Elizabeth Holmes' attorneys made a vain attempt to get her fraud conviction overturned by giving the judge who presided over her trial a version of events that highlighted her company's successes, but they were unsuccessful.
On Thursday, US District Judge Edward Davila issued a preliminary decision upholding the jury's guilty conviction from January.
The attempt by Holmes to have the judge reverse the decision was a bet that virtually all white-collar criminal defendants make and that they almost never succeed in.
The 38-year-old was found guilty of conspiring and deceiving investors for her part in the failure of the blood-testing firm she founded, which peaked at a $9 billion valuation.
Ramesh "Sunny" Balwani, her ex-boyfriend and the former president of Theranos, was found guilty in July on related charges as well as patient fraud.
At the hearing on Thursday, Davila heard arguments from a lawyer for Holmes and a federal prosecutor.
The evidence "does support the jury's findings in this case," he said. "Overall, the court finds that looking at this from the lens most favourable to the prosecution."
He went on to say that "Ms. Holmes and Mr. Balwani did scheme together to marshal forward with their ideas, and the need for resources to accomplish that."