History of Theranos in Timeline

Theranos was a privately held health technology company founded in 2003 by Elizabeth Holmes. It claimed to have revolutionized blood testing with technology that could perform rapid and accurate tests using minimal blood samples via automated devices. The company garnered significant investment, reaching a $9 billion valuation. However, these claims were ultimately proven false, leading to the company's downfall and legal consequences for its founder.

2003: Holmes as CEO

In 2003, Elizabeth Holmes became the company's chief executive officer.

2003: Holmes Drops Out of Stanford and Founds Theranos

In 2003, Elizabeth Holmes dropped out of Stanford University and founded Theranos, initially named "Real-Time Cures", using her education trust fund. The name was later changed to Theranos, derived from "therapy" and "diagnosis".

December 2004: Theranos Raises Over $6 Million

By December 2004, Theranos had raised more than $6 million from investors at a valuation of $30 million.

2006: Theranos Raises $45 Million Total

In 2006, Theranos had about $45 million total fundraising after Series B and Series C funding.

2009: Sunny Balwani Joins Theranos as COO

In 2009, Sunny Balwani, Holmes's then-boyfriend, joined Theranos as its president and chief operating officer.

2010: Theranos Raises Additional $45 Million

In 2010, Theranos raised an additional $45 million at a valuation of $1 billion.

July 2011: George Shultz Joins Theranos Board of Directors

In July 2011, former U.S. Secretary of State George Shultz joined the Theranos board of directors, helping to recruit several other high-profile individuals with diplomatic or military backgrounds over the next three years.

June 2012: Theranos Moves to Former Facebook Headquarters

In June 2012, Theranos relocated its headquarters from 3200 Hillview Ave to the former Facebook headquarters at 1601 S. California Ave.

2012: Safeway Investment

In 2012, Safeway invested $350 million to retrofit 800 locations with clinics for in-store blood tests.

2012: Inquiry from U.S. Department of Defense

In 2012, the U.S. Department of Defense made a formal inquiry to look at Theranos blood test devices.

September 2013: Significant News Coverage for Theranos

In September 2013, Theranos received significant news coverage following profiles in the San Francisco Business Times and The Wall Street Journal.

2013: Partnership with Walgreens

In 2013, Theranos partnered with Walgreens to offer in-store blood tests at over 40 locations.

2013: Valuation Peak

In 2013, Theranos reached a valuation of $9 billion, representing its peak valuation.

2013: Tyler Shultz Joins Theranos

Tyler Shultz joined Theranos as an employee in 2013.

2014: Theranos Valued at $9 Billion

By 2014, Theranos had raised more than $400 million with an estimated value of $9 billion.

2014: FDA Inspection Reports

FDA inspection reports from 2014 stated that its containers for blood collection were "not validated under actual or simulated use conditions" and "were not reviewed and not approved by designated individual(s) prior to issuance".

2014: Continued High Valuation

In 2014, Theranos maintained its peak valuation of $9 billion.

2014: Tyler Shultz Leaves Theranos

Tyler Shultz leaves Theranos in 2014.

February 2015: Lack of Peer-Reviewed Research

In February 2015, Stanford professor John Ioannidis wrote in the Journal of the American Medical Association that no peer-reviewed research from Theranos had been published in medical research literature.

March 2015: Partnership with Cleveland Clinic

In March 2015, the Cleveland Clinic announced a partnership with Theranos to test its technology and decrease the cost of lab tests.

May 2015: Biden Visits Theranos Facility

In May 2015, Holmes invited then-U.S. Vice President Joe Biden to tour their facility in an attempt to boost the company's credibility. A fake lab was created for the Vice President's tour.

May 2015: Analysis of Theranos Technology

In May 2015, University of Toronto Professor Eleftherios Diamandis analyzed Theranos technology and concluded that "most of the company's claims are exaggerated".

July 2015: Theranos Becomes Lab Provider

In July 2015, Theranos became the lab-work provider for Pennsylvania insurers AmeriHealth Caritas and Capital Blue Cross.

July 2015: FDA Approves Fingerstick Blood Testing Device

In July 2015, the Food and Drug Administration approved the use of Theranos's fingerstick blood testing device for the herpes simplex virus (HSV-1) outside a clinical laboratory setting.

September 2015: Arizona Department of Health Services Issues

In September 2015, the Arizona Department of Health Services reported issues with Theranos's Scottsdale lab meeting regulations.

