Skip to content
EN
brief us →

Theranos, Inc.: leadership, investors, partners and proceedings, 2003–2026

Theranos: participants and roles

Officers, directors, investors, partners, lenders, regulators, prosecutors, litigants and successor entities connected with Theranos, Inc., with the period and source of each role.

published
26 oct 2026
records as of
21 oct 2026
entities
87
sources
118
cite entities.csv
Assigned all its assets and liabilities to the assignee for the benefit of creditors (General Assignment)Laboratory provider in Pennsylvania (start-up data publisher)Investor (led the 2006 Series B, according to start-up funding data)Plaintiff: Arizona Consumer Fraud Act suit, resolved by consent decree ($4,652,000 restitution); allegations deniedPresident and principal shareholderAnnounced to join the executive management team under the 1999 merger agreement (his CommerceBid shares to be exchanged for Commerce One stock)President and chief operating officer (+4)Investor (reported)Investor (restitution award of $5,349,900)Fund holding Theranos stock; took part in the 2016-2017 exchange and released its claimsDirector (+1)Parent (BioFire described as a wholly owned subsidiary)Founder and chairmanOutside counsel (+1)Reported agreement to be paid in Theranos stock for his firm's legal work; no holding documentedDirector; chair of the Compliance and Quality CommitteeLaw firm acting for Theranos (Theranos a client of the firm)Chief executive (led Safeway for more than 20 years)Partnership for direct-to-consumer blood testing for its enrolleesShareholder: bought 410,000 Series C Preferred shares from another investorStrategic allianceCLIA regulator: survey and sanctions on the Newark laboratory (2015-2016), sanctions on the Scottsdale laboratory (2017); settlement April 2017Acquirer under a November 1999 merger agreement (CommerceBid to become a wholly owned subsidiary)Laboratory director, Newark laboratoryInvestor (reported)Investor (led the June 2004 seed round, according to start-up funding data)Recruited by Balwani, who knew him personally, as laboratory director (trial testimony)Laboratory director, Newark laboratory (CLIA 05D2025714)Relationship to explore battlefield use of the Edison device (never fielded)Investor (reported)Chairman of the board and chief executive officerFounder and chief executiveInspected the Newark device-manufacturing site and issued a Form FDA-483Member of the board of counselors (advisory) (+2)Controls the renamed patent holder (law-review account)Lender: term loan of late 2017 secured on the patent portfolio (reported as a $100 million facility with $65 million drawn); in default by September 2018Took ownership of the patent subsidiary after Theranos defaulted (reported)Member of the board of counselors (advisory) (+1)Investor (restitution award of $1,875,000)Romantic partners (2004 to 2016 according to the Ninth Circuit)Chief executive officer (+5)Personal partners (reported); Haemanthus says Holmes has no formal role in the companyInformal adviser from prison (reported; the company says she has no formal role)Advertising customer ($1,126,661 paid on August 3, 2015 for Wellness Center advertisements)General counselLitigation partner in the Washington, D.C. officePaid consultant ($500,000 a year, according to Holmes's testimony)Member of the board of counselors (advisory) (+1)Member of the board of counselors (advisory) (+2)Plaintiff: patent infringement suit (D. Del. 1:20-cv-00348), voluntarily dismissedPlaintiff: patent infringement suit (D. Del. 1:20-cv-00348), voluntarily dismissedReportedly renamed Labrador Diagnostics LLC in March 2020 (law-review account)DirectorDirector from March 1980; chairman of the board October 1980 to March 1990Investor (restitution award of $7,570,005)Fund holding or buying Theranos stockShareholder: 471,333 Series C-1 shares; took part in the 2016-2017 exchange and released its claimsManagerDirectorInvestor ($85,000, according to his testimony)Secretary (signed the California statement recording the 2004 name change)Investor (restitution award of $1,312,500)Chief financial officer (former)President (signed the convertible note)Investor (restitution award of $5,999,997)Investor: $125 million stake, sold back to Theranos for $1 in 2017 (reported); restitution award of $124,999,997Member of the board of counselors (advisory) (+1)Excluded him from federal health care programs for 90 yearsExcluded her from federal health care programs for 