Elizabeth Holmes got the inspiration for Theranos during a summer internship at the Genome Institute of Singapore in 2002, where she worked on research and testing for Severe Acute Respiratory Syndrome (SARS). This led to the founding of Theranos, a health technology startup.

Inspiration for Theranos

Around 2002, Ramesh Balwani becomes the Chief Operating Officer and President of Theranos. Balwani, who is significantly older than Holmes, had met her during a trip to Beijing through Stanford University.

Balwani joins Theranos as COO and President

Theranos claimed to have developed blood tests that required only small amounts of blood and devices that could quickly perform the tests.

Theranos claimed to revolutionize blood-testing industry

Inspired by her fear of needles, Elizabeth Holmes founded Theranos at the age of 19 with the goal of revolutionizing blood testing. The company promised a more efficient and cost-effective alternative to traditional tests, attracting significant funding and high-profile partnerships.

Founding of Theranos by Elizabeth Holmes

Theranos Inc. was founded in 2003 by Elizabeth Holmes when she was only 19 years old. The company aimed to revolutionize the blood-testing industry.

Founding of Theranos Inc.

In 2003, Elizabeth Holmes, a Stanford drop-out, founded Theranos with the goal of revolutionizing blood testing.

Theranos founded by Elizabeth Holmes

In 2003, Elizabeth Holmes founded Theranos, a health technology company that claimed to have developed revolutionary blood tests requiring small amounts of blood, but these claims were later proven to be false.

Theranos Inc. Founded by Elizabeth Holmes

Elizabeth Holmes became the chief executive officer of Theranos when the company was incorporated in 2003.

Elizabeth Holmes becomes CEO of Theranos

Elizabeth Holmes founded the biotech startup Theranos in 2003 at the age of 19 after dropping out of Stanford University. The company promised a revolutionary blood analyzer that could run multiple tests with a small blood sample.

Foundation of Theranos by Elizabeth Holmes

In 2003, Elizabeth Holmes founded the medical start-up Theranos with the goal of revolutionizing blood tests by using small amounts of blood for rapid testing. The company promised easier, faster, and cheaper blood tests.

Elizabeth Holmes founds Theranos

In 2003, Elizabeth Holmes renamed her company Real-Time Cures to Theranos, a portmanteau of 'therapy' and 'diagnosis', after receiving backing from her advisor and dean at the School of Engineering.

Holmes renamed the company Theranos

In March 2004, Elizabeth Holmes, a Stanford University sophomore studying chemical engineering, decides to leave school in order to focus on her startup Theranos, which she established in 2003 at the age of 19.

Holmes drops out of Stanford to pursue Theranos

In March 2004, Elizabeth Holmes, a Stanford University sophomore studying chemical engineering, decides to drop out of school to focus on her startup, Theranos, which she established in 2003 at the age of 19. The company's name is derived from a combination of 'therapy' and 'diagnosis'.

Elizabeth Holmes drops out of Stanford to pursue Theranos

In March 2004, Elizabeth Holmes, a Stanford University dropout, founded Theranos, a healthcare technology company aimed at revolutionizing the lab-testing industry. The startup raised $6.9 million in funding.

Theranos Founded by Elizabeth Holmes

By December 2004, Elizabeth Holmes had raised $6 million to fund Theranos, marking a significant milestone in the company's early funding.

Holmes raised $6 million to fund Theranos

In 2005, Elizabeth Holmes testified during her criminal trial that she and Ramesh Balwani started living together. They kept their personal relationship hidden from employees, investors, and business partners.

Holmes and Balwani begin living together

By 2007, Theranos' valuation soared to $197 million following a $43.2 million funding round.

Theranos valuation reached $197 million

In September 2009, Ramesh 'Sunny' Balwani becomes a key figure at Theranos, joining the company as Elizabeth Holmes' right-hand man. His partnership with Holmes plays a significant role in the company's operations and growth.

