Theranos — Investor Pitch Deck

THERANOS

Revolutionizing Healthcare Through Micro-Sampling

Investor Pitch Deck

Prepared by

Aurora Capital Partners

Investment Banking Division

Valuation

$9.0B

Tests

1,000+

Concordance

99.4%

November 2026 · Confidential — For Invited Investors Only · v1.2

Executive Summary & The Ask

Investment opportunity in one slide

Thesis: Theranos is building the first consumer-facing, micro-sampling diagnostics platform that collapses cost, pain, and turnaround time — positioning it to capture share of a $75B global market at 65%+ gross margins.

Proprietary platform: dozens of assays from a few drops of capillary blood
99.4% concordance across 1,042 samples; 7 assays validated, 1,000+ menu target
Path to $1.8B revenue by 2030; break-even 2027 on base case
100+ patents; CLIA-certified; FDA 510(k) pathway initiated

The Ask

$200M Series E

$9.0B pre-money valuation · Common + Preferred equity (Series E Preferred)

Use of Proceeds

Source: company operating plan; proceeds net of fees.

Runway

24 mo

Break-even

2027

Gross Margin

65%+

Investment Highlights

Compelling opportunity in consumer diagnostics

Proprietary micro-sampling platform — comprehensive tests from a few drops of blood
Miniaturized, automated laboratory (Edison) — results in minutes, not days
99.4% concordance vs. reference labs across 1,042 samples; 7 assays validated
Addressing a $75B+ global diagnostics market with significant unmet need
Strong IP portfolio — 100+ patents; CLIA-certified operations
Path to $1.8B revenue by 2030 with 65%+ gross margins
Experienced board of public servants, clinicians and operators

Market Opportunity ($B) — Frost & Sullivan 2026

Projected Revenue 2026–2030 ($M)

Market Opportunity

Sizing, segmentation, and competitive landscape

Market Sizing & Segmentation

Bottom-up methodology, third-party sourced

Tier	Value ($B)	Definition / Method
TAM	75	Global in-vitro diagnostics market (Frost & Sullivan 2026)
SAM	12	US retail/wellness & consumer-accessible testing
SOM	2	5-yr capture: 200-1,000 sites × 200 tests/day × $10 × 250 days

SOM bridge: 50 sites (2026) → 1,000 sites (2030); 200 tests/site/day; $10 price; 250 operating days.

Segmentation

Segment	Share of SAM	Margin profile	Buyer
Consumer wellness	45%	High (65%+)	Self-pay consumer
Clinical diagnostics	35%	Mid (55-60%)	Physicians / health systems
Pharma trials	20%	Premium (70%+)	Sponsors / CROs

SAM by Segment ($B)

Source: Frost & Sullivan 2026; company segmentation.

Growth Drivers

Consumerization of diagnostics & price transparency
Shift from venipuncture to capillary micro-sampling
Value-based care / early detection incentives
Pharma demand for decentralized trial endpoints

Competitive Landscape

Why Theranos wins

Player	Modality	Price / test	Turnaround	Menu	Theranos advantage
Quest Diagnostics	Venipuncture, centralized	$40-120	1-3 days	3,000+	Cost, speed, access
LabCorp	Venipuncture, centralized	$40-120	1-3 days	5,000+	Cost, speed, access
Abbott (point-of-care)	Cartridge, device	$15-40	Minutes	~30	Menu breadth, cost
Genomics startups	Finger-prick / mail-in	$99-299	Days-weeks	Niche	Speed, price, breadth
Theranos	Micro-sampling + Edison	$10	Minutes	7 → 1,000+	—

Moat & Differentiation

100+ patents (device, cartridge, collection, software)
Proprietary microfluidic reagent integration
CLIA-certified operations & quality systems
Data network effects from high-frequency testing

Switching costs / barriers

Installed Edison base + cartridge consumables
Physician/patient familiarity with reports
Payer coverage & CPT code establishment
Regulatory clearances (510(k)/PMA)

Technology & Product

Platform, roadmap, and cost advantage

The Theranos System

Equipment & Technology

EDISON ANALYZER

Edison Analyzer

Cartridge Slot

Nanotainer

Miniaturized, automated laboratory processing dozens of tests from one sample.

Edison Analyzer

Miniaturized, automated lab processing dozens of tests from one sample.

Theranos Cartridge

Proprietary microfluidic cartridge: sample prep, reagents, detection.

Finger-Stick Collection

Patented device capturing a few drops of capillary blood — painless.

Nanotainer

Proprietary vessel preserving sample integrity door-to-door.

Software Platform

Cloud-based results to patients & physicians in minutes.

CLIA-Certified Lab

Fully regulated lab operations & quality systems.

