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23andMe’s bankruptcy filing came after long saga of challenges

Genetic testing company 23andMe said it has begun bankruptcy proceedings, seeking to maximize value through a court-supervised sale process.

Lecia Bushak

March 25, 2025

3:48 pm

Credit: Getty Images / SOPA Images

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Following a long saga, DNA genetic testing biotech 23andMe filed for bankruptcy and announced a number of key changes to its leadership.

23andMe said over the weekend that it had begun Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Missouri in order to sell all of its assets.

CEO Anne Wojcicki has also resigned, effective immediately, though she’ll remain on the company’s board of directors.

Joe Selsavage, chief financial and accounting officer, will take on the additional role of interim CEO going forward.

Strategic comms firm Reevemark is representing 23andMe in its Chapter 11 bankruptcy filing.

Mark Jensen, chair and member of the special committee of the board of directors, said in a statement that the company decided to follow through on a court-supervised sale process in order to “maximize the value of the business.”

“We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities,” Jensen stated.

The release added that 23andMe hopes this process allows its mission of helping people access, understand and benefit from the human genome to live on “for the benefit of customers and patients.”

The bankruptcy filing comes after a long and tumultuous path for 23andMe, which was founded in 2006 by Wojcicki.

The buzzy company became known for providing consumers with personalized genetic information through its at-home DNA testing kit.

This included insights into consumers’ ancestry and ultimately the company racked up some 15 million users.

However, the company struggled to maintain profits and faced multiple challenges throughout its growth journey.

In 2013, the Food and Drug Administration blocked marketing of its kits before providing them with clearance. A decade later, a cyberattack exposed the data of around 7 million users.

Ethical concerns around the company’s data security and privacy policies also lingered over the years.

At the end of 2024, 23andMe laid off some 40% of its employees — and several of its independent directors resigned, citing concerns around Wojcicki’s “strategic direction.”

The company said it plans to solicit sale bids during a 45-day process with the guidance of an independent investment banker. 23andMe said it had received a commitment for debtor-in-possession funding of $35 million from JMB Capital Partners.

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23andMe’s bankruptcy filing came after long saga of challenges

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