October 2015: Companies Deny Active Projects with Theranos

In October 2015, GlaxoSmithKline and Pfizer stated they had no active projects with Theranos, despite reports of Theranos blood tests being used in drug trials.

October 2015: WSJ Report on Theranos's Testing Practices

In October 2015, John Carreyrou of The Wall Street Journal reported that Theranos was using traditional blood testing machines instead of the company's Edison devices, and that the company's Edison machines might provide inaccurate results. Tyler Shultz was a key source for the story.

November 2015: Reports Revealed in Arizona Republic

In November 2015, the reports about the Arizona Department of Health Services' issues with Theranos's Scottsdale lab were revealed in the Arizona Republic.

2015: FDA Inspection Reports

FDA inspection reports from 2015 stated that its containers for blood collection were "not validated under actual or simulated use conditions" and "were not reviewed and not approved by designated individual(s) prior to issuance".

2015: FDA Inspection and Theranos's Response

In 2015, an FDA inspection resulted in multiple observed violations. It was revealed that the FDA had classified Theranos's nanotainer device as a Class II medical device. Theranos announced it would voluntarily suspend its tests apart from the FDA-approved herpes simplex virus (HSV-1) test.

2015: Validity of Theranos's Technology Questioned

In 2015, medical research professor John Ioannidis, professor Eleftherios Diamandis, and journalist John Carreyrou questioned the validity of Theranos's technology.

January 2016: CMS Letter and Suspensions

In January 2016, the Centers for Medicare and Medicaid Services (CMS) sent a letter to Theranos based on a 2015 inspection of its Newark, California lab, reporting that the facility caused "immediate jeopardy to patient health and safety". Walgreens subsequently announced a suspension of Theranos blood tests from the Newark lab and paused wellness services in Palo Alto. Theranos also agreed to stop tests at the Capital Blue Cross retail store in Enola, Pennsylvania.

February 2016: Theranos Permits Validation Study by Cleveland Clinic

In February 2016, Theranos announced that it would permit the Cleveland Clinic to complete a validation study of its technology, which had been criticized for not being peer-reviewed. Theranos claimed to have data verifying the accuracy and reliability of its tests that would be published.

March 2016: Study Shows Inconsistencies in Theranos Blood Test Results

In March 2016, a study published in the Journal of Clinical Investigation revealed that Theranos's blood test results were flagged "outside their normal range 1.6× more often than other testing services". The study also found significant interservice variability and nonequivalent lipid panel test results between Theranos and other clinical services.

April 2016: Theranos Announces Medical Advisory Board

In April 2016, Theranos announced its medical advisory board, including experts from the American Association for Clinical Chemistry and the U.S. Centers for Disease Control and Prevention. The board was created to review Theranos's technologies and advise on their integration into clinical practice.

May 2016: Balwani Leaves Theranos, New Board Members Announced

In May 2016, Sunny Balwani left his position as president and COO of Theranos. The company announced new board members, including Fabrizio Bonanni, Richard Kovacevich, and William Foege.

May 2016: Voided Test Results

In May 2016, Theranos announced that it had voided two years of results from its Edison device.

June 2016: Holmes's Net Worth Drops to "Nothing"

By June 2016, Forbes estimated that Elizabeth Holmes's personal net worth had dropped from $4.5 billion to "nothing".

June 2016: More Voided Results

In June 2016, Theranos announced that about 1% of test results had been voided or corrected from its proprietary machines.

June 2016: Walgreens Formally Terminates Partnership

In June 2016, Walgreens formally terminated its partnership with Theranos and would close all remaining Theranos wellness centers.

July 2016: CMS Revokes CLIA Certificate

In July 2016, Theranos announced that the CMS had revoked its Clinical Laboratory Improvement Amendments (CLIA) certificate and issued sanctions prohibiting its owners and operators from owning or operating a clinical laboratory for two years, suspension of approval to receive Medicare and Medicaid payments, and a civil monetary penalty. Theranos announced plans to appeal the decision.

August 2016: Theranos Introduces miniLab, Walgreens Withdraws Partnership

In August 2016, Theranos introduced a new robotic capillary blood testing unit named "miniLab" at the American Association for Clinical Chemistry meeting without presenting supporting data. Walgreens withdrew from their partnership after Theranos failed to address concerns about the miniLab's capabilities. It was also revealed that Theranos had voided two years of inaccurate Edison test results.

August 2016: Zika Blood Test Request Withdrawn

In August 2016, Theranos withdrew its request for emergency clearance of a Zika virus blood test after a lack of essential safeguards during the testing process was found by federal inspectors.

