Logo: Theranos, Public domain

Theranos

A blood testing company based in Palo Alto and Newark, California.

Health careDiagnosticsBlood testingFraud case

Shut down^{Source [6]}^{Source [10]}Last verified Oct 2, 2026

About Theranos

Theranos was a health care diagnostics company founded by Elizabeth Holmes in 2003 and based in Palo Alto and later Newark, California. It set out to run blood tests on small samples drawn from a fingerstick, developing a device called the Edison and collection tubes called nanotainers.^{Source [1]}^{Source [4]}

It partnered with Walgreens in 2010 and with Safeway, launched testing services in Walgreens stores in fall 2013, and per the SEC raised more than $700 million from investors from late 2013 to 2015. By December 2014 a Horatio Alger Association release described it as valued at over $9 billion.^{Source [4]}^{Source [1]}^{Source [7]}

In March 2018 the SEC charged the company, Holmes and former president Ramesh Balwani with fraud, and the company settled. Holmes and Balwani were later convicted of federal fraud charges, and the Ninth Circuit affirmed the convictions in February 2025. Theranos told stockholders in September 2018 that it would dissolve after defaulting on a loan from Fortress.^{Source [5]}^{Source [4]}^{Source [6]}

Watch

Elizabeth Holmes & The Theranos Deception | 60 Minutes Archive by 60 Minutes on YouTube

What happened

Founded by Elizabeth Holmes in 2003 as a Delaware corporation; early coverage gives its first name as Real-Time Cures. In March 2018 the SEC charged the company, Holmes and former president Ramesh Balwani with fraud, and the company and Holmes settled without admitting or denying the allegations. In September 2018 chief executive David Taylor told stockholders the company would begin a formal dissolution, and the U.S. Attorney's Office later described Theranos as defunct.^{Source [1]}^{Source [8]}^{Source [9]}^{Source [5]}^{Source [6]}^{Source [10]}

Timeline

2025-02-24The Ninth Circuit affirmed the fraud convictions of Holmes and Balwani and a $452 million restitution order.^{Source [4]}^{Source [11]}
2018-09CEO David Taylor told stockholders the company would dissolve after defaulting on its Fortress credit facility.^{Source [6]}
2018-06-15Holmes and Balwani were indicted; Holmes stepped down as CEO and David Taylor became CEO.^{Source [2]}^{Source [12]}
2018-03-14The SEC charged Theranos, Holmes and Balwani with fraud; the company and Holmes settled.^{Source [5]}
2016-05Balwani left the company.^{Source [1]}
2014Created super-voting Class B shares for Holmes and sold Series C-2 shares.^{Source [1]}^{Source [4]}
2013Launched testing services in Walgreens stores and began raising more than $700 million through 2015.^{Source [4]}^{Source [1]}
2010Partnered with Walgreens to offer tests in its pharmacies.^{Source [4]}
2009Ramesh Balwani joined as President and COO.^{Source [1]}
2003Founded by Elizabeth Holmes as a Delaware corporation.^{Source [1]}

Products and brands

Edison: Miniaturized blood analyzer; the only Theranos device used to test patient samples.^{Source [4]}
Nanotainer: Proprietary tube for collecting blood from a fingerstick.^{Source [4]}
miniLab: Later-generation analyzer in development that was not commercially ready.^{Source [1]}^{Source [4]}
Theranos Wellness Centers: Theranos-branded testing locations, including in Arizona.^{Source [4]}

How it makes money: Sold clinical laboratory testing to consumers through retail partners such as Walgreens and earlier offered services to pharmaceutical companies for clinical trials.^{Source [1]}^{Source [4]}

Leadership

David Taylor	CEO and General Counsel^{Source [12]}^{Source [6]}	2018 to 2018
Elizabeth Holmes	Founder, CEO and Chair^{Source [1]}^{Source [4]}^{Source [12]}	2003 to 2018
Ramesh Balwani	President and COO^{Source [1]}	2009 to 2016

Funding and financials

Valuation: Over $9 billion (December 2014)^{Source [7]}^{Source [9]}
Net loss: $92 million (2013), with no revenue that year^{Source [4]}
Net loss: $57 million (2012)^{Source [4]}

Date	Round	Amount	Investors
2017	Credit facility^{Source [6]}	$65 million	Fortress
2014	Series C-2^{Source [4]}		Private investors
2013	Series C-1^{Source [4]}		Private investors

People on Founded, and where they went next

1 person on record, connected to 0 other companies.

Person	Here	Also built
Elizabeth Holmes	Founder, Chief Executive Officer2003 to 2018	None on record

Sources

SEC v. Theranos, Inc. and Elizabeth Holmes, Complaint, U.S. Securities and Exchange Commission, 2018-03-14. Accessed Oct 2, 2026.
Theranos Founder and Former Chief Operating Officer Charged In Alleged Wire Fraud Schemes, U.S. Attorney's Office, Northern District of California, 2018-06-15. Accessed Sep 28, 2026.
Theranos Founder Elizabeth Holmes Found Guilty Of Investor Fraud, U.S. Attorney's Office, Northern District of California, 2022-01-04. Accessed Sep 28, 2026.
United States v. Holmes; United States v. Balwani, Opinion, Nos. 22-10312 et al., U.S. Court of Appeals for the Ninth Circuit, 2025-02-24. Accessed Oct 2, 2026.
Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud, U.S. Securities and Exchange Commission, 2018-03-14. Accessed Oct 2, 2026.
Theranos Set to Dissolve As Company Defaults On Fortress Loan, Fortune, 2018-09-05. Accessed Oct 2, 2026.
Elizabeth Holmes ... to Receive 2015 Horatio Alger Award (Horatio Alger Association release), PR Newswire, 2014-12-04. Accessed Oct 2, 2026.
Theranos Doomsday Clock: A full timeline of its rise and fall, MedCity News, 2016-02-05. Accessed Sep 28, 2026.
Theranos, Wikipedia. Accessed Oct 2, 2026.
Elizabeth Holmes Sentenced To More Than 11 Years For Defrauding Theranos Investors Of Hundreds Of Millions, U.S. Attorney's Office, Northern District of California, 2022-11-18. Accessed Sep 28, 2026.
Appeals court upholds convictions of Theranos founder Elizabeth Holmes, former lover and business partner, CBS San Francisco, 2025-02-24. Accessed Oct 2, 2026.
Theranos Announces Management Transition (company press release), Theranos via BioSpace, 2018-06-15. Accessed Oct 2, 2026.

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