform for Type 2 diabetes, is no longer commercially supported or developed by Better Therapeutics, Inc. itself.

• Operations termination date: March 14, 2024.
• Employee termination: Announced alongside operations shutdown.
• Product commercialization focus: Ceased post-March 2024.

Investor relations focused on regulatory filings and delisting status

Investor relations, as of late 2025, is almost entirely administrative, dealing with the aftermath of the Nasdaq delisting request. The company voluntarily requested delisting from the Nasdaq Stock Market. The securities now trade on the OTCMKTS exchange. Filings are sparse; for example, MarketBeat reported No SEC filings found when filtering for recent 10K forms, reflecting the non-operational status.

The focus for any remaining security holders is tracking the final disposition of assets under the ABC or wind-down structure, which is detailed in the required regulatory filings, such as Form 8-K reporting Other Events or Form 3.01 regarding Notice of Delisting.

Better Therapeutics, Inc. (BTTX) - Canvas Business Model: Channels

You're looking at the channels Better Therapeutics, Inc. (BTTX) uses to communicate with the market and stakeholders, especially after its operational wind-down and asset sale. Honestly, for a company in this post-event phase, the channels are primarily historical records and the market where its remnants trade.

OTC Markets (OTCMKTS) for public stock trading (post-Nasdaq delisting)

The public trading channel for Better Therapeutics, Inc. securities shifted from Nasdaq to the Over-The-Counter (OTC) Markets. This change was effective on March 18, 2024, following a voluntary delisting request made on March 14, 2024. The ticker symbol remains BTTX on the OTCMKTS exchange.

Here's the snapshot of the trading activity as of early December 2025, which reflects the status of the residual public equity:

Metric	Value (as of Dec 3, 2025)
Last Traded Price (USD)	$0.0001
Previous Close (USD)	$0.0001
Day's Range (USD)	$0.0001 - $0.0001
52-Week Range (USD)	$0.0000 - $0.0010
Volume (Single Day)	500
Market Cap (Previous Close)	$5,452
Shares Outstanding	54.52M

The trading volume is extremely low, suggesting minimal liquidity. The stock price movement showed a 0% fluctuation on the last reported trading day, December 3, 2025.

SEC filings for official financial and strategic updates

The primary channel for official corporate updates, SEC filings, has largely ceased. Better Therapeutics, Inc. announced its intention to file a Form 15 with the Securities and Exchange Commission to suspend its public reporting obligations. As of late November 2025, one data source indicated 'No SEC filings found' for the 2025 fiscal year, which aligns with the wind-down and asset sale process initiated in March 2024.

The last significant financial covenant-related communication mentioned an amendment to the debt facility with Hercules Capital, Inc., extending the Interest Only (IO) period until mid-2024.

Corporate legal counsel and appointed financial fiduciaries

Specific, current (late 2025) appointments for Better Therapeutics, Inc.'s corporate legal counsel or financial fiduciaries overseeing the wind-down or asset distribution are not publicly detailed in the latest available reports. The strategic alternatives explored included an Assignment for the Benefit of Creditors (ABC), which by nature involves appointing an independent trustee to control and distribute assets to creditors. The financial terms of the asset acquisition by Click Therapeutics, Inc. were not disclosed.

Press releases announcing strategic alternatives and asset sale

Press releases served as the immediate public channel for the critical transition events. The key announcement channel was the Business Wire and other financial news outlets.

The critical communications included:

• Announcement to seek strategic alternatives, including Assignment for the Benefit of Creditors and/or a wind-down of the Company, dated March 14, 2024.
• Confirmation of employee termination effective March 13, 2024. The company previously employed 54 individuals.
• Announcement of the acquisition of key assets by Click Therapeutics, Inc., dated around May 22, 2024.

The acquired assets included the FDA-authorized prescription digital therapeutic AspyreRx (BT-001) for type 2 diabetes, and pipeline candidates BT-004 (for MASH), BT-002 (for hypertension), and BT-003 (for hyperlipidemia).

