23andMe Considers Raising Capital as it Keeps Burning Cash -- Market Talk

Dow Jones11-13

1147 ET - 23andMe is considering raising more capital to extend its cash runway, CFO Joseph Selsavage says on a call with analysts after the company announced it's closing its drug development arm and cutting its workforce by 40%. The genetic-testing company's capital needs comes as it continues burning cash. In the second quarter, its cash position went down to $127 million from $216 million a year earlier, and down from over $770 million in 2021. "These are difficult but necessary actions that we believe begin putting 23andMe on a more sustainable path and positioning the company for the future," CEO Anne Wojcicki says. Shares drop 3.8% to $4.43.(sabela.ojea@wsj.com; @sabelaojeaguix)

(END) Dow Jones Newswires

November 12, 2024 11:47 ET (16:47 GMT)

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