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Genetic testing company 23andMe Holding Co. (NASDAQ: ME) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri. The company announced the move on Monday, aiming to facilitate a court-supervised sale process while continuing operations.
The bankruptcy filing follows the rejection of a buyout offer from company co-founder Anne Wojcicki and her affiliates. Wojcicki has since stepped down as CEO but will stay on the board. Joe Selsavage has been appointed interim CEO to lead the company through the restructuring phase.
Facing mounting financial pressure and legal issues tied to a 2023 cybersecurity breach, 23andMe cited the Chapter 11 process as a necessary step to stabilize the business, reduce costs, and resolve outstanding liabilities. As part of the filing, the company secured $35 million in debtor-in-possession financing from JMB Capital Partners to maintain operations throughout the proceedings.
Despite the bankruptcy, 23andMe emphasized that customer data privacy and protection will remain intact and are a top priority during any asset sale. The company plans to solicit bids over a 45-day period, with any final transaction requiring regulatory approval.
Once a pioneer in at-home DNA testing, 23andMe has struggled with declining revenues, rising costs, and reputational damage following last year’s cyber incident. The firm is now seeking a buyer to preserve its core assets and continue its mission of delivering personalized genetic health insights.
This latest development marks a turning point for the once high-flying biotech firm, underscoring broader challenges in the consumer healthtech sector. Investors and customers alike will be closely watching as the company navigates its next chapter under bankruptcy protection.
