Elizabeth Holmes Trial Deliberations to Resume on Jan. 3

Ms. Holmes, the founder of the blood testing start-up Theranos, is accused of deceiving investors, patients and advertisers.

Ms. Holmes, the founder of the blood testing start-up Theranos, is accused of deceiving investors, patients and advertisers.

SAN JOSE, Calif. — Jurors ended a sixth day of deliberations without a verdict on Wednesday in the trial of Elizabeth Holmes, the founder of the blood testing start-up Theranos.

Ms. Holmes, 37, faces two counts of conspiracy to commit wire fraud and nine counts of wire fraud on allegations that she deceived investors, patients and advertisers in search of money and fame. If convicted, she faces 20 years in prison for each count of wire fraud.

Deliberations were scheduled to resume on Monday morning in federal court in San Jose, Calif.

The jury of eight men and four women has deliberated for six full days. In that time, they have asked only two questions of the court.

On Dec. 21, they asked if they could take jury instructions home. (The answer was no.)

Two days later, they also asked to listen to audio exhibits of Ms. Holmes talking with investors. In the call, she said she had built Theranos “partnerships with the pharmaceutical companies and our contracts with the military,” even though pharmaceutical companies recommended against Theranos’s technology and its devices were never deployed on the battlefield.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Carlos Chavarria for The New York Times

Elizabeth Holmes, the disgraced founder of the blood testing start-up Theranos, stands trial for two counts of conspiracy to commit wire fraud and nine counts of wire fraud.

Here are some of the key figures in the case ->

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Stephen Lam/Reuters

Holmes founded Theranos in 2003 as a 19-year-old Stanford dropout. She raised $945 million from investors and was crowned the world’s youngest billionaire, but has been accused of lying about how well Theranos’s technology worked. She has pleaded not guilty.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Justin Sullivan/Getty Images

Ramesh Balwani, known as Sunny,was Theranos’s president and chief operating officer from 2009 through 2016 and was in a romantic relationship with Holmes. He has also been accused of fraud and may stand trial next year. He has pleaded not guilty.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Jefferson Siegel for The New York Times

David Boies, a prominent litigator, represented Theranos as its lawyer and served on its board.

He tried to shut down whistle-blowers and reporters who questioned the company’s business practices.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Getty Images

The journalist John Carreyrou wrote stories exposing fraudulent practices at Theranos.

His coverage for The Wall Street Journal helped lead to the implosion of Theranos.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Jeff Kravitz/FilmMagic, via Getty Images

Tyler Shultz and Erika Cheung are former Theranos employees and were whistle-blowers. They worked at the start-up in 2013 and 2014.

Shultz is a grandson of George Shultz, a former secretary of state who was on the Theranos board.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Eric Thayer for The New York Times

James Mattis, a retired four-star general, was a member of Theranos’s board.

He went on to serve as President Donald J. Trump’s secretary of defense.

Who’s Who in the Elizabeth Holmes Trial

Erin Woo?Reporting from San Jose, Calif.

Edward Davila, a federal judge for the Northern District of California, will oversee the case.

Kevin Downey, a partner at the Washington law firm Williams & Connolly, is the lead lawyer for Holmes.

Robert Leach, an assistant United States attorney for the Northern District of California, will lead the prosecution for the government, along with other prosecutors from the U.S. attorney’s office.

Nov. 15, 2021

The jury offered no indication this week of where it is in the deliberation process.

During the nearly four-month trial, the jurors heard from 32 witnesses, including the defendant herself. It all comes down to Ms. Holmes’s intent: Did she mean to defraud investors, patients, advertisers and others in her pursuit of investments and business for Theranos, or was she acting in good faith?

Prosecutors called 29 witnesses — including lab employees, doctors, patients, investors and commercial executives — in their attempt to paint Ms. Holmes as an example of the worst excesses of Silicon Valley’s “fake it until you make it” start-up culture.

Ms. Holmes raised nearly $1 billion from investors and signed contracts with Walgreens and Safeway based on promises of cheaper, easier blood testing. But as The Wall Street Journal revealed in 2015, Theranos’s own devices could perform only 12 tests. The company officially shut down three years later.

“She chose fraud over business failure,” Jeff Schenk, an assistant U.S. attorney, said during closing arguments.

Ms. Holmes testified that she had been a well-meaning entrepreneur who believed her own statements and trusted her scientists’ positive feedback about Theranos’s technology. She also accused Ramesh Balwani, her ex-boyfriend and Theranos’s chief operating officer, of abusing her, accusations he has denied.

“He impacted everything about who I was, and I don’t fully understand that,” she said.

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