Theranos lays off most of remaining employees to avoid bankruptcy

Elizabeth Holmes, founder and CEO of Theranos.
Elizabeth Holmes, founder and CEO of Theranos. Photo: Adam Jeffery / CNBC / NBCU Photo Bank via Getty Images

Blood testing company Theranos has laid off the majority of its remaining employees in order to save money and avoid bankruptcy, sources familiar with the matter told the Wall Street Journal.

The details: The start-up on Tuesday cut its staff from 125 to less than two dozen, the Journal reported. In 2015, it reportedly had about 800 employees. The move comes almost a month after CEO Elizabeth Holmes was charged with "massive fraud" by the Securities and Exchange Commission based on claims that its technology could conduct comprehensive blood tests from tiny samples.