Theranos

Theranos will soon dissolve

Photo: David Orrell/CNBC/NBCU Photo Bank via Getty Images

The formal, official end is apparently near for Theranos. The company will dissolve and use its remaining cash to pay its creditors, the Wall Street Journal's John Carreyrou reported last night.

What's next: Founder Elizabeth Holmes and former COO Sunny Balwani are awaiting trial on federal fraud charges.

Three reasons why Theranos matters

Elizabeth Holmes illustration
Illustration: Lazaro Gamio/Axios

Federal prosecutors on Friday charged Theranos founder Elizabeth Holmes and former Theranos president Sunny Balwani with 11 counts of criminally defrauding investors, patients and doctors.

The details: Criminal charges were expected for Holmes, who has yet to comment. She stepped down as Theranos' CEO while remaining chair of the board. Balwani is fighting the charges and said, via an attorney, he "looks forward to clearing his name at trial." We've posted the full criminal complaint.