Genetic testing firm 23andMe explores sale as it cuts jobs and ends therapeutics business due to financial struggles.
Genetic testing company 23andMe is exploring strategic alternatives, including a potential sale or business combination, as it faces liquidity concerns and a significant drop in its stock value. The company reported a third-quarter revenue decline of 8%, and it plans to cut 40% of its workforce and end its therapeutics business to save costs. Despite a temporary revenue boost from non-recurring research services, 23andMe's cash reserves have dropped to $79.4 million, raising doubts about its ability to continue as a going concern.
2 months ago
17 Articles
Articles
Further Reading
You have 13 free stories remaining this month. Subscribe anytime for unlimited access.