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2003: Nineteen-year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes founded Theranos with the aim of revolutionizing blood testing.

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2003: Nineteen-year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes founded Theranos with the aim of revolutionizing blood testing.

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2004: Theranos raised $6.9 million in early funding gaining a $30 million valuation.

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2004: Theranos raised $6.9 million in early funding gaining a $30 million valuation.

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(Why do I care?). The fact that Theranos raised such a large sum of money very early in its growth implied that it would be very successful.

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2007: The company's valuation hit $197 million after it raised another $43.2 million in early-round funding.

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2007: The company's valuation hit $197 million after it raised another $43.2 million in early-round funding.

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2010: After further rounds of funding, Theranos was valued at $1 billion.

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2010: After further rounds of funding, Theranos was valued at $1 billion.

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2013: After a decade working "in the dark," Holmes introduced Theranos to the world via press appearances and unveiled a website.

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2013: After a decade working "in the dark," Holmes introduced Theranos to the world via press appearances and unveiled a website.

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The author defines "in the dark" as meaning "in secret."

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2014: With over $400 million in funding, Theranos was valued at nearly $9 billion. Holmes effectively became a multi-billionaire thanks to her 50% stake.

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2014: With over $400 million in funding, Theranos was valued at nearly $9 billion. Holmes effectively became a multi-billionaire thanks to her 50% stake.

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December 2014: Despite her company's hefty valuation, Holmes remained tight-lipped on how exactly Theranos’s technology worked. It turned out that the technology had never been submitted for peer review in medical journals.

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December 2014: Despite her company's hefty valuation, Holmes remained tight-lipped on how exactly Theranos’s technology worked. It turned out that the technology had never been submitted for peer review in medical journals.

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The fact that Theranos' technology had never been peer-reviewed implies that it was not up to academic and research standards. The broader implication is that Theranos had something to hide.

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July 8, 2015: Capital BlueCross, a Pennsylvania insurer with 725,000 customers, chose Theranos as its preferred lab work provider. Theranos was valued at $10 billion. 

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July 8, 2015: Capital BlueCross, a Pennsylvania insurer with 725,000 customers, chose Theranos as its preferred lab work provider. Theranos was valued at $10 billion. 

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October 15, 2015: The Wall Street Journal ran a scathing article criticizing Theranos.

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October 15, 2015: The Wall Street Journal ran a scathing article criticizing Theranos.

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Holmes appeared on "Mad Money" and other media outlets to do damage control. She was “shocked” by the Wall Street Journal article and claimed that Theranos supplied over 1,000 pages of documentation to refute the allegations. The Wall Street Journal stood by its reporting.

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October 16, 2015: A follow-up article in the Wall Street Journal stated that Theranos was forced to suspend the use of its unapproved nanotainer for all but one type of blood test.

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October 16, 2015: A follow-up article in the Wall Street Journal stated that Theranos was forced to suspend the use of its unapproved nanotainer for all but one type of blood test.

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October 27, 2015: The FDA released two partially-redacted Form 483 reports from an ongoing investigation into Theranos.

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October 27, 2015: The FDA released two partially-redacted Form 483 reports from an ongoing investigation into Theranos.

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The author claims the case against Therannos was growing stronger. He proves this by showing evidence that the FDA released reports in 2015.

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October 28, 2015: Fortune reported that Theranos had sought to raise an additional $200 million in Series C-3 funding just days before the initial Wall Street Journal article was published.

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October 28, 2015: Fortune reported that Theranos had sought to raise an additional $200 million in Series C-3 funding just days before the initial Wall Street Journal article was published.

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November 10, 2015: A $350 million deal with Safeway fizzled out after Theranos failed to meet key deadlines for rollouts and Safeway executives questioned the validity of the test results.

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November 10, 2015: A $350 million deal with Safeway fizzled out after Theranos failed to meet key deadlines for rollouts and Safeway executives questioned the validity of the test results.

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December 27, 2015: The Wall Street Journal ran another article alleging management ineptitude at Theranos and test rigging to produce better results for its Edison machines.

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December 27, 2015: The Wall Street Journal ran another article alleging management ineptitude at Theranos and test rigging to produce better results for its Edison machines.

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January 27, 2016: The Centers for Medicare & Medicaid Services (CMS) releases its damming report on Theranos' California-based lab.

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January 27, 2016: The Centers for Medicare & Medicaid Services (CMS) releases its damming report on Theranos' California-based lab.

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January 28, 2016: Following the CMS report, Walgreens Boots Alliance Inc. (WBA) decided to temporarily close the Theranos Wellness Center in its Palo Alto store and suspend its use of Theranos's Newark, Calif. lab.

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January 28, 2016: Following the CMS report, Walgreens Boots Alliance Inc. (WBA) decided to temporarily close the Theranos Wellness Center in its Palo Alto store and suspend its use of Theranos's Newark, Calif. lab.

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May 1, 2017: Theranos settled a lawsuit with Partner Fund Management, one of its largest investors, after the hedge fund accused the company of securities fraud. Theranos had previously settled proceedings with the Centers for Medicare & Medicaid Services and the Arizona Attorney General.

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May 1, 2017: Theranos settled a lawsuit with Partner Fund Management, one of its largest investors, after the hedge fund accused the company of securities fraud. Theranos had previously settled proceedings with the Centers for Medicare & Medicaid Services and the Arizona Attorney General.

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March 14, 2018: The SEC charged Theranos, its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with massive fraud.

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March 14, 2018: The SEC charged Theranos, its founder and CEO Elizabeth Holmes, and its former President Ramesh "Sunny" Balwani with massive fraud.

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June 15, 2018: A federal grand jury indicted both Holmes and Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud.

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June 15, 2018: A federal grand jury indicted both Holmes and Balwani on nine counts of wire fraud and two counts of conspiracy to commit wire fraud.

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June 15, 2018: The press release from the U.S. Attorney's Office stated that in order to promote Theranos, both Holmes and Balwani "engaged in a multi-million dollar scheme to defraud investors and a separate scheme to defraud doctors and patients."

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June 15, 2018: The press release from the U.S. Attorney's Office stated that in order to promote Theranos, both Holmes and Balwani "engaged in a multi-million dollar scheme to defraud investors and a separate scheme to defraud doctors and patients."

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Holmes had stepped down as Theranos CEO earlier in the day although she continues to be the chair of the company's board.