90 yearsLaboratory director (former)Investor (restitution award of $93,499,912)Member of the board of counselors (advisory) (+1)Research partnership to study Theranos technology; no meaningful dealings after 2008General partnerInvestor (according to start-up funding data)Plaintiff in Delaware Chancery suits against Theranos and its officers and directors; settled May 2017Plaintiff in Delaware Chancery suits against Theranos and its officers and directors; settled May 2017Investor (restitution award of $52,639,998)Investor (+1)Fund holding Theranos stock; took part in the 2016-2017 exchange and released its claimsDirector from 1987; president and CEO 1990-2014; chairman 1996 to April 2017; then non-executive directorInvestor (restitution award of $99,999,984)Paid adviser (about $463,000 from March 2015 to February 2016, according to an online encyclopaedia)Director (described as the company's first board member)Stanford professor who taught Holmes and helped her start Theranos (online encyclopaedia account)Laboratory director (former; reportedly replaced by Dhawan in 2014)Member of the board of counselors (advisory) (+1)Investor (more than $10 million reported; restitution award of $14.5 million)Testing partner under a 2010 Master Purchase Agreement for clinics in Safeway stores (program code-named T-Rex, reported)Laboratory co-director named on the licence (trial evidence)Plaintiff: civil fraud action SEC v. Balwani (N.D. Cal. 5:18-cv-01603); outcome not documented in the recordPlaintiff: civil fraud action SEC v. Holmes and Theranos, settled without admitting or denying the allegations; $500,000 penalty and 10-year officer and director barPlaintiff: civil fraud action SEC v. Holmes and Theranos (N.D. Cal. 5:18-cv-01602), settled; final judgment March 27, 2018Director (early board member)Director; former presidentMember of the board of counselors (advisory) (+1)General counsel; chief executive officer and general counsel from June 15, 2018DirectorTransferred its interest in the patent subsidiary and the patents to Fortress in the September 2018 settlement (reported)Sole owner of the special purpose subsidiary and assignor of 284 patent properties to it (December 11, 2017)Managing director of ATA Management I, LLC, general partner of ATA Ventures I, L.P.DirectorGranted a security interest in 284 patent propertiesProsecution (5:18-cr-00258-EJD): convicted on all twelve counts; 155-month sentence; certiorari denied October 5, 2026Prosecution (5:18-cr-00258-EJD): convicted on four investor counts and acquitted on four patient counts; 135-month sentence, reduced to 10¼ years in 2026Creditor: general unsecured claim filed March 11, 2019, allowed at $45,000,000 in the 2023 settlementInvestor: $40 million convertible note (bought through WVC Investments); restitution award of $40 million (+2)Testing partner: Theranos Wellness Centers in Walgreens stores under the 2010 and 2012 agreements; received a $100 million Innovation FeeParent of the group (indirect, through Walgreens Hastings Co.)Parent (wholly owned subsidiary)DirectorDirectorFellow Bechtel Group directors; Warmenhoven met Holmes through Bechtel and replaced him on the Theranos board (reported)Corporate parentHolder of the $40 million convertible note (debt convertible into equity)Laboratory director, Scottsdale laboratory (CLIA 03D2077896)Larry EllisonLarry EllisonWalgreens BootsAlliance, Inc.A11Walgreens Boots Alliance, Inc.A11: Arizona patient class action (2016); settled by all defendants except Holmes (2024)Celadon TechnologyFund VII, LLCCeladon Technology Fund VII, LLCWade MiquelonWade MiquelonWVC Investments,LLCWVC Investments, LLCAmeriHealthCaritasAmeriHealth CaritasT. Peter ThomasT. Peter ThomasATA VenturesATA VenturesPeer VenturesGroup IV, LPPeer Ventures Group IV, LPArizona AttorneyGeneral's OfficeArizona Attorney General's OfficeU.S. Food and DrugAdministrationU.S. Food and Drug AdministrationOracle CorporationOracle CorporationPartner FundManagement, LLCPartner Fund Management, LLCHHS Office ofInspector GeneralHHS Office of Inspector GeneralHorizon Media,Inc.Horizon Media, Inc.Walgreen Co.Walgreen Co.Theranos(assignment forthe benefit ofcreditors), LLCTheranos (assignment for the benefit of creditors), LLCMichael A. MaidyMichael A. MaidyBoies, Schiller &Flexner LLPBoies, Schiller & Flexner LLPHeather KingHeather KingWalgreen ArizonaDrug Co.A11Walgreen Arizona Drug Co.A11: Arizona patient class action (2016); settled by all defendants