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    23andMe Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results

    5/23/24 4:05:00 PM ET
    $ME
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $ME alert in real time by email

    SOUTH SAN FRANCISCO, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (NASDAQ:ME), a leading human genetics and biopharmaceutical company, reported its financial results for the fourth quarter and full year of fiscal year 2024 (FY24), which ended March 31, 2024.

    Key Results and Recent Developments

    • On March 28, 2024 the Board of Directors of 23andMe formed a Special Committee comprised of independent directors to review strategic alternatives that may be available to 23andMe to maximize shareholder value. On April 18, 2024 the Company announced it has been made aware that Anne Wojcicki, Chief Executive Officer, Co-Founder, and Chair of the Board of Directors of 23andMe, is considering making a proposal to acquire all of the outstanding shares of 23andMe that she does not currently own.
    • Reported total revenue of $64.0 million in the fourth quarter of fiscal 2024, compared to $92.4 million in the fourth quarter of fiscal 2023, a decrease of approximately 31% due to lower research revenue after the conclusion of the GSK collaboration exclusivity term in July 2023 and lower PGS kit volumes and telehealth orders. Full year 2024 revenues were $219.6 million compared to $299.5 million for full year 2023.
    • Launched new 23andMe+ Premium ancestry feature called Historical Matches, connecting customers to one or more of 335 historical individuals, weaving ancestral connections into the story of human history and migration.
    • Announced availability of three new genetic reports for 23andMe+ members on breast, colorectal and prostate cancer. The reports are based on statistical models known as polygenic risk scores (PRS), developed by 23andMe through its proprietary research database. These PRS reports calculate the potential likelihood of an individual developing one of these cancers, based on thousands of genetic variants associated with the disease.
    • Announced dosing of the first patient for Phase 1 clinical trial for 23ME-01473, a dual-mechanism natural killer (NK) cell activator, targeting ULBP6, intended to treat cancer. The Company expects to continue to enroll patients throughout fiscal year 2025 and announce results of the study later in calendar year 2025.
    • Presented posters for 23ME-00610 and 23ME-01473 therapeutics programs at the American Association for Cancer Research (AACR) annual meeting and completed enrollment of the 23ME-00610 phase 1/2a clinical trial in April 2024.
    • Will be presenting posters at ASCO on the neuroendocrine cohort (June 1) and ovarian cohort (June 3) for 23ME-00610, the first data presentations from the Phase 2a expansion cohorts.
    • On May 9, 2024 the Company received a notification letter from Nasdaq notifying the Company that it had been granted an additional 180 days, or until November 4, 2024, to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.

    "The Company had a productive fourth quarter and solid end to the year, continuing to add value for members of 23andMe+ and advancing our clinical stage assets," said Anne Wojcicki, Co-Founder & CEO of 23andMe. "We continue to work to build value for customers and shareholders and are looking forward to a transformative FY2025."

    Q4 Fiscal 2024 Financial Results

    Total revenue for FY24 Q4 was $64 million, compared to $92 million for the same period in the prior year, representing a decrease of 31%. The decrease was primarily driven by lower research services revenue as the GSK collaboration exclusive discovery term concluded in July 2023, as well as lower consumer services revenue driven mainly by lower PGS kit sales volume and telehealth orders. These decreases were partially offset by higher revenue from growth in our membership services.



    Revenue from consumer services, which includes PGS, telehealth and membership services, represented approximately 99% of total revenue for FY24 Q4. Research services revenue accounted for approximately 1% of total revenue for FY24 Q4.

    Operating expenses for FY24 Q4 were $239 million, compared to $109 million for the same period in the prior year. The increase in operating expenses was primarily due to a $153 million non-cash goodwill impairment charge taken in the quarter, reflecting the remaining balance of the consumer and research services segment's goodwill acquired as part of the acquisition of Lemonaid Health Limited. The increase was partially offset by lower personnel-related expenses following workforce reductions in prior quarters along with the disposition of Lemonaid Health Limited in the UK in August 2023 and lower R&D spend due to a significant reduction in GSK collaboration programs.

    Net loss for FY24 Q4 was $209 million, compared to a net loss of $64 million for the same period in the prior year.

