Genetic testing giant 23andMe has officially filed for Chapter 11 bankruptcy and is looking for a buyer to rescue the company after months of financial turbulence.

The bombshell announcement, made Sunday (March 23), also revealed that CEO and co-founder Anne Wojcicki is stepping down—though she may not be out of the picture for long.

Wojcicki, who built 23andMe into a household name with its at-home DNA kits, has since passed the torch to Chief Financial and Accounting Officer Joe Selsavage, who will serve as interim CEO. 

Wojcicki’s exit follows a string of setbacks, including mass layoffs last November and the resignation of the company’s entire board just weeks before.

“We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities,”  23andMe Chair Mark Jensen said in a statement captured by CBS. 

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Still, Jensen noted the company remains hopeful, saying, “We believe in the value of our people and our assets and hope that this process allows our mission... to live on.”

The company's services fall into two buckets: consumer (offering ancestry insights and genetic health reports) and therapeutics (focused on researching treatments for cancer and immune diseases). 

However, even with a recognizable name and user-friendly platform, 23andMe has been navigating serious challenges—especially as questions about customer privacy have grown louder. In its bankruptcy announcement, the company reassured users that “there will be no changes to how it manages and protects people’s data.” Any potential buyer, it said, would need to follow state privacy laws requiring explicit consent before transferring genetic info, and all shared data is anonymized.

Stay tuned—this story is still unfolding.