Speaker 2
I think it's like 30 cents on the day I'm talking to you. Yeah,
Speaker 1
this has not been doing well for almost a year now, I I think. But they've already had to ask for an extension once from NASDAQ. The company is currently at risk of being delisted from the stock market because it is doing so poorly. And, you know, shareholders, valuation of the company is reflecting that. And they already blew past the deadline to get the stock price above a dollar and had asked for an extension. So if that's not struggling, I'm not sure what is, add to that, that the fact that the entire board resigned. I've been a reporter covering the healthcare space for a long time and covered a lot of publicly traded companies. And I have never heard of an entire board resigning. So I think
Speaker 2
it's pretty fair to call things dire, call the company struggling. 23andMe was founded in 2006, just five years after the first draft of the human genome sequence was released. It was a moment in which it felt like our genes held the keys to the future. If you take yourself back to that time, I'm sure you can remember
Speaker 1
the covers of Time magazine that would have, you know, like DNA. Like the covers were almost like holy looking, you know? Yeah, it's like the photo illustration of the double
Speaker 2
helix. It was very exciting.
Speaker 1
Yeah, it was very exciting. And there was this sense that now that we had decoded the human genome, that we had decoded the key to life, the key to our health, that it was just a couple of scientific breakthroughs away from us all being able to live to 100. The time that 23andMe was founded, not long after 23andMe was founded, Ann Wojcicki, CEO, founder, genome visionary, actually went on a news program and talked about how she planned to live to 100. And she viewed the genome as a way to give other people a roadmap to doing that, too. And there really was that sense. It wasn't, you know, one crazy Silicon Valley founder coming up with this. That was in the air. That was how we all felt on what 23andMe wanted to do and what just wanted to do was take that excitement, take that sense that we're on the precipice of really unlocking the key to being healthy, the key to
Speaker 2
conquering disease, and give it to the average person. Wojcicki believed in the mission, and she was a high flyer in Silicon Valley. At the time, she was married to Google's Sergey Brin and successfully raised millions of dollars for 23andMe. But the company's expansion ran into trouble when the FDA ordered it to stop marketing its
Speaker 1
personal genome service kits in 2013. This was probably the first time that I would say 23andMe was on the brink. Early consumer DNA testing, people didn't know what to do with it because suddenly this thing that you thought of as something you would maybe get from your doctor, that at that time wasn't even really available from your doctor for the average person was something you could just order online for yourself and open it up and without the assistance of a doctor or genetic counselor or any kind of healthcare practitioner, get this information about your health that might be hard for you to understand, right? Or how much they should panic when they read it. And so that was one of the concerns of the FDA. And then I think there were some concerns also about whether it was accurate. And so they sent this warning letter to the company, and then eventually told them they needed to their tests for market, that these tests were just like not ready for prime time. So it took 23andMe a number of years to convince the FDA that its tests were not only accurate, right, that they were doing what they said they were doing, but that they were also explaining to consumers what the information meant in a way that would make it acceptable for them to
Speaker 2
sell these tests without a doctor ordering them.