Theranos is attempting an unlikely comeback.
Photograph by Kris Tripplaar — Sipa USA / AP
By Sy Mukherjee
February 17, 2017

Theranos once had a valuation in the billions built on the back of heavy early investments. But its cash arsenal has dwindled down to precariously low levels, according to sources who spoke to the Wall Street Journal.

Elizabeth Holmes’ blood testing startup had just $200 million cash on hand at the end of 2016, according to the Journal, citing figures that were reportedly mentioned during a call with investors in January. That’s less than 25% of the $900 million Theranos raised between 2004 and 2015. Company officials also noted that it hadn’t brought in particularly noteworthy revenue in 2015 or 2016. (Fortune has reached out to Theranos to verify the numbers and will update this post if the company responds.)

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Given the multitude of bad press Theranos has received in the last year, $200 million might seem like a larger-than-expected stockpile. But the company could be in hot water if it has to actually pay out millions of dollars to the various investing and commercial partners that are suing it – such as Walgreens (wba), which is engaged in a nasty $140 million breach of contract lawsuit with the company.

The depleted cash arsenal also highlights why Theranos, which iattempted to rebrand itself as a service provider to health care firms, has been on a cost-cutting binge. In January, the company announced it was laying off 41% of its already reduced workforce.

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