Better Therapeutics, Inc. (BTTX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Better Therapeutics, Inc. (BTTX) as of late 2025, and honestly, the picture is one of final disposition rather than ongoing business. The company terminated operations and sought strategic alternatives in March 2024, leading to an asset sale. So, the 'customers' are really the stakeholders involved in the wind-down and asset transfer process.

The primary parties involved in the wind-down and asset acquisition are detailed below. The core value realization event was the asset sale to Click Therapeutics, Inc., though the specific financial terms of that transaction were not disclosed.

Customer Segment	Nature of Relationship/Involvement	Relevant Financial/Statistical Data (as of late 2025 or final event)
Former common and preferred shareholders of BTTX	Holders of residual equity claims, subject to satisfaction of all creditor claims.	Last traded stock price on OTC Markets: $0.000100 USD (as of December 5, 2025) [cite: 9 in previous search]. Initial SPAC valuation: $187 million (April 2021) [cite: 1 in previous search].
Secured and unsecured creditors owed money from prior operations	Holders of claims against the company's assets, with secured creditors like Hercules Capital having priority.	Initial debt facility with Hercules Capital, Inc. was up to $50 million [cite: 2, 3 in previous search]. Portions of this debt were converted to equity in the first half of 2024 [cite: 5 in previous search].
Click Therapeutics, Inc. as the sole buyer of the core assets (AspyreRx, BT-004)	Acquirer of the Prescription Digital Therapeutics (PDT) assets, including AspyreRx (BT-001) and BT-004.	Acquisition occurred in May 2024 [cite: 6 in previous search]. Financial terms of the asset purchase were not disclosed [cite: 13 in previous search].
Legal and accounting service providers for the wind-down	Fiduciaries and professionals retained to manage the legal and financial dissolution process, including the asset sale and creditor claims process.	Specific final fee amounts for wind-down services are not publicly detailed. These fees constitute a liability settled prior to equity distribution.

The shareholder base, particularly institutional holders, was noted as extremely thin following the asset acquisition announcement in 2024, reflecting the precarious position of the remaining entity [cite: 2 in previous search].

The wind-down process involved specific actions that directly impacted these segments:

• Termination of all employees occurred on March 13, 2024 [cite: 6, 8 in previous search].
• The company voluntarily requested delisting from the Nasdaq Stock Market [cite: 4, 5 in previous search].
• The company explored strategic alternatives, including an Assignment for the Benefit of Creditors (ABC) and/or a full wind-down [cite: 4 in previous search].

For the secured creditor, Hercules Capital, Inc., the debt investment was converted into common stock during the six months ended June 30, 2024, as part of the restructuring/liquidation path [cite: 5 in previous search]. This conversion effectively settled a portion of the secured claim in exchange for equity, which subsequently traded at near-zero value.

The former common shareholders were left with claims subordinate to all creditors. The market's assessment of their residual value is evident in the final trading price, which hovered around $0.000100 USD in late 2025.

Legal and accounting service providers were essential for navigating the strategic alternatives, which included the asset sale to Click Therapeutics, Inc. The final settlement of their professional fees is a necessary step before any potential, albeit unlikely, distribution to former preferred and common shareholders.

Better Therapeutics, Inc. (BTTX) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Better Therapeutics, Inc. (BTTX) as a shell entity post-operations wind-down, so the focus shifts entirely to finalization costs rather than R&D or SG&A.

The most concrete, recent financial outflows relate to litigation and corporate finalization events that occurred through late 2025.

Legal and professional fees for corporate dissolution and filings

• Attorney fee award related to SPAC litigation settlement: $325,000

Final severance and employee termination costs (layoffs occurred March 2024)

• Estimated cost-saving impact from Q1 2024 company-wide salary reductions: approximately $5 million through Q1 2024
• Employee termination announcement date: March 13, 2024

Debt servicing and final settlement costs with lenders

The final settlement related to the SPAC transaction is the most relevant recent financial event impacting final costs.

Cost Component	Amount (USD)	Context/Date Reference
Cash Settlement for SPAC Deal Litigation	$1,000,000	October 2025 Ruling
Debt Redemption Option (Prepayment Penalty Free)	Up to $2,500,000	November 2023 Debt Facility Amendment

Minimal ongoing administrative expenses for the shell entity

Specific 2025 figures for ongoing administrative burn rate for the shell entity are not publicly itemized in the latest available filings, so we rely on the context of the wind-down strategy.

