The Chapter 11 case

analysisRevenue fell from $299.5 million in fiscal 2023 to $219.6 million in fiscal 2024 and $189.9 million in fiscal 2025, with net losses of $311.7 million, $666.7 million (including a $351.7 million goodwill impairment) and $280.9 million; revenue from GSK as a related party was $47.4 million, $12.0 million and $20.4 million (amounts rounded from thousands). Fiscal-2025 revenue fell 14%, mainly on lower sales and prices of Personal Genome Service kits, and included $19.3 million recognised on a GSK data use notice; telehealth revenue also fell, partly after the UK Lemonaid subsidiary was sold. In November 2024 the company stopped all therapeutics programmes and cut about 200 employees, roughly 40% of its staff. ^{1 2}

analysisAt March 31, 2025 it had $38.2 million of unrestricted cash, down from $216.5 million, total assets of $159.9 million against liabilities of $186.6 million, an accumulated deficit of $2.5 billion and negative equity of $26.7 million (rounded), and management disclosed substantial doubt about its ability to continue as a going concern. KPMG LLP of Santa Clara, auditor since 2020, signed its report on June 11, 2025 and billed $3,398,206 for fiscal 2025. In April 2025 the Sunnyvale landlord drew $7.3 million of letters of credit. The chief restructuring officer said the business had never made a net profit despite more than $200 million of revenue a year for five years; the disclosure statement adds constrained access to capital after the merger, the economy, the breach and the litigation that followed. The debtors had no funded debt, and the court protected more than $1 billion of federal net operating losses with stock-transfer procedures. ^{1 3 4 2}

analysisOn March 23, 2025 23andMe Holding Co. and eleven subsidiaries filed voluntary petitions in the U.S. Bankruptcy Court for the Eastern District of Missouri, jointly administered as Case No. 25-40976-357, and moved for a sale through a competitive auction under section 363, advised by Moelis & Company. ChromeCo, Inc. (formerly 23andMe, Inc.), Lemonaid Health, Inc. and Chrome Pharmacy Holdings, Inc. were wholly owned by the holding company; the pharmacy holding company owned Lemonaid Pharmacy Holdings Inc. and, through it, the community pharmacy and the LPharm and LPRX companies, each with its own case number from 25-40975 to 25-40986. The confirmation order identifies the twelve debtors by the last four digits of their tax numbers, Chrome Holding Co. ending 0344. ^{1 2 3 4 5}

analysisAccording to an aggregator's copy of the docket, the community pharmacy is listed at 7580 Watson Road, Shrewsbury, Missouri, and the other pharmacy companies at 1701 Macklind Ave., Suite 300, St. Louis; the NPI registry lists the pharmacy as active since July 22, 2020. The same docket copy lists adversary proceedings including a suit by the debtors against J.R. and others of April 14, 2025, the multistate and Texas suits of June 9, 2025, a self-represented suit of July 17, 2025 and a 2026 suit by self-represented plaintiffs against 23andMe, Inc. ^{6 7 8}

analysisOn the petition date the company signed a term sheet with JMB Capital Partners Lending, LLC for a super-priority debtor-in-possession loan of up to $35 million, authorised on March 26, 2025; the loan agreement of April 28, with all debtors as joint borrowers, was secured on substantially all assets at 14.0% interest. The company drew $10.0 million on May 5, the commitments were later raised to $60 million, and the loan was repaid in full at the closing of the TTAM sale on July 14, 2025. The court approved Paul, Weiss and Carmody MacDonald as counsel, Moelis as investment banker, Alvarez & Marsal and Matthew Kvarda as chief restructuring officer and Kroll as claims agent. ^{1 2 3}

analysisOn April 3, 2025 the U.S. Trustee appointed a creditors' committee of LabCorp, Workday, Telus International, Jellyfish US and three individual creditors, which retained Kelley Drye & Warren, Stinson and FTI Consulting; on July 15, 2025 it appointed an equity committee of seven shareholders, four of them individuals not named here. The general bar date was July 14, 2025 and the governmental bar date September 19, 2025; about 170,800 timely claims and 46,530 late ones were filed, asserting more than $7 trillion in total. An aggregator's docket copy lists creditors including Converge Technology Solutions, CoreWeave, a GSK intellectual-property company, the landlord KR OP Tech, LabCorp and Oracle. A bankruptcy-data summary reports an ending cash balance of about $256.6 million in November 2025 and about $59.3 million of final fee requests, the largest approved amounts going to Paul, Weiss, Alvarez & Marsal and Kelley Drye & Warren; the operating reports and fee orders were not retrieved. ^{2 4 5}

