Tempus AI, Inc. Class A Common Stock

Goldman Sachs initiated coverage of Tempus AI with a Neutral rating and a $75 price target on September 21, flagging renewal risk in the company's data business even as diagnostics growth stays visible. The call landed the same day Tempus announced an extension of its partnership with Recursion Pharmaceuticals through 2029, replacing potentially discretionary fees with $42 million of committed payments. Tempus generated $382.5 million of second-quarter revenue, up 22% year-over-year, with Diagnostics revenue up 20% to $289.3 million, oncology volumes up 31%, and MRD testing at 9,000 tests, up 38% from the prior quarter. The Data and Applications segment grew faster, with revenue up 28% in the quarter and Insights revenue up 36%, alongside roughly $200 million in new Data and Applications licenses signed during the quarter. Management estimates FDA approval of tumor-only xT CDx could add about $85 million of annual revenue beginning in 2027, while the company also received FDA clearance for a third cardiovascular AI product and was selected for an ARPA-H program worth up to $9.5 million. Short interest stood at 29.46 million shares, or 29.17% of the float, down from 33.23 million a month earlier, while ARK Investment Management raised its stake 5% to 10.02 million shares and Citadel expanded its position 318% to 2.51 million shares.

Tempus AI shares surged nearly 30% this week after Morgan Stanley spotlighted reimbursement pricing that could add between $330 million and $400 million in combined annual revenue across its xT and xF diagnostics. CEO Eric Lefkofsky estimated xT pricing adds $80 million to $100 million next year, while xF approval and pricing could add $250 million to $300 million annually, and said Tempus should exceed its stated 25% multiyear growth target. The company reported Q2 FY2026 revenue of $382.49 million, up 21.6% year over year, raised full-year guidance to $1.595 billion to $1.605 billion, and reaffirmed adjusted EBITDA of about $65 million. Data licensing bookings totaled roughly $200 million in the quarter, with named customers including AstraZeneca, GlaxoSmithKline, Bristol-Myers Squibb, Merck, Daiichi Sankyo, Levelset Bio, and Insight Pharmaceuticals. Despite a 54.24% one-month gain, the stock remains below its 52-week high of $104.32, and the consensus analyst target price of $68.18 now trails the market price.

Whitehawk Therapeutics announced two real-world analyses supporting PTK7 as a durable and clinically relevant ADC target in pretreated, EGFR wild-type non-small cell lung cancer, presented at the IASLC 2026 World Conference on Lung Cancer in Seoul. In tumor samples from patients with EGFR wild-type lung adenocarcinoma, PTK7 expression remained largely stable following standard-of-care chemotherapy and immunotherapy and showed less treatment-associated variation than several late-stage ADC targets including MET, PD-L1 and ITGB6, with expression generally consistent across tumors with or without other actionable genomic alterations such as KRAS G12C, ALK and MET. A separate analysis found real-world overall survival was not impacted by PTK7 expression, supporting PTK7 as a target-engagement biomarker independent of prognosis. The findings reinforce the scientific rationale for HWK-007, Whitehawk's next-generation PTK7-directed ADC in Phase 1 development for non-squamous EGFR wild-type NSCLC, platinum-resistant ovarian cancer and endometrial cancer. The analyses were conducted under a previously announced collaboration between Whitehawk and Tempus AI.

Tempus AI announced an initiative to build a research platform containing 100,000 whole genomes linked to longitudinal clinical information over the next several years, with a long-term goal of reaching one million genomes. The company said the effort will create the first de-identified multimodal whole-genome sequencing dataset built around disease populations and patient outcomes and specifically optimized for AI-driven research. The new dataset will be integrated into Tempus' existing de-identified multimodal data environment, where researchers can access genomic information alongside clinical histories, imaging, pathology and patient outcomes, and analyze it through Tempus Lens without moving datasets between systems. Development is already underway and the initial dataset is available through Tempus' Early Adopter Program, with additional members onboarded in waves and general availability planned for mid-2027. Founder and CEO Eric Lefkofsky said adding whole genome data linked to longitudinal outcomes gives researchers a richer foundation to build AI models and ultimately improve patient care.

Tempus AI has received FDA 510(k) clearance for an AI-enabled software device that analyzes standard 12-lead ECGs for signs associated with pulmonary hypertension. The clearance adds pulmonary hypertension to Tempus' FDA-cleared cardiovascular AI products for atrial fibrillation and low ejection fraction. The company said the device is not intended to be a standalone diagnostic tool.

Tempus AI's chief legal officer Andrew Polovin sold 30,075 shares at $51.29 per share in a transaction totaling $1.5 million, according to an SEC filing. The sale was non-discretionary, executed to cover minimum statutory tax withholding obligations tied to the vesting of restricted stock units, and was conducted under a Rule 10b5-1 trading plan established on August 12, 2025. Following the disposition, Polovin retains 138,140 shares with an estimated market value of $8.5 million as of the August 19 close. Tempus AI shares have rallied about 75% since late last month, driven partly by a Moderna and Merck cancer vaccine trial hitting its endpoints, which validates the genomic sequencing technology behind Tempus's pending $1.5 billion Personalis deal. The company reported revenue up 22% to $382.5 million last quarter and its first GAAP profit.

