Genetics testing firm 23andMe has filed for Chapter 11 chapter safety within the U.S. to provoke the sale of its belongings. Alongside the announcement, the corporate’s co-founder and CEO Anne Wojcicki individually mentioned she is leaving the corporate to turn out to be an impartial bidder for the corporate.

“After a radical analysis of strategic alternate options, we have now decided {that a} court-supervised sale course of is the most effective path ahead to maximise the worth of the enterprise,” Mark Jensen, chair and member of the Particular Committee of the Board of Administrators, mentioned in an announcement.

“We anticipate the court-supervised course of will advance our efforts to deal with the operational and monetary challenges we face, together with additional value reductions and the decision of authorized and leasehold liabilities. We imagine within the worth of our individuals and our belongings and hope that this course of permits our mission of serving to individuals entry, perceive, and profit from the human genome to stay on for the good thing about prospects and sufferers.”

“The 23andMe Particular Committee launched information right now indicating their plan to take the corporate by way of the Chapter 11 course of. Whereas I’m disenchanted that we have now come to this conclusion and my bid was rejected, I’m supportive of the corporate, and I intend to be a bidder. I’ve resigned as CEO of the corporate so I will be in the most effective place to pursue the corporate as an impartial bidder,” Wojcicki mentioned in a post on X.

23andMe has had a troublesome few years after it went public in 2021. Finest identified for its saliva-based check kits that supply prospects a glimpse into their genetic ancestry, the corporate has seen its market capitalization plummet greater than 99% from a peak of $6 billion after it failed to show a revenue.

Then in 2023, 23andMe suffered an enormous cyberattack during which the data of its nearly 7 million customers, together with customers’ genetic predisposition and ancestry experiences, was stolen by hackers. In September 2024, the corporate settled a lawsuit related to the data breach by paying $30 million, and shortly afterwards, Wojcicki mentioned she was exploring taking the company private.

On the time of writing, the corporate’s market worth was round $48 million, with its inventory buying and selling at $1.79.