except Holmes (2024)Rupert MurdochRupert MurdochDonald L. LucasDonald L. LucasPartnerInvestments, L.P.Partner Investments, L.P.Channing RobertsonChanning RobertsonWilliam J. PerryWilliam J. PerryRichard KovacevichRichard KovacevichWilliam H. FoegeWilliam H. FoegeDavid BoiesDavid BoiesBlack DiamondVentures XII-B,LLCBlack Diamond Ventures XII-B, LLCRDV CorporationRDV CorporationSafeway Inc.Safeway Inc.Steve BurdSteve BurdUnited States(U.S. Attorney'sOffice, NorthernDistrict ofCalifornia)United States (U.S. Attorney's Office, Northern District of California)U.S. Securitiesand ExchangeCommissionU.S. Securities and Exchange CommissionElizabeth HolmesA1 · A3 · A9 · A10 · A11 · A13Elizabeth Holmes: Founder; chief executive officer 2003-2018 and chair of the boardA1: Convicted of investor fraud (2022); affirmed on appeal (2025); sentence reduced (2026) · A3: SEC fraud charges settled without admitting or denying them (2018) · A9: Partner Fund investor suits in Delaware (2016-2017), settled and dismissed · A10: Indirect-investor class action, N.D. Cal. (2016); class certification denied (2018) · A11: Arizona patient class action (2016); settled by all defendants except Holmes (2024) · A13: Excluded from federal health care programs for 90 years (2023); upheld (2025-2026)Ramesh BalwaniA2 · A4 · A15 · A10 · A11 · A14Ramesh Balwani: President and chief operating officer 2009-2016A2: Convicted on twelve fraud counts (2022); affirmed (2025); certiorari denied (2026) · A4: SEC fraud charges (2018); case related to SEC v. Holmes, outcome not in the record · A15: Partner Fund investor suit in Delaware (2016), settled and dismissed (2017) · A10: Indirect-investor class action, N.D. Cal. (2016); class certification denied (2018) · A11: Arizona patient class action (2016); settled by all defendants except Holmes (2024) · A14: Excluded from federal health care programs for 90 years after convictionTheranos, Inc.A3 · A5 · A6 · A7 · A8 · A9 · A10 · A11 · A12Theranos, Inc.A3: SEC fraud charges settled without admitting or denying them (2018) · A5: CMS sanctions on the Newark laboratory (2016), resolved by settlement (2017) · A6: FDA Form 483 inspection observations at the Newark site (2015) · A7: Arizona Attorney General consumer-fraud suit; denied, consent decree (2017) · A8: Walgreens contract suits (2016, settled 2017; 2018, $5 million judgment) · A9: Partner Fund investor suits in Delaware (2016-2017), settled and dismissed · A10: Indirect-investor class action, N.D. Cal. (2016); class certification denied (2018) · A11: Arizona patient class action (2016); settled by all defendants except Holmes (2024) · A12: Default under the Fortress loan and assignment for the benefit of creditors (2018)Henry A. KissingerHenry A. KissingerSam NunnSam NunnPeer VenturesGroupPeer Ventures GroupMark PandoriMark PandoriBlack DiamondVenturesBlack Diamond VenturesAdam RosendorffAdam RosendorffFortress CreditCorp.Fortress Credit Corp.Mendenhall TFPartnersMendenhall TF PartnersTheranos IPCompany, LLCTheranos IP Company, LLCJames N. MattisJames N. MattisFortressInvestment GroupLLCFortress Investment Group LLCWilliam H. FristWilliam H. FristDaniel YoungDaniel YoungKingshuk DasKingshuk DasDavid TaylorDavid TaylorHall GroupHall GroupCapital BlueCrossCapital BlueCrossHaemanthusHaemanthusRiley P. BechtelRiley P. BechtelMoseley FamilyHoldingsMoseley Family HoldingsSunil DhawanSunil DhawanGary RougheadGary RougheadLabradorDiagnostics LLCLabrador Diagnostics LLCBetsy DeVosBetsy DeVosDraper FisherJurvetsonDraper Fisher JurvetsonLucas VentureGroupLucas Venture GroupLucas VentureGroup IV, LPLucas Venture Group IV, LPU.S. Department ofDefenseU.S. Department of DefenseBilly EvansBilly EvansDaniel J.WarmenhovenDaniel J. WarmenhovenGeorge P. ShultzGeorge P. ShultzRobert B. ShapiroRobert B. ShapiroAvie TevanianAvie TevanianBioFireDiagnostics, LLCBioFire Diagnostics, LLCbioMérieux S.A.bioMérieux S.A.Lucas VentureGroup XI, LLCLucas Venture Group XI, LLCCenters forMedicare &Medicaid ServicesCenters for Medicare & Medicaid ServicesCommerce One, Inc.Commerce One, Inc.CommerceBid.com,Inc.CommerceBid.com, Inc.Cleveland ClinicCleveland ClinicBechtel Group,Inc.Bechtel Group, Inc.PfizerPfizerLynette SawyerLynette SawyerPFM HealthcarePrincipals Fund,L.P.PFM Healthcare Principals Fund, L.P.Fabrizio BonanniFabrizio BonanniPFM FundsPFM FundsPFM HealthcareMaster Fund, L.P.PFM Healthcare Master Fund, L.P.BlueCrossBlueShieldBlueCross BlueShieldJ. Casey McGlynnJ. Casey McGlynn