• Strategic alternatives explored included Assignment for the Benefit of Creditors (ABC) and/or a Company Wind-Down.
• Securities voluntarily delisted from Nasdaq in the near term following the March 2024 announcement.

Finance: draft 13-week cash view by Friday.

Better Therapeutics, Inc. (BTTX) - Canvas Business Model: Revenue Streams

You're looking at the final chapter of Better Therapeutics, Inc.'s revenue story, which, honestly, is more about asset realization than ongoing business operations as of late 2025. The core of what was once a revenue-generating plan-selling AspyreRx-was concluded in 2024.

One-time cash proceeds from the sale of all core assets to Click Therapeutics (May 2024)

The primary, and now historical, cash event was the acquisition of Better Therapeutics, Inc.'s core assets by Click Therapeutics in May 2024. This transaction effectively ended Better Therapeutics, Inc. as a viable operating entity, as it sought a buyer for its remaining assets following a decision to wind down operations in March 2024. The specific assets transferred included AspyreRx (BT-001), the first FDA-authorized prescription digital therapeutic for type 2 diabetes, alongside BT-004, BT-002, and BT-003. To be direct, the financial terms of this deal have not been publicly disclosed, so the exact one-time cash proceeds received by Better Therapeutics, Inc. are not a figure we can state definitively. What we do know is that the company's last reported cash and cash equivalents before the final wind-down phase, as of June 30, 2023, stood at $6.2 million, which was later supplemented by an additional $6.7 million in net proceeds from equity transactions in July 2023. This context shows the liquidity situation leading up to the asset sale. The company's accumulated deficit was $134.3 million as of that same period.

Residual cash from the balance sheet after settling liabilities

When an entity winds down and sells its assets, the residual cash available to equity holders-if any-is what remains after all creditors and liabilities are settled. Given the asset sale to Click Therapeutics in May 2024, the priority structure means debt holders and other creditors would have been addressed first. The search results indicate that Better Therapeutics, Inc. faced a critical liquidity crisis that led to this resolution. Because the company requested delisting from Nasdaq in March 2024 and subsequently sold its primary assets, the final residual cash amount remaining for equity holders after the full liquidation process in 2024 is not a publicly reported figure. We can only note the pre-sale cash position contextually. Here's the quick math on the pre-sale financial stress: the company was looking to extend its cash runway into the first quarter of 2024 with its September 2023 cash balance.

Zero revenue from AspyreRx product sales (commercialization halted)

Any potential revenue stream from the commercialization of AspyreRx has ceased. Click Therapeutics acquired the asset with the intent to adapt it for obesity treatment, not to continue selling the original AspyreRx product for type 2 diabetes in its existing form. Better Therapeutics, Inc. itself launched AspyreRx in October 2023 but did not expect to generate any revenue in 2023. The Wholesale Acquisition Cost (WAC), or list price, for a 90-day script of AspyreRx was set at $750.00 in July 2023, but this pricing structure is now historical, as commercialization was halted before any meaningful revenue could be established.

No expected revenue from ongoing operations in late 2025

As of late 2025, Better Therapeutics, Inc. is no longer an active, revenue-generating business. The company's operations effectively concluded with the asset sale in May 2024 and the subsequent winding down. Therefore, the expected revenue from ongoing operations for the 2025 fiscal year is zero. The entity's financial status is defined by the finalization of its 2024 transactions. The key revenue-generating assets are now part of Click Therapeutics' portfolio.

The final state of the revenue stream block can be summarized by the disposition of its assets:

• FDA-authorized AspyreRx (BT-001) sold to Click Therapeutics.
• BT-004 (MASH), BT-002 (Hypertension), and BT-003 (Hyperlipidemia) assets also transferred.
• The company's original IPO valuation in April 2021 was $187 million.
• No revenue generation from the original business model in 2025.

Finance: review the final 2024 10-K filing for any footnotes detailing final wind-down costs by next Tuesday.