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]

SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- An earlier release under the same headline should have noted 23andMe Holding Co. (Nasdaq: ME) (23andMe) will report financial results for the second quarter of fiscal year 2025 (FY2025) prior to the market opening on Tuesday, November 12, 2024 (the prior release incorrectly stated the results would be reported after the market closes). The Company will webcast a conference call at 8:00 a.m. Eastern Time on that date to discuss the quarter’s results and re ...

SUNNYVALE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (23andMe), a leading human genetics and biopharmaceutical company, announced today that it will report financial results for the second quarter of fiscal year 2025 (FY2025) after the market closes on Tuesday, November 12, 2024. The Company will webcast a conference call at 4:30 p.m. Eastern Time on that date to discuss the quarter’s results and report on business progress. The webcast can be accessed on the day of the even ...

Core Insights - 23andMe appointed three new independent directors to its board following the resignation of all seven previous members due to concerns over the company's strategic direction [1][2][5] - The new directors are Andre Fernandez, Mark Jensen, and Jim Frankola, who will serve on the audit and compensation committees [3][4] - The company has faced significant challenges, including a user data leak in 2023, declining stock values, and consumer privacy concerns [5][6] Board Changes - The previous board members resigned in September, expressing disappointment in the company's strategic direction and a proposal to take 23andMe private [6][7] - The special committee formed by the board was dissatisfied with the proposal submitted by CEO Anne Wojcicki, indicating a lack of a fully-financed and actionable plan [6][8] - The new board members are committed to addressing the company's challenges and revitalizing its strategic direction [8] Compensation - Each new director will receive $1 million in cash compensation as per the SEC filing [9]

Board Changes - 23andMe appointed three new independent directors to its board: Andre Fernandez, Jim Frankola, and Mark Jensen [1][2] - The new directors will serve on the board's audit committee and compensation committee, with Jensen as the lead independent director and chair of the compensation committee, and Fernandez as the chair of the audit committee [3] - The only other board member is 23andMe's co-founder and CEO Anne Wojcicki [2] Previous Board Resignations - All seven of the company's previous independent directors resigned abruptly in September, citing disagreements with Wojcicki over the "strategic direction for the company" [4][6] - The previous directors formed a special committee in late March to explore potential paths forward for the company [5] - Wojcicki submitted a proposal to take the company private in July, but it was rejected by the special committee due to lack of committed financing and no premium to the closing price of 40 cents per share at the time [5] - The directors gave Wojcicki the opportunity to submit a revised proposal, but did not receive one [6] Company Performance - 23andMe, once valued at $6 billion, has struggled since going public in 2021 through a SPAC [4] - Shares were hovering below $1 until the company announced a 1-for-20 reverse stock split earlier this month [4] - The company's stock was trading around $5 on Tuesday morning [5] CEO's Commitment - Wojcicki has repeatedly said she remains committed to taking the company private in the weeks following the board members' departures [7]

SUNNYVALE, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the "Company" or "23andMe"), announced today the completion of the previously announced 1-for-20 reverse stock split of the Company's Class A and Class B common stock and confirmed that such reverse stock split became effective as of 12:01 a.m. EST on October 16, 2024 (the "Effective Time"). The Company effected the reverse stock split by filing an amendment to the Company's Certificate of Incorporation with the Secretary ...

SUNNYVALE, Calif., Oct. 11, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (Nasdaq: ME) (the "Company" or "23andMe"), announced today that the 1-for-20 reverse stock split of the Company's Class A and Class B common stock will become effective as of 12:01 a.m. EST on October 16, 2024 (the "Effective Time"). As previously disclosed, at the Company's 2024 Annual Meeting of Stockholders, the Company's stockholders voted to approve an amendment to the Company's Certificate of Incorporation (the "Charter Amendment ...

