Jurors finish a third day of deliberations in the Elizabeth Holmes trial.

Jurors ended a third day of deliberations Thursday without a verdict in the fraud trial of Elizabeth Holmes, the founder of the failed blood testing startup Theranos.

Ms. Holmes, 37, faces two counts of conspiracy to commit wire fraud and nine counts of wire fraud for allegedly lying about Theranos technology to gain money and fame. If convicted, she could serve up to 20 years in prison.

A jury of eight men and four women began deliberations on Monday and continued their discussions on Tuesday. On Tuesday afternoon, they asked if they could take the jury’s instructions home with them. (The answer was no). They had Wednesday off.

On Thursday they deliberated for a full day. At one point, they asked to listen to audio recordings of a call Ms. Holmes had had with investors. In that call, Ms. Holmes said she had built the Theranos business on “partnerships with the drug companies and our contracts with the military.” However, pharmaceutical companies recommended against using Theranos technology, and the military never used their devices on the battlefield.

The deliberations will resume on Monday morning.

In Silicon Valley, startup founders are rarely prosecuted for their truth-stretching claims. Ms. Holmes, who stood out as a founder in the male-dominated industry, was intentionally modeled after Apple’s Steve Jobs. She founded Theranos in 2003, dropped out of Stanford University in 2004, and spent the next decade raising nearly $ 1 billion from venture capitalists and wealthy family offices.

In 2015, a Wall Street Journal investigation revealed that Ms. Holmes had overstated the capabilities of Theranos blood testing technology, as well as its relationships with drug companies and the military. The company closed in 2018.

The case comes down to whether Ms. Holmes intended to mislead investors, patients, and others, or whether she acted in good faith.

Prosecutors called 29 witnesses, seeking to prove that Ms. Holmes “chose fraud over business failure” through misleading validation reports, false demonstrations, inaccurate marketing materials, and other false claims.

Ms. Holmes took the stand for seven days, anchoring her defense. She recast herself as a naive entrepreneur who was misled by those around her. In emotional testimony, she accused Ramesh Balwani, a former chief operating officer of Theranos, of emotionally and physically abusing her during their secret decade-long relationship. Balwani, known as Sunny, has denied her allegations.

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