Better Therapeutics, Inc. (BTTX): BCG Matrix [Dec-2025 Updated]

You're looking at the final chapter for Better Therapeutics, Inc. (BTTX) as of late 2025, and frankly, the BCG Matrix here reflects a company that ran out of road before it could even start the race. We aren't analyzing a portfolio of market leaders; we're mapping the remnants after the core digital therapeutic assets were sold off in May 2024, leaving the public entity as little more than a shell trading around $0.01 per share. This analysis strips away the hype to show you precisely where those high-potential 'Question Marks' landed, why the 'Stars' and 'Cash Cows' quadrants are empty, and why the remaining entity is a textbook 'Dog.' Let's map this failure to launch.

Background of Better Therapeutics, Inc. (BTTX)

You're looking at Better Therapeutics, Inc. (BTTX), which you should know is a company focused squarely on developing prescription digital therapeutics (PDTs) for cardiometabolic diseases. Honestly, their whole pitch centers on using software-specifically, a smartphone application delivering cognitive behavioral therapy (CBT)-to tackle the root behavioral drivers behind conditions like type 2 diabetes and hypertension. They founded the company back in 2015 in San Francisco, California, and as of late 2025, they have about 54 employees under CEO Craig R. Jalbert.

The flagship product here is AspyreRx, which was formerly known as BT-001. This is a big deal because Better Therapeutics, Inc. secured U.S. Food and Drug Administration (FDA) authorization for AspyreRx in July 2023 to treat adults with type 2 diabetes. That authorization came via the FDA de novo pathway, making it a novel class of digital behavioral therapeutic devices. They designed the CBT to be prescribed by physicians and reimbursed like a traditional medicine, aiming to create lasting behavior change.

But they aren't stopping at diabetes. Better Therapeutics, Inc. has also been pushing their platform into other areas of metabolic health. For instance, they announced in early 2024 that they submitted for FDA Breakthrough Device Designation for a PDT aimed at treating metabolic dysfunction-associated steatotic liver disease (MASLD) and its more advanced form, MASH. This shows you their strategy is platform-based, targeting related conditions that share common underlying factors.

Now, let's look at the numbers as of late November 2025. The company's financial health looks tight; the trailing twelve months (ttm) net income was a loss of about -31.57M. Also, you'll notice their stock trades on the OTCMKTS exchange now, which is important context. As of November 26, 2025, the market capitalization was extremely small, around 5.44K USD, with insiders holding a significant chunk of the equity at 51.40%. They don't pay a dividend, which is typical for a clinical-stage firm still investing heavily in development and regulatory pathways.

Better Therapeutics, Inc. (BTTX) - BCG Matrix: Stars

You're looking at the Stars quadrant for Better Therapeutics, Inc. as of 2025, but the reality here is stark: no products qualify. Better Therapeutics, Inc. terminated all employees and shuttered its operations following a board decision on March 13, 2024. This corporate action immediately removed any potential or existing products from the company's portfolio for the purpose of this 2025 analysis.

The high-growth potential products, which might have otherwise been categorized as Question Marks or even Stars, were acquired by Click Therapeutics. This acquisition was aimed at jump-starting Click's work in obesity and chronic cardiometabolic disease. Honestly, this move effectively removed the entire potential pipeline from Better Therapeutics, Inc.'s books, meaning there was nothing left to nurture into a Star category asset.

Here's a look at the core assets that were transferred out of Better Therapeutics, Inc. before the end of the first quarter of 2024, which is why you won't find any Stars here:

The business defintely failed to achieve the high market share necessary to convert any Question Mark into a Star. The company's strategic alternatives evaluation, which included a wind-down, concluded before any product could establish the market leadership required for this quadrant. The financial runway simply ran dry while awaiting payer coverage decisions for its lead asset, AspyreRx.

The key takeaways regarding the Star quadrant for Better Therapeutics, Inc. are:

• No current Stars: The company ceased operations in March 2024.
• Asset Transfer: Core assets, including the FDA-authorized AspyreRx, were acquired by Click Therapeutics.
• Market Share Failure: The company did not secure the necessary market penetration to elevate any product to Star status before the wind-down.

Better Therapeutics, Inc. (BTTX) - BCG Matrix: Cash Cows

You're looking at the Cash Cow quadrant for Better Therapeutics, Inc. (BTTX), but honestly, the data suggests this company never established a product in that position. A Cash Cow needs a high market share in a mature market, which requires consistent, significant product sales, and that simply wasn't the reality here.

The core reason Better Therapeutics, Inc. (BTTX) doesn't have a Cash Cow is that its business model never reached the low-growth, high-share phase required for one. The company was focused on developing prescription digital therapeutics (PDTs), with its lead candidate being BT-001, an investigational PDT platform for type 2 diabetes, which is a growth-stage activity, not a mature one.

The financial reality confirms this lack of established product revenue. You see this clearly when you check the reported sales figures leading up to the operational wind-down:

• No revenue-generating products existed to fund other ventures.
• Net sales were reported as $0.00 million for Q1, Q2, and Q3 of 2023, indicating zero product revenue at the time of wind-down.
• The company's business model never reached the low-growth, high-share phase required for a Cash Cow.

