Tempus AI's five-year neurology data deal with Pathos AI could bring up to $55 million, while Bristol Myers Squibb receives nonexclusive Foundry access and three-year exclusive rights for neuroscience development.
Tempus signed the order form Thursday, Oct. 22, according to its Form 8-K. It will use commercially reasonable efforts to deliver and license records to Pathos. The filing sets a pace of 100,000 records annually and a five-year goal of 500,000, covering people with Alzheimer’s disease and other specified neurological conditions. The target is not guaranteed.
Pathos pays $100 for each delivered record, with those fees capped at $50 million. A further $5 million is payable for the availability of record updates. Tempus’ data licensing revenue will depend on how many eligible records it provides.
The filing says Tempus licensed Pathos an agentic analysis tool. In a side letter, Tempus consented to Pathos sublicensing the records and tool to BMS. Pathos plans to use Foundry to study disease hypotheses and support clinical-trial planning.
The contract limits Tempus’ ability to license each applicable record to other third parties, with exceptions for BMS, Pathos and certain subcontractors. The restriction lasts until 18 months after the later of the record’s first delivery to Pathos or Oct. 22, 2027.
Pathos said BMS may use Foundry nonexclusively across its broader portfolio, with a separate three-year exclusivity period for neuroscience development programs.
The filing separately lists a Tempus-BMS oncology data and services contract, with $137.5 million in fixed payments scheduled through Dec. 31, 2031. At the neurology deal’s full $55 million value, payments under the two agreements would total $192.5 million.
Tempus said overlapping executives and equity ownership brought the Pathos agreements under its related-person transaction policy. A special committee of disinterested directors approved the order form and side letter.
Pathos said it developed and validated the Foundry approach in oncology, where it used the platform to guide its pipeline and trial design. Pathos also disclosed a $237 million Series E round that values it at approximately $3 billion after the financing.
