Theranos has laid off most of its remaining staff
- Theranos has laid off about 100 employees, The Wall Street Journal reported Tuesday.
- It's the third round of layoffs in the past two years for the blood-testing company. At one point, the company had more than 700 employees.
- Tuesday's layoff brings the headcount down to about 24, The Journal reported.
- In March, the SEC charged Theranos, along with its CEO, Elizabeth Holmes, and its former president, Sunny Balwani, with fraud.
Theranos's employee headcount is dwindling.The Wall Street Journal reports Tuesday that the blood-testing company, which was recently charged with fraud by the SEC, has laid off another 100 employees. It's the third round of layoffs in the past two years for the blood-testing company. At one point, the company had more than 700 employees. Advertisement
That brings Theranos's headcount to about 24 employees, The Journal reported.
Theranos has been under fire since October 2015 when The Wall Street Journal published an investigation that called into question the accuracy of its blood test. Eventually, one of the company's lab-testing locations was shut down, and its CEO Elizabeth Holmes was barred for two years from running a clinical lab.As part of its resolution with the SEC, Holmes agreed to give up majority voting control over the company and reduce her equity in the privately-held company. She also will not be allowed to run a publicly traded company for 10 years.
In 2017, the company had consolidated its offices into its Newark, California manufacturing space, leaving its office space in Palo Alto, and announced it raised $100 million in secured debt financing from Fortress Investment Group to get it through 2018.
"Based on our present projections, we believe we will have sufficient liquidity through 2018, by which point we hope to have secured regulatory approval for miniLab testing for the Zika virus and begun submissions for additional assays," Theranos CEO Elizabeth Holmes wrote in the investor letter reviewed by Business Insider.
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