Theranos

While an undergraduate student at Stanford University, Holmes had an idea to develop a wearable patch that could adjust the dosage of drug delivery and notify doctors of variables in patients' blood. She started developing lab-on-a-chip technology for blood tests, with the idea to start a company that would make blood tests cheaper, more convenient and accessible to consumers. Holmes dropped out of Stanford in 2003 and used the education trust from her parents to found the company that would later be called Theranos, derived from a combination of the words "therapy" and "diagnosis". The original name was "Real-Time Cures", which Holmes changed after deciding that people were skeptical of the word "cure".

By December 2004, Holmes had raised $6 million to fund the firm. By the end of 2010, Theranos had more than $92 million in venture capital. In July 2011, Holmes was introduced to former US secretary of state George Shultz. After a two-hour meeting, he joined the Theranos board of directors. Holmes was recognized for forming "the most illustrious board in U.S. corporate history" over the next three years.

In 2012, Safeway invested $350 million into retrofitting 800 locations with clinics that would offer in-store blood tests. After many missed deadlines and questionable results from a trial clinic at Safeway's corporate offices, the deal was terminated in 2015. In 2013, Theranos partnered with Walgreens to offer in-store blood tests at more than 40 locations. Although Theranos blood tests were reportedly used on drug trial patients for GlaxoSmithKline and Pfizer, both companies stated in October 2015 that there were no active projects with Theranos. In June 2016, Walgreens terminated its partnership with Theranos. In November 2016, it filed a suit against Theranos in federal court in Delaware for breach of contract. In June 2017, Theranos reported to investors that the suit, which originally sought $140 million in damages, was settled for less than $30 million.

In March 2015, the Cleveland Clinic announced a partnership with Theranos to test its technology and decrease the cost of lab tests. In July 2015, Theranos became the lab-work provider for Pennsylvania insurers AmeriHealth Caritas and Capital Blue Cross. …

Theranos claimed to have developed devices to automate and miniaturize blood tests using microscopic blood volumes. Theranos dubbed its blood collection vessel the "nanotainer" and its analysis machine the "Edison". Holmes reportedly named the device "Edison" after inventor Thomas Edison, stating, "We tried everything else and it failed, so let's call it the Edison." Refinery29 posited that this was because of a well-known Edison quote: "I've not failed. I've just found 10,000 ways that won't work." The blood sample was to be collected via a finger prick and then transferred to the nanotainer through Theranos's sample collection device. At just 12.9 millimetres (0.51 in) in height, the nanotainer held a couple of drops of blood.

One of the patents for the Edison described a point of care system that could communicate with the Internet to receive instructions for which blood tests to run on the samples, before communicating these results back through the Internet. The results would then be compared to medical data available on the Internet, with the Edison running supplementary blood tests that were more targeted based on the results of the comparison. The patent was unclear on how much blood the Edison would actually require to conduct these blood tests. In one section, the patent claimed the sample needed to consist of about 10 drops of blood, but in another section, it claimed the Edison would need less than one drop of blood. The technology was criticized for not being peer reviewed. Theranos claimed to have data verifying the accuracy and reliability of its tests that would be published. In February 2016, Theranos announced that it would permit the Cleveland Clinic to complete a validation study of its technology.

In March 2016, a study authored by 13 scientists appeared in the Journal of Clinical Investigation, where it was stated that the company's blood test results were flagged "outside their normal range 1.6× more often than other testing services", that 68 percent of lab measurements evaluated "showed significant interservice variability", and that "lipid panel test results between Theranos and other clinical services" were "nonequivalent". …

The company moved from 3200 Hillview Ave to the former headquarters of Facebook at 1601 S. California Ave in June 2012. By 2017 Theranos was headquartered at 1701 Page Mill Road, Palo Alto, California, paying a $1 million per month lease for the Stanford Research Park building. It had laboratories in Newark, California, and Scottsdale, Arizona. In 2017, when Theranos was still denying its publicly reported fraud, the company vacated its Page Mill headquarters, moving remaining staff into the Newark, California, laboratories; Stanford University School of Medicine converted the Page Mill building to offices and medical laboratories.

From its incorporation in 2003 until 2018, Holmes was the company's chief executive officer. She recruited Channing Robertson, a chemical-engineering professor at Stanford, to be a technical advisor and the company's first board member during its early years. Holmes's then-boyfriend Sunny Balwani, a software engineer whom Holmes had met during high school, joined the company as its president and chief operating officer in 2009. In July 2011, Holmes was introduced to former U.S. Secretary of State George Shultz, who joined the Theranos board of directors that month. Over the next three years, Shultz helped to introduce almost all the outside directors on the "all-star board", which included William Perry (former U.S. Secretary of Defense), Henry Kissinger (former U.S. Secretary of State), Sam Nunn (former U.S. Senator), Bill Frist (former U.S. Senator, senate majority leader and heart-transplant surgeon), Gary Roughead (Admiral, USN, retired), Jim Mattis (General, USMC), Richard Kovacevich (former Wells Fargo Chairman and CEO) and Riley P. Bechtel (chairman of the board and former CEO at Bechtel Group). The board was criticized for consisting "mainly of directors with diplomatic or military backgrounds".

In April 2016, Theranos announced its medical advisory board, which included past presidents or board members of the American Association for Clinical Chemistry. Members were invited to review the company's proprietary technologies and advise on the integration into clinical practice. The board included members with relevant biomedical expertise such as past president of the American Association for Clinical Chemistry Susan A. Evans; William Foege, former director of the U.S. …

John Carreyrou, a Wall Street Journal journalist whose work exposed Theranos, published a book-length treatment in May 2018 titled Bad Blood: Secrets and Lies in a Silicon Valley Startup. A film version was reportedly scheduled for release in 2020, starring Jennifer Lawrence as Holmes, written by Vanessa Taylor and directed by Adam McKay. In January 2022, McKay stated that preparations for the film had resumed, and that Lawrence was working on learning Holmes's speech pattern. However, in November 2022, Lawrence announced she would no longer be involved with the project.

In January 2019, ABC News Nightline released a podcast and documentary about the Holmes/Theranos story called The Dropout.

A biographical miniseries with the same name, based on the eponymous podcast, premiered on Hulu in the US, Star+ in Latin America and Disney+ internationally in March 2022, with Amanda Seyfried as Holmes.

Also in January 2019, a documentary film entitled The Inventor: Out for Blood in Silicon Valley about Holmes and Theranos was released. Directed by Alex Gibney, it made its debut at the Sundance Film Festival and was released March 2019 on HBO platforms.

You Can See Everything, a documentary in which Elizabeth Holmes and partner Billy Evans invited filmmaker Nathan Fielder and co-director Lance Oppenheim to spend time with them, will be released on October 16, 2026.