Better Therapeutics, Inc. (BTTX): Business Model Canvas [Dec-2025 Updated]

You're looking for the standard nine-block Business Model Canvas for Better Therapeutics, Inc., but honestly, the story here is about the cleanup, not the growth. Since selling its core AspyreRx intellectual property to Click Therapeutics, Inc. in 2024, the company's focus has completely flipped from patient care to corporate dissolution. We're talking about a structure centered on settling final creditor claims and managing the remaining balance sheet, which held about $6.6 million in cash equivalents back in September 2023. To really grasp what's left-from the residual value propositions to the final customer segments-dive into the canvas below; it's a masterclass in executing a clean exit.

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

Asset acquirer Click Therapeutics, Inc. for AspyreRx IP

Legal and financial advisors managing the corporate wind-down

Better Therapeutics, Inc. terminated employees March 13, 2024, and explored strategic alternatives including wind-down.

Hercules Capital, Inc. regarding final debt obligations

Original debt facility secured August 2021 up to $50 million. Better Therapeutics, Inc. received a Notice of Default from Hercules Capital, Inc. in March 2024. An amendment in November 2023 provided an opportunity to redeem up to $2.5 million of debt without prepayment penalties.

OTC Markets Group for continued, albeit minimal, stock trading

Stock trades on OTCMKTS under symbol BTTX. As of December 3, 2025, the stock price was 0.01. The market capitalization was $5.45K. Shares outstanding were 54.52 million. OTC Markets Group is unable to confirm the company is providing public disclosure.

Former partners like Glooko and ACLM now work with the asset acquirer

• Glooko partnership announced prior to wind-down to boost AspyreRx adoption.
• ACLM relationship status with asset acquirer Click Therapeutics, Inc. not specified with financial data.

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

Managing the final legal and administrative wind-down process

• Voluntarily requested delisting from Nasdaq in March 2024.
• Securities trading on OTCMKTS as of December 3, 2025.
• Reported $\text{54}$ employees as of an earlier period, with subsequent termination of staff announced in March 2024.
• The last reported cash balance before the wind-down decision was $\text{\$6.6 million}$ as of September 2023.

Settling remaining liabilities and creditor claims

The focus shifts to managing obligations following the decision to explore strategic alternatives including assignment for the benefit of creditors or a full wind-down.

Maintaining minimal public company compliance (OTCMKTS)

Activities involve fulfilling requirements for the over-the-counter market listing to manage any residual corporate existence or asset sale process.

• Stock Symbol: $\text{BTTX}$.
• Current Exchange: $\text{OTCMKTS}$.
• Market Capitalization as of December 3, 2025: $\text{\$5.45K}$.
• Stock Price as of December 3, 2025: $\text{\$0.01}$.
• Next Scheduled Earnings Release: April 01, 2026.

Distributing any residual cash to shareholders post-liquidation

This activity is contingent upon the successful liquidation of remaining assets after all creditor claims and administrative wind-down costs are satisfied.

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

You're looking at the core assets Better Therapeutics, Inc. (BTTX) holds as it navigates its post-Nasdaq delisting and strategic alternatives evaluation phase, which began in March 2024. These resources are what remain to support any residual operations or liquidation efforts.

The most concrete financial data point available, reflecting a pre-wind-down position, is the cash on hand. You should note that figures post-March 2024 delisting and asset exploration are less transparent.

The legal entity shell remains a necessary structure, especially given the company announced it would explore assignment for the benefit of creditors and/or a wind-down of the Company in March 2024. This shell is the vehicle through which any remaining assets are managed.

The Tax Net Operating Loss (NOL) carryforwards represent a deferred tax asset. For C corporations, federal law generally limits NOL deductions to 80% of taxable income in any given year, with carryforwards being unlimited. The actual realizable value depends heavily on the nature of the wind-down and any potential future taxable income generated by the entity or its assets.

Regarding the intellectual property, Better Therapeutics, Inc. had secured patents for its digital therapeutics platform, such as U.S. Patent 11,355,228, granted in June 2022. Any IP not part of a sale would be a residual asset.

You can see the structure of these remaining hard and soft assets here:

• Cash Position: The $6.6 million figure from Q3 2023 is the last clearly documented cash balance before the major corporate restructuring announcement.
• Corporate Records: The legal entity exists to manage the wind-down process, which includes employee termination and asset disposition.
• IP Assets: Any residual intellectual property, likely related to the AspyreRx platform or the underlying technology, is a key non-physical resource.
• Tax Attributes: The NOLs are a significant, though contingent, asset for a company that has incurred losses.

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):

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.

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:

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.

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.

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.