October 2016: Laboratory Operations Closed

In October 2016, Theranos announced that it would close its laboratory operations and wellness centers and lay off about 40% of its workforce to work on miniature medical testing machines.

November 2016: Walgreens Files Lawsuit

In November 2016, Walgreens filed a suit against Theranos in federal court in Delaware for breach of contract.

November 2016: Theranos to Scrap Board of Counselors

In November 2016, it was announced that the celebrity-studded "board of counselors" at Theranos would be scrapped in January 2017.

December 2016: Theranos Management Team Restructured

In December 2016, Theranos announced that its management team would be restructured with the departure of Riley Bechtel.

2016: Forbes Revises Theranos' Estimated Net Worth

In 2016, Forbes revised the estimated net worth of Theranos to $800 million, taking into account the $724 million of capital raised.

January 2017: Further Workforce Reduction and Lawsuits

In January 2017, Theranos announced that it had laid off a further 41% of its workforce and closed the last remaining blood-testing facility. Also that month, the company faced lawsuits from several different entities including Walgreens and Arizona Attorney General Mark Brnovich.

January 2017: James Mattis Resigns from Theranos Board

In January 2017, incoming U.S. Secretary of Defense nominee James Mattis resigned from the Theranos board.

April 2017: Investor Lawsuit and Settlement with CMS and Arizona Attorney General

In April 2017, lawyers for Partner Investments LP and two other funds charged that Theranos had threatened to seek bankruptcy protection. Theranos officials disputed the characterization of the exchange offer. In April 2017, Theranos reached a settlement with CMS agreeing to stay out of the blood-testing business for at least two years in exchange for reduced penalties, and signed a consent decree with Arizona Attorney General Mark Brnovich over violations of the Arizona Consumer Fraud Act. Theranos agreed to refund $4.65 million to the state's residents for Theranos blood testing services.

May 1, 2017: Settlement with PFM

On May 1, 2017, Theranos announced that it had reached an undisclosed settlement with Partner Fund Management LP (PFM).

May 2017: Shareholders Release Claims Against Theranos

In May 2017, participating shareholders provided a release of any potential claims against Theranos in exchange for shares of the company's new preferred stock. Holmes contributed shares to the company and gave up equity to offset potential dilution to non-participating shareholders.

June 2017: Settlement with Walgreens

In June 2017, Theranos reported to investors that the lawsuit with Walgreens, which originally sought $140 million in damages, was settled for less than $30 million.

August 2017: Settlement with Walgreens

In August 2017, Theranos announced it had reached a settlement with Walgreens.

December 2017: Loan from Fortress Investment Group

In December 2017, Fortress Investment Group loaned $100 million to Theranos for 4% of the company, securing the loan with Theranos's patents.

2017: Theranos Relocates to Newark Laboratories

By 2017, Theranos was headquartered at 1701 Page Mill Road, Palo Alto, California. In 2017, the company vacated its Page Mill headquarters, moving remaining staff into the Newark, California, laboratories.

March 2018: SEC Files Fraud Charges Against Theranos and Executives

In March 2018, the SEC filed civil fraud charges against Theranos, CEO Elizabeth Holmes, and former president Ramesh "Sunny" Balwani, alleging they engaged in an "elaborate, years-long fraud" by deceiving investors about the capabilities of their portable blood analyzer. Holmes settled with the SEC, while Balwani did not.

April 10, 2018: Layoffs to Avoid Bankruptcy

On April 10, 2018, Theranos laid off the majority of workers in a renewed bid to avoid bankruptcy, reducing the company's headcount to fewer than 25 employees.

May 2018: Publication of "Bad Blood: Secrets and Lies in a Silicon Valley Startup"

In May 2018, John Carreyrou published a book-length treatment titled "Bad Blood: Secrets and Lies in a Silicon Valley Startup", detailing his investigation into Theranos.

Bad Blood: Secrets and Lies in a Silicon Valley Startup

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May 2018: Report of Major Losses by Investors

In May 2018, John Carreyrou reported that American business and government leaders lost more than $600 million by privately investing in Theranos. Major investments had been made by the Walton family, Rupert Murdoch, Betsy DeVos, the Cox family, and Larry Ellison.

June 15, 2018: Holmes and Balwani Indicted on Fraud Charges

On June 15, 2018, Elizabeth Holmes and Sunny Balwani were indicted on multiple counts of wire fraud and conspiracy to commit wire fraud for allegedly defrauding investors, doctors, and patients by concealing the unreliability of their products. The case was assigned to Judge Lucy H. Koh.