Ramesh 'Sunny' Balwani joins Theranos as Holmes' right-hand man

In September 2009, Ramesh 'Sunny' Balwani becomes part of Theranos by guaranteeing a $10 million loan to the company and subsequently taking on a formal role. Balwani, who is significantly older than Holmes, had a successful career in the software industry and met Holmes in 2002 during a program in Beijing to learn Mandarin.

Ramesh 'Sunny' Balwani joins Theranos

In September 2009, Ramesh 'Sunny' Balwani, a Pakistani-born businessman, joined Theranos as the Chief Operating Officer and President. He later became romantically involved with Elizabeth Holmes.

Ramesh 'Sunny' Balwani Joins Theranos

In September 2009, Ramesh 'Sunny' Balwani becomes a part of Theranos, serving as Elizabeth Holmes' close associate and right-hand man. His involvement marks a significant development in the company's leadership structure.

Ramesh 'Sunny' Balwani joins Theranos as Elizabeth Holmes' right-hand man

In September 2009, Ramesh “Sunny” Balwani becomes part of Theranos by guaranteeing a $10 million loan to the company and taking on a formal role. Balwani, significantly older than Holmes, had a successful background in the software industry.

Ramesh “Sunny” Balwani joins Theranos

In 2010, Theranos achieved a valuation of $1 billion after subsequent funding rounds.

Theranos valued at $1 billion

Theranos reportedly raised roughly $724 million of capital from venture capitalists and private investors based on their claims.

Theranos raised $724 million from venture capitalists and private investors

Walgreens reportedly invested $140 million in its partnership with Theranos.

Walgreens invested $140 million in partnership with Theranos

In 2011, former US Secretary of State George Shultz became a board member of Theranos after meeting Elizabeth Holmes.

George Shultz becomes a Theranos board member

Theranos introduced the 'nanotainer' for blood collection and 'Edison' for blood analysis. The devices aimed to automate and miniaturize blood tests using small blood volumes.

Introduction of Nanotainer and Edison by Theranos

In September 2013, Theranos entered into a partnership with Walgreens, a major pharmacy chain. The collaboration aimed to bring Theranos' innovative lab-testing technology to Walgreens stores.

Theranos Partners with Walgreens

In September 2013, Elizabeth Holmes reveals details about Theranos and announces a partnership with Walgreens. The first Theranos Wellness Center opens in a Walgreens store in Palo Alto, offering consumers access to blood tests.

Holmes announces Theranos partnership with Walgreens

In September 2013, Theranos announced a partnership with Walgreens to launch in-store blood sample collection centers, marking a significant expansion for the company.

Theranos announced a partnership with Walgreens

In September 2013, Elizabeth Holmes reveals Theranos to the public and announces a partnership with Walgreens, marking a significant milestone for the company.

Theranos partnership with Walgreens announced

In September 2013, Elizabeth Holmes opens up about Theranos and announces a partnership with Walgreens. The first Theranos Wellness Center is established in a Walgreens store in Palo Alto, offering consumers access to blood tests.

Theranos announces Walgreens partnership

In September 2013, Elizabeth Holmes reveals details about Theranos and announces a partnership with Walgreens. This marks the beginning of a collaboration that includes the opening of the first Theranos Wellness Center in a Walgreens store in Palo Alto.

Holmes announces Walgreens partnership for Theranos

In September 2014, Elizabeth Holmes is recognized as one of the wealthiest women in America by Forbes. This acknowledgment highlights her financial success and prominence in the business world.

Holmes named one of the richest women in America by Forbes

In December 2014, despite Theranos' high valuation, Elizabeth Holmes kept quiet about the company's technology, which had not undergone peer review in medical journals.

Holmes silent on Theranos technology

On July 8, 2015, Capital BlueCross, a Pennsylvania insurer, selected Theranos as its preferred lab work provider when Theranos was valued at $10 billion.

