23andMe Inc., once a trailblazer in consumer DNA testing, has filed for Chapter 11 bankruptcy protection in Missouri court, marking a dramatic turn for a company that once promised to revolutionize personal genomics. Saddled with $214 million in debt, the embattled biotech firm now seeks a buyer through a court-supervised sale, hoping to salvage its vision of democratizing genetic insights.
CEO Steps Down as Company Faces Uncertain Future
In a late-Sunday announcement, 23andMe confirmed that longtime CEO Anne Wojcicki has stepped down from her role. However, she will retain a seat on the board as the company navigates its restructuring.
Board Chair Mark Jensen underscored the gravity of the situation. “We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities,” he said.
Despite its financial woes, Jensen remained optimistic, emphasizing the company’s commitment to its core mission: “We believe in the value of our people and our assets and hope that this process allows our mission of helping people access, understand, and benefit from the human genome to live on for the benefit of customers and patients.”
