EL7.AI
GeneralMedium•23 October 2026•
4 min read

Pathos May Pay Tempus Up to $55 Million for Neurological Data

Key Facts

1The five-year neurology agreement allows Pathos to license data for fees of up to $55 million, payable to Tempus.
2The agreement includes $50 million in data fees at $100 per delivered record, and $5 million for access to updates.
3Tempus targets delivery of 500,000 de-identified records, at a rate of 100,000 records annually over five years.
4The separate oncology agreement provides for fixed payments of $137.5 million from Bristol Myers Squibb to Tempus through December 31, 2031.
5Pathos raised $365 million in a Series D round in May 2025, at a post-money valuation of about $1.6 billion.

Pathos announced on October 23, 2026, a multi-year collaboration with Bristol Myers Squibb and Tempus, including an agreement allowing it to license neurological data for fees of up to $55 million over five years. Under the agreement, Pathos will pay Tempus, making this a potential cost for the company rather than funding it receives. The partnership includes a curated neurological database and artificial intelligence capabilities to support research into Alzheimer's disease and other neurological conditions. Pathos also announced that Bristol Myers Squibb is leading its Series E funding round, without specifying its size. The announcement distinguishes this round and the data agreement from a separate oncology agreement under which Bristol Myers Squibb pays Tempus.

The $55 million fee cap comprises $50 million for data licensing and $5 million for access to record updates. The price is $100 per delivered record, with data fees invoiced monthly and update-access fees invoiced every three months. Tempus intends to use commercially reasonable efforts to deliver and license 500,000 de-identified records for patients with Alzheimer's disease or specified neurological conditions. The target delivery rate is 100,000 records annually over the agreement's five-year term. The contract grants Pathos a license to Tempus Agent, a tool for analyzing the data, as well as the right to use the data for its internal purposes and to help Bristol Myers Squibb develop its treatments.

The collaboration comprises two separate arrangements among the three companies, according to a Tempus filing: a neurology agreement between Tempus and Pathos, and an oncology agreement between Tempus and Bristol Myers Squibb. Under the neurology arrangement, the data and analytics tool will support the development of Bristol Myers Squibb treatments. The oncology agreement allows the company to use Tempus data with Pathos's Foundry platform, which Bristol Myers Squibb licensed separately from Pathos. Fixed payments Bristol Myers Squibb will make to Tempus under the oncology agreement total $137.5 million and will be invoiced every three months. The agreement ends on December 31, 2031, while total cash payments under the oncology and neurology agreements amount to $192.5 million over roughly five years.

The new round announcement follows Pathos's last disclosed financing, a Series D round that raised $365 million on May 15, 2025, and valued the company at about $1.6 billion post-money. Pathos said at the time that the proceeds would support development of its clinical-stage therapeutic pipeline and investment in its oncology-focused foundational artificial intelligence model. The current agreements show the platform and data extending from oncology into neurological research, using records and the analytics tool to develop treatments. Pathos and Tempus previously agreed to develop a multimodal foundational model for oncology and license its data, for fees of $200 million over three years. The fees included an upfront payment of $50 million that had been paid by April 2025.

The new partnership also follows earlier collaboration between Tempus and Bristol Myers Squibb. In May 2026, they announced an initiative to improve clinical-trial design and increase the likelihood of technical and regulatory success across five initial programs. Their earlier collaboration also included deploying the Next Pathways program across 13 community health systems to address care gaps for patients with advanced non-small cell lung cancer. Tempus said in its second-quarter 2026 report that growth in data and applications revenue was partly linked to continued growth among existing customers, citing the Pathos foundational-model agreement as one contributing factor. Tempus and Bristol Myers Squibb signed a statement of work for the oncology agreement on October 14, 2026, followed by Tempus and Pathos signing a neurological data order on October 22. Tempus is scheduled to report results for the third quarter ended September 30, 2026, before U.S. markets open on November 2, 2026.