Solid line: documented. Amber dashed: reported. Grey dotted: hypothesis. One arrow: the relationship as stated; two arrows: reciprocal; no arrow: symmetric. A path between two parties does not transfer an allegation from one to the other.

every party and relationship in full, as text ↓

Information markers
  • A3 · SEC fraud charges settled without admitting or denying them (2018) — Elizabeth Holmes
  • A5 · CMS sanctions on the Newark laboratory (2016), resolved by settlement (2017) — Theranos, Inc.
  • A6 · FDA Form 483 inspection observations at the Newark site (2015) — Theranos, Inc.
  • A7 · Arizona Attorney General consumer-fraud suit; denied, consent decree (2017) — Theranos, Inc.
  • A8 · Walgreens contract suits (2016, settled 2017; 2018, $5 million judgment) — Theranos, Inc.
  • A9 · Partner Fund investor suits in Delaware (2016-2017), settled and dismissed — Elizabeth Holmes
  • A10 · Indirect-investor class action, N.D. Cal. (2016); class certification denied (2018) — Ramesh Balwani
  • A11 · Arizona patient class action (2016); settled by all defendants except Holmes (2024) — Walgreen Arizona Drug Co.
  • A12 · Default under the Fortress loan and assignment for the benefit of creditors (2018) — Theranos, Inc.
  • A1 · Convicted of investor fraud (2022); affirmed on appeal (2025); sentence reduced (2026) — Elizabeth Holmes
  • A13 · Excluded from federal health care programs for 90 years (2023); upheld (2025-2026) — Elizabeth Holmes
  • A2 · Convicted on twelve fraud counts (2022); affirmed (2025); certiorari denied (2026) — Ramesh Balwani
  • A4 · SEC fraud charges (2018); case related to SEC v. Holmes, outcome not in the record — Ramesh Balwani
  • A15 · Partner Fund investor suit in Delaware (2016), settled and dismissed (2017) — Ramesh Balwani
  • A14 · Excluded from federal health care programs for 90 years after conviction — Ramesh Balwani

Markers apply only to the named participant. They do not transfer allegations to connected parties.