Core Viewpoint - Bleichmar Fonti & Auld LLP is investigating 23andMe Holding Co. regarding potential breaches of fiduciary duties by the board of directors and CEO Anne Wojcicki in relation to her efforts to acquire all outstanding shares of the company that she does not already own [1][3]. Investigation Details - On July 29, 2024, CEO Wojcicki made a non-binding proposal to acquire all shares of 23andMe not owned by her or her affiliates [2]. - The board's Special Committee rejected this offer on August 2, 2024, citing lack of premium, absence of committed financing, and conditional nature of the proposal [3]. Board Resignation - On September 17, 2024, all independent directors of 23andMe resigned, expressing concerns over the lack of a fully financed and actionable proposal from Wojcicki [3]. - The independent directors indicated a strategic disagreement with Wojcicki and emphasized the need to prioritize shareholder interests [3]. Legal Implications - BFA is concerned that the actions of the board and Wojcicki may constitute breaches of fiduciary duties, particularly regarding the company's value and potential self-interested dealings [3]. - The firm aims to protect the interests of 23andMe shareholders and hold fiduciaries accountable for any breaches [3].

Core Viewpoint - Bleichmar Fonti & Auld LLP is investigating 23andMe Holding Co. regarding potential breaches of fiduciary duties by the board of directors and CEO Anne Wojcicki in connection with her efforts to acquire all outstanding shares of the company that she does not already own [1][3]. Investigation Details - On July 29, 2024, CEO Wojcicki made a non-binding proposal to acquire all shares of 23andMe not already owned by her or her affiliates [2]. - The Special Committee of the Board rejected this offer on August 2, 2024, citing lack of premium, absence of committed financing, and conditional nature of the proposal [3]. Board Resignation - On September 17, 2024, all independent directors of 23andMe resigned, expressing concerns over the lack of a fully financed and actionable proposal from Wojcicki that would benefit non-affiliated shareholders [3]. - The independent directors indicated a strategic disagreement with Wojcicki and highlighted her concentrated voting power as a reason for their resignation [3]. Legal Concerns - BFA is concerned that the actions of the board and Wojcicki may constitute breaches of fiduciary duties, particularly regarding the prioritization of company value and potential self-interested dealings [3]. - The firm intends to take necessary actions to protect the interests of 23andMe shareholders and hold fiduciaries accountable for any breaches [3]. Shareholder Actions - Current holders of 23andMe stock are encouraged to submit their information to BFA for potential legal options, with representation on a contingency fee basis [4]. - Shareholders will not be responsible for court costs or litigation expenses, as BFA will seek court approval for any fees [4]. Firm Background - Bleichmar Fonti & Auld LLP is recognized as a leading international law firm specializing in securities class actions and shareholder litigation, having achieved significant recoveries in past cases [5].

Core Viewpoint - Bleichmar Fonti & Auld LLP is investigating 23andMe Holding Co. regarding potential breaches of fiduciary duties by the board of directors and CEO Anne Wojcicki in relation to her efforts to acquire all outstanding shares of the company that she does not already own [1][3]. Investigation Details - On July 29, 2024, CEO Wojcicki made a non-binding proposal to acquire all shares of 23andMe not already owned by her or her affiliates [2]. - The Special Committee of the Board rejected this offer on August 2, 2024, citing lack of premium, absence of committed financing, and conditional nature of the proposal [3]. Board Resignation - On September 17, 2024, all independent directors of 23andMe resigned, expressing concerns over the lack of a fully financed and actionable proposal from Wojcicki that would benefit non-affiliated shareholders [3]. - The independent directors indicated a strategic disagreement with Wojcicki and highlighted her concentrated voting power as a reason for their resignation [3]. Legal Implications - BFA is concerned that the actions of the board and Wojcicki may constitute breaches of fiduciary duties, particularly in failing to prioritize company value and engaging in self-interested dealings [3]. - The firm aims to protect the interests of 23andMe shareholders and hold fiduciaries accountable for any breaches [3].