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Theranos

Theranos had only $200 million of its funding left as of the end of 2016, according to a report from the Wall Street Journal, citing anonymous sources. The company previously raised nearly $900 million from investors.

During a conference call with investors last month, the company also disclosed that it didn't generate any material revenue over the last two years, and that it hasn't set aside funds to cover liabilities, according to the report.

Why it matters: The company is facing several lawsuits and investigations, so at the very least will face large legal bills, if not fines and settlements. Theranos investor Partner Fund Management and former retail partner Walgreens are suing the company, seeking to recover a total of $240 million, though Theranos has said that the lawsuits are without merit.

What's next: The company recently laid off 41% of its remaining workforce, just a few months after laying off nearly half of its employees and getting out of the lab business. The current team is focused on developing a new device it plans to sell to other clinics, though it's still awaiting regulatory approval.

Go deeper

Scoop: FDA chief called to West Wing

Stephen Hahn. Photo: Mandel Ngan/AFP via Getty Images

White House Chief of Staff Mark Meadows has summoned FDA commissioner Stephen Hahn to the West Wing for a 9:30am meeting Tuesday to explain why he hasn't moved faster to approve the Pfizer coronavirus vaccine, two senior administration officials told Axios.

Why it matters: The meeting is shaping up to be tense, with Hahn using what the White House will likely view as kamikaze language in a preemptive statement to Axios: "Let me be clear — our career scientists have to make the decision and they will take the time that’s needed to make the right call on this important decision."

Scoop: Schumer's regrets

Photo illustration: Eniola Odetunde/Axios. Photo: Mark Wilson/Getty Images   

Chuck Schumer told party donors during recent calls that the death of Ruth Bader Ginsburg and the fact that Cal Cunningham "couldn't keep his zipper up" crushed Democrats' chances of regaining the Senate, sources with direct knowledge of the conversations tell Axios.

Why it matters: Democrats are hoping for a 50-50 split by winning two upcoming special elections in Georgia. But their best chance for an outright Senate majority ended when Cunningham lost in North Carolina and Sen. Susan Collins won in Maine.

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.

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