Comment by LarsDu88
Comment by LarsDu88 3 days ago
Literally just one day after 23andMe presented positive phase 2 clinical results for two anti-cancer drugs: https://therapeutics.23andme.com/news-and-research/
The board of directors of 23andMe just resigned in protest. The CEO, Anne Wojcicki (who's sister Susan died of lung cancer last month, and was the former CEO of YouTube) had tried to low ball take the company private at only $0.40 a share -- a more than 96% drop from its deSPAC price.
For reference, right now the market cap of 23andMe is $172 million, its closest competitor Ancestry.com was bought out by the Blackstone group for $4.7 billion, and cumulative sales of KeyTruda - an anti-cancer drug in the same family as the one being developed by 23andMe had cumulative sales of $25 billion by 2023.
Feels like the main thing holding this company back is the CEO and lack of corporate governance (due to majority shareholder control resting in the hands of one person)
Closest competitor does a lot of heavy lifting in this situation. Ancestry is the overwhelming leader in the find long lost relative space/your "roots" space. Look at https://www.ancestry.com/ and https://www.23andme.com/ 23andme has basically given up on this part of the business.
Their pitch is health. But that pitch is murky with no good hook to keep you hooked for a monthly subscription. So after they get the initial $99 from the customer, most of the value customer is going to get is already served up in the first report. Maybe their big database will turn into making cancer drugs but maybe it wont.