Tempus AI's data deals with BMS and Pathos provide for up to $192.5m over about five years

Bristol-Myers Squibb Company (BMS) is getting wider access to Tempus AI, Inc.'s de-identified data on two fronts, Tempus disclosed in a Form 8-K filed on 23 October 2026. Under an oncology Statement of Work signed on 14 October 2026, BMS will pay Tempus $137.5m in fixed payments, invoiced quarterly, through 31 December 2031 to license records from Tempus's de-identified oncology dataset and use its Lens software to analyse them. Separately, Tempus will license neurology records to Pathos AI, Inc., which may use them to assist BMS.

The oncology contract sits under a Master Services Agreement that Tempus and BMS signed on 22 August 2018. Tempus will also provide data analysis and research services. BMS's license covers its use of the data with Pathos's Foundry drug development platform, which BMS licenses separately from Pathos. BMS may terminate on 12 months' prior written notice and payment of what the filing calls a substantial termination fee.

Under a neurology Order Form signed with Pathos AI, Inc. on 22 October 2026, Tempus will use commercially reasonable efforts to deliver 500,000 de-identified records of patients diagnosed with Alzheimer's disease or other specified neurological conditions, at 100,000 records a year over a five-year term. Pathos will pay up to $55m: $50m in data license fees of $100 per delivered record, invoiced monthly, and $5.0m for the availability of record updates, invoiced quarterly. Pathos also gets a license to an agentic analysis tool, the Tempus Agent, and may use the data to assist BMS. With the BMS payments, the two agreements provide for up to $192.5m in cash payments to Tempus over approximately five years.

A side letter signed by Tempus, Pathos and BMS on 22 October 2026 confirms Tempus's consent to Pathos sublicensing the neurology data and the Tempus Agent to BMS. It also bars Tempus from licensing each neurology record to any third party other than BMS, Pathos and certain subcontractors from first delivery until 18 months after the later of the delivery date and 22 October 2027, which means no record can go to another licensee before 22 April 2029.