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]

Core Viewpoint - 23andMe has launched Discover23®, a new research offering that allows authorized collaborators to access its extensive research cohort through a secure Trusted Research Environment (TRE) developed in partnership with Lifebit, aimed at enhancing biomedical research and drug development [1][4]. Group 1: Discover23 Overview - Discover23 provides access to genome-wide association studies (GWAS) based on over 4.7 billion phenotypic data points and 1,000+ disease cohorts curated by 23andMe's scientists [2]. - The platform evaluates associations of over 172 million genetic variants, with approximately 84% of 23andMe's 15 million customers opting into the research program [3]. Group 2: Privacy and Security - 23andMe emphasizes strong privacy protections, allowing customers to control their data and participate in research only if they consent, with personal identifiers stripped from the data used for research [5]. - The research program is overseen by a third-party Institutional Review Board (IRB) to ensure ethical standards are met [5]. Group 3: Strategic Partnerships - The collaboration with Lifebit aims to provide a secure platform for researchers, enhancing data security and supporting collaborative research in a controlled environment [4]. - 23andMe and Lifebit will showcase Discover23 and other solutions at the upcoming JPM Healthcare Conference in San Francisco [4].

Core Insights - 23andMe has launched Discover23®, a new research offering that allows authorized collaborators to access its research cohort through a secure Trusted Research Environment (TRE) developed by Lifebit [1][2] Group 1: Discover23 Overview - Discover23 provides analysis-ready genome-wide association studies (GWAS) based on over 4.7 billion phenotypic data points curated from more than 1,000 disease and condition cohorts [2] - The platform evaluates associations of over 172 million genetic variants, leveraging data from approximately 15 million customers, with 84% opting into the research program [3] Group 2: Collaboration and Security - Collaborators can access summarized results from analyses conducted in a secure environment, ensuring participant privacy by stripping personal identifiers from the data [2][5] - The partnership with Lifebit aims to enhance security and support collaborative research while allowing researchers to analyze data where it resides [4] Group 3: Company Vision and Future Prospects - The CEO of 23andMe expressed excitement about empowering biomedical researchers with insights that could lead to new and effective treatments [4] - Lifebit’s CEO emphasized the importance of secure data handling in driving innovative discoveries in drug development and precision medicine [4]

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 ...

Core Points - 23andMe reported a revenue decline of 11.8% in the fiscal second quarter, with revenue at $44.1 million compared to $50 million in the same period last year [1] - The company announced a workforce reduction of over 200 jobs, representing a 40% cut, and is discontinuing all therapeutics programs [2] - The net loss for the quarter narrowed to $59.1 million, or $2.32 per share, down from a loss of $75.27 million, or $3.17 per share, a year ago [1] - The company is exploring strategic options such as asset sales and licensing agreements to maximize the value of its therapeutic programs [2] - 23andMe's shares have decreased by 75% this year, with a market cap nearing $100 million [4] - The company has faced governance challenges, with all seven independent directors resigning in September due to disagreements with the CEO regarding the strategic direction [5] - The CEO has expressed intentions to take the company private, although this was not addressed in the latest announcements [6]

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 _________________________________ ...

Financial Performance - Total revenue for Q2 FY25 was $44 million, a decrease of 12% compared to $50 million in the same period last year[5] - GAAP Net loss for Q2 FY25 was $59 million, representing a 21% improvement from a net loss of $75 million in the prior year[7] - Adjusted EBITDA for Q2 FY25 was a loss of $33 million, a 26% improvement compared to a loss of $45 million in the same period last year[8] - Total revenue for the three months ended September 30, 2023, was $44,071 thousand, a decrease of 11.7% compared to $49,999 thousand for the same period in 2022[19] - Net loss for the six months ended September 30, 2023, was $(128,503) thousand, compared to a net loss of $(179,894) thousand in the prior year, representing a 28.5% improvement[22] - Total comprehensive loss for the three months ended September 30, 2023, was $(59,103) thousand, compared to $(74,316) thousand in the prior year, indicating a reduction of 20.4%[19] - Net loss for Q3 2024 was $(59,103,000), compared to $(75,270,000) in Q3 2023, showing an improvement of 21.5%[23] - Total Adjusted EBITDA for the six months ended September 30, 2024, was $(68,574,000), compared to $(94,853,000) for the same period in 2023, indicating a 27.7% improvement[23] Revenue Streams - Membership services revenue grew to 21% of total revenue, up from 9% in the prior year quarter, reflecting a focus on higher margin recurring revenue streams[5] - The company reported no revenue from Therapeutics for both Q3 2024 and Q3 2023[23] Operating Expenses - Operating expenses for Q2 FY25 decreased by 17% to $84 million, down from $101 million in the same period last year[6] - Operating expenses for the three months ended September 30, 2023, totaled $83,575 thousand, a decrease of 17.2% compared to $100,860 thousand for the same period in 2022[19] - Stock-based compensation expense for Q3 2024 was $19,486,000, down from $23,741,000 in Q3 2023, reflecting a decrease of 17.5%[23] - Unallocated Corporate expenses for Q3 2024 were $(12,804,000), slightly higher than $(12,156,000) in Q3 2023[23] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $127 million, down from $216 million as of March 31, 2024[9] - Cash and cash equivalents decreased to $126,601 thousand as of September 30, 2024, down from $216,488 thousand on March 31, 2024[21] - Total assets decreased to $318,936 thousand as of September 30, 2024, compared to $395,167 thousand on March 31, 2024[21] - Total liabilities increased to $217,007 thousand as of September 30, 2024, compared to $206,647 thousand on March 31, 2024[21] Strategic Initiatives - The company launched a GLP-1 weight loss telehealth membership and enrolled thousands in a study on genetics and GLP-1 efficacy[2] - 23andMe published one of the largest genetic studies of sickle cell trait in collaboration with NIH and Johns Hopkins University[2] - The company is exploring raising additional capital and restructuring to improve financial condition and extend cash runway[10] - The company has regained compliance with Nasdaq listing requirements following a reverse stock split[3] - The company is focusing on improving its financial metrics and reducing losses in future quarters[23] Cash Flow - Net cash used in operating activities for the six months ended September 30, 2023, was $(84,200) thousand, an improvement from $(126,474) thousand in the prior year[22] - Cyber security incident expenses for Q3 2024 amounted to $1,523,000, with significant costs incurred in the previous periods[23]