Company Overview - 23andMe, a genetic testing company founded in 2006, initially gained consumer interest with ancestry-focused genetic testing kits and later expanded to health risk assessments in 2017 [2] - The company went public in June 2021 at $11.13 per share and acquired virtual care startup Lemonaid Health for $400 million in cash and stock later that year [3][4] - 23andMe's valuation has significantly declined from $3.5 billion at IPO to approximately $91 million as of January 2024 [4] Financial and Operational Challenges - The company's stock price has plummeted due to a 2023 data breach affecting nearly 7 million users, leading to a $30 million class action lawsuit settlement [3][5][6] - In response to financial struggles, 23andMe cut 40% of its workforce (approximately 200 employees) in November 2023 and discontinued its drug discovery efforts [3] - To avoid delisting from Nasdaq, the company executed a reverse stock split in October 2023, exchanging every 20 shares for one share [4] Strategic Developments - 23andMe is exploring the potential sale of its telehealth business, Lemonaid Health, which it acquired in 2021 [1][9] - CEO Anne Wojcicki proposed taking the company private in July 2024, but the bid was rejected by a special committee of the board of directors [7] - Following the rejection, Wojcicki expressed openness to a third-party takeover in September 2024, but later retracted the statement, reaffirming her intention to take the company private [7][8] Data Breach Impact - The 2023 data breach exposed sensitive user information, including names and birth details, which were subsequently sold on the dark web [5] - The company took five months to detect the breach, leading to significant reputational damage and legal consequences [6]

SUNNYVALE, Calif. and LONDON, Jan. 08, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (NASDAQ:ME), a leading human genetics company, today announced the launch of Discover23®, a new research offering enabling authorized collaborators to securely access the power and diversity of the 23andMe research cohort through a Trusted Research Environment (TRE) developed by Lifebit, a technology company trusted by some of the world's leading biomedical research organizations and governments. Discover23 provides analysis ...

SUNNYVALE, Calif. and LONDON, Jan. 08, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME), a leading human genetics company, today announced the launch of Discover23®, a new research offering enabling authorized collaborators to securely access the power and diversity of the 23andMe research cohort through a Trusted Research Environment (TRE) developed by Lifebit, a technology company trusted by some of the world’s leading biomedical research organizations and governments. Discover23 provides analysi ...

SUNNYVALE, Calif. and SAN DIEGO, Nov. 20, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME), a leading human genetics and preventive health company, and Mirador Therapeutics, a next-generation precision medicine company focused on developing first-in-class or best-in-class therapeutics for immunology and inflammation (I&I)-related diseases, today announced a strategic research collaboration. Under the agreement, Mirador will leverage a targeted set of aggregated, de-identified genetic and phenotypic ...

Metals Creek Resources Corp. Closes First Tranche of Flow-Through Private Placement Financing - Secures Drill for Next Phase of Tillex Copper Project DrillingNovember 18, 2024 7:00 AM EST | Source: Metals Creek Resources Corp.Thunder Bay, Ontario--(Newsfile Corp. - November 18, 2024) - Metals Creek Resources Corp. (TSXV: ME) (FSE: M1C1) (the "Company" or Metals Creek) further to its November 5, 2024 news release, the Company announces that it has received Conditional Approval from the TSX Vent ...

