Genetic testing company 23andMe announced on Jan. 28 that it is exploring strategic options, including a sale, restructuring, or business combination. This is the second time the company has initiated such a process.

This comes after the company reported an 8% year-over-year decrease in consumer services revenue, falling from US$39.6 million to US$42.9 million.

Additionally, 23andMe said that it needs to raise further capital to continue operations, raising concerns about its financial stability.

Once valued at US$6 billion, 23andMe’s market capitalization has now fallen below US$100 million.

Its stock lost 82% of its value in 2024 and dropped another 10% in after-hours trading following the announcement.

The company has faced both internal and external challenges, including a rejected proposal by CEO Anne Wojcicki to take the company private and disagreements with directors.

23and Me is also reducing its workforce by 40% and exiting its therapeutics division.