You can become valued at $9 BILLION.

1. June 1, 2006
A Presentation For Investors

2. 2Confidential & Proprietary
Theranos, Inc.
Our immediate goal is to become the standard for improving
the efficacy and risk/benefit and safety profile of every
therapy.
Initial Market: Phase IV Clinical trials
Product Platform:
System: Cartridges, Readers, Informatics Service
Founded 2003
Menlo Park, CA
50 Employees

3. 3Confidential & Proprietary
Theranos Today
6 Deals, 5 companies: $6-12M for validation phase
6 Phase IVs: $20-$50M each
$120 - $300M revenue in next 1.5 years
10 companies and 1 government agency: 15 additional deals
$21-52M for validation
$300-$750M for phase IVs
Existing deals: $120M - $1.5Bn in revenue
Improve label, validate efficacy and preempt liabilities

4. 4Confidential & Proprietary
Management
Elizabeth Holmes, President and CEO
Left Stanford Chemical and Electrical Engineering to found Theranos, also Genencor,
Genome Institute Singapore
Howard Bailey, CFO
Former CFO who took QED and Photon Dynamics public, also CFO Occam, C-Cube, and
Controller, Intel
Diane Parks, CCO
Former Senior Vice President, Biotherapeutics and Managed Care, Genentech, also Vice
President, Marketing, Aventis
John Howard, Senior VP, Products
Former President, Panasonic Semiconductor, also President, IBM Microelectronics Division
Dr. Ian Gibbons, Senior Director Assay Development
Former Senior Director, Syva, ACLARA, Biotrack, AmCell, First Medical
Tim Kemp, Senior Director Informatics Systems
Former lead systems engineer, IBM, Embedded Systems
Board of Directors:
Donald L. Lucas, Chairman of the Board
46-year veteran of the venture capital business
Elizabeth Holmes
CEO, Theranos
Peter Thomas
Founder and Managing Director, ATA Ventures; General Partner, Institutional Venture Partners
Channing Robertson
Stanford Senior Associate Dean of Engineering

5. 5Confidential & Proprietary
What is our system?
0
2E-11
4E-11
6E-11
8E-11
1E-10
1.2E-10
1.00E-12 1.00E-11 1.00E-10 1.00E-09 1.00E-08
Concentration (M)
BoundLabel(M)
Competitive
Two Step
www.theranos.com

6. 6Confidential & Proprietary
Technology Theranos Products
Reagents
Motion
Control
Vacuum
Pump
Wash 1
Amp
Wash 2
Label 1
Label 2
Push
Sample Port
Test Sites
Metering
Mixing
Separator
Vacuum
Sensor
Sample
Vent
Valve
Multiplex
Vent
Valve
Waste
Valves
Waste 1
Waste 2
Cartridge Reader Informatics

7. 7Confidential & Proprietary
Theranos ABCS™: Ambulatory BioInformatics
Communications System
Effective narrow range therapy through post-prescription
monitoring of the total available patient base.
Telecommunications
Videoconferencing

8. 8Confidential & Proprietary
Product Features
Use: Simultaneous quantitative measurement of drugs and
treatment-related biomarkers
Sample Size: 5-10µL of blood
Time: Multiplex assays complete in < 30 minutes
Calibration/Control: On board with each measurement
Operating Principle: Chemiluminescent/Immunoassay
Dynamic Range: Low picogram/mL – high microgram/mL
Accuracy: Results comparable to “gold standards”
Precision: Average total 5-7% Coefficient of Variation or better
Data Reporting: Immediate upload from secured server
Attractiveness: New assays can be developed and implemented
within about three months and can be fully developed at ISO 9000
standards within about six months.

9. 9Confidential & Proprietary
Value Proposition
Increase pharmaceutical sales by improving the label of a
compound
Remove black boxes
Safely sell to total available patient base
Introduce existing compounds to market (rather than relying heavily
on gene sequencing and new discoveries)
Increase the number of patients enrolling in trials and reduce drop-
outs
Increase compliance

10. 10Confidential & Proprietary
First course of infusion chemotherapy with
Theranos monitoring
First course of treatment
(Drug level too high)
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Time, hours
Parameter
First course dose
First course drug level
Drug level target
Standard dose rate; patient is not eliminating drug rapidly and drug
concentration increases over the target level to a toxic level.

11. 11Confidential & Proprietary
Second course of infusion chemotherapy with
Theranos monitoring
Second course (Drug dose reduced)
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0.5
1.0
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Time, hours
Parameter
Second course dose
Second course drug level
Drug level target
Same patient, second course of therapy; dose is lowered based
on Theranos results >> drug level is at target.

12. 12Confidential & Proprietary
Dose Customization
Drug dose adjusted in course
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Time, hours
Parameter
First course, drug dose
corrected in course
Drug level
Drug level target
Same patient but in the first course rapid (within one hour)
feedback from Theranos monitor leads to a decision to stop the
infusion. Drug level drops from toxic to target.

13. 13Confidential & Proprietary
Real-time PK/PD Monitoring
Scenario: Drug effective; Toxicity observed; Dosage reduced; Toxicity
resuced to accepatable level
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Time, days
ParameterValue
Drug Dose
Drug Level
Effect marker
Toxicity marker
Tox. Alert Level
reduced to acceptable level

14. 14Confidential & Proprietary
Total Available Market:
Phase IV Clinical Trials
Phase IV Clinical Market = $39 Billion per year
Number of ongoing trials per year = 600 to 800
Average Theranos Revenue per trial = $50M
$7,500 “Information Fee” per patient for every four months
Average: 2,000 to 10,000 patients per trial

15. 15Confidential & Proprietary
Total Available Market:
Pharmaceutical preclinical market
Pre-clinical Market = $10 billion per year
$5M annual revenue per research group
133 groups per pharmaceutical company
15 companies of this size
Note: These numbers exclude sales to one of the
largest preclinical market segments: academic
institutions.

