Gene testing firm 23andMe have filed for bankruptcy and is taking major step for the complete shutdown of the company.
As reported CNN, on Sunday, March 23, 2025, the company had filed for Chapter 11 bankruptcy protection in order to facilitate its sales.
Along with bankruptcy claims, the company also shared that its CEO Anna Wojcicki had resigned from her position effective immediately.
Mark Jensen, a chair and member of the Special Committee of the board of directors shared in a statement, noting , "After a thorough evaluations of strategic alternatives, we have determined that a court-supervised sale process is the best path forward to maximise the value of the business."
Previously, the company said it was cutting around 40% of its workforce, which makes about 200 employees, and decided to discontinue further development of all its therapies as part of a restructuring program.
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In September, all seven of all company's independent directors resigned together, and provided the CEO's "strategic direction" as the reason behind the decision.
The company went public in 2021 and had never made a profit, however, the stock shot up following the listing, briefly valuing the company at $6 billion.
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23andMe main product, an at-home DNA testing kit, offers "personalised genetic insights" that the company says can flag potential health risks such as one's likelihood of developing Alzhemiers or certain cancers.
