In early 2023, genetic testing company 23andMe had over 800 employees. That number has more than halved as 23andMe undergoes restructuring to cut costs.

On Monday, 23andMe announced it the fifth round of layoffs as of early 2023. This round affects over 200 people or about 40% of its current workforce — now the company's headcount is down to roughly 300 people. The layoffs are expected to save 23andMe about $35 million.

Related: 23andMe to pay $30 million settlement after massive hack exposed customer data on the dark web

“We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships,” said 23andMe CEO Anne Wojcicki. in a press release.

In addition to the layoffs, 23andMe is shutting down its therapeutics business, which studied cancer treatments.

^{23andMe CEO Anne Wojcicki. Photo: Kyle Grillot/Bloomberg via Getty Images}

Related: 'Surprised and disappointed': All independent 23andMe board members resign, leaving only CEO

What happened to 23andMe?

23andMe's move to restructure and cut costs follows a turbulent few years for the company. The genetics company has seen its valuation drop 99% from its $6 billion high when it first went public in 2021, leaving it a penny stock.

In April 2023, 23andMe was targeted in a hack that exposed the personal data of 6.9 million customers. company agreed to pay $30 million plus three years of security monitoring to resolve the issue.

Then, in September, all independent 23andMe board members resignleaving only the CEO. In a letter, they called out Wojcicki for not submitting a complete proposal to take the company private over the previous five months. They said they had a “protracted and distracting difference of views” with Wojcicki about “the direction of the Company”.

Wojcicki controls 49% from 23 and With votes. A special committee established by the company rejected Wojcicki's proposal in August to buy all the stock it didn't already own at $0.40 a share and take the company private. Board member resignations followed this action.

23andMe has since appointed new independent directors to its board, adding three leaders at the end of October.