By Brendan Pierson

(Reuters] – On Monday, a U.S. court found Elizabeth Holmes, Theranos founder and CEO guilty of conspiring in defrauding investors in the startup for blood testing startups. Holmes was convicted of four counts.

Holmes, 37, was charged with defrauding investors, patients, and other parties with her claims that she had revolutionized lab testing by using only one drop of blood. Holmes pleaded guilty.

This timeline shows the major events leading to the verdict.

2003 – Holmes, who had just dropped out of Stanford University to start Theranos (now called Real-Time Cures), found Theranos. Holmes, then only 19, set his sights on revolutionizing diagnostic testing.

2004: The company’s infancy raises $6 million more funding and is valued at $30 million.

2009: Holmes’ ex-boyfriend Ramesh Balwani is appointed chief operating officer of Theranos.

2010: Theranos secures $45 Million in additional funding to reach a $1 Billion valuation.

2011: Theranos starts to attract high-profile board members including Henry Kissinger and George Shultz, former U.S. secretary of state.

2012 – The company relocates to Palo Alto (California) where it was previously known as Facebook (NASDAQ.

2013: Theranos promotes its technology and claims to be capable of running a variety of tests using just a drop of blood. Theranos also enters into partnerships with Walgreens Boots Alliance.

2014 – Theranos has raised over $400 million and is now valued at $9 billion. Forbes has Holmes named a billionaire because of her ownership in the company.

February 2015 – An article in the Journal of the American Medical Association critiques Theranos’ failure to publish research results in peer-reviewed journals.

July 2015 – Theranos receives approval from the U.S. Food and Drug Administration for a test that detects herpes simplex 1.

October 2015 – The Wall Street Journal reports on Theranos’ use of technology only for a limited number of tests. Employees also doubt the accuracy. The FDA released a statement stating that they used non-approved testing devices.

January 2016 – The U.S. Centers for Medicare & Medicaid Services (CMS) releases a report that one of the company’s facilities presents “jeopardy to patient health and safety.” According to the agency, an inspection of the facility revealed it did not comply with its quality control standards. This included not calibrating equipment.

June 2016, Walgreens and Theranos end their relationship.

October 2016: Partner Fund Management invests nearly $100 million into Theranos. The company is sued for securities fraud. Partner Fund Management claims it misrepresented its technology in order to obtain the investment. This case was eventually settled.

April 2017: CMS and Theranos reach an agreement to exclude CMS from its blood-testing business.

March 2018, Theranos and Holmes are charged by the U.S. Securities and Exchange Commission with securities fraud. Holmes loses her control and stake in the company.

June 2018, Holmes and Balwani were indicted for criminal fraud. Both men pleaded not guilty.

September 2018: Theranos Announces Its Dissolution

March 2021: Holmes announces she’s pregnant.

August 2021: Holmes has her baby. According to court documents, Holmes intends to claim that she was in the care of Balwani at the time she was charged with the crimes. Balwani denied the allegations in court filings.

September 2021: Trial in San Jose (California) begins.

November 2021 Holmes is called to the stand in defense of herself. She claims she did not intend to mislead patients and investors. Balwani is accused of providing financial models to investors. She also claims that they were in an abusive relationship.

December 20,21 – The closing arguments of both sides are heard by jurors.

January 3, 2022: Holmes was convicted of conspiring and defrauding three investors. Three counts of fraud against patients who had paid Theranos for their tests were dismissed, as well as a conspiracy related charge. Three counts relating to individual investors were not decided by the jury. The sentencing date has not been set. U.S. District Judge Edward Davila sentenced her to up 80 years, although she could get a significantly lower sentence.