Drug Startup Truepill Moves to Cut Share Price 90% as Garry Tan Departs Board

Truepill, a startup that ships prescription drugs on behalf of online pharmacies such as Hims, Mark Cuban’s Cost Plus Drugs and GoodRx, has authorized slashing the price of some of its shares by more than 90% from their peak in 2021, according to a recent filing provided by Prime Unicorn Index. In 2021, the startup said investors had valued it at $1.6 billion.

The eight-year-old startup disclosed steps it is taking to cut share prices as it raises new capital after previously having raised about $300 million from Y Combinator, Initialized Capital, Oak HC/FT and others. Because the company is offering shares at different prices, depending on the shareholder rights they carry, the total valuation cut could be about 60% to 70% from its last funding round, according to a person with direct knowledge.