Former Theranos CEO Elizabeth Holmes leaves after a hearing at a federal court in San Jose, Calif., on July 17, 2019. [Image courtesy of Reuters/Stephen Lam]
Two of the prosecution’s witnesses took the stand yesterday on the second day of Elizabeth Holmes’ federal fraud trial.
Theranos’ former financial controller San Ho Spivey, who is referred to as Danise Yam, took the stand and testified the company’s financial condition during its heyday.
Yam told Assistant U.S. Attorney Robert Leach that Theranos had net losses of $16.2 million in 2010, $27.2 million in 2011, $57 million in 2012 and $92 million in 2013, CNBC reports. Yam also testified that Theranos made no revenue in 2012 and 2013 and that the company was spending nearly $2 million per week in 2013.