Prescription Digital Therapeutics software for the treatment of

Prescription Digital Therapeutics software for the treatment of human disease Corporate Introduction August 2019 Copyright 2019, Pear Therapeutics, Inc. All rights reserved.

Pear Therapeutics is disrupting the $1 T pharmaceutical industry HEALTHCARE DISRUPTION PEAR AS A PIONEER CAPITAL TO SCALE Digital therapeutics is Pear is the leader in Pear has built a repeatable redefining the way digital therapeutics, defining digital therapeutics engine we treat disease, the development process, and we are raising disrupting the >$1 T regulatory path, and capital to expand our pharmaceutical market commercial model leadership position 2 for the space 2

Prescription Digital Therapeutics (PDTs) are a new therapeutic class with large market potential SMALL MOLECULES BIOLOGICS CELL/GENE THERAPIES PDTs and beyond Prescription Digital Therapeutics (PDTs) = Software to treat human disease § Safety and clinical efficacy tested in randomized clinical trials § Label and efficacy claims from FDA § Pricing and reimbursement pathways reflecting health economic value § IP, quality, and regulatory barriers to entry 3

Prescription Digital Therapeutics leverage software to redefine how we treat human disease Real World Data Treat the Untreatable + x Machine Learning Replace Drugs + + x Patient-facing Interventions Enhance Drug Efficacy + + 4

5 Pear is the leader in Prescription Digital Therapeutics COMMERCIAL PRODUCTS PIPELINE § First and second ever FDA-market authorized PDTs (SUD and OUD) § Third PDT under regulatory review (Insomnia/Depression) § 5 mid-stage programs (Schizophrenia, Migraine, PTSD, Pain, IBS) § 5 early-stage programs (Epilepsy, MS, CHF, Autism, Oncology) § FDA Precertified SAMD engine for product development and commercialization PLATFORM § Modular, secure, and GMP-compliant platform with Patient Services Center to support patients, prescribers, and payors 5

Pear has the leading pipeline of Prescription Digital Therapeutics PRODUCT/ CANDIDATE THERAPUTIC AREA DISCOVERY AND TRANSLATION POC PIVOTAL COMMERCIALIZATION ACADEMIC PARTNER 6 PARTNERED COMMERCIAL PATNER INTERNAL WW MARKET SIZE ($) Substance Use Disorder ~$10 B Opioid Use Disorder ~$10 B Insomnia/Depression ~$5 B Schizophrenia (Pos Sx) ~$10 B IBS ~$6 B - Pain ~$40 B - PTSD ~$20 B - Migraine ~$16 B - CHF ~$30 B Multiple Sclerosis ~$30 B - Epilepsy ~$20 B - Schizophrenia (Neg Sx) ~$8 B - Oncology Pear-004 Pear-006 NA Sources: BCC Research, Grandview Research, Markets and Markets, Credence Research, Transparency Market Research, Global Data, Allied Market Reports, Research Markets, Markets Research Future, Zion Market Research 6

7 Introducing re. SET and re. SET-O The first FDA Market Authorized Prescription Digital Therapeutics PATIENT INTERVENTION Cognitive Behavioral Therapy (CBT) Modules CLINICIAN + INSIGHT Abstinence and Appointments CBT Module Use Fluency Training Contingency Management Craving & Trigger Assessment Cravings & Triggers https: //vimeo. com/322256246 1 DEN 160018 FDA Decision Summary. 2 Campbell et al. , American Journal of Psychiatry. 2014. 171(6): 683 -690. 3 Chaple et al. 2016. The Prison Journal. 96(3): 485 -508. 4 Internal data, FDA Regulatory filing, K 173681, and Maricich Y et al. Safety and Efficacy of re. SET in Patients w/ OUD. AAAP Annual Conference, 2018 5 Christensen et al. J Consult Clin Psychol. 2014; 82(6): 964 -972. 6 Bickel et al. Exp Clin Psychopharmacol. 2008; 16(2): 132 -143. 7 Marsch et al. Subst Abuse Treat. 2014; 46(1): 43 -51. 7

re. SET provides superior outcomes versus best-of-breed human care § 399 patients with SUD (alcohol, cannabis, cocaine, stimulants) received either Treatment as Usual (TAU; intensive faceto-face therapy) or reduced TAU + re. SET for 12 weeks 1 § Patients provide urine samples twice per week to objectively monitor abstinence § Co-primary study endpoints – Abstinence in weeks 9 -12 – Retention in treatment 1 American 2 Pear Journal of Psychiatry. 2014. 171(6): 683 -690. Internal data and Pear regulatory submission: DEN 160018 FDA Decision Summary. STUDY RESULTS 2 Abstinence Rate (%) PIVOTAL TRIAL OVERVIEW 50 Treatment as Usual 40 [VALUE]% (n=206) 30 re. SET 20 10 [VALUE]% (n=193) [VALUE]% (n=91) [VALUE]% (n=101) 0 Standard of Care Non-abstinent at Study Start re. SET TAU P-Value Abstinence (All) 40. 3% 17. 6% 0. 0004 Abstinence (Refractory) 16. 1% 3. 2% 0. 0013 Retention (SUD) 76. 2% 63. 2% 0. 0042 8

