Protein S was first isolated and characterized in 1977 and since then it has been suggested to have important functions in a range of processes. 1 These include participation in regulation of coagulation; cell proliferation;, apoptosis; and regulation of inflammation, atherosclerosis, and vasculogenesis. 2,3 For many years, though, it was mainly considered important as a cofactor in the activated protein C (APC) pathway, where it enhances the ability of APC to inactivate coagulation factors (F) Va and VIIIa (Figure 1). 4,5 However, protein S was relatively soon discovered to also have important APCindependent anticoagulant functions through directly inhibiting the intrinsic tenase and prothrombinase complexes. 6-8 This was followed by the discovery of protein S functioning as a cofactor in the tissue factor pathway inhibitor (TFPI) pathway, in which it enhances both the inhibition of FXa generation by TF-FVIIa and the direct inhibition of FXa activity by TFPIα. 9,10 Both APC and TFPIα are highly dependent on protein S for efficient regulation of coagulation. The clinical importance of protein S is evident by the increased thrombotic risk associated with all types of its deficiency. 11 Homozygous mutations