    Adjusted EBITDA (as defined below) for FY24 Q4 was a loss of $33 million, compared to a loss of $39 million for the same period in the prior year. The decrease in adjusted EBITDA loss was primarily due to lower personnel-related and R&D expenses, partially offset by lower research services gross profit as the GSK collaboration exclusive discovery term concluded in July 2023, as noted above. Please refer to the tables below for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.

    Full Year Fiscal 2024 Financial Results

    Total revenue for FY24 was $220 million, compared to $299 million for the prior year, representing a decrease of 27%. The decrease was primarily driven by lower consumer services revenue resulting mainly from lower PGS kit sales volume and telehealth orders, as well as lower research services revenue as a result of the conclusion of the GSK collaboration exclusive discovery term concluded in July 2023. These decreases were partially offset by higher revenue from growth in our membership services revenue.

    Revenue from consumer services, which includes PGS, telehealth and membership services, represented approximately 92% of total revenue for FY24. Research services revenue accounted for approximately 8% of total revenue for FY24.

    Operating expenses for FY24 were $781 million, compared to $459 million for the prior year. The increase in operating expenses was primarily due to $352 million in non-cash goodwill impairment charges taken in the last two quarters, as discussed above. The increase was partially offset by lower personnel-related expenses following workforce reductions in the year along with the disposition of Lemonaid Health Limited in the UK in August 2023 and reductions in marketing advertising spend aimed to boost margin and marketing efficiency.

    Net loss for FY24 was $667 million, compared to a net loss of $312 million for the prior year.

    Adjusted EBITDA for FY24 was a loss of $176 million, compared to a loss of $161 million for the prior year. The increase in Adjusted EBITDA loss was primarily due to lower Research Services gross profit as the GSK collaboration exclusive discovery term concluded in July 2023, lower consumer services revenue driven mainly by lower PGS kit sales volume and telehealth orders and increasing Therapeutics expenses, partially offset by lower personnel-related expenses and reductions in marketing advertising spend, as noted above. Please refer to the tables below for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.

    Please note the full year fiscal 2024 results are preliminary. The Company is still completing its assessment of its impairment review of goodwill and long-lived assets, and its impairment expense is undergoing further evaluation. This could result in an adjustment to the impairment recorded in the Company's operating expenses and impact on its net loss. Please note that any adjustment would be a non-cash item and reflected in the Company's Annual Report on Form 10-K for the year ended March 31, 2024.

    Balance Sheet

    23andMe ended March 31, 2024 with cash and cash equivalents of $216 million, compared to $387 million as of March 31, 2023.

    FY2025 Financial Guidance

    In light of the Special Committee review of strategic alternatives, the Company is not providing guidance at this time.

    Conference Call Webcast Information

    23andMe will host a conference call at 4:30 p.m. Eastern Time today, May 23, 2024, to discuss the financial results for Q4 and FY2024 and report on business progress. The webcast can be accessed at https://investors.23andme.com/news-events/events-presentations. A webcast replay will be available at the same address.

    About 23andMe

    23andMe is a genetics-led consumer healthcare and therapeutics company empowering a healthier future. For more information, please visit investors.23andme.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the future performance of 23andMe's businesses in consumer genetics and therapeutics and the growth and potential of its proprietary research platform. All statements, other than statements of historical fact, included or incorporated in this press release, including statements regarding 23andMe's strategy, review of strategic alternatives and associated proposed transactions financial position, financial projections, funding for continued operations, cash reserves, projected costs, plans, potential future collaborations, database growth and objectives of management, are forward-looking statements. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," "predicts," "continue," "will," "schedule," and "would" or, in each case, their negative or other variations or comparable terminology, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on 23andMe's current expectations and projections about future events and various assumptions. 23andMe cannot guarantee that it will actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements and you should not place undue reliance on 23andMe's forward-looking statements. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond the control of 23andMe), or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission, including under Item 1A, "Risk Factors" in the Company's most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The statements made herein are made as of the date of this press release and, except as may be required by law, 23andMe undertakes no obligation to update them, whether as a result of new information, developments, or otherwise.

    Use of Non-GAAP Financial Measures

    To supplement the 23andMe's unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (GAAP), this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure that is defined as net income (loss) before net interest income (expense), net other income (expense), income tax expenses (benefit), depreciation and amortization, impairment charges, stock-based compensation expense, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to: changes in fair value of warrant liabilities, litigation settlements, gains or losses on dispositions of subsidiaries, transaction-related costs, and cyber security incident expenses, net of probable insurance recoveries, if applicable for the periods presented. 23andMe has provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release.