September 4, 2018: Theranos Ceases Operations

On September 4, 2018, Theranos announced via email to investors that it would cease operations, releasing its assets and remaining cash to creditors after failing to find a buyer. Equity investments in the company became worthless, and most employees had been laid off the previous Friday.

September 2018: Theranos Dissolved

In September 2018, after facing legal challenges and sanctions, Theranos was dissolved.

September 2018: Final Liquidation of Theranos

The final liquidation of Theranos in September 2018 rendered investments by shareholders worthless.

2018: SEC Charges Filed

In 2018, the SEC charged Theranos, Elizabeth Holmes, and Sunny Balwani with fraud.

2018: Holmes as CEO

Until 2018, Elizabeth Holmes was the company's chief executive officer.

January 2019: Release of "The Dropout" Podcast and Documentary

In January 2019, ABC News Nightline released a podcast and documentary about the Holmes/Theranos story called "The Dropout". Also in January 2019, a documentary film entitled "The Inventor: Out for Blood in Silicon Valley" about Holmes and Theranos was released.

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March 2019: "The Inventor: Out for Blood in Silicon Valley" Released on HBO

In March 2019, the documentary film entitled "The Inventor: Out for Blood in Silicon Valley" about Elizabeth Holmes and Theranos was released to the general public on HBO platforms.

2019: Patents Issued

In 2019, Theranos was still being issued patents due to the lengthy patent application process.

July 28, 2020: Trial Jury Selection Proposed

On July 28, 2020, the jury selection was scheduled for the trial of Elizabeth Holmes and Sunny Balwani, which was to commence in August 2020.

August 2020: Trial Commencement Proposal

In August 2020, the trial for Elizabeth Holmes and Sunny Balwani was proposed to commence, however, the COVID-19 pandemic led to a proposed October date.

2020: Film Version Scheduled for Release

In 2020, a film version of the Theranos story, starring Jennifer Lawrence as Elizabeth Holmes, was reportedly scheduled for release, written by Vanessa Taylor and directed by Adam McKay.

February 2021: Federal Prosecutors Accuse Holmes of Destroying Evidence

In February 2021, federal prosecutors accused Elizabeth Holmes and other executives of destroying evidence related to the internal testing history of Theranos's blood-testing systems during the company's final days.

August 31, 2021: Holmes' Trial Rescheduled

The trial for Elizabeth Holmes was rescheduled to begin on August 31, 2021, due to the COVID-19 pandemic, with Sunny Balwani's trial pushed back further to 2022.

January 3, 2022: Holmes Found Guilty of Fraud

On January 3, 2022, Elizabeth Holmes was found guilty of four counts of wire fraud and one count of conspiracy to commit wire fraud.

January 2022: Film Preparations Resumed

In January 2022, Adam McKay stated that preparations for the film based on the Theranos story had resumed, with Jennifer Lawrence working on learning Holmes's speech pattern.

January 2022: Holmes Found Guilty

In January 2022, Elizabeth Holmes was found guilty on four counts of wire fraud and conspiracy.

March 2022: Balwani's Trial Begins

In March 2022, Sunny Balwani's trial began, where he faced charges related to fraud committed at Theranos.

March 2022: "The Dropout" Miniseries Premieres

In March 2022, a miniseries called "The Dropout", based on the eponymous podcast, premiered on Hulu in the US, Star+ in Latin America and Disney+ internationally, with Amanda Seyfried as Elizabeth Holmes.

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July 2022: Balwani Convicted of Fraud

In July 2022, Sunny Balwani was convicted of 12 counts of fraud related to his involvement with Theranos.

November 2022: Holmes Sentenced to Prison

In November 2022, Elizabeth Holmes was sentenced to 11 years and 3 months in prison for her convictions on wire fraud and conspiracy charges.

November 2022: Lawrence No Longer Involved with Film

In November 2022, Jennifer Lawrence announced that she would no longer be involved with the Theranos film project.

December 2022: Balwani Sentenced

In December 2022, Sunny Balwani was sentenced to 12 years and 11 months in prison and 3 years of probation.

2022: Balwani's Trial Pushed Back

In 2022, the trial for Sunny Balwani was further pushed back due to the COVID-19 pandemic.

May 30, 2023: Holmes Begins Prison Sentence

On May 30, 2023, Elizabeth Holmes began serving her prison sentence at Federal Prison Camp, Bryan in Bryan, Texas.

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