16. 16Confidential & Proprietary
Theranos Value Proposition
Revenue:
Information fee includes use of
Readers
Cartridges
ABCS informatics, patient diary and data integration service
70% margins
Requisite solution for improving labels or preempting liabilities
Cost to pharmaceutical companies is 20-30% less than
current costs of equivalent testing through clinicians office

17. 17Confidential & Proprietary
Pains In The Existing Marketplace
Adverse Drug Reactions reduce sales and keep some drugs off
the market
Pharmacogenomic tests (diagnostics) do not eliminate adverse
drug reactions
And screen some patients who could safely benefit from a drug
No mechanism to measure the effect of environmental factors on
drug efficacy
No continuous monitoring to determine the correct dosage
Current testing procedures too expensive or impossible for some
drugs

18. 18Confidential & Proprietary
Theranos Solution
Monitoring can take place anywhere and can be done by anyone
Monitoring can be as frequent as needed with little increase in cost
Results compare to / beat those obtained by a blood lab
Results are available in minutes
Warning to doctor can be sent within minutes of a test
Effectiveness of dose can be monitored in real time
Drug-drug combinations can be monitored to improve the label
Drugs can be prescribed with monitoring devices to prevent ADRs
Instant analysis and availability of related data improve speed and
effectiveness of trials
Consumer WWW increases value of therapy: Informs patients, drives
compliance and increases patient adherence to given drug

19. 19Confidential & Proprietary
Drivers for Success
First mover advantage
Combination of several different technologies makes
reproducing the solution difficult
Innovation Pipeline: Next generation systems
Strong Customer Base
Speed to Market and Focus on Quality
Patents
Management and Culture

20. 20Confidential & Proprietary
Offering
Objective: Pre-IPO transaction to facilitate rapid scaling of
Theranos production and manufacturing infrastructure and
add to Theranos business development and sales force.
CFP
Offering: $30M
Existing Investors: $15-20M
New Investors: $10-15M

21. 21Confidential & Proprietary
Existing Investors
Lead investor profiles:
Series A
Chang,Chang, EsoomEsoom TaipeiTaipei: Multi-billion dollar distribution group; leading distributors of high
technology devices in Asia with headquarters in China and in Taiwan.
Continental Properties CompanyContinental Properties Company: Fund lead by John Schweitizer and Stephen Feinberg,
director of MD Anderson, leading center in innovative cancer treatment, cutting-edge
research and clinical trials.
Draper FisherDraper Fisher JurvetsonJurvetson: Draper Fisher Jurvetson is a global network of affiliated venture
funds with over $3 billion in capital commitments and offices in the major technology centers
around the world.
Jupiter PartnersJupiter Partners: Fund lead by John Bryan, limited partner in numerous venture capital and
private equity funds and leading investor in companies ranging from Amgen to Hewlett
Packard.
PalmieriPalmieri TrustTrust: Fund lead by Victor Palmieri, business takeover financier; director of
numerous high growth companies including Phillips Petroleum, the Pennsylvania Company,
Arvida Corporation, Outlet Communications, the William Carter Company, Broadcasting
Partners, and Mullin Consulting and a Trustee of The Rockefeller Foundation.
Series B
Donald L Lucas fund: Premier Silicon Valley venture capital veteran (note biography in board
profile document)
ATA Ventures (Early Stage Venture Capital)
Larry Ellison, Tako Ventures
Dixson Doll (Doll Capital Management)
Ray Bingham, BJ Cassin, other private equity investors

22. 22Confidential & Proprietary
0
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Concentration of TxB2 (pg/mL)
Normalizedresponse
Theranos Assay
Conventional Assay
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10000
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Concentrationof TxB2 (pg/mL)
Signal(RLU)
Sample 4
Sample 5
Calibration
1.0
2.0
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5.0
1.0 2.0 3.0 4.0 5.0
Spiked Concentration pg/mL (log scale)
CalculatedConcentrationpg/mL(logscale)
All data
Subject 4
Subject 5
Linear (All data)
Technology: Theranos System versus Today’s Lab
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Actual (pg/mL, 4x)
Measured(pg/mL,4x)
5N+1
5N-1
5A-1
5F-2
4N+2
4A-2
4N-3
4F-3
Luminometer correlation
y = 0.9334x + 0.3992
R2 = 0.9915
R = 0.995
2.0E+00
2.5E+00
3.0E+00
3.5E+00
4.0E+00
4.5E+00
5.0E+00
5.5E+00
6.0E+00
6.5E+00
7.0E+00
2.0E+00 3.0E+00 4.0E+00 5.0E+00 6.0E+00 7.0E+00
Log MD response (counts/sec)
LogTheranosResponse(Counts/sec)
Luminometer correlation
Linear (Luminometer correlation)
Upper end of linear range
Projected signal
modulation of
Theranos Chip-
based assay in
5 uL volume
On chip Chemiluminescence enables greater sensitivity than the clinical
lab

23. 23Confidential & Proprietary
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2000
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Progesterone concentration in diluted sample (pg/ml)
Signal
Computation of results
Measured signal
(sent to Theranos
server)
Dose-
response
relationship
(Factory
calibration)
Derived
concentration
Concentration in sample = Signal >> Derived conc. * Dilution factor (fixed)
Computation performed at Theranos server
Chemistry is calibrated through Theranos server by comparing results
on cartridge to known results for calibration wells in database so as to
preempt use of environmentally deteriorated cartridges