    Adjusted EBITDA is a key measure used by 23andMe's management and the board of directors to understand and evaluate operating performance and trends, to prepare and approve 23andMe's annual budget and to develop short- and long-term operating plans. 23andMe provides Adjusted EBITDA because 23andMe believes it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry and it facilitates comparisons on a consistent basis across reporting periods. Further, 23andMe believes it is helpful in highlighting trends in its operating results because it excludes items that are not indicative of 23andMe's core operating performance. In particular, 23andMe believes that the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of 23andMe's business. Accordingly, 23andMe believes that Adjusted EBITDA provides useful information in understanding and evaluating operating results in the same manner as 23andMe's management and board of directors.

    In evaluating Adjusted EBITDA, you should be aware that in the future 23andMe will incur expenses similar to the adjustments in this presentation. 23andMe's presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by these expenses or any unusual or non-recurring items. Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the same industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA as a tool for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than net loss, which is the most directly comparable financial measure calculated in accordance with GAAP. Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. When evaluating 23andMe's performance, you should consider Adjusted EBITDA alongside other financial performance measures, including net loss and other GAAP results. Adjusted EBITDA is our best proxy for cash burn.

    Contacts

    Investors: Ian Cooney, [email protected]; [email protected]

    Media: [email protected]

    23andMe Holding Co.
    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (In thousands, except share and per share data)
    (Unaudited)
     
     Three Months Ended March 31,  Twelve Months Ended March 31,
      2024   2023   2024   2023 
    Revenue:       
    Service$57,719  $80,778  $191,816  $265,840 
    Product 6,309   11,599   27,822   33,649 
    Total revenue 64,028   92,377   219,638   299,489 
    Cost of revenue:       
    Service 33,965   48,835   108,116   150,595 
    Product 3,032   3,560   12,145   14,398 
    Total cost of revenue 36,997   52,395   120,261   164,993 
    Gross profit 27,031   39,982   99,377   134,496 
    Operating expenses:       
    Research and development 46,724   60,719   205,361   222,596 
    Sales and marketing 16,931   21,779   85,600   119,927 
    General and administrative 22,296   26,758   129,772   115,984 
    Restructuring and other charges —   —   8,368   — 
    Goodwill impairment 152,944   —   351,744   — 
    Total operating expenses 238,895   109,256   780,845   458,507 
    Loss from operations (211,864)  (69,274)  (681,468)  (324,011)
    Other income (expense):       
    Interest income, net 3,042   4,369   14,331   9,676 
    Other income (expense), net 5   174   506   (93)
    Loss before income taxes (208,817)  (64,731)  (666,631)  (314,428)
    Provision for (benefit from) income taxes 18   (633)  73   (2,772)
    Net loss (208,835)  (64,098)  (666,704)  (311,656)
    Other comprehensive income (loss), net of tax —   (309)  620   (799)
    Total comprehensive loss$(208,835) $(64,407) $(666,084) $(312,455)
    Net loss per share of Class A and Class B common stock attributable to common stockholders:       
    Basic and diluted$        (0.43) $        (0.14) $        (1.40) $        (0.69)
    Weighted-average shares used to compute net loss per share:       
    Basic and diluted 485,951,909   456,254,405   475,982,265   451,504,377 
     





    23andMe Holding Co.

    Condensed Consolidated Balance Sheets

    (In thousands, except share and per share amounts)