9 re. SET and re. SET-O have blockbuster commercial potential ADDICTION EPIDEMIC 21. 6 million Americans suffer from SUD or OUD with impact >$500 B/yr 1 COVERAGE REQUIRED Affordable Care Act requires coverage of SUD/OUD treatment 2, 3 NO COMPETITION No branded or generic drug competition FIRST-LINE LABEL Firstline label across SUD and OUD with demonstrated superior efficacy DRUG-LIKE REIMBURSEMENT Listing on formulary at drug-like pricing with no prior authorization and no limitation to chronic use 1 Results from the 2013 National Survey on Drug Use and Health: Summary of National Findings, NSDUH Series H-48, HHS Publication No. (SMA) 14 -4863. H, Chen L-H, Warner M. Drug-Poisoning Deaths Involving Heroin: United States, 2000– 2013. ; 2015. 2 Hedegaard 3 http: //www. cdc. gov/vitalsigns/heroin/index. html 3 -4% US market penetration at list price creates >$1 B/yr opportunity 9

Pear’s third commercial product Somryst is Under Review for Treatment of Insomnia and Depression REGULATORY 10 1 st-ever PDT to be submitted through FDA software precertification pilot program MILESTONE PRODUCT Proposed claims to improve insomnia and depression in people with chronic insomnia and depression LABEL § 9 RCTs involving >3000 patients 1 -10 with pivotal data SAFETY + EFFICACY IN MULTIPLE CLINICAL STUDIES demonstrated durable treatment effect through 18 months § 14 ongoing studies in oncology, diabetes, depression, asthma, epilepsy, HIV, anxiety Superior safety and efficacy vs drugs in a >$5 B WW market 1 Batterham 6 Ritterband 2 Hagatun et al. BJPsych Open. 2017 et al, Behavioral Sleep Medicine, 2017 3 Ritterband et al, JAMA Psychiatry 2017 4 Christensen et al. Lancet Psychiatry 2016 5 Thorndike et al, Journal of Clinical Psychology 2013 7 Ritterband et al, Psycho-Oncology, 2012 et al, Archives of General Psychiatry 2009 et al, E-Journal of Applied Psychology 2008 9 Zachariae et al, Sleep Med Rev 2016 10 Thorndike et al, Be. Hav Sleep Med 2011, Clinicaltrials. gov 8 Thorndike 10

11 Pear has aggregated sensors, algorithms, and therapeutics to create a deep pipeline THERAPUTIC AREA PTSD Pain IBS & IBD Migraine COPD & CHF Multiple Sclerosis Oncology Alzheimer’s DEVELOPMENT PARTNER PRODUCT DESCRIPTION § VR Exposure therapy and Biofeedback in combat Veterans CLINICAL DATA § POC (i. e. , Phase 2): One RCT with 162 active duty PTSD patients showed significant decrease in PTSD symptoms compared to patients on Placebo § POC (i. e. , Phase 2): 6 Acute Pain RCT’s and 1 Post Operative Pain Retrospective study § VR treatment for acute and chronic pain § CBT, Relaxation, & Exposure Therapy for the reduction of IBS symptoms with ~375+ patients across different pain settings showed ability to reduce pain levels by 30% compared to baseline § Karolinska: POC (i. e. , Phase 2. 5) 5 RCTs, 1100 patients; High efficacy (reduction in IBS symptoms and sustained over 6+ months) § CBT for reduction in migraines § Human Testing (i. e. , Phase 1): Study with 31 patients, 55% reduction in migraines § Uses cough sounds to differentially diagnose § Human testing (i. e. , Phase 1): Study with 4778 patients, 90% detection accuracy in respiratory disease § CBT, Behavioral Activation, Mindfulness, and chatbots for depressive symptoms § Smartphone Camera App for tracking hemoglobin levels in anemic patients § Automated extraction and analysis of 500 speech and language biomarkers several respiratory diseases § Human testing (i. e. , Phase 1); Currently in Feasibility studies as of May 2019 § Human testing (i. e. , Phase 1); Study with 100 patients, 97% accuracy in detection of anemia § 3600+ speech samples from over 450 people with disease specific biomarkers in cognitive impairment and Alzheimer’s; 91. 3% accuracy, 94% specificity and 73. 9% sensitivity 11

