23andMe: Lights Out on Nasdaq as Genetic Giant Crumbles

23andMe to voluntarily delist from Nasdaq and deregister with the SEC after Chapter 11 bankruptcy filing.
Company faces severe financial distress, including a $219.67 million EBITDA loss and significant cash burn¹.
Data privacy concerns rise as authorities advise customers to delete accounts amidst the turmoil¹.

The once-promising beacon of consumer genetics, 23andMe, is now navigating its darkest chapter. The company has announced its intent to voluntarily delist its securities from Nasdaq around June 6, 2025, a move that will shroud it further from public scrutiny by allowing it to deregister with the SEC^{2, 5}. This drastic step follows Nasdaq's earlier suspension of its stock on March 31, 2025, and the company's plunge into voluntary Chapter 11 bankruptcy proceedings just days before, on March 23, 2025, as it grapples with overwhelming financial challenges^{1, 6}.

Once a celebrated pioneer aiming to empower a healthier future through genetic insights^{2, 3}, 23andMe now battles for survival. Crippling financial woes, including a staggering $219.67 million EBITDA loss and a negative free cash flow of $155.63 million, paint a grim picture of its fiscal health¹. While its board scrambles to explore "strategic alternatives" after reportedly rejecting a buyout bid from its own CEO¹, the very essence of its customer promise is under fire. Alarming data privacy concerns have emerged, with New York and California attorneys general advising users to delete their sensitive genetic data from 23andMe's platform following the bankruptcy news¹. As 23andMe retreats from the public markets, its future, and the fate of its vast genetic database, hang precariously in the balance.

23andMe: Lights Out on Nasdaq as Genetic Giant Crumbles

References

Stay Updated!