Genetic testing giant 23andMe on Sunday night filed for Chapter 11 bankruptcy protection in Missouri, and the company's co-founder and CEO, Anne Wojcicki, announced her resignation after nearly two decades.

The filing comes after the company has struggled with financial issues for years after it failed to generate recurring revenue. Issues got worse in September when its directors resigned over negotiations with the CEO, per the Associated Press.  

The company reported in a Securities Exchange Commission filing that as of the end of last year it had total debts of more than $214.7 million. Its assets amounted to over $277.4 million.

The bankruptcy protection filing will now allow the company to be sold, along with all of its assets, in a reorganization plan that's overseen by courts. Wojcicki is expected to bid on the company.

“We have had many successes but I equally take accountability for the challenges we have today,” Wojcicki wrote in a post on X on Monday. “There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”

Wojcicki will remain a member of the board, and 23andMe’s Chief Financial and Accounting Officer Joseph Selsavage will serve as the interim CEO, according to CNBC.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.