Tempus AI Lines Up $192.5 Million In Cash From Bristol-Myers Squibb And Pathos Data Deals
The oncology and neurology data contracts total $192.5 million over approximately five years, and the Pathos order needed a special board committee.
Tempus AI, which runs cancer-focused diagnostic labs and sells data and analytics to drug developers, signed agreements with Bristol-Myers Squibb and Pathos that provide $192.5 million in cash payments over approximately five years, according to an 8-K filed Friday. The money splits into $137.5 million from BMS for oncology data and up to $55 million from Pathos for neurology records.
Oncology: $137.5 million from BMS
Tempus and BMS signed the oncology statement of work on October 14, under their existing master services agreement. BMS gets certain multimodal records from Tempus's de-identified oncology dataset, access to Tempus's Lens analysis software and other research services.
BMS will pay $137.5 million in fixed payments, invoiced quarterly, through the contract's end on December 31, 2031. It can leave on 12 months' written notice plus a substantial termination fee. The license covers use of the data with Pathos's "Foundry" drug development platform, which BMS has separately licensed from Pathos.
Neurology: up to $55 million from Pathos
On October 22, Tempus and Pathos signed an order form for 500,000 de-identified records of patients with Alzheimer's disease or other specified neurological conditions, at 100,000 records in each year of a five-year term. Tempus also licensed Pathos an agentic tool, the Tempus Agent, for interrogating and analyzing the data. Pathos can use both for its own purposes and to assist BMS's therapeutic development.
The fees total up to $55 million: $50 million in data fees at $100 per delivered record, invoiced monthly, plus $5.0 million for record updates, invoiced quarterly. Because the data fees track delivery, what Tempus earns depends on how many records it delivers over the term; it has committed to commercially reasonable efforts.
A side letter among Tempus, Pathos and BMS confirms Tempus's consent to Pathos sublicensing the data and tool to BMS. Tempus also agreed not to license the covered neurology records to anyone beyond BMS, Pathos and certain subcontractors. That restriction runs from each record's first delivery until 18 months after the later of delivery or October 22, 2027.
A related-party approval
Pathos counts as a related party because it shares executive leadership and equity ownership with Tempus. A special committee of disinterested Tempus directors therefore reviewed and approved the neurology order form and side letter under the company's related person transaction policy.
Tempus's 10-K describes a business built on de-identified patient data: more than 8.6 million records as of December 31, 2025, about 700 direct data connections across roughly 5,000 hospitals, and a provider network covering more than 55% of US oncologists.
The neurology fees follow records delivered, so the $55 million is a ceiling that Tempus earns at $100 a record.
Sources
- 8-K Filing — Tempus AI, Inc. (TEM) — SEC EDGAR
- Pathos inks BMS, Tempus collabs for clinical AI in Alzheimer's — fiercebiotech.com
- Pathos AI teams up with Bristol Myers and Tempus AI to advance drug development - CNA — channelnewsasia.com
