I apologize, I didn't look up any estimates/figures for Theranos and I think I mistook the funding number for revenue. I also haven't gone to Walgreens and taken a theranos test, although I do suspect that if Theranos is actually at Walgreens their ratio of valuation to revenue does not end with a divide by zero error.

Regardless, there are so many biotech IPOs based on literally zero revenue that this isn't even worth mentioning. Off the top of my head, these are the public biotech companies that I know of that went public with no revenue to speak of: Genentech (yes, THAT Genentech, biggest acquisition in histoty at over $50 billion by Roche), Celgene, and in the last year alone, Axovant Sciences, CytomX, Strongbridge, MyoCardia, RegenX, and Global Blood Therapeutics (I'm almost certain that "in the last year" in actually "in the last few months")