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February 1, 2024
23andMe far from spitting distance to big healthcare aims: WSJ
Summary
Despite healthcare ambitions, 23andMe valuation down 98%, never achieved profit. DNA-testing business, launched 2006, begins $399 but falls to $99 by 2012. Company pivots to healthcare, drug development. Acquires telehealth firm in 2021, by 2022 establishes drug development hub. In 2023, partners with GSK to share future profits but cuts half of team due to lack of capital, reports data breach. Moves to subscription model with moderate success. Shortcomings include one-time use of tests, rare life-changing results. Expected to deplete cash by 2025, has used 80% of raised $1.4B.
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