     
     March 31,

    2024
     March 31,

    2023
     (Unaudited)  
    ASSETS   
    Current assets:   
    Cash and cash equivalents$216,488  $386,849 
    Restricted cash 1,399   1,399 
    Accounts receivable, net 3,324   1,897 
    Inventories 12,465   10,247 
    Deferred cost of revenue 4,792   5,376 
    Prepaid expenses and other current assets 16,841   19,224 
    Total current assets 255,309   424,992 
    Property and equipment, net 28,351   38,608 
    Operating lease right-of-use assets, net 48,894   56,078 
    Restricted cash, noncurrent 6,974   6,974 
    Internal-use software, net 20,516   15,661 
    Intangible assets, net 33,255   45,520 
    Goodwill —   351,744 
    Other assets 1,868   3,021 
    Total assets$395,167  $942,598 
    LIABILITIES AND STOCKHOLDERS' EQUITY   
    Current liabilities:   
    Accounts payable$11,571  $12,924 
    Accrued expenses and other current liabilities 42,263   66,430 
    Deferred revenue 64,827   62,521 
    Operating lease liabilities 8,670   7,541 
    Total current liabilities 127,331   149,416 
    Deferred revenue, noncurrent 10,000   — 
    Operating lease liabilities, noncurrent 67,845   77,763 
    Other liabilities 1,471   1,480 
    Total liabilities 206,647   228,659 
    Stockholders' equity   
    Preferred stock - par value $0.0001, 10,000,000 shares authorized as of March 31, 2024 and 2023; zero shares issued and outstanding as of March 31, 2024 and 2023 —   — 
    Common stock, par value $0.0001 - Class A shares, 1,140,000,000 shares authorized, 323,394,807 and 293,020,474 shares issued and outstanding as of March 31, 2024 and 2023, respectively; Class B shares, 350,000,000 shares authorized, 166,724,586 and 168,179,488 shares issued and outstanding as of March 31, 2024 and 2023, respectively 49   46 
    Additional paid-in capital 2,361,559   2,220,897 
    Accumulated other comprehensive income (loss) —   (620)
    Accumulated deficit (2,173,088)  (1,506,384)
    Total stockholders' equity 188,520   713,939 
    Total liabilities and stockholders' equity$395,167  $942,598 





     

    23andMe Holding Co.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
     
     Twelve Months Ended March 31,
      2024   2023 
    Cash flows from operating activities:   
    Net loss$(666,704) $(311,656)
    Adjustments to reconcile net loss to net cash used in operating activities:   
    Depreciation and amortization 23,227   32,071 
    Amortization and impairment of internal-use software 6,255   4,427 
    Stock-based compensation expense 120,209   116,017 
    Impairment of long-lived assets —   10,126 
    Goodwill impairment 351,744   — 
    Loss on disposition of Lemonaid Health Limited 2,026   — 
    Other operating activities (529)  77 
    Changes in operating assets and liabilities:   
    Accounts receivable, net (1,427)  1,483 
    Inventories (2,218)  542 
    Deferred cost of revenue 584   2,325 
    Prepaid expenses and other current assets (1,231)  6,653 
    Operating lease right-of-use assets 7,185   7,393 
    Other assets 1,152   (429)
    Accounts payable (996)  (24,573)
    Accrued expenses and other current liabilities (7,104)  2,671 
    Deferred revenue 12,307   (418)
    Operating lease liabilities (8,790)  (8,934)
    Other liabilities (9)  (3,165)
    Net cash used in operating activities (164,319)  (165,390)
    Cash flows from investing activities:   
    Purchases of property and equipment (1,129)  (4,048)
    Proceeds from sale of property and equipment 30   5 
    Capitalized internal-use software costs (8,527)  (7,262)
    Net cash used in investing activities (9,626)  (11,305)
    Cash flows from financing activities:   
    Proceeds from exercise of stock options 909   4,203 
    Proceeds from issuance of common stock under employee stock purchase plan 3,262   6,464 
    Payments for taxes related to net share settlement of equity awards (230)  (197)
    Payments of deferred offering costs (357)  (693)
    Net cash provided by financing activities 3,584   9,777 
    Effect of exchange rates on cash and cash equivalents —   385 
    Net (decrease) increase in cash, cash equivalents and restricted cash (170,361)  (166,533)
    Cash, cash equivalents and restricted cash — beginning of period 395,222   561,755 
    Cash, cash equivalents and restricted cash — end of period$224,861  $395,222 
    Supplemental disclosures of non-cash investing and financing activities:   
    Purchases of property and equipment included in accounts payable and accrued expenses$97  $473 
    Stock-based compensation capitalized for internal-use software costs$3,606  $3,191 
    Deferred offering costs during the period included in accounts payable and accrued expenses$1  $45 
    Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:   
    Cash and cash equivalents$216,488  $386,849 
    Restricted cash, current 1,399   1,399 
    Restricted cash, noncurrent 6,974   6,974 
    Total cash, cash equivalents and restricted cash$224,861  $395,222 
     

     



    23andMe Holding Co.
    Total Company and Segment Information and Reconciliation of Non-GAAP Financial Measures
    (In thousands)
    (Unaudited)
     