Cost per Test ($)

Product Roadmap

2026Launch 7 assays · US retail

202730+ assays · wellness centers

2028International expansion

2029Hospital partnerships

2030Full menu · 1,000+ sites

Assay count by year: 7 → 30 → 120 → 400 → 1,000+

Clinical Validation

Concordance vs. reference lab — 1,042 samples

Assay	Theranos	Reference Lab	Concordance	Status
CBC (WBC)	7.2 K/µL	7.1 K/µL	99.4%	Pass
Glucose	94 mg/dL	95 mg/dL	99.6%	Pass
Total Cholesterol	188 mg/dL	186 mg/dL	99.1%	Pass
HDL Cholesterol	58 mg/dL	59 mg/dL	99.3%	Pass
Triglycerides	112 mg/dL	110 mg/dL	99.5%	Pass
HbA1c	5.4 %	5.4 %	99.8%	Pass
TSH	2.1 mIU/L	2.0 mIU/L	99.2%	Pass

Study design: prospective, multi-site, blinded comparison vs. FDA-cleared reference analyzers; n=1,042 (adults 18-80); IRB-approved; CLIA lab. Metrics: concordance, sensitivity/specificity, LOD, precision (CV <5%) reported in appendix.

Assay Menu Roadmap (count by year)

Source: company R&D plan; assay count includes immunoassay, chemistry, hematology.

Concordance by Assay (%)

Regulatory & Reimbursement

Pathway, quality systems, and payer strategy

Regulatory pathway

Jurisdiction	Status	Pathway
US FDA	In progress	510(k) for Edison; PMA for novel assays
CLIA	Certified	High-complexity lab; quality systems
State licenses	CA, AZ, NY	State-by-state licensure
CE Mark (EU)	Planned 2028	IVDR conformity
ISO 13485	Certified	QMS

Regulatory timeline subject to agency review; PMA adds 12-18 months.

Reimbursement strategy

Item	Detail
CPT codes	Leverage existing codes (85025, 80053, 83036, 84443)
Medicare	CLFS rates; gap-fill where needed
Commercial payers	Contracting in progress (2 of top 5)
Self-pay	$10 flat price; cash-pay wellness
Pharma	Per-sample fee in trials

Revenue mix by payer (2030, base)

Team & Governance

Leadership, board, and scientific advisors

Team & Board of Directors

Leadership and governance

Elizabeth Holmes

Founder & Chief Executive Officer

Founded Theranos in 2003; vision for consumer-accessible diagnostics. Stanford dropout; drives product and strategy.

Sunny Balwani

President & Chief Operating Officer

Oversees operations, manufacturing scale-up, and commercial execution. Background in software and operations.

Henry Kissinger

Board Member

Former US Secretary of State; geopolitical and strategic counsel.

George Shultz

Board Member

Former US Secretary of State & Treasury; governance and public policy.

Bill Frist, MD

Board Member

Former US Senate Majority Leader; cardiothoracic surgeon; healthcare policy.

Sam Nunn

Board Member

Former US Senator; national security and governance.

Gary Roughead

Board Member

Admiral (Ret.), US Navy; operations and logistics.

Scientific Advisors

KOL Panel

Mix of clinical chemists, pathologists, and biostatisticians advising on assay validation and study design.

Bios summarized; full CVs in data room. Board independence and audit committee to be strengthened pre-IPO.

Financials

Unit economics, projections, scenarios, and runway

Unit Economics Build-Up

From price per test to revenue

Driver	Value	Notes
Price per test	$10	Flat consumer price; payer rates vary
Cost per test	$2.50	Reagent + cartridge + labor
Gross margin per test	75%	At scale; 58% in 2026
Tests / site / day	200	2 shifts, 1 Edison, 8 hr
Operating days / yr	250	Excl. downtime
Utilization	60% (2026) → 85%	Ramp by site maturity

Revenue = sites × tests/site/day × price × operating days × utilization.

Revenue bridge (2030 base, $M)

Site ramp

Year	Sites	Tests/site/day	Utilization	Revenue ($M)
2026	50	200	60%	50
2027	200	200	70%	180
2028	500	200	75%	420
2029	800	200	80%	900
2030	1,000+	200	85%	1,800

Price held at $10; payer mix shift improves realized price to ~$12 by 2030.

Gross margin drivers

Reagent cost curve: -8%/yr with volume
Cartridge yield improvement: 85% → 95%
Fixed lab overhead spread over volume
Premium pharma pricing mix

Financial Projections & Scenarios

Base / Bull / Bear

Scenario	2026 Rev	2028 Rev	2030 Rev	2030 GM	2030 EBITDA	Sites 2030
Bear	30	250	900	60%	180	600
Base	50	420	1,800	70%	620	1,000+
Bull	70	600	2,500	72%	950	1,400

EBITDA Trajectory ($M) — Base

	2026	2027	2028	2029	2030
Revenue	50	180	420	900	1,800
Gross Margin	58%	62%	65%	68%	70%
EBITDA	(20)	15	80	240	620
Sites	50	200	500	800	1,000+
Headcount	400	900	1,600	2,400	3,200

P&L detail, cash flow, balance sheet in appendix. Valuation: $9B = 5x 2030 revenue / 14.5x 2030 EBITDA (comps: diagnostic services 4-6x rev).