Financial Data and Key Metrics - Revenue for Q2 2025 was $44 million, a 12% decrease compared to the same period in the prior year, driven by lower consumer services and research services revenue [23] - Gross profit for Q2 2025 was $22 million, a 3% increase over the prior year, primarily due to growth in high-margin membership services [25] - Net loss for Q2 2025 improved by 21% to $59 million, compared to a net loss of $75 million in the prior year, driven by savings in operating expenses [28] - Adjusted EBITDA deficit for Q2 2025 improved to a loss of $33 million, compared to a loss of $45 million in the prior year, due to lower R&D and personnel-related expenses [29] - Cash and cash equivalents at the end of Q2 2025 were $127 million, down from $216 million as of March 31, 2024 [30] Business Line Data and Key Metrics - Consumer services revenue, including PGS, telehealth, and membership services, represented 99% of total revenue for Q2 2025 [24] - Research services revenue accounted for 1% of total revenue for Q2 2025, with expected revenue recognition from the GSK data license in the second half of fiscal 2025 [24] - Membership services revenue grew significantly, with recurring revenue more than doubling to 21% of total revenue in Q2 2025, compared to 9% in the prior year quarter [16] Market Data and Key Metrics - The company launched weight management initiatives, including a study on GLP-1 efficacy and a genetic report on emotional eating, targeting consumers with high BMI [12][13] - New regions and historical matches were added to the ancestry composition features, resulting in increased growth and improved retention rates for subscription services [15] - The company launched a GLP-1 weight loss telehealth membership on the Lemonaid Health platform, offering access to semaglutide medications [14] Company Strategy and Industry Competition - The company is restructuring to streamline operations, reduce costs, and position for long-term success, including discontinuing therapeutic programs and reducing the workforce by 40% [6] - The company is focusing on higher-margin recurring revenue streams, particularly subscription services, and leveraging its genetic database for research collaborations [16][20] - The company is exploring strategic alternatives for its therapeutics pipeline to enable continued development outside of 23andMe [7] Management Commentary on Operating Environment and Future Outlook - The company believes the restructuring actions will put it on a more sustainable path and position it for the future [8] - The company is committed to supporting impacted employees and ensuring continued development efforts for the benefit of patients [9] - The company is focused on becoming a sustainable cash flow positive company while delivering integrated preventive health services and genetic insights [10] Other Important Information - The company regained compliance with NASDAQ listing standards by reconstituting its Board and executing a reverse stock split [5][32] - The company expects annualized cost savings of at least $35 million per year from the restructuring, with $12 million in one-time costs primarily related to severance and transition expenses [31] Q&A Session Summary Question: What is the plan for recovery? - The company regained NASDAQ compliance, deprioritized therapeutics, cut expenses, and is focusing on growing subscription services and leveraging its database for research collaborations [33][34][35][36] Question: Why was the 120 reverse stock split necessary? - The reverse stock split was necessary to regain compliance with NASDAQ's minimum bid price requirement of $1 per share [37] Question: What steps are being taken to make the business profitable? - The company is prioritizing subscription products, growing research partnerships, and reducing costs through restructuring and pausing therapeutic assets [39] Question: What goals are you looking to complete in 2025? - The company aims to grow subscriptions, develop database products for the pharmaceutical industry, and out-license therapeutic programs [40][41]

23andMe announced on Monday it would cut 40% of its workforce, representing more than 200 employees, as part of a restructuring at the company. The genetic testing company is also discontinuing its therapeutics business and winding down its clinical trials; it expects these changes to save $35 million annually.“We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships,” said CEO and co-founder Anne ...

23andMe on Tuesday reported declining revenue in its most recent quarter, a day after the company said it will cut 40% of its workforce and shutter its therapeutics business as part of a business restructuring plan.The genetics company reported $44.1 million in revenue for the fiscal second quarter, down from $50 million in the same period last year. 23andMe's net loss narrowed to $59.1 million, or a $2.32 per share, from $75.27 million, or $3.17 per share, a year ago.The embattled genetic testing provider ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM___________ TO___________ Commission File Number 001-39587 _________________________________ ...

EXHIBIT 99.1 23andMe Reports Second Quarter Fiscal Year 2025 Financial Results SUNNYVALE, Calif., November. 12, 2024 -- 23andMe Holding Co. (Nasdaq: ME), a leading human genetics and preventive health company, reported its financial results for the second quarter of fiscal year 2025 (FY25), which ended September 30, 2024. Key Results: • Improved GAAP Net Loss by 21% and Adjusted EBITDA by 26% for the same period in the prior year (see important additional information below). • The 23andMe comprehensive Tota ...