Capital BlueCross chose Theranos as lab work provider

The Food and Drug Administration (FDA) issued a Form 483 Inspection Report dated September 16, 2015, related to Theranos and its blood-test technology.

FDA Form 483 Inspection Report

The Wall Street Journal published a critical article about Theranos, leading to a public relations crisis for the company. Theranos CEO Elizabeth Holmes responded by providing extensive documentation to refute the allegations.

The Wall Street Journal Criticizes Theranos

Following the critical article by The Wall Street Journal, Theranos was forced to suspend the use of its unapproved nanotainer for most blood tests, impacting the company's operations.

Theranos Suspends Use of Nanotainer

Theranos makes changes to its board of directors, removing Henry Kissinger and George Shultz and creating a new board of counselors. A separate medical board is also established.

Theranos Board of Directors Shake-Up

Theranos makes changes to its board of directors, removing Henry Kissinger and George Shultz and creating a new board of counselors. Additionally, a separate medical board is established.

Theranos Board of Directors Shake-up

The FDA made public two partially redacted Form 483 reports as part of an investigation into Theranos, raising concerns about the company's compliance with regulatory standards.

FDA Releases Form 483 Reports on Theranos

Fortune magazine reported that Theranos was in the process of raising $200 million in funding just before the controversy with The Wall Street Journal, indicating financial challenges faced by the company.

Theranos Seeks Additional Funding

Theranos' $350 million deal with Safeway fell through due to missed deadlines and doubts about test results.

Failed $350 Million Deal with Safeway

Centers for Medicare and Medicaid Services (CMS) sends Theranos a letter stating its California lab has failed to comply with federal standards, putting patients in immediate jeopardy. Walgreens suspends Theranos services at its Palo Alto location.

Federal regulators take issue with Theranos’ California lab; Walgreens pulls back

In January 2016, federal regulators raised concerns about Theranos' California lab, leading to Walgreens pulling back its partnership with the company.

Federal regulators take issue with Theranos' California lab

The Centers for Medicare & Medicaid Services (CMS) released a critical report on Theranos' lab in California.

CMS Report on Theranos' Lab

Walgreens Boots Alliance Inc. decided to close the Theranos Wellness Center and suspend the use of Theranos's lab following the CMS report.

Walgreens Suspends Partnership with Theranos

CMS threatens to ban Elizabeth Holmes and Ramesh Balwani from the laboratory business for two years due to ongoing issues at Theranos' California lab, with the company considering it a worst-case scenario.

CMS threatens to ban Holmes, Balwani from lab business

Ramesh Balwani steps down from Theranos as the company voids two years' worth of blood tests, marking a significant development in the ongoing issues faced by the company.

Balwani steps down; Theranos voids two years of blood tests

In May 2016, Ramesh Balwani steps down from Theranos and the company voids two years' worth of blood tests due to ongoing issues and controversies.

In May 2016, Ramesh Balwani steps down from Theranos and the company voids two years' worth of blood tests following ongoing issues and controversies.

In June 2016, Forbes revises Elizabeth Holmes' net worth to $0 and Theranos loses its largest retail partner.

Holmes net worth revised to $0; Theranos loses its largest retail partner

Theranos corrects tens of thousands of blood-test reports by voiding two years of blood test results from its proprietary testing devices.

Theranos voids two years of blood test results

Walgreens, Theranos' largest retail partner, terminates its partnership with the company and announces the closure of all 40 Theranos Wellness Centers.

Walgreens ends partnership with Theranos

Theranos corrects tens of thousands of blood-test reports by voiding two years of results from its proprietary testing devices.

Walgreens, the largest retail partner of Theranos, terminates its partnership with the company and announces the closure of all 40 Theranos Wellness Centers.

In July 2016, Elizabeth Holmes is prohibited from managing labs for a period of two years.

Holmes is banned from running labs for two years

In August 2016, Theranos reveals the 'miniLab' device at a conference, attempting to move past recent setbacks. The company aims to focus on selling the device rather than operating clinics to bypass regulatory sanctions.

