The news: Embattled direct-to-consumer genetic testing company 23andMe filed for federal bankruptcy protection and announced the resignation of CEO Anne Wojcicki. 23andMe’s stock plummeted nearly 60% on Monday following its Sunday night filing.

How we got here: 23andMe was a market trailblazer in the DNA testing segment, becoming the first company to sell FDA-approved genetic tests to consumers. People grew fascinated with the idea of taking a test to uncover insights about their ancestry, helping 23andMe reach a $6 billion peak valuation after going public in 2021.

However, a series of operational difficulties and company missteps followed:

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