Tempus AI (NASDAQ: TEM) signs $192.5 million data deals with BMS and Pathos

Posted by Scott Moore on Oct 23rd, 2026

What happened

Tempus AI, Inc. (NASDAQ: TEM) said on October 23, 2026, that it signed agreements with Bristol-Myers Squibb Company and Pathos AI, Inc.

The deals include an oncology statement of work with BMS, a neurology order form with Pathos, and a side letter among Tempus, Pathos and BMS.

Tempus said the two contracts provide for $192.5 million in cash over about five years.

BMS will pay $137.5 million in fixed quarterly payments. Pathos provides for up to $55 million.

The Pathos fees include $50 million in data license fees at $100 per delivered record and $5.0 million for record updates.

Key numbers

Metric	Latest	Source
Aggregate cash payments	$192.5 million	SEC 8-K
BMS fixed payments	$137.5 million	SEC 8-K
Pathos cash fees	up to $55 million	SEC 8-K
Neurology records	500,000 de-identified records	SEC 8-K
Annual delivery rate	100,000 records	SEC 8-K

Why it matters

The fixed BMS deal makes up about 71.4% of the combined cash. That gives Tempus a mostly locked-in base before Pathos delivery volume turns into paid records.

The Pathos piece is partly variable because the data-license fees depend on records actually delivered. Tempus said it will seek to deliver and license 500,000 de-identified records over the five-year term, or 100,000 records a year.

That gives investors a clear benchmark for future revenue recognition and collection. The side letter says Tempus will not license the neurology records to third parties other than BMS, Pathos and certain subcontractors during the stated period.

The oncology statement of work runs to December 31, 2031. BMS may terminate it with 12 months' prior written notice and a substantial termination fee.

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What's next

Quarterly invoices under the BMS deal and monthly invoices for delivered Pathos records are the next cash steps in the filing.

The oncology statement of work runs to December 31, 2031, and BMS may terminate it with 12 months' prior written notice and a substantial termination fee.

Tempus will seek to deliver 100,000 de-identified records a year over the five-year term. Steady delivery and uninterrupted BMS payments would support the case. A shortfall in deliveries or an early termination notice would weaken it.