DNA testing firm 23andMe (NASDAQ:ME) has filed for bankruptcy protection in the US, marking the collapse of one of the most high-profile names in consumer genetics.
Co-founder Anne Wojcicki has stepped down as chief executive with immediate effect, though she will remain on the board.
The company said it will continue operating while it seeks a buyer under court supervision and insisted that the way it stores and protects customer data will not change.
The business, once valued at $6 billion and backed by celebrity endorsements, has never turned a profit and struggled to retain users beyond their initial DNA test.
Attempts to expand into drug development and subscriptions failed to gain traction. In 2023, a data breach exposed personal information from millions of customers, though DNA records were reportedly not compromised.
Today, in a filing, the company said it filed bankruptcy petitions seeking relief under Chapter 11, saying it will continue to operate the businesses under the jurisdiction of the courts.
Shares of 23andMe lost over 57% on Monday.