Theranos unveils 'miniLab' device

Theranos introduces a mini testing laboratory named miniLab at a conference, aiming to shift focus from operating clinics to selling devices to bypass CMS sanctions.

In August 2016, Theranos reveals the 'miniLab' device at a conference, as an attempt to move past recent setbacks. The company aims to focus on selling the device rather than operating clinics to bypass regulatory sanctions.

In October 2016, Theranos investor Partner Fund Management files a lawsuit against the company for $96.1 million, alleging securities fraud. The lawsuit was eventually settled in May 2017 for an undisclosed amount.

Theranos investor sues the company

By October 2016, Theranos had closed its lab operations and wellness centers.

Theranos shuts down lab operations and wellness centers

In October 2016, Theranos investor Partner Fund Management files a lawsuit against the company for $96.1 million, alleging securities fraud. The legal dispute was eventually settled in May 2017 for an undisclosed sum.

In November 2016, Walgreens filed a lawsuit against Theranos, a blood testing startup, for breach of contract. Walgreens aimed to recoup the $140 million it had invested in the company. The legal dispute was resolved in August 2017.

Walgreens sues Theranos

Walgreens files a lawsuit against Theranos for breaching their contract, aiming to recoup the $140 million it invested in the blood testing startup. The legal dispute was resolved in August 2017.

Theranos settled a lawsuit with Partner Fund Management, one of its largest investors, over accusations of securities fraud. The company had also settled with the Centers for Medicare & Medicaid Services and the Arizona Attorney General.

Theranos settles lawsuit with Partner Fund Management

The SEC charged Theranos, its founder Elizabeth Holmes, and former President Ramesh Balwani with massive fraud.

SEC charges Theranos, Elizabeth Holmes, and Ramesh Balwani with fraud

On April 10, 2018, Theranos laid off the majority of its workers in an attempt to avoid bankruptcy.

Theranos layoffs

A federal grand jury indicted Elizabeth Holmes and Ramesh Balwani on multiple counts of wire fraud and conspiracy to commit wire fraud.

Holmes and Balwani indicted on wire fraud charges

On June 15, 2018, Elizabeth Holmes and Ramesh Balwani were indicted on wire fraud charges related to deceiving investors, doctors, and patients about the accuracy of their products.

On September 4, 2018, Theranos announced it would cease operations and distribute its assets to creditors after failing to find a buyer.

Theranos shutdown

Former Theranos COO Ramesh 'Sunny' Balwani was seen leaving the Robert F. Peckham U.S. Federal Court in San Jose, California after a status hearing. Both Balwani and Elizabeth Holmes were facing charges of conspiracy and wire fraud related to defrauding investors with Theranos blood testing lab services.

Ramesh Balwani leaves court after status hearing

Former Theranos COO Ramesh Balwani was seen leaving the Robert F. Peckham U.S. Federal Court in San Jose, California after a status hearing. He and Elizabeth Holmes were facing charges of conspiracy and wire fraud related to defrauding investors with Theranos blood testing lab services.

Ramesh 'Sunny' Balwani leaves court after status hearing

In September 2020, details of Elizabeth Holmes' potential defense strategy came to light. This revelation hinted at the legal tactics Holmes might employ in her defense.

Elizabeth Holmes' Defense Strategy Revelation

In September 2020, details of Elizabeth Holmes' potential defense strategy came to light. Holmes, the founder of Theranos, was likely preparing her legal defense amidst the company's controversies.

Holmes' Defense Strategy Revealed

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

Holmes found guilty of wire fraud

Elizabeth Holmes, the founder and former CEO of Theranos Inc., appeared in-person at a federal court in San Jose, California. She was scheduled to go to trial in August on charges related to the alleged fraud of her blood-test startup.

Elizabeth Holmes arrives at U.S. federal court in San Jose

Elizabeth Holmes collects her belongings after going through security at the Robert F. Peckham Federal Building with her defense team in San Jose, California.

