Akili Interactive (Nasdaq: AKLI), a trailblazer in the emerging field of prescription digital therapeutics and a leader in digital therapeutics for ADHD, officially entered the public markets this week through a SPAC merger with Social Capital Suvretta Holdings Corp. I. The Boston-based company, founded in 2011, joins a growing roster of digital behavioral health innovators choosing SPACs as a vehicle to scale rapidly, raise significant capital, and reach broader audiences.
With approximately 163 million dollars in proceeds from the merger, Akili is now positioned to accelerate the commercial launch of its flagship product, EndeavorRx, and invest in its expanding pipeline of therapeutic solutions for a wide range of cognitive disorders.
EndeavorRx: A Prescription Video Game That Treats ADHD
At the center of Akili’s mission is EndeavorRx, a first-of-its-kind therapeutic video game designed to improve attention function in children with attention-deficit/hyperactivity disorder (ADHD). Unlike typical health apps, EndeavorRx is an FDA-cleared, clinician-prescribed digital therapeutic that leverages adaptive algorithms and game-based mechanics to directly engage and retrain areas of the brain responsible for attention control.
In 2021, EndeavorRx received 510(k) clearance from the U.S. Food and Drug Administration, a key regulatory milestone that validated the clinical rigor behind the product and opened the door for broader adoption by healthcare providers. Akili’s innovation offers a non-pharmacological alternative or complement to traditional stimulant-based ADHD medications, which often come with side effects or adherence challenges.
This novel approach is a prime example of digital therapeutics for ADHD, providing a new option for families seeking alternatives to medication or traditional therapy.
A Deep Pipeline Targeting Cognitive and Mental Health Disorders
While EndeavorRx currently targets pediatric ADHD, Akili’s ambitions extend well beyond childhood attention disorders. It has built a robust late-stage pipeline targeting a variety of high-need cognitive conditions, including autism spectrum disorder (ASD), multiple sclerosis (MS), and major depressive disorder (MDD).
Additionally, Akili has begun early research into expanding its video game therapy approach to address adult depression, a market with substantial clinical and commercial potential given the rising rates of depression globally and the limitations of traditional treatments.
By adapting the core technology behind EndeavorRx to various neurological conditions, Akili aims to offer tailored, engaging, and evidence-based digital therapies that meet patients where they are—often on mobile devices—and fit seamlessly into their lives.
Market Backing and Leadership Continuity
Before merging with Social Capital Suvretta, Akili had already made waves in the venture capital world. In 2021, the company raised 110 million dollars in a Series D round, bringing in prominent investors who recognized both the scalability of digital therapeutics and the rising demand for alternative behavioral health solutions.
Akili will continue to be led by co-founder and CEO Eddie Martucci, whose vision and leadership have been instrumental in steering the company from a startup to a commercial-stage digital health organization. With Martucci at the helm, Akili aims to move beyond the innovation phase and into long-term operational growth.
Digital Behavioral Health’s SPAC Boom—and Bust?
Akili’s debut follows a trend of digital health companies opting to go public via SPACs, particularly during the surge of activity in 2021. According to Rock Health, 23 digital health companies—some behavioral, others not—entered public markets via SPAC mergers or IPOs that year.
Two notable peers in the behavioral health SPAC space are Pear Therapeutics (Nasdaq: PEAR), known for FDA-cleared digital therapeutics for substance use disorder and insomnia, and Talkspace (Nasdaq: TALK), a popular teletherapy platform that connects users to licensed therapists through an app.
However, both companies have faced steep challenges post-public listing. Talkspace, which launched with a share price just under 10 dollars, has since seen its stock plunge to around 1.50 dollars. Similarly, Pear Therapeutics opened at about 10 dollars but has fallen below 2 dollars per share. These declines reflect both the intense scrutiny public companies face and the broader volatility of digital health investments.
Analysts and investors have pointed to several contributing factors: unmet financial projections, customer acquisition struggles, reimbursement hurdles, and questions about long-term efficacy and scalability. Despite compelling technologies, companies in this space must navigate the reality that innovation alone doesn’t guarantee commercial success.
Traditional Behavioral Health Firms Offer a More Stable Comparison
The challenges facing digital-first behavioral health companies contrast with the relatively stable performance of traditional behavioral health providers in the public markets.
For example:
- Acadia Healthcare (Nasdaq: ACHC) went public in 2011 at 7.50 dollars per share. As of now, its stock trades around 82 dollars, reflecting steady expansion in inpatient psychiatric and addiction treatment services across the U.S.
- Lifestance Health Group (Nasdaq: LFST) entered the public market more recently. While it experienced significant losses in 2021, its 2022 and 2023 strategies have focused on operational discipline, signaling a pivot toward profitability and sustainable growth.
These companies operate in capital-intensive but well-understood sectors of behavioral health care. Their models may lack the novelty of digital therapeutics, but they benefit from clearer revenue streams, consistent demand, and established payer relationships.
The Growing Importance of Digital Therapeutics for ADHD
Digital therapeutics for ADHD represent a paradigm shift in how cognitive and behavioral disorders are treated. Unlike traditional medication, these therapies engage patients interactively, offering personalized and adaptive treatment that can be integrated into daily life.
Akili Interactive’s EndeavorRx is a leading example, demonstrating the potential to improve attention function through engaging video game mechanics. As awareness of digital therapeutics for ADHD grows, more clinicians and families are considering these options as viable complements or alternatives to conventional treatments.
The commercial launch of EndeavorRx is a crucial test of how well digital therapeutics for ADHD can penetrate the healthcare market and achieve sustainable adoption.
What Akili’s Public Offering Means for the Future of Digital Therapeutics
Akili’s public debut represents a critical inflection point in the maturation of the digital therapeutics sector. Its FDA-cleared, clinically validated technology sets it apart from many wellness apps or digital health platforms that lack rigorous oversight. But the public market will demand proof of commercial viability, not just scientific potential.
If Akili can successfully launch EndeavorRx, scale adoption among clinicians and families, and navigate the evolving reimbursement landscape, it may emerge as a benchmark company in the digital behavioral health space. The company’s ability to diversify its pipeline and prove efficacy across multiple conditions will also be key to sustaining investor interest and clinical relevance.
For the broader industry, Akili’s journey offers a case study in how to balance innovation, regulation, commercialization, and capital strategy. It also serves as a reminder that while the path to market is faster via SPAC, long-term success depends on performance, not promise.
Final Thoughts
As behavioral health continues to evolve in a post-pandemic world, technology-driven care models like Akili’s will play a growing role in how we understand, diagnose, and treat mental and cognitive conditions. The success—or struggle—of these companies in the public arena will shape the next decade of investment and innovation in behavioral health.
Akili’s entry into the public market is more than a funding milestone—it’s a signal that digital therapeutics are no longer fringe science, but a serious contender in the future of health care.
