23andMe announced on Monday it would cut approximately 40% of its workforce, impacting over 200 employees. The restructuring includes closing its drug development arm, ending trials for two advanced drug candidates, and attempting to sell them. This marks the fifth round of layoffs since early 2023, reducing staff from over 800 to about 300. The cuts are projected to save $35 million annually. The DNA-testing company is shifting focus to its core consumer DNA-testing business, which remains unprofitable. Attempts to generate revenue from pharmaceutical partnerships and subscription sales have struggled.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:0223andMe announced on Monday it would cut approximately 40% of its workforce,
00:06impacting over 200 employees. The restructuring includes closing its drug development arm,
00:11ending trials for two advanced drug candidates, and attempting to sell them.
00:15This marks the fifth round of layoffs since early 2023, reducing staff from over 800 to about 300.
00:22The cuts are projected to save $35 million annually. The DNA testing company is shifting
00:27focus to its core consumer DNA testing business, which remains unprofitable.
00:32Attempts to generate revenue from pharmaceutical partnerships
00:36and subscription sales have struggled.
00:38For all things money, visit Benzinga.com.