analysisThe debtors filed their joint plan on August 15, 2025 with a disclosure statement signed by Kvarda: a Plan Administrator would wind down the debtors, a Plan Administration Trust would hold the remaining assets for unsecured creditors and shareholders, and shareholders (Class 12) would receive a share of the trust's Class B interests, with no estimate of their recovery. The court approved the disclosure statement on October 1, 2025; the third amended plan of November 14 modified the arbitration settlement and dropped an alternative equity-sale structure. On November 26, 2025 Judge Brian C. Walsh capped the landlord KR OP Tech's lease-rejection claim at about $5.6 million, noting claims with a face value in the trillions against about $200 million to distribute; the landlord appealed the confirmation order on December 23, 2025, according to a case-tracking service. ^{1 2 3}

analysisThe court confirmed the Modified Fifth Amended Joint Plan on December 1, 2025 (Docket No. 1662, amended December 5); the breach and pixel classes voted to accept, the unsecured classes 6 and 7 and the shareholders to reject, and the plan became effective on December 5, 2025. The debtors' assets other than the Lemonaid interests vested in the trust, whose distributions go first to reserves and administrative and priority claims, then to the breach and pixel settlements, then to unsecured claims. The 25,489,590 Class A and 2,110,250 Class B shares were cancelled, the boards dissolved and the directors and officers dismissed. Thomas Walper became the Plan Administrator, disclosed as an insider of the debtors, with Matthew Dundon representing unsecured creditors and Alan Halperin the shareholders. ^{4 5 6}

analysisThe plan names as Excluded Parties, who are not released and whom the trust may sue, the Former CEO, Anne Wojcicki in her capacity as director, shareholder and former chief executive, together with former directors and officers not in office on the petition date and a former Chief Security Officer; it states that she is not an affiliate of the debtors. Exclusion preserves possible claims and is not a finding of liability. The third amended plan had named ABeeC 2.0 and her foundation as released parties of the buyer, but paragraph 133 of the confirmation order treats Wojcicki, the foundation and ABeeC as having opted out of the releases, preserves their indemnification, advancement and exculpation rights, lets them raise counterclaims in any trust suit and does not limit their Class 12 distributions because of a disputed claim. ^{1 2}

analysisOn January 3, 2026 Wojcicki applied, through Bryan Cave Leighton Paisner, for payment of her unliquidated indemnification expenses as an administrative expense, citing the British Columbia actions, the Special Committee's investigation, requests from the House Oversight Committee and a self-represented adversary proceeding. That suit, filed on July 17, 2025 against the debtors, TTAM, Wojcicki and others, was dismissed on October 15, 2025; the docket summary does not say what it alleged. A bankruptcy-data summary reports two other administrative applications that day, by 23andMe Research Institute and by a former executive. The record does not show how the court ruled on any of them. ^{3 1 4 5}

analysisThe confirmation order reserved $4,061,000 for Converge Technology Solutions' claim for unpaid cloud invoices and left the landlord's lease claim undischarged until distributions are made. According to a case summary, the wind-down debtors argued that the Converge invoices were liabilities assumed by TTAM, which replied disputing any preclusive effect, and on March 4, 2026 the trust settled with Converge for $6.11 million while keeping a right to seek reimbursement from 23andMe Research Institute; the settlement papers were not retrieved. ^{1 2}

analysisOn January 21, 2026 the court closed all the cases except Chrome Holding Co.'s. In January 2026 the Northern District of California denied a temporary restraining order in a self-represented suit against 23andMe, Inc. and Regeneron, which the plaintiffs wrongly called the successor to the genomic assets. The court's calendar retrieved in October 2026 lists a claims-objection hearing on October 27, a status conference on November 3 and an estimation hearing on November 10, 2026, and an aggregator's docket copy shows the trust pursuing its twenty-third omnibus objection with a declaration of Joseph Selsavage. ^{3 4 5 6 7}