    The Company's revenue and Adjusted EBITDA by segment and for the total Company is as follows:
     
     Three Months Ended March 31, Twelve Months Ended March 31,
      2024   2023   2024   2023 
    Segment Revenue: (1)       
    Consumer and Research Services$64,028  $92,377  $219,638  $299,489 
    Total revenue$64,028  $92,377  $219,638  $299,489 
    Segment Adjusted EBITDA:       
    Consumer and Research Services Adjusted EBITDA$(3,874) $4,989  $(36,769) $(17,997)
    Therapeutics Adjusted EBITDA (17,135)  (29,904)  (91,025)  (88,503)
    Unallocated Corporate (2) (12,199)  (13,744)  (48,002)  (54,801)
    Total Adjusted EBITDA$(33,208) $(38,659) $(175,796) $(161,301)
    Reconciliation of net loss to Adjusted EBITDA:       
    Net loss$(208,835) $(64,098) $(666,704) $(311,656)
    Adjustments       
    Interest income, net         (3,042)          (4,369)          (14,331)          (9,676)
    Other (income) expense, net (5)  (174)  (506)  93 
    Provision for (benefit from) income taxes 18   (633)  73   (2,772)
    Depreciation and amortization 4,160   4,727   18,033   20,239 
    Amortization of acquired intangible assets 1,775   3,639   11,448   16,486 
    Impairment of acquired intangible assets —   —   —   9,968 
    Stock-based compensation expense 19,011   22,249   120,209   116,017 
    Litigation settlement cost —   —   98   — 
    Loss on disposition of Lemonaid Health Limited and transaction-related costs —   —   2,375   — 
    Goodwill impairment 152,944   —   351,744   — 
    Cybersecurity incident expenses, net of probable insurance recoveries 765   —   1,765   — 
    Total Adjusted EBITDA$(33,209) $(38,659) $(175,796) $(161,301)



    (1) There was no Therapeutics revenue for the three and twelve months ended March 31, 2024 and 2023.
    (2) Certain department expenses such as Finance, Legal, Regulatory and Supplier Quality, Corporate Communications, Corporate Development, and CEO Office are not reported as part of the reporting segments as reviewed by the CODM. These amounts are included in Unallocated Corporate.


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      SUNNYVALE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- 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 Total Health longevity service is now available to all customers, combining whole exome genetic sequencing with bi-annual lab tests for 55+ key blood biomarkers, and expert clinicians trained in genetics-informed preventive care and health action p

      11/12/24 7:30:00 AM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • CORRECTION - 23andMe to Report Q2 FY2025 Financial Results

      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 report on business progress. The webcast can be accessed on the day of the event at this link. A webcast replay will be available at the same address following the event. In addition, 23

      11/7/24 5:54:12 PM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • 23andMe to Report Q2 FY2025 Financial Results

      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 event at this link. A webcast replay will be available at the same address following the event. In addition, 23andMe will use the Say Technologies platform to allow retail and institutional

      11/7/24 7:30:00 AM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care

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    • SEC Form 8-K filed by 23andMe Holding Co.

      8-K - 23andMe Holding Co. (0001804591) (Filer)

      3/28/25 4:09:11 PM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • 23andMe Holding Co. filed SEC Form 8-K: Regulation FD Disclosure

      8-K - 23andMe Holding Co. (0001804591) (Filer)

      3/24/25 6:23:28 AM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • SEC Form 10-Q filed by 23andMe Holding Co.

      10-Q - 23andMe Holding Co. (0001804591) (Filer)

      2/6/25 4:27:52 PM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care

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    • 23andMe Appoints Three New Independent Directors to Board

      SUNNYVALE, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (NASDAQ:ME) (the "Company" or "23andMe"), a leading human genetics and preventive health company, today announced the appointments of Andre Fernandez, Jim Frankola, and Mark Jensen, three accomplished and experienced executives, as independent members of the Company's Board of Directors (the "Board"), effective on October 28, 2024. Each of Mr. Fernandez, Mr. Frankola, and Mr. Jensen have been appointed to serve as members of the Board's Audit Committee and Compensation Committee, with Mr. Fernandez serving as the Chair of the Audit Committee and Mr. Jensen serving as the Chair of the Compensation Committee. In additio