To give you a snapshot of the company's status as of late 2025, which further solidifies the absence of a Cash Cow, consider these figures. The company announced it would wind down operations and seek strategic alternatives in March 2024, and its assets were subsequently acquired by Click Therapeutics in May 2024. This transition means any potential future product cash flow would now be under a different entity.

The operational status in 2024-terminating employees and exploring wind-down or assignment for the benefit of creditors-is the antithesis of maintaining a Cash Cow. Instead of milking gains passively, the focus shifted to preserving residual value.

For a product to be a Cash Cow, it must generate more cash than it consumes. Here's what the data shows about the investment/cash consumption side, even before the wind-down:

• Net Income (TTM) was reported as -$31.57M.
• The company previously sought financing to extend its cash runway, such as a $6.7 million financing announced earlier.
• The company voluntarily requested delisting from Nasdaq in early 2024.

If you were looking for a product that provided the cash required to fund Question Marks or service corporate debt, Better Therapeutics, Inc. (BTTX) did not have one in this quadrant. Finance: draft memo to stakeholders on asset disposition status by Monday.

Better Therapeutics, Inc. (BTTX) - BCG Matrix: Dogs

You're looking at the remnants of what was once a publicly traded prescription digital therapeutics company, now firmly in the BCG Dogs quadrant due to the cessation of core business activities. The remaining public shell entity, Better Therapeutics, Inc. (BTTX), reflects this status with its negligible OTC stock value, quoted around $0.01 per share as of November 27, 2025. This price point signifies minimal market confidence and virtually no operational assets driving future growth expectations.

The financial history leading to this point clearly shows a unit consuming cash without generating meaningful revenue, a classic cash trap scenario. The company reported a significant accumulated deficit, culminating in a net loss of $5.86 million for the third quarter of 2023. Honestly, when you see numbers like this preceding a wind-down, it tells you the expensive turn-around plans simply didn't work out.

The core business assets, which represented the only potential for future cash generation, were divested. This included the FDA-authorized AspyreRx (BT-001) and other pipeline candidates like BT-004, BT-002, and BT-003, all sold in the May 2024 asset sale to Click Therapeutics. What remains, if anything, are non-core intellectual property rights or administrative remnants that were not part of that transaction, which are unlikely to generate material cash flow.

The final nail in the coffin for its market presence was the wind-down of all operations and employee termination on March 13, 2024. Following this, the company's securities were suspended from trading on March 18, 2024, and subsequently delisted from the Nasdaq Stock Market. These actions confirm the unit's low market share and low growth-it has effectively exited the market, making divestiture the only logical strategic move for its remaining shell structure.

• Securities suspended from Nasdaq: March 18, 2024
• All operations terminated: March 13, 2024
• Core assets sold to Click Therapeutics: May 2024
• Trading venue: OTC Markets

Better Therapeutics, Inc. (BTTX) - BCG Matrix: Question Marks

You're analyzing the Question Marks quadrant for Better Therapeutics, Inc. (BTTX), which represents assets in high-growth markets but with an unproven, low market share, consuming significant cash. These were the products that needed rapid investment to move to Star status or face divestment.

The primary asset here was AspyreRx (formerly BT-001), the FDA-authorized prescription digital therapeutic (PDT) for Type 2 Diabetes, authorized in July 2023. This product was in the high-growth Digital Therapeutics market but struggled to secure the necessary broad payer coverage to drive adoption quickly. The company set the Wholesale Acquisition Cost (WAC), or list price, for a 90-day script at $750.00 in July 2023.

To illustrate the portfolio that comprised these Question Marks, here are the key assets and relevant figures leading up to the wind-down:

These assets required significant capital to push for market adoption, especially given the need to secure commercial payer coverage, a critical milestone Better Therapeutics was actively pursuing in late 2023. The company was implementing cost-saving measures, including company-wide salary reductions for the first quarter of 2024, expecting to improve its financial position by approximately $5 million through Q1 2024. Cash and cash equivalents were reported at $6.6 million as of September 30, 2023, with the runway expected to extend into the first quarter of 2024 based on Q3 2023 reporting.

The company's initial public offering via a special purpose acquisition company (SPAC) in April 2021 gave it a reported valuation of $187 million, a stark contrast to the eventual outcome where the need for investment outpaced returns.

The strategy to gain market share failed to materialize quickly enough. The company announced it would seek strategic alternatives, terminate employees, and explore a wind-down in March 2024, leading to the eventual sale of these Question Marks in May 2024. The securities were subject to delisting from Nasdaq.

The key factors that defined these assets as Question Marks and led to the divestiture were:

• FDA authorization for AspyreRx in July 2023, confirming a high-growth market opportunity.
• The need to demonstrate commercial traction following the October 2023 launch.
• Failure to secure broad payer coverage, which directly impacted revenue generation.
• The pipeline assets (BT-004, BT-002, BT-003) required further investment in a high-growth Digital Therapeutics market.
• The company opted to wind down operations and seek a buyer for its remaining assets in May 2024.

Click Therapeutics acquired the assets, including AspyreRx and the follow-up candidates for high blood pressure, high cholesterol, and MASH. The financial terms of this May 2024 deal were not disclosed.