The $192.5M multi-year commitment provides meaningful revenue visibility and validates Tempus's data platform. Key execution risk is the $55M Neuro Order Form being contingent on delivering 500,000 neurology records — monitor quarterly delivery progress and any termination notices from BMS.
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Executive Summary
Tempus AI announced a series of agreements with Bristol-Myers Squibb (BMS) and Pathos AI for an aggregate $192.5 million in cash payments over approximately five years. The deals expand BMS's access to Tempus's oncology data and license neurology data and an agentic analysis tool to Pathos for use in its collaboration with BMS, representing a material multi-year revenue commitment.
Key Facts
- Aggregate cash payments to Tempus of $192.5 million over approximately five years: $137.5 million from BMS under the Onco SOW (through Dec 31, 2031) and $55 million from Pathos under the Neuro Order Form (five-year term).
- Onco SOW with BMS signed Oct 14, 2026 — fixed payments of $137.5 million invoiced quarterly; BMS may terminate with 12 months' notice and a substantial termination fee.
- Neuro Order Form with Pathos signed Oct 22, 2026 — up to $55 million in cash: $50 million in data license fees ($100 per delivered record, up to 500,000 de-identified neurology records) and $5 million for record updates.
- Side Letter confirms Tempus consent to sublicense from Pathos to BMS of neurology data and the Tempus Agent; Tempus agrees not to license the neurology data to any third party other than BMS/Pathos for an exclusivity period.
- Transactions with Pathos were reviewed and approved by a special committee of disinterested directors under Tempus's Related Person Transaction Policy due to overlapping executive leadership and equity ownership.
Financial Impact
$192.5 million in aggregate cash payments over approximately five years ($137.5M fixed from BMS + up to $55M from Pathos)
Risk Factors
- BMS can terminate the Onco SOW with 12 months' notice and a substantial termination fee, creating potential for early revenue loss.
- The $55 million Neuro Order Form is volume-dependent — actual revenue depends on Tempus's ability to deliver 100,000 neurology records per year.
- Related-party nature of the Pathos transaction (overlapping leadership/ownership) introduces governance scrutiny risk.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-429533 |
| Document: 0001193125-26-429533-index-headers.html | 0001193125-26-429533 |
| Document: 0001193125-26-429533-index.html | 0001193125-26-429533 |
| Document: 0001193125-26-429533.txt | 0001193125-26-429533 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 144 | $71.67 | awaiting T+60 | — | $72.15 (+0.67%) |
Oct 23, 2026 4d ago | 8-K | $67.62 | awaiting T+60 | — | $72.15 (+6.71%) |
Oct 22, 2026 5d ago | EFFECT | $63.81 | awaiting T+60 | — | $72.15 (+13.07%) |
Oct 20, 2026 7d ago | S-4/A | $67.76 | awaiting T+60 | — | $72.15 (+6.48%) |
Sep 29, 2026 29d ago | Insider Cluster | $81.90 | awaiting T+60 | — | $72.15 (+11.90%) |
Sep 24, 2026 4w ago | Insider Cluster | $85.01 | awaiting T+60 | — | $72.15 (+15.13%) |
Sep 18, 2026 5w ago | Insider Cluster | $78.03 | awaiting T+60 | — | $72.15 (+7.54%) |
Sep 17, 2026 5w ago | 144 | $77.84 | awaiting T+60 | — | $72.15 (+7.31%) |
Sep 3, 2026 7w ago | Insider Cluster | $64.62 | awaiting T+60 | — | $72.15 (+11.65%) |
Sep 3, 2026 7w ago | Insider Cluster | $64.62 | awaiting T+60 | — | $72.15 (+11.65%) |
US Market Status
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