Tempus AI shares jumped 39.5% after phase 3 INTerpath-001 trial results showed a customized mRNA-based melanoma treatment improved recurrence-free survival, alongside its pending US$1.50 billion acquisition of Personalis Inc. The trial success and acquisition plan highlight how Tempus AI is tying advanced mRNA oncology research to its broader precision medicine and data-driven cancer testing ambitions. The Personalis deal would deepen Tempus AI's role in cancer genomics at the same time customized mRNA oncology approaches show clinical success, potentially strengthening the case that its data assets, assays, and AI tools are becoming more embedded in cutting edge oncology programs. Tempus AI's narrative projects $2.6 billion revenue and $13.4 million earnings by 2029, requiring 22.0% yearly revenue growth and roughly a $268 million earnings increase from -$254.4 million today. Some of the most optimistic analysts were already assuming revenue could reach about US$2.7 billion and earnings turn positive by 2029, and this new oncology trial result might eventually push those views even further apart.

Tempus AI reported second-quarter 2026 net income of US$5.64 million, swinging from a net loss of US$42.84 million a year ago, while revenue reached US$382.49 million. The company raised its full-year 2026 revenue guidance to between US$1.60 billion and US$1.61 billion. Tempus AI also announced a planned acquisition of Personalis to add cancer recurrence monitoring technology to its oncology and data platform. The return to profitability and higher outlook support the growth narrative, though risks around reimbursement and biopharma budgets remain.

Tempus AI has announced a research collaboration with Angiosarcoma Awareness, Inc. to apply its approximately 600 de-identified, molecularly sequenced angiosarcoma records and analytical resources to deepen understanding of this rare and aggressive cancer. The partnership creates one of the largest known angiosarcoma molecular datasets, offering researchers a more comprehensive view of disease biology and potential therapeutic opportunities. The initiative expands Tempus's rare cancer dataset and reinforces its data advantage, though it does not clearly change the immediate catalyst around improving adjusted EBITDA or the near-term risk of ongoing cash burn and pricing pressure from larger competitors. Tempus's narrative projects $2.4 billion revenue and $374.7 million earnings by 2029, requiring 20.8% yearly revenue growth and an earnings increase of about $677.6 million from negative $302.9 million today.

Tempus AI shares have fallen roughly 15% over the past year and about 4% year-to-date, even as the company reports strong revenue growth and expands its AI-powered precision medicine platform. In the most recent first quarter, revenue grew 36% year-over-year to $348.1 million, with its diagnostics business up 35% to $261.1 million and its Data and Applications segment up 40.5% to $87 million. Adjusted EBITDA loss narrowed to $2.8 million from $16.2 million in the prior quarter, and management expects positive adjusted EBITDA of $65 million in 2026. Wall Street analysts have a moderately bullish consensus, with an average price target of $65.62 implying 16% upside from current levels.

Tempus AI announced a research collaboration with Angiosarcoma Awareness, Inc. to accelerate data-driven research in angiosarcoma, a rare and aggressive cancer. The partnership will leverage Tempus' dataset of approximately 600 de-identified angiosarcoma records with paired DNA and RNA sequencing data, creating one of the largest known disease-specific molecular datasets for this cancer. Angiosarcoma is diagnosed in only about 1,000 people in the U.S. each year, and the initiative aims to identify biological patterns and potential therapeutic opportunities that are difficult to detect in smaller datasets. The collaboration builds on the Angiosarcoma Project launched in 2017 with the Broad Institute of MIT and Harvard, Dana-Farber Cancer Institute, and Count Me In. Corrie Painter, CEO of Angiosarcoma Awareness, stated that combining Tempus' molecular and clinical oncology dataset with the patient-partnered resources from the Angiosarcoma Project could create an unprecedented view of the disease and establish a model for collaborative data sharing across rare cancers.

Tempus AI announced that a multi-center validation of its artificial intelligence ECG software for predicting one-year atrial fibrillation or flutter risk was published in Heart Rhythm. The study assessed the ECG-AF software across three geographically distinct clinical sites, analyzing data from 4,017 patients aged 65 and older without prior atrial fibrillation or pacemaker or defibrillator use. The company reported that the ECG-AI-derived risk score surpassed pre-specified performance thresholds, supporting its 2024 FDA clearance for the technology. Brandon Fornwalt, SVP of Cardiology at Tempus and coauthor, said the study marks an important step toward shifting cardiac care from late-stage intervention to early risk detection, and that the model consistently predicts atrial fibrillation across varied clinical environments.