      10/29/24 7:30:00 AM ET
      $ANSS
      $CDLX
      $LSCC
      $ME
      Computer Software: Prepackaged Software
      Technology
      Computer Software: Programming Data Processing
      Semiconductors
    • Madryn Asset Management, a Top Shareholder of SomaLogic, Issues Letter Regarding Opposition to the Company's Proposed Merger with Standard BioTools

      Files Preliminary Proxy Statement to Solicit Shareholders to Oppose the Merger Intends to Vote AGAINST the Conflict-Plagued and Excessively Dilutive Transaction, Which Stands to Unduly Benefit Certain Investors and Standard BioTools at the Expense of SomaLogic's Shareholders Notes the Current Premium for SomaLogic Shareholders, Based on the Deal's Exchange Ratio and Standard BioTools' Trading Price, is Only ~4.3% Underscores That SomaLogic Has Superior Alternatives to a Flawed Combination, Including a Standalone Path Leveraging its Considerable Cash Position and Strong Balance Sheet Madryn Asset Management, LP (collectively with its affiliates, "Madryn"), a holder of approximately 4

      12/12/23 5:31:00 PM ET
      $EXAS
      $ILMN
      $LAB
      $ME
      Medical Specialities
      Health Care
      Biotechnology: Laboratory Analytical Instruments
      Industrials
    • Reza Afkhami Joins 23andMe as Chief Corporate Development Officer

      SOUTH SAN FRANCISCO, Calif., May 08, 2023 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (NASDAQ:ME) ("23andMe"), a leading human genetics and biopharmaceutical company, today announced the appointment of Reza Afkhami as its Chief Corporate Development Officer overseeing corporate development efforts across its therapeutics, research services and consumer groups. Afkhami will be responsible for spearheading and driving a wide range of industry collaborations for the Company. 23andMe Therapeutics has a pipeline of genetically validated discovery and clinical programs, which it intends to advance through collaborations with pharmaceutical companies. Furthermore, 23andMe hopes to help the pharmac

      5/8/23 7:00:00 AM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • 23andMe Confirms All Potential Buyers Must Agree to Comply With Privacy Policy and Applicable Law

      SAN FRANCISCO, March 26, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. ("23andMe" or the "Company") (NASDAQ:ME), a leading human genetics and biotechnology company, today announced that it has received approvals from the U.S. Bankruptcy Court for the Eastern District of Missouri (the "Court") for its "first day" motions related to 23andMe's voluntary Chapter 11 petitions filed March 23, 2025, including authorization to pay employee wages and benefits and compensate certain vendors and suppliers in the ordinary course for goods and services provided and to enter into the binding term sheet for a $35 million debtor-in-possession financing facility from JMB Capital Partners (the "DIP Facility"

      3/26/25 6:57:42 PM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • 23andMe Initiates Voluntary Chapter 11 Process to Maximize Stakeholder Value Through Court-Supervised Sale Process

      Intends to use Proceedings to Conduct a Value-Maximizing Sale Process and Resolve Liabilities Company Expects to Continue Business Operations in the Ordinary Course During Proceedings; Secures Commitment for Approximately $35 Million in DIP Financing to Support Ongoing Operations No Changes to Customer Data Management and Access; Company Remains Committed to Transparency Around Customer Data Privacy; Any Buyer will be Required to Comply with Applicable Law with Respect to Treatment of Customer Data Company Announces Board and Leadership Changes to Support Restructuring and Sale Process SAN FRANCISCO, March 23, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. ("23andMe" or the "Company") (

      3/23/25 11:08:03 PM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • 23andMe Launches New Homocysteine (MTHFR-Related) Genetic Report and Accompanying Lab Test

      SAN FRANCISCO, March 21, 2025 (GLOBE NEWSWIRE) -- 23andMe Holding Co. (NASDAQ:ME), a leading human genetics company with a mission to help people access, understand, and benefit from the human genome, today released a new report on the genetics of homocysteine levels for 23andMe+ Premium members, as well as a blood test for next steps in further understanding said levels for an additional fee. One of the top 23andMe customer requested reports, it informs users if they are at a higher likelihood of developing slightly elevated homocysteine levels along with actionable lifestyle factors that can reduce their chances. Homocysteine is an amino acid that plays a key role in important process

      3/21/25 7:30:00 AM ET
      $ME
      Biotechnology: Pharmaceutical Preparations
      Health Care