23andMe bankrupt, CEO out
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 24 March 2025
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.1 | Good morning. Today is Monday, March 24th. I'm Julie Morgan. |
| 0:13.4 | 23 and Me files for bankruptcy. James Hardy is expanding and meta-platforms is rejected. |
| 0:21.2 | 23 and Me has filed for bankruptcy protection. |
| 0:24.2 | The company was once worth $6 billion after its SPAC merger in 2021. |
| 0:29.6 | It has a current market valuation of just under 50 million. |
| 0:33.0 | Its CEO and co-founder Ann Wigitsky also resigned. |
| 0:37.3 | 23 and Me promised to revolutionize the healthcare industry |
| 0:40.8 | with its affordable DNA tests, which detailed genetic lineage and was set to develop drugs that |
| 0:47.0 | were tailored from the company's research. The biggest issue facing the company is that it has never |
| 0:52.4 | reported a net profit. No successful follow-up products |
| 0:56.1 | or subscriptions were developed with its pharma partner, GSK, and the Therapeutics Development Team was |
| 1:02.7 | slashed in half by mid-2023 as interest rates rose and funding dried up. A massive data breach |
| 1:09.7 | later that year also exposed the profile information |
| 1:13.0 | of 6.9 million users. Nearly half of 23 and me's reported customers. Last November, the company |
| 1:20.1 | cut its workforce by 40 percent and stopped the development of all its therapies. While Wajitsky |
| 1:26.7 | has explored strategic alternatives, including attempts |
| 1:30.2 | to take the company private, her bids were rejected by 23 and Me's board. She's now out as CEO, |
| 1:37.4 | but hopes the move will put her in the best position to pursue the company as an independent bidder. |
| 1:43.1 | In the meantime, 23 and Me has secured up to $35 million in debtor-in possession financing |
| 1:49.1 | to support ongoing operations, with its CFO serving as interim CEO. |
| 1:56.2 | James Hardy Industries has agreed to acquire outdoor living products maker Azec. The cash in stock deal is |
... |
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