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.

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.

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.

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

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.

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

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.

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

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

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.

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.

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.

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.

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

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

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.

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 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.

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.

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

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.

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

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

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.

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

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

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

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.

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.

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.

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

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

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.

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.

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.

On January 3, 2022, Elizabeth Holmes was found guilty of wire fraud and conspiracy to commit 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 collects her belongings after going through security at the Robert F. Peckham Federal Building with her defense team in San Jose, California.

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 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.

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.

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.

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.

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

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