Organization and Description of Business |
3 Months Ended |
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Jun. 30, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Overview On March 23, 2025, 23andMe Holding Co. (the “Company” or “23andMe”) and its subsidiaries (collectively, the “Filing Subsidiaries” and, together with the Company, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions”) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court (the “Bankruptcy Court”) for the Eastern District of Missouri (the “Chapter 11 Cases”). On July 14, 2025 (the “Closing Date”), the Company and 23andMe Research Institute (formerly known as TTAM Research Institute), a California nonprofit public benefit corporation (“Research Institute”), consummated the transactions contemplated by the Asset Purchase Agreement, by and among the Debtors and Research Institute, dated as of June 13, 2025 (the “Research Institute Asset Purchase Agreement”), whereby Research Institute acquired substantially all of the Debtors’ assets for a total purchase price of $305.0 million in cash (the “Transaction”). On July 14, 2025, the Company received $302.5 million in cash, excluding $2.5 million related to Research Institute serving as a stalking horse sponsor of a Chapter 11 plan to acquire the Company’s telehealth services business. As a result of the Transaction, as of the Closing Date, the (a) direct-to-consumer genetic testing, analytics, and genomic sequencing business (the Personal Genome Service (“PGS”)) and (b) research services business ceased to be included in the Company’s operations. The Company continues to operate its telehealth business through its subsidiary. The Company plans to sell Lemonaid Health, Inc. (“Lemonaid Health”) and wind down the remainder of the Company’s operations. The condensed consolidated financial statements and the accompanying notes are as of June 30, 2025, and therefore do not reflect the completion of the Transaction. For additional information regarding the Chapter 11 Cases and the Transaction, see Note 3, “Bankruptcy Proceedings,” and Note 17, “Subsequent Events,” respectively. The Company’s telehealth platform, Lemonaid Health, continues to provide customers digital access to affordable healthcare professionals. Through the Lemonaid Health telehealth platform, the Company connects patients to licensed healthcare professionals to provide affordable and direct online access to medical care, from consultation through treatment, for a number of common conditions. When medications are prescribed by Lemonaid Health’s affiliated healthcare professionals, patients can use Lemonaid Health’s online pharmacy for fulfillment. The Company is headquartered in San Francisco, California and is incorporated in the State of Delaware.
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