Day 38 - November 23, 2021

Elizabeth Holmes continued her direct examination, describing Theranos's plans to expand from the 3 Series to a proposed MiniLab platform capable of supporting a broad test menu. She said internal scientific feedback supported her expectations while acknowledging that substantial assay development, hardware, software, staffing, integration, and clinical-validation work remained. On the Walgreens relationship, Holmes admitted placing Pfizer and Schering-Plough logos on Theranos-prepared reports before sending them to Walgreens. She denied intending to suggest that the pharmaceutical companies had prepared the reports and said she wished she had acted differently. She also explained Theranos's shift toward processing small samples on modified commercial analyzers, acknowledged that the company did not publicly disclose that practice and told few outsiders, and attributed the limited disclosure to trade-secret advice. FDA communications were introduced as evidence that Theranos disclosed its central-laboratory model, testing platforms, and associated tests to regulators. Holmes denied pressuring laboratory personnel to approve assays and testified that tests raising concerns were delayed until the laboratory director was satisfied. She also said management had treated Surekha Gangakhedkar's team improperly. The examination concluded with Theranos's rollout assumptions, investor-facing financial projections, board materials, Safeway delays, and Department of Defense projects. Holmes attributed the projections to a model prepared and adjusted by Ramesh Balwani using assumptions about store expansion and other sample sources.