Burn Rate & Runway

Funding needs and cash plan

Metric	2026	2027	2028
OpEx ($M)	70	165	340
CapEx ($M)	15	30	60
Cash burn ($M)	85	150	120
Ending cash ($M)	115	165	245

Series E $200M extends runway 24 months to cash-flow positive (Q4 2027 base).

Cash-flow positive

Q4 2027

Base case; bear case slips to 2029

Monthly burn

$8.3M

Runway

24 mo

Series E

$200M

Use of proceeds: R&D 35%, commercialization 30%, manufacturing 20%, G&A 15%
No debt; clean cap table; 1x liquidation preference
Board observer rights for lead investor

Risk Factors

Key risks and mitigations

Risk Factors

Candid assessment for IC diligence

Regulatory

FDA clearance timing and scope; PMA risk for novel assays; state licensure gaps. Mitigation: early agency engagement, CLIA lab, quality systems.

Clinical

Limited menu (7 assays) vs. comprehensive claims; concordance on small n; need larger validation. Mitigation: expanded studies, sensitivity/specificity reporting.

Reimbursement

Payer coverage uncertain; Medicare CLFS rates may not support $10 price. Mitigation: self-pay wellness focus, contracting, CPT leverage.

Competitive

Quest/LabCorp/Abbott can replicate or price-match; scale advantages. Mitigation: IP, speed, consumer brand, installed base.

IP

FTO not fully assessed; patent challenges; trade secret dependence. Mitigation: 100+ patents, continuation filings, confidentiality.

Manufacturing

Cartridge yield, scale-up, supply chain single-source risks. Mitigation: CM qualification, second source, yield programs.

Key person

Dependence on founder/CEO; succession planning immature. Mitigation: board strengthening, executive bench.

Ethics / fraud

Heightened scrutiny of claims; need transparent data and governance. Mitigation: independent validation, audit committee, disclosure discipline.

Live Pilot Demonstration

Proof of concept with predefined success criteria

A single finger-prick. Results in minutes. No venipuncture, no waiting.

1. Finger-prick collection (a few drops)
2. Insert cartridge into Edison
3. Automated analysis runs
4. Results delivered to screen

Success criteria

Metric	Target	Pass/Fail
Concordance vs. reference	≥98%	Pass
Turnaround time	≤15 min	Pass
Sample volume	≤50 µL	Pass
Device uptime	≥95%	Pass

Conclusion

Theranos is redefining the laboratory — bringing testing closer to the patient, reducing cost and pain, and enabling earlier detection of disease. We invite you to join us in building the future of healthcare.

Thank You

For questions or follow-up, contact:

theranos@halberti.com · halberti.com

Appendix

Patents, study protocol, detailed P&L, sources

Appendix A — Patent Portfolio Summary

IP overview (representative)

Family	Count	Jurisdictions	Status
Micro-sampling collection device	24	US, EU, JP, CN	Granted
Cartridge / microfluidics	31	US, EU	Granted / pending
Edison analyzer hardware	18	US, EU	Granted
Software / cloud platform	14	US	Granted / pending
Assay methods	13	US, EU	Pending
Total	100+	—	—

Full patent list, filing dates, and claim charts available in data room. FTO analysis in progress; not yet complete.

Appendix B — Study Protocol Summary

Clinical validation design

Element	Detail
Design	Prospective, multi-site, blinded comparison
Population	n=1,042 adults 18-80; mixed health status
Sites	3 CLIA-certified locations
Comparator	FDA-cleared reference analyzers (Quest/LabCorp)
Endpoints	Concordance, sensitivity, specificity, LOD, precision (CV)
IRB	Approved; informed consent obtained
Assays	7 (CBC, Glucose, Chol, HDL, Trig, HbA1c, TSH)

Full protocol, SAP, and data tables available in data room. Independent replication pending.

Appendix C — Detailed P&L ($M)

Base case

Line item	2026	2027	2028	2029	2030
Revenue	50	180	420	900	1,800
COGS	21	68	147	288	540
Gross profit	29	112	273	612	1,260
R&D	25	50	80	120	160
S&M	15	40	80	140	220
G&A	9	17	33	52	80
EBITDA	(20)	15	80	240	620
Depreciation	5	10	18	28	40
EBIT	(25)	5	62	212	580

Source: company financial model (base case). Cash flow and balance sheet available in data room.

Appendix D — Sources & Methodology

Data provenance

Market sizing: Frost & Sullivan, Global Diagnostics Market Outlook 2026
Competitive pricing: company research of public list prices (Quest, LabCorp, Abbott, 2026)
Clinical data: company clinical study report (n=1,042), IRB-approved
Financials: company operating model, base/bull/bear scenarios
Regulatory: company regulatory strategy memo; FDA/CLIA public guidance
IP: company patent docket (100+ filings)

All figures are company-provided and unaudited. Forward-looking statements subject to risk factors.

BETO's Halloween — Event Card

Printable business card (front / back)

3.5" × 2" @ 300 dpi — print double-sided.

Halloween costume inspiration: Nathan Fielder and Elizabeth Holmes