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The genetic testing company 23andMe was once synonymous with ancestry mapping and spit parties, but things went sour when reports of DNA data breaches came to light a few years ago. What was once a $6 billion company is now a penny stock. Layoffs and mass resignations plagued the genomics giant, and in the most recent turn of events, its co-founder Anne Wojcicki’s offer to buy back the company for $75 million has been rejected by the board. How did it all unfold?
23andMe: how it all began
Founded nearly two decades ago, 23andMe began as a mission to provide genetic testing through which people could learn about their ancestry as well as what diseases they might be at risk for developing through mere saliva samples. At the time, this do-it-at-home service was regarded as revolutionary.
The science behind the technology is fairly simple. Genotyping is the process of identifying which genetic variants an individual possesses. One of the ways it can be performed is with genotyping chips, which are tools used to analyze genetic variations in a sample of DNA. This allows researchers to identify genetic differences between individuals or populations.
23andMe’s do-it-at-home test is a pretty effortless process. All people had to do was “spit into a tube,” register the barcode of the saliva collection tube online, and mail back the sample. In less than a month, people could access their reports on their accounts. Around a million data points were analyzed in each sample in order to determine the carrier status, health risks, inherited traits, and drug responses of the customers.
Back when it launched, the test cost around $999, but soon enough, it dropped to $299 and then finally down to $99. The company was backed by high-profile investors and the co-founder Anne Wojcicki, who was a well-connected person, especially in the Silicon Valley, was able to leverage starpower to boost the pioneering brand. The company glamorized this technology by hosting high-society ‘spit parties’ with celebrities like Oprah Winfrey raving about the DNA testing service.
23andMe offers breast cancer and carrier screening tests
The persuasive advertising and declining prices that made the tests affordable to the American public led to a boost in sales. People flocked to get their DNA tested, and by 2015, 23andMe had genotyped one million DNA samples. It snagged approval from the U.S. Food and Drug Administration (FDA) to offer more in-depth DNA analysis to its customers. This included clearances for carrier screening tests for conditions like Bloom syndrome, which is a rare genetic disorder that is linked to a heightened risk of cancer. It was deemed a step forward in direct-to-consumer genetic testing, paving the way for other genetic health risk reports.
In 2018, the DNA giant began offering BRCA1 and BRCA2 mutation screening tests. BRCA1 and BRCA2 are tumor suppressor genes, and mutations of these genes increase the risk of developing various cancers, most notably breast and ovarian cancer, but also other types, such as pancreatic and prostate cancers. While it was a significant breakthrough in finding out about genetic predispositions, a New York Times article warned people not to rely on 23andMe to detect breast cancer risks, as geneticists found that nearly 90% of people with risky BRCA mutations are missed by these tests.
Moreover, the delivery of these results online drew criticism. A Stats News reporter recounted that finding out that you could develop breast cancer through a report online as opposed to “sitting with a genetic counselor” was the “worst way possible.” It essentially replaced the one-on-one conversation a person would have with a medical professional with a digital tutorial that every user must go through before they can view results for any of the reports the company deems sensitive, expressed reporter Dorothy Pomerantz in the article.
23andMe builds largest DNA database; privacy concerns arise
By this time, 23andMe had built the largest genetic database from the DNA of millions of its customers – with their consent – to advance genetic disease research. This database was even rumored to help catch one of California’s most prolific serial killers – which had been a cold case for decades – after investigators matched the DNA from a crime scene to that of the relative of a suspect who had given their DNA to a popular genealogy site, like 23andMe or Ancestry.
While the database stirred controversy over data privacy, the billion-dollar company partnered with several pharmaceuticals and universities to study genetics. It united with the Danish pharmaceutical Lundbeck and the California-based think tank Milken Institute to better understand the underlying genetic and environmental factors that contribute to depression and bipolar disorder. As part of the project, they enrolled 15,000 people with depression and 10,000 people with bipolar disorder to assess how genes influenced brain processes like attention and decision-making.
It had also run a study along with pharma giant Pfizer and Massachusetts General Hospital focused on major depressive disorder, the largest of its kind at the time. Scientists discovered 15 new genetic regions linked to depression based on the genetic data that was offered up by 23andMe customers.
Amidst the fame, the Silicon Valley giant began to see a drop in revenues. Sales of the test kits plummeted by 46% in 2019 compared to 2018, and then, a few months later, it laid off 100 employees. As 23andMe’s business model relied on people making one-time purchases, it led to a declining customer and revenue base. While it tried to salvage this decline by offering premium services for personalized health recommendations, people weren’t keen on spending on a subscription service.
Co-founder Wojcicki bets on stock market: 23andMe valuation soars before plummet
This didn’t stop the company from trying to find more ways to make money. It decided to expand into the therapeutics space. This was in 2021 when the biopharma industry was in the spotlight for having developed the vaccines against the COVID-19 pandemic. 23andMe saw this as an opportunity to raise funds. Taking a bet on the stock market, Wojcicki’s company went public for a whopping $3.5 billion through a merger with a special purpose acquisition company (SPAC). At the time, there was a growing trend of initial public offerings (IPOs), with SPAC-driven deals raising around $11.1 billion in 2020 and $15.7 billion in the first quarter of 2021 alone. The company recorded a $6 billion valuation following its NASDAQ listing, and Wojcicki vowed to build a “very robust therapeutic side” over the next ten years.
However, this didn’t pan out. A rise in interest rates, coupled with the long time that it takes to see therapeutic R&D come to fruition, saw several investors take a step back from the biopharma scene. 23andMe ended 2023 with a $312 million net loss.
Besides this, it also became the subject of a major hacking scandal in late 2023. News broke out that hackers had gotten a hold of the profiles of 6.9 million people. While the stolen data did not include DNA reports, family tree and ancestry information was leaked.
Having reported a $667 million net loss last May, the company closed down its drug development wing in 2024 and jumped on the Ozempic bandwagon. The GLP-1 agonist drug Ozempic, touted as a “weight-loss miracle drug,” grew in popularity for its ability to treat obesity and type 2 diabetes. The DNA testing pioneer expanded into telehealth – via its subsidiary Lemonaid Health – and launched a weight loss program where patients were prescribed GLP-1 drugs like Ozempic and Wegovy as well as access to clinical care.
23andMe special committee rejects acquisition proposal
Still, this wasn’t enough to carry the company forward. Last year, it established a special committee of independent directors – which excluded Wojcicki – to help forge a path towards profitability. This committee shut down Wojcicki’s proposal to take the company private, and by September, all seven board members resigned, leaving Wojcicki as the sole board member of 23andMe. Differing strategic aspirations and Wojcicki’s “concentrated voting power” were cited in the resignation letter.
This blow was compounded by a warning letter from the NASDAQ to come up with an action plan, as it was on the verge of being delisted because it had fallen below the $1 per share threshold. This was following a deficiency notice it received from the NASDAQ in 2023, which is typically issued to a public company when it fails to meet a listing requirement.
While 23andMe narrowly escaped delisting, it remains on the brink of it. With three new board members appointed in October, Wojcicki seems steadfast in going private. Moreover, in an effort to improve share prices, it announced a reverse stock split – by reducing the number of shares in the market.
However, only last week, the special committee rejected Wojcicki’s proposal to take the company private yet again. And while 23andMe has pledged to maintain its privacy policy, who will get a hold of all the abundant genetic data of customers if the company is sold is up in the air.
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