23andMe is making significant operational cuts, including workforce layoffs and halting therapeutic program development, amid financial struggles and a fraudulent SPAC exit.
The company's challenges include a massive data breach that compromised 6.9 million users' data and led to a $30 million lawsuit settlement in September.
After going public via a SPAC merger, 23andMe witnessed a drastic decline, with a reported $312 million net loss for fiscal 2023, and a 98% drop in stock values.
As part of its restructuring efforts, 23andMe expects to incur $12 million in costs for layoffs and seeks to save $35 million annually.
Collection
[
|
...
]