Called to Account: The last days of Theranos — the financials were as overhyped as the blood tests

Ultimately, it was the accountants, not the scientists, who were left with no choice but to deliver the bitter pill to the Theranos board: The company had even less money than time.

Getting a handle on the numbers was less important than publicity to founder and CEO Elizabeth Holmes, until she was forced to mortgage all of Theranos’s assets to Fortress Investment Group in return for a desperately needed $100 million loan in December 2017. The terms of the loan agreement included the requirement to finally produce audited financial statements, something that had not been attempted since at least 2009, according to Theranos’s last chief financial officer.

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