Participants 87

Subject

Leadership

Group companies

Counterparties

Historical

Other

Relationship register 140

chronology

  1. Elizabeth Holmes founds Theranos c-id-founding-date c-ld-holmes-ceo
  2. RealTime Cures, Inc. is incorporated in Delaware c-id-incorporation
  3. RealTime Cures, Inc. becomes Theranos, Inc. c-id-incorporation
  4. Balwani guarantees a credit line and becomes President and Chief Operating Officer c-ld-balwani-guarantee c-ld-balwani-tenure
  5. Safeway signs a Master Purchase Agreement with Theranos for testing in its stores c-prt-safeway-2010
  6. Theranos files a Form D reporting $45 million sold of a $100 million offering c-fin-form-d-2010 c-ld-form-d-2010-persons
  7. Theranos and Walgreens sign their first Master Services Agreement c-wag-2010-agreement
  8. George Shultz joins the board c-ld-shultz-joins
  9. Walgreens and Theranos sign the 2012 Master Services Agreement, which provides for a $40 million convertible note c-wag-msa-2012 c-wag-note-wvc
  10. First Wellness Center opens in a Walgreens store in Phoenix c-wag-pilot
  11. Theranos announces the Wellness Center roll-out in Walgreens stores c-wag-pilot
  12. Class B shares give Holmes over 99 percent of the voting power c-fin-class-b
  13. FDA inspection of the Newark site ends with a Form 483 c-lab-fda-483
  14. CMS completes its survey of the Newark laboratory c-lab-cms-survey
  15. CMS notifies Theranos of immediate jeopardy in hematology c-lab-cms-survey
  16. Walgreens sends a notice of breach c-wag-breach-notice
  17. CMS proposes revoking the Newark laboratory certificate c-lab-cms-proposed
  18. Theranos announces Balwani's retirement and three new directors c-ld-may-2016 c-ld-balwani-tenure
  19. Walgreens terminates the agreement; it then closes the Wellness Centers c-wag-breach-notice
  20. CMS imposes sanctions including revocation of the Newark certificate c-lab-cms-sanctions
  21. Partner Fund investors sue in the Delaware Court of Chancery c-civ-delaware-suits
  22. Walgreen Co. sues Theranos in Delaware c-wag-suit-2016
  23. Indirect-investor class action is filed against Theranos, Holmes and Balwani c-civ-indirect-class
  24. Warmenhoven joins the board; the board of counselors is to be retired c-ld-dec-2016
  25. Theranos settles with CMS and the Arizona Attorney General c-lab-cms-settlement c-lab-az-ag
  26. Partner Fund suits settled; exchange offer to preferred holders c-civ-delaware-suits c-fin-form-d-2017
  27. Theranos announces its settlement with Walgreens c-wag-settlement-2017
  28. Patents assigned to Theranos IP Company and pledged to Fortress Credit Corp. c-wd-patent-assignment c-wd-security-interest
  29. SEC charges Theranos, Holmes and Balwani; Theranos and Holmes settle c-sec-charges c-sec-settlement
  30. Holmes and Balwani are indicted c-crim-indictment-2018
  31. Holmes steps down as CEO; David Taylor takes over c-ld-taylor-ceo
  32. Theranos assigns its assets for the benefit of creditors c-wd-general-assignment
  33. Walgreens obtains a $5,000,000 judgment in its second suit c-wag-suit-2018
  34. Labrador Diagnostics sues BioFire and bioMérieux on Theranos patents c-wd-labrador-suit c-wd-tipc-patents-2020
  35. Third superseding indictment c-crim-superseding
  36. Jury convicts Holmes on four investor counts and acquits her on four patient counts c-crim-holmes-verdict
  37. Jury convicts Balwani on all twelve counts c-crim-balwani-verdict
  38. Holmes is sentenced to 135 months c-crim-holmes-sentence
  39. Balwani is sentenced to 155 months c-crim-balwani-sentence
  40. Court orders $452,047,268 in restitution c-crim-restitution
  41. HHS-OIG excludes Holmes from federal health care programs for 90 years c-exc-holmes
  42. Final approval of the Arizona patient class settlements c-civ-arizona-settlement
  43. Ninth Circuit affirms both convictions, the sentences and the restitution order c-crim-ninth-circuit
  44. Departmental Appeals Board affirms Holmes's exclusion c-exc-holmes
  45. Holmes's sentence is reduced by one year c-crim-holmes-reduction
  46. Supreme Court denies Balwani's petition for certiorari c-crim-balwani-cert

cite this dossier

DossierTwist, “Theranos, Inc.: leadership, investors, partners and proceedings, 2003–2026”, dt.040, 26 October 2026, https://dossiertwist.com/dossiers/theranos-inc/

Free to read, cite and republish with credit under CC BY 4.0: credit “DossierTwist” and link to the dossier.

Data: JSON, CSV and the network graph.

share

We listen to all sides: responses are shown next to the claims they answer. To send a correction or a reply, write to dossiertwist@proton.me.