Genetic testing firm 23andMe has announced plans to cut 40% of its workforce, or around 200 jobs, as part of a cost-saving effort aimed at stabilising the company.
It will also halt work on its therapy development projects, exploring options to license or sell them. The workforce reduction is expected to result in $12 million in one-off costs but could save the company $35 million.
The layoffs follow a challenging year, with shares down over 70% amid leadership turnover and a significant data breach affecting 6.9 million users.
Hackers previously accessed personal details like family trees and locations, although DNA records were not exposed. The breach sparked investigations in the UK and Canada due to concerns over data sensitivity.