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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.
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La firma de pruebas genéticas 23andMe explora la venta mientras recorta empleos y termina el negocio de terapias debido a dificultades financieras.