Cosplayers and courtroom drama: The Elizabeth Holmes Theranos trial is underway

Would-be wunderkind, current criminal defendant, and new mom Elizabeth Holmes is in the building. The federal courthouse, that is.

After jury selection wrapped September 2, opening arguments began Wednesday in the U.S. government's case against Holmes, the former CEO of disgraced biotech company Theranos. Holmes faces 12 counts of wire fraud and conspiracy to commit wire fraud, all centered around allegedly misleading investors about the value of the company and the capabilities of Theranos' blood testing tech. The penalty could be up to 20 years in prison.

Theranos had claimed its proprietary miniature laboratory could perform a range of medical tests just by taking blood from the prick of a finger. It couldn't. But that didn't stop Holmes, along with business partner and ex-boyfriend Ramesh "Sunny" Balwani, from raising more than $700 million on the premise that it could.

Balwani faces the same charges as Holmes, but will have his own trial. Pointing the finger at Balwani appears to be part of the defense's strategy.

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The Holmes trial faced a long road before it could actually begin. The government indicted Holmes in 2018, but there have been many procedural arguments about the scope of claims, and the evidence both sides could include, as well as delays related to COVID, and Holmes' 2020 pregnancy. Holmes reportedly got married in 2019, and had a baby in July of this year.

And it'll be a while until we know Holmes' fate, since the trial is projected to last three months. However, both the defense and the prosecution gave a preview of who would testify, and the sorts of evidence each would produce, during opening statements Wednesday. While cameras aren't allowed in court, reporters on the scene live tweeted highlights.

The defense is arguing that Holmes was a hard-working — if young and naive — businesswoman. She purportedly made mistakes while under the influence of more experienced men who should have known better, and she herself never intended to deceive anybody.

Intention is the crux of the issue, since the government has to prove Holmes meant to deceive and mislead in order to prove fraud.

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On the other side, the prosecution is arguing that Holmes oversaw all the important elements of the company, was aware of problems, and knowingly misled partners and investors while harming patients along the way.

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Holmes' appearances in court have generated a lot of interest, since she is such a puzzling figure herself. But apparently, she has some fans, too — who decided to dress up like her.

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Beyond opening arguments, more evidence and details of the case are emerging. A transcript of texts between Holmes and Balwani shows them acknowledging bad reviews and problems with the product — in between love notes like "You are [a] breeze in [the] desert for me / My water / And ocean."

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After opening arguments, Theranos' controller took the stand to testify about the financial health of the company, and what Holmes was privy to.

From nitty-gritty financial and medical jargon, to high profile figures taking the stand, there's a lot more to come in the trial. "Will Holmes' groupies heist her out of there via a classic body double scheme?" is just one burning question of many.

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