This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Bay Space’s 23andMe cuts 40% of its workforce and discontinues therapeutics division
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > U.S > Bay Space’s 23andMe cuts 40% of its workforce and discontinues therapeutics division
U.S

Bay Space’s 23andMe cuts 40% of its workforce and discontinues therapeutics division

Editorial Board Published November 12, 2024
Share
Bay Space’s 23andMe cuts 40% of its workforce and discontinues therapeutics division
SHARE

NEW YORK  — 23andMe is shedding 40% of its workforce, or greater than 200 workers, and discontinuing its therapeutics division because the struggling genetic testing firm makes an attempt to slash prices.

The most recent restructuring efforts have been introduced by 23andMe on Monday. The corporate stated it plans to wind down ongoing scientific trials “as quickly as practical” — and that it was at the moment evaluating “strategic alternatives” for property associated to its drug growth and analysis packages, which embody research on potential most cancers remedies.

In a ready assertion, 23andMe CEO and co-founder Anne Wojcicki stated the corporate was “taking these difficult but necessary actions” because it focuses on “the long-term success of our core consumer business and research partnerships.”

RELATED: Southwest Air to supply buyouts at 18 airports, headquarters

The restructuring arrives throughout a interval of turmoil at South San Francisco-based 23andMe, which has not too long ago included a high-profile information breach, a number of rounds of earlier layoffs and piling losses that plunged the corporate’s inventory over current years.

Again in September, all of 23andMe’s unbiased administrators additionally resigned from its board — in a uncommon transfer that adopted drawn-out negotiations with Wojcicki, who has been making an attempt to take the corporate non-public. The seven resigning administrators stated that they had but to obtain an enough transaction proposal from the chief govt and cited a “clear” distinction of opinion on 23andMe’s future.

On the time, Wojcicki stated she was “surprised and disappointed” by the resignations however maintained that taking 23andMe non-public and “outside of the short-term pressures of the public markets” could be greatest for the corporate long run.

After greater than a month with Wojcicki left as the only member of the board, 23andMe introduced that it had appointed three new unbiased administrators in late October.

23andMe went public in 2021 and has struggled to discover a worthwhile enterprise mannequin since — significantly with most patrons of its saliva-based testing kits solely needing to buy as soon as. The corporate reported a internet lack of $667 million for its final fiscal 12 months, greater than double the lack of $312 million for the 12 months prior.

RELATED: Bay Space loses a whole lot extra tech jobs as area’s cutbacks persist

23andMe posted one other loss in quarterly earnings launched Tuesday, though with much less of a dent than in earlier quarters. The corporate reported a internet lack of $59.1 million for the 2025 fiscal 12 months’s second quarter, in comparison with a lack of $75.3 million for a similar 12 months prior.

Income, nevertheless, totaled at $44.1 million for the second quarter — down from $50 million from the 12 months prior. The corporate cited decrease testing package gross sales and telehealth orders, in addition to a lower in analysis income, however stated that was partially offset by a progress in membership companies.

23andMe anticipates the job cuts and different restructuring efforts introduced Monday to cut back its working bills and save the corporate greater than $35 million yearly. 23andMe additionally expects to incur as much as $12 million in prices, primarily associated to one-time severance and different termination-related bills.

23andMe ended the quarter with money and money equivalents of $127 million, in contrast with $216 million as of March 31, 2024.

Final month, 23andMe accomplished a 1-for-20 reverse inventory break up. Shares have been down practically 4% by noon Tuesday, sitting at round $4.43.

TAGGED:23andMeareasBaycutsdiscontinuesDivisiontherapeuticsworkforce
Share This Article
Twitter Email Copy Link Print
Previous Article 20 Habits to Reverse Your Organic Age, Beginning Right this moment 20 Habits to Reverse Your Organic Age, Beginning Right this moment
Next Article 23andMe cuts 40% of its workforce 23andMe cuts 40% of its workforce

Editor's Pick

Brooke Hogan Written Out of Hulk’s Will (At Her Personal Request)

Brooke Hogan Written Out of Hulk’s Will (At Her Personal Request)

Studying Time: 3 minutes Brooke Hogan isn’t in her dad’s will, a brand new report reveals. Regardless of years of…

By Editorial Board 4 Min Read
6 Greatest Underwear To Stop Chafing For Males in 2025 | Fashion
6 Greatest Underwear To Stop Chafing For Males in 2025 | Fashion

We independently consider all really helpful services. Any services or products put…

15 Min Read
9 Finest Males’s Shorts Manufacturers – Versatile Types For 2025 | Fashion
9 Finest Males’s Shorts Manufacturers – Versatile Types For 2025 | Fashion

We independently consider all advisable services. Any services or products put ahead…

13 Min Read

Oponion

Twitter Ordered to Provide Musk With Data Subset

Twitter Ordered to Provide Musk With Data Subset

By Erin MulvaneyUpdated Aug. 25, 2022 5:24 pm ETListen to…

August 25, 2022

Walnut Creek child died after going unresponsive in bathe

WALNUT CREEK — Police listed below…

May 17, 2025

Stocks Shrug Off Downbeat Apple, Amazon Earnings

U.S. stocks capped their strongest month…

October 29, 2021

Abortion rights are on the poll in 10 states, a lot to GOP’s dismay

Abortion is on the poll in…

September 17, 2024

SF Giants put Casey Schmitt on IL, their first transaction of the season

The Giants made their first roster…

April 19, 2025

You Might Also Like

Evaluation: Valkyries saved playoff hopes alive with profitable highway journey
U.S

Evaluation: Valkyries saved playoff hopes alive with profitable highway journey

One way or the other, a way, the Golden State Valkyries emerged from their five-game highway journey with a profitable…

10 Min Read
Restraining order on ‘roving’ California ICE raids upheld by appeals courtroom
U.S

Restraining order on ‘roving’ California ICE raids upheld by appeals courtroom

A federal appeals courtroom panel on Friday, Aug. 1, largely upheld a brief restraining order that halted the federal authorities’s…

12 Min Read
Gasoline costs cooled off this summer time in California. The politics haven’t. 
U.S

Gasoline costs cooled off this summer time in California. The politics haven’t. 

California’s notoriously excessive fuel costs are cheaper than traditional, however you wouldn’t understand it by watching politicians criticize one another…

9 Min Read
Horoscopes Aug. 4, 2025: Barack Obama, begin manifesting the life you want
U.S

Horoscopes Aug. 4, 2025: Barack Obama, begin manifesting the life you want

CELEBRITIES BORN ON THIS DAY: Cole Sprouse, 33; Dylan Sprouse, 33; Meghan, Duchess of Sussex, 44; Barack Obama, 64. Completely…

7 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?