Our team and investors represent a mix of tech, biotech, and medtech… COMPANY COREY MCCANN, MD, PHD President & Chief Executive Officer § MPM Capital & YURI MARICICH, MD, MBA Chief Medical Officer § Xdynia (acq Cavion), 12 INVESTORS BIOTECH President River. Vest, Investor § Mc. Kinsey & Co, Consultant § Cavion, Chief Scientific CHRIS GUIFFRE, JD, MBA Chief Financial Officer & Chief Operating Officer JEREMY GILBERT, MBA Chief Product Officer TECH § Cerulean Pharma, § Patients. Like. Me, Head, Product & Strategy President & CEO § Cubist Pharmaceuticals, SVP & General Counsel § Mc. Kinsey & Co, JULIA STRANDBERG Chief Commercial Officer ALEX WALDRON Chief Strategy Officer § Medtronic, VP & GM, Health § Epirus, VP, Global Informatics & Monitoring § 3 M Company (engineering & marketing roles) Consultant MEDTECH PHARMA Commercial Operations § Biogen, Head of Emerging Markets GROWTH ~150 person fully integrated team in Boston / San Francisco $125 M on balance sheet with runway through 2 Q 2021 12

… and we have built an engine to create Prescription Digital Therapeutics at scale IP DISCOVERY MANUFACTURING DEVELOPMENT Blocking IP position around drug/software combinations In-licensing of sensors, algorithms, and digital therapeutics GMP-compliant Sa. MD manufacturing environment Remote clinical trials platform REGULATORY FDA Pre-Certification and track record COMMERCIAL Commercial field force and implementation specialists MARKET ACCESS SUPPORT 13 Payor field force and HEOR specialists Pear Connect to support patients, clinicians, and payors 13

14 We are raising a $250 -300 M Series D financing to advance our pipeline and further develop our commercialization capabilities RESOURCED WITH CURRENT CASH ON HAND RESOURCED WITH NEW FINANCING □ □ □ Somryst □ Pear Platform □ Late-stage development □ Discovery □ □ □ □ ACTIVITY re. SET and re. SET-O Commercial sales and reimbursement Somryst FDA authorization Pear-004 (Schizophrenia) Pivotal studies via Novartis Pear-006 (MS) Pivotal studies via Novartis Commercial sales and reimbursement Improved flexibility, modularization, and tele-prescribing Phase 2 b and Phase 3 studies Advancement of 2 -3 programs to early-POC In-licensing Continued aggregation of therapeutics, algorithms, and sensors □ □

15 Series D Financing Drives the Company to Scale SCALE PROVING THE MODEL PROOF OF CONCEPT 2013 - 2017 □ re. SET, the PDT □ Rolling up content and IP □ Inclusion in Pre. Cert program 1 st 2018 - 2019 □ re. SET-O, the 2 nd PDT □ Pharma partnerships □ Commercial launches □ Somryst submission □ Pipeline advancement 2020+ □ Yearly product approvals □ Pharma partnerships in select areas □ Commercial field force across CNS products □ Platform hosting non-Pear Products □ Ex-US commercialization 15

16 Pear at Scale Company overview by 2025 FINANCIAL § >$1 B yearly US revenue with double digit CAGR § re. SET, re. SET-O, Somryst, Pear-004, and Pear-006 demonstrating blockbuster potential for PDTs in the US market COMMERCIAL PRODUCTS § ~5 additional products US market authorized and launched § Product approvals and launches in EU and Asia markets § Commercial scale in Psychiatry and Neurology § 10+ mid-and late stage programs extending outside of CNS indications PIPELINE § Multiple pipeline assets partnered with Pharma § Steady-state productivity to product 3 -4 commercial launches per year § The leading platform for delivering PDTs across the industry PLATFORM § Revenue from hosting assets developed by other companies § Cross-prescribing via a shared clinician dashboard 16

Market leaders with novel therapeutic platforms create massive value LEADING PLATFORM IN A NOVEL MODALITY PLATFORM PLUS COMMERCIAL PRODUCTS COMMERCIAL SCALE ACROSS THERAPEUTIC AREAS Revenue $0 ~$5 B ~$10 B Valuation ~$10 B ~$50 -100 B ~$200 B Examples 17

18 Investment Thesis Platform-driven, product-focused, scalable, and de-risked MAJOR MARKET OPPORTUNITY NOVEL MODEL ESTABLISHED § Poised to disrupt the >$1 T pharmaceutical market § Significant first-mover advantage § Each product with >$B US market § Extensive IP position § >100 asset opportunity space § Blockbuster potential for re. SET, re. SET-O, and Somryst SCALABLE PLATFORM CAPITAL-EFFICIENT AND DE-RISKED § Academic assets “rolled-up” § Better development cost/time/success vs. drugs § GMP code-base and modular platform § Drug-like pricing and software-like margins § Pear Connect service to support and dispense commercial products § Better barriers to entry and pricing power vs. enterprise software

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