2003
Turning point
Holmes founds Theranos
Elizabeth Holmes founded Theranos in 2003 after leaving college, according to federal prosecutors and the SEC.
Company
How Theranos unfolded
Theranos was a blood-testing company founded by Elizabeth Holmes in 2003 that said its devices could run a wide range of tests on a few drops of blood. It raised more than $700 million from investors before regulators, prosecutors and the SEC challenged its claims, and it announced in 2018 that it would dissolve. Holmes and former president Ramesh Balwani were convicted of federal fraud charges, the convictions were upheld on appeal in 2025, and both are serving prison sentences.
2003 to today · 20 dated events · 12 sources
Where it stands now · as of 31 October 2026
Theranos has wound down. Holmes is serving a 135-month sentence with a projected release date of 22 February 2030 according to the Bureau of Prisons, and her 2025 commutation request has not been granted according to the Justice Department's published list of clemency grants.
raised from investors, late 2013 to 2015$700m+SEC allegation
Holmes prison sentence135 monthsfour counts of conviction
Balwani prison sentence155 monthstwelve counts of conviction
restitution order upheld on appeal$452m
Overview · 2003 to 31 Oct 2026 · click a dot to jump
2003
· · · 74 months later
2009
Sep 2009
Balwani joins Theranos
Ramesh Balwani began working at Theranos, where prosecutors said he served as a board member, president and chief operating officer until July 2016. The SEC gives his tenure as president and chief operating officer as ending in May 2016.
· · · 48 months later
2013
Sep 2013
Retail testing launches with a pharmacy chain
Theranos announced a partnership with a national pharmacy chain, and a store in Palo Alto became the first location to offer its testing, according to the SEC. Prosecutors described the sites as Wellness Centers in Walgreens stores.
· · · 22 months later
2015
2015
More than $700 million raised
The SEC alleged that Theranos raised more than $700 million from investors between late 2013 and 2015 using false statements about its technology and business.
2015
Federal inspection of the Theranos laboratory
The Centers for Medicare and Medicaid Services conducted an unannounced inspection of the Theranos laboratory in late 2015. Its report concluded that deficiencies in laboratory practices presented "immediate jeopardy" to patient health, according to the Ninth Circuit.
2016
2016
Lab inspections and exit from retail testing
After regulatory inspections of its clinical laboratories and manufacturing facility, Theranos exited the retail laboratory business, and its pharmacy and grocery partners ended their relationships with the company, according to the SEC complaint.
· · · 20 months later
2018
14 Mar 2018
Turning point
SEC charges Theranos, Holmes and Balwani
The SEC charged Theranos, Holmes and Balwani with fraud. Theranos and Holmes settled without admitting or denying the allegations, and Holmes agreed to a $500,000 penalty, a 10-year bar from serving as an officer or director of a public company and the return of 18.9 million shares. The SEC said it would litigate its claims against Balwani.
14 Jun 2018
Turning point
Holmes and Balwani indicted
A federal grand jury returned an indictment charging Holmes and Balwani each with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. Prosecutors announced it the next day.
4 Sep 2018
Turning point
Theranos tells shareholders it will dissolve
David Taylor, who had succeeded Holmes as chief executive, told shareholders the company was dissolving and would pay remaining funds to unsecured creditors, according to emails seen by the Wall Street Journal and reported by Digital Health.
· · · 23 months later
2020
28 Jul 2020
Operative superseding indictment
Prosecutors filed a second superseding indictment, after a first on 14 July 2020.
· · · 17 months later
2022
3 Jan 2022
Turning point
Holmes convicted on four investor fraud counts
A jury convicted Holmes of one count of conspiracy to defraud investors and three counts of wire fraud involving investors. It acquitted her on the patient-related conspiracy count and three patient-related wire fraud counts and could not reach a verdict on three other investor counts.
7 Jul 2022
Balwani convicted on all twelve counts
A jury found Balwani guilty of two conspiracy counts and ten wire fraud counts involving both investors and patients.
18 Nov 2022
Holmes sentenced to 135 months
US District Judge Edward J. Davila sentenced Holmes to 135 months in prison and three years of supervised release.
7 Dec 2022
Balwani sentenced to 155 months
Balwani was sentenced to 155 months in prison and three years of supervised release.
2023
15 Mar 2023
Balwani surrender date
The Justice Department lists this as the date Balwani was ordered to surrender to begin his sentence.
27 Apr 2023
Holmes surrender date set
The Justice Department lists this as the date Holmes was ordered to surrender to begin her sentence.
· · · 26 months later
2025
2025
Holmes seeks commutation
Holmes asked for her sentence to be commuted. ABC News reported that the Justice Department's Office of the Pardon Attorney lists the request as filed in 2025.
24 Feb 2025
Appeals court upholds convictions
A three-judge panel of the US Court of Appeals for the Ninth Circuit affirmed the fraud convictions and sentences of Holmes and Balwani and the $452 million restitution order.
2026
21 Jan 2026
Commutation request listed as pending
ABC News reported that the commutation request was listed as pending and that the Bureau of Prisons then gave Holmes a projected release date of 30 December 2031.
31 Oct 2026
Projected release date now February 2030
The Bureau of Prisons inmate locator lists a projected release date of 22 February 2030 for Holmes and 21 April 2033 for Balwani. The Justice Department list of clemency grants, updated 20 October 2026, does not include Holmes.
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Sources
12 records, ranked by type- 1Official record14 Mar 2018Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud (press release and complaint)US Securities and Exchange Commission · sec.gov
- 2Official record15 Jun 2018Theranos Founder And Former Chief Operating Officer Charged In Alleged Wire Fraud SchemesUS Attorney's Office, Northern District of California · justice.gov
- 3Official record2023US v. Elizabeth Holmes, et al.US Attorney's Office, Northern District of California · justice.gov
- 4News report5 Sep 2018Theranos shareholders told the company will dissolveDigital Health · digitalhealth.net
- 5Official record7 Jul 2022Theranos Chief Operating Officer Ramesh "Sunny" Balwani Found Guilty Of Conspiracy And Wire FraudUS Attorney's Office, Northern District of California · justice.gov
- 6Official record4 Jan 2022Theranos Founder Elizabeth Holmes Found Guilty Of Investor FraudUS Attorney's Office, Northern District of California · justice.gov
- 7News report21 Jan 2026Theranos founder Elizabeth Holmes asks Trump administration to commute her prison sentenceABC News · goodmorningamerica.com
- 8Official record18 Nov 2022Elizabeth Holmes Sentenced To More Than 11 Years For Defrauding Theranos Investors Of Hundreds Of MillionsUS Attorney's Office, Northern District of California · justice.gov
- 9Official record14 Mar 2018SEC v. Theranos, Inc. and Elizabeth Holmes, complaint, case 5:18-cv-01602US District Court for the Northern District of California (SEC complaint) · sec.gov
- 10Official record24 Feb 2025United States v. Holmes, opinion, No. 22-10312US Court of Appeals for the Ninth Circuit · cdn.ca9.uscourts.gov
- 11Government document31 Oct 2026Federal Bureau of Prisons inmate locator, records for Elizabeth Holmes and Ramesh BalwaniFederal Bureau of Prisons · bop.gov
- 12Government document20 Oct 2026Clemency Grants by President Donald J. Trump (2025 to present)US Department of Justice, Office of the Pardon Attorney · justice.gov
Last updated 31 October 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.