Elizabeth Holmes, the former CEO of Theranos, is reportedly planning a return to the biotech industry while incarcerated at a federal prison camp in Texas. Holmes, who is serving an 11-year sentence for fraud, is allegedly assisting her husband, Billy Evans, in raising funds for a new health technology startup named Haemanthus.
The startup, which reportedly aims to revolutionize medical testing using AI-driven devices and lasers to scan blood for diseases, has secured approximately $18 million. This includes $3.5 million from friends and family and $15 million from other sources, according to reports. While the company states Holmes has no formal role, sources have indicated she has been providing advice from within the prison.
Haemanthus has not yet publicly launched and has no disclosed scientific advisors or peer-reviewed research for its product. This has led some in the biotech industry to liken it to a “Theranos 2.0,” with one insider calling the notion of Holmes making a comeback “shameless and delusional.” Prominent investors, including venture capitalist Jim Breyer and Michael Dell, have reportedly declined to invest in Haemanthus, citing similar reasons for passing on Theranos.
Holmes was convicted in 2022 for defrauding investors by exaggerating the capabilities of Theranos’s blood-testing technology. Theranos promised a machine that could run hundreds of tests from a single drop of blood, but the technology proved to be non-existent. The company collapsed in 2018 after a series of reports exposed the alleged fraud, leading to partnerships with companies like Walgreens and Safeway being terminated.
Holmes began her sentence in May 2023. She has consistently maintained her innocence throughout her trial and beyond. She and her former Theranos COO, Ramesh “Sunny” Balwani, are also jointly ordered to pay $452 million in restitution. Balwani is serving a 13-year sentence.
While incarcerated at Federal Prison Camp, Bryan in Texas, Holmes has been engaged in prison work, including assisting other inmates with resume writing and teaching French. Her dietary changes at the facility led to anemia, requiring her to incorporate canned prison tuna into her diet. Her social media presence has also been revived, with posts potentially managed by Evans or another associate, which have at times continued to espouse her past beliefs about health and Theranos's work.
A documentary about Holmes's final days as a free woman, titled “You Can See Everything,” was recently teased. Filmed before she reported to prison, the documentary reportedly focuses on Holmes's resilience and ongoing commitment to her vision, with Evans taking over her public image and business discussions with film executives after her incarceration.