Elizabeth Holmes' Defense Team at Robert F. Peckham Federal Building

Elizabeth Holmes, founder of Theranos, began her trial in California on August 31, 2021. She faced accusations of intentionally misleading investors and patients regarding the capabilities of Theranos' 'Edison' machines.

Start of Elizabeth Holmes Trial in California

On January 3, 2022, Elizabeth Holmes was found guilty on four counts, including wire fraud and conspiracy to commit wire fraud. She was sentenced to 11 years in prison, highlighting the legal consequences of the Theranos scandal.

Guilty Verdict and Sentencing

Elizabeth Holmes, former CEO of Theranos and once the richest woman in America, was found guilty on three charges of wire fraud and one conspiracy to commit wire fraud. She faces up to 20 years in prison for defrauding investors.

Elizabeth Holmes Found Guilty of Wire Fraud

On January 3, 2022, Elizabeth Holmes was sentenced to 11 years in prison for defrauding investors. This marked the beginning of her legal consequences for the Theranos scandal.

Elizabeth Holmes sentenced to prison

Elizabeth Holmes was found guilty on four out of 11 federal charges related to defrauding investors. She was later sentenced to 11 years and three months in prison.

Elizabeth Holmes Convicted on Federal Charges

On January 3, 2022, Elizabeth Holmes, the founder of Theranos, was found guilty of four out of 11 fraud charges.

Elizabeth Holmes Fraud Conviction

Elizabeth Holmes, founder of Theranos Inc., is found guilty of one count of conspiracy to defraud investors and three wire fraud counts tied to specific investors. She is acquitted of charges related to defrauding patients and one charge of conspiracy to defraud patients. The jury is unable to reach a verdict on three charges related to defrauding investors. Holmes faces a potential sentence of up to 20 years in prison and hefty fines.

Elizabeth Holmes Found Guilty of Conspiracy and Wire Fraud

Elizabeth Holmes was found guilty of fraud and conspiracy after a high-profile trial in San Jose, California. The verdict marked the downfall of the once-promising Silicon Valley star.

Elizabeth Holmes found guilty of fraud and conspiracy

On March 22, the trial for Ramesh Balwani, former Theranos executive, begins with opening arguments after delays caused by Elizabeth Holmes' trial and the Covid-19 pandemic.

Opening Arguments in Balwani's Trial

On March 22, 2022, opening arguments begin in Ramesh 'Sunny' Balwani's criminal trial for his involvement in the Theranos scandal. The government's first witness, a former Theranos employee turned whistleblower, testifies in court.

Opening arguments in Balwani's trial

Balwani, former Theranos executive, was convicted on all charges and received a nearly 13-year prison sentence.

Balwani Found Guilty and Sentenced

A jury has returned verdicts in the trial of Theranos founder Elizabeth Holmes. The outcome of the trial will have significant implications for the future of the company and its founder.

Verdicts in Elizabeth Holmes Trial

A jury has returned verdicts in the trial of Theranos founder Elizabeth Holmes.

On December 7, 2022, Ramesh 'Sunny' Balwani was sentenced to 12 years and 11 months in prison, plus three years of probation.

Sentencing of Ramesh 'Sunny' Balwani

Ramesh 'Sunny' Balwani began serving his prison sentence on March 15, 2023.

Start of Ramesh 'Sunny' Balwani's Prison Sentence

After multiple attempts to delay her sentence, Elizabeth Holmes finally began serving her prison term at a federal prison camp in Texas.

Elizabeth Holmes Reports to Federal Prison

On May 30, 2023, Elizabeth Holmes reported to a federal prison in Texas to begin serving her sentence.

Elizabeth Holmes Begins Serving Prison Sentence

Theranos, founded by Elizabeth Holmes, faced legal challenges due to false claims about blood tests. The company dissolved in 2018, with Holmes and Balwani facing fraud charges and convictions in 2022.

Theranos - Controversial health technology company

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