In opening statements, Holmes' defense team portrayed her as an ambitious young woman who truly wanted to revolutionize health care. Her long-awaited criminal fraud trial kicked off last week in San Jose. Holmes is facing a dozen counts of wire fraud and conspiracy to commit wire fraud in connection with misleading investors and patients about Theranos' technology. Yam testified that Holmes never sold a share she owned nor did she process any stock sale. Lance Wade, an attorney for Holmes, quizzed Spivey on other companies that suffered big losses during the 2009 financial crisis. "No," replied Yam.ĭuring cross-examination, defense attorneys pointed to a document in which Theranos was valued at either $9.5 billion or $1.69 billion depending on the methodology. "Did you ever provide financial projections to investors?" asked Robert Leach, an assistant U.S. Yam said she did not prepare this document.
Despite that, prosecutors pointed to a document given to investors that forecasted revenue for 2014 as $140 million and revenue for 2015 as $990 million. Yam testified that by 2015 Theranos had accumulated losses of $585 million, according to tax documents. Yam testified the company made no revenue in 20, adding that the company was burning through $2 million per week in 2013 and "cash started to get a bit tight." According to Yam, Theranos had net losses of $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012 and $92 million in 2013.
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