NEW YORK (AP) — 23andMe has filed for Chapter 11 bankruptcy protection and its co-founder and CEO has resigned as the struggling genetic testing company continues its push to cut costs.

San Francisco-based 23andMe announced on Sunday that it will look to sell “substantially all of its assets” through a court-approved reorganization plan.

Anne Wojcicki, who co-founded 23andMe nearly two decades ago, is also stepping down as CEO effective immediately, the company said — but will remain on the 23andMe board. Her resignation comes just weeks after a board committee rejected a nonbinding acquisition proposal from Wojcicki, who has been trying to take the company private.

And Wojcicki intends to still bid on 23andMe as the company pursues a sale through the bankruptcy process. In a statement on social media, Wojcicki said that she resigned as CEO to be “in the best position” as an independent bidder.

“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,” she later added.

23andMe has faced an uncertain future for some time. Beyond battles to go private, the company struggled to find a profitable business model since going public in 2021. Privacy concerns related to customers’ genetic information have also emerged, notably spanning from a 2023 data breach — along with questions around what new ownership could mean for users’ data.

23andMe was founded in 2006, with a promise to revolutionize the future of genetics and health care. The company became known for its saliva-based DNA testing kits — purchased by millions of customers eager to learn more about their ancestry — and later dived further into health research and drug development.

But recent years have been far from smooth sailing for 23andMe. And Sunday’s voluntary bankruptcy filing caps months of turmoil.

Last September, all of its independent directors resigned in a rare move following acquisition negotiations with Wojcicki.

The company then announced in November that it would lay off 40% of its workforce, or more than 200 employees, and discontinue its therapeutics division. And in January, the board’s special committee said it was exploring strategic alternatives, including a possible sale.

Shares of 23andMe Holding Co. have shed nearly all their value since last spring — and plunged even farther after Sunday’s bankruptcy filing, trading at under $1 as of midday Monday.