Anne Wojcicki, cofounder and former CEO of 23andMe, will regain control of the company after her nonprofit, TTAM Research Institute, agreed to purchase nearly all of its assets for $305 million.
In March, 23andMe filed for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri to facilitate a sales process.
At the time, Wojcicki resigned from her role as CEO and Joe Selsavage, chief financial and accounting officer, was named interim CEO by the board.
During a bankruptcy auction last week, TTAM Research Institute outbid Regeneron Pharmaceuticals, which had previously announced plans to purchase 23andMe’s assets for $256 million.
TTAM’s acquisition includes 23andMe’s research services, personal genome service line, and its telehealth subsidiary, Lemonaid Health. The deal remains subject to bankruptcy court approval.
In a statement, TTAM said it will maintain 23andMe’s current privacy policies and consumer genome services while also implementing enhanced consumer protections and data privacy safeguards.
“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome. We believe it is critical that individuals are empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish,’ Wojcicki said in a statement.
“The 23andMe community of consented individuals will also have the opportunity to be part of making novel genetic discoveries that improve our knowledge of DNA – the code of life – and the health and wellness of everyone.”
THE LARGER TREND
23andMe went public in 2021 through a Special Purpose Acquisition Company (SPAC) backed by Richard Branson. The consumer genetics company’s stock [NASDAQ: ME] reached a high of $320.80 per share in 2021 but is currently trading at $4.22 per share.
23andMe reported its 2025 Q2 earnings, showing total revenue of $44 million in the second quarter of this year compared to $50 million for the same period last year.
The company said the 12% decrease was primarily due to lower consumer services revenue driven by lower PGS kit sales and telehealth orders as well as “lower research services revenue as the GSK collaboration exclusive discovery term concluded in July 2023.”
It reported a net loss of $59 million in Q2 2025 compared to a loss of $75 million in the second quarter of 2024 and an adjusted EBITDA loss of $33 million in Q2 2025 compared to a loss of $45 million in Q2 2024.
Operating expenses were $84 million in Q2 of this year compared to $101 million in Q2 2024.
In 2023, the company experienced a significant data breach, which affected approximately seven million of its users. The breach exposed user data, including ancestry information and some health-related data.
The data breach involved a “credential stuffing” attack, which is a type of cyberattack where the attacker collects stolen account credentials, including usernames and passwords, and attempts to log in to other unrelated platforms.
The incident led to a class-action lawsuit and a proposed settlement of $30 million. The company reported a net loss of $312 million that fiscal year.
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