Holmes founded Theranos (initially named Real-Time Cures) in Palo Alto, California, aiming to 'democratize healthcare' through innovative blood-testing technology.

Holmes raised $6 million in capital by the end of 2004, with Channing Robertson, her Stanford professor, as the first board member.

Holmes entered the limelight, quickly becoming a media star, but the company operated in 'stealth mode' without a corporate website or press releases.

The Centers for Medicare and Medicaid Services (CMS) sent a warning letter to Theranos after an inspection uncovered irregularities in its Newark, California, laboratory.

CMS banned Holmes from owning, operating, or directing a blood-testing service for two years.

The State of Arizona filed suit against Theranos, alleging the company had sold 1.5 million blood tests to Arizonans while concealing or misrepresenting important facts about those tests.

A federal grand jury indicted Holmes and former Theranos COO Ramesh 'Sunny' Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud.

Holmes' trial began on August 31, 2021, after being delayed due to the COVID-19 pandemic and her pregnancy.

The jury found Holmes guilty on four counts of defrauding investors: three counts of wire fraud and one of conspiracy to commit wire fraud.

Holmes was sentenced to 11 years and 3 months in federal prison and ordered to pay $452 million in restitution.

Holmes reported to prison to begin serving her sentence.