23Andme Holding Co - ME STOCK NEWS

23andMe (Nasdaq: ME) has launched a new polygenic risk score (PRS) report for osteoporosis, exclusively available to 23andMe+ Premium members. The report analyzes thousands of genetic variants to assess an individual's likelihood of developing osteoporosis, a condition affecting bone density that impacts approximately 12.3 million Americans, with an additional 40+ million having osteopenia.

The PRS report utilizes 23andMe's proprietary research database to create a statistical model considering genetic markers, ancestry, and birth sex. According to published data, genetics accounts for 60-80% of bone density variability. The report also provides actionable lifestyle recommendations to help reduce risk factors.

Osteoporosis, often called a 'silent' disease, results in approximately 2 million new fractures annually in the U.S., exceeding the combined number of new heart attacks, breast cancer, and prostate cancer cases. Despite its significant health impact, about 80% of individuals with osteoporosis-related fractures remain untested and untreated.

23andMe (Nasdaq: ME) announced that its Special Committee of the Board of Directors has initiated a process to explore strategic alternatives. The potential options under consideration include a possible sale of the company, business combination, sale of all or part of company assets, licensing of assets, restructuring, or other strategic actions.

The Special Committee, composed of independent directors, has engaged Moelis & Company as financial advisor and Goodwin Procter LLP as legal advisor. The company emphasized that there is no guarantee that this exploration will result in any agreements or transactions. Updates will only be provided when definitive agreements are reached or when required by law.

23andMe (ME) reported Q3 FY25 financial results showing significant challenges. Total revenue was $60.3 million, including $19.3 million in non-recurring research services revenue. Consumer Services Revenue declined 8% to $39.6 million compared to the prior year.

The company implemented a 40% reduction in force with expected annual savings of $35+ million and discontinued its Therapeutics business. Cash position decreased to $79.4 million as of December 31, 2024, from $216.5 million in March 2024.

Management expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional liquidity. The previously announced $30 million cyber incident settlement wasn't unconditionally approved by the court. Net loss for Q3 was $26.8 million, improved from $259.7 million in the prior year quarter.

23andMe (Nasdaq: ME) has launched Discover23, a new research platform enabling authorized collaborators to securely access the company's vast genetic research data through a Trusted Research Environment (TRE) developed by Lifebit. The platform provides analysis-ready genome-wide association studies (GWAS) on over 1,000 disease and condition cohorts, leveraging 4.7B phenotypic data points.

The platform evaluates associations of 172 million genetic variants using data from consenting research participants, representing 84% of the company's 15 million customers. Discover23 aims to help identify novel disease biology, discover potential drug targets, and enhance clinical trial success rates. The platform ensures participant privacy by stripping personal identifiers and providing isolated workspaces for authorized researchers.

23andMe Holding Co. (Nasdaq: ME) and Mirador Therapeutics announced a strategic research collaboration focused on immunology and inflammation-related diseases. Mirador will utilize 23andMe's genetic and phenotypic database, the world's largest crowdsourced platform for genetic research, alongside their proprietary Mirador360™ development engine to advance target validation and precision medicine. The collaboration combines Mirador's extensive repository of immune-mediated disease data, including over two million human molecular profiles, with 23andMe's database, which has previously contributed to multiple drug discovery programs and two clinical stage assets in immuno-oncology.

23andMe reported Q2 FY25 financial results with total revenue of $44 million, down 12% from $50 million in the prior year. The company improved its GAAP Net Loss by 21% to $59 million and Adjusted EBITDA loss by 26% to $33 million. Operating expenses decreased 17% to $84 million. Membership services revenue grew to represent 21% of total revenue, up from 9% last year. The company ended the quarter with $127 million in cash and no debt, down from $216 million in March 2024. 23andMe launched new services including a GLP-1 weight loss telehealth membership and an AI chatbot called DaNA.

23andMe announced a significant business restructuring, including the discontinuation of its therapeutics division and a 40% workforce reduction affecting over 200 employees. The company expects to achieve annualized cost savings exceeding $35 million, while incurring up to $12 million in one-time restructuring costs. The company will explore strategic alternatives for its therapeutic programs, including potential licensing agreements and asset sales. The restructuring aims to focus on the core consumer business and research partnerships. The company's therapeutic portfolio includes 23ME-00610 (Phase 1/2a) and 23ME-01473 (Phase 1), targeting cancer and immunology treatments.

23andMe (Nasdaq: ME) has announced a correction to its earlier release regarding the timing of its Q2 FY2025 financial results report. The company will now release results before the market opens on Tuesday, November 12, 2024, rather than after market close as previously stated. A conference call will be held at 8:00 a.m. Eastern Time the same day. Shareholders can submit questions through the Say Technologies platform up until 24 business hours before the call.

23andMe (Nasdaq: ME) announced it will report second quarter fiscal year 2025 financial results after market close on November 12, 2024. The company will host a conference call at 4:30 p.m. Eastern Time to discuss quarterly results and business progress. The event will be accessible via webcast, with a replay available afterward. Shareholders can submit and upvote questions through the Say Technologies platform up until 24 business hours before the earnings call.