0000950170-24-120677 | 10-Q | XBRL Viewer

Joint Venture	9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	7. JOINT VENTURE SB Tempus On May 18, 2024, the Company entered into a Joint Venture Agreement (the "Joint Venture Agreement") with SoftBank Group Corporation ("SoftBank") to form SB Tempus Corp. (the "Joint Venture" or "SB Tempus"). The Joint Venture closed on July 18, 2024, at which time the Company and SoftBank each contributed ¥15 billion ($95.2 million). Each party received 50% of SB Tempus's outstanding capital stock and board seats. SB Tempus will engage in certain business activities in Japan similar to those conducted by the Company in the United States, including performing clinical sequencing, organizing patient data, and building a real world data business in Japan. SB Tempus is considered a VIE as the Company does not have sufficient equity at risk and is entitled to receive residual returns of SB Tempus through its equity stake. Decisions that significantly impact the economic performance of SB Tempus require the consent of both the Company and SoftBank. Therefore, the Company concluded that neither party is deemed to have predominant control over SB Tempus, and the Company is not considered to be the primary beneficiary. The Company's maximum exposure to loss from SB Tempus is equal to the carrying value of the Company's investment. As of September 30, 2024, the carrying value of the investment in SB Tempus was $103.7 million. The Company's share of losses from SB Tempus are recorded in other (expense) income, net. In connection with entering into the Joint Venture Agreement, the Company entered into a Data License Agreement (the "Data License Agreement"), under which the Company granted SB Tempus a limited, non-exclusive, transferable license with a limited right to sublicense certain de-identified data for certain specified uses solely in Japan. Under the Data License Agreement, SB Tempus paid the Company ¥7.5 billion ($47.9 million) in exchange for the license to an initial records batch, which is recorded in deferred revenue and will be recognized into data and services revenue over the term of the license subscription which ends on March 31, 2026. In addition, on July 18, 2024, the Company and SB Tempus entered into an Intellectual Property Agreement (the "IP License Agreement") under which SB Tempus paid the Company an additional ¥7.5 billion ($47.9 million) in exchange for a non-exclusive license to certain of the Company's technologies for certain specified uses solely in Japan. The payment is recorded in deferred other income and will be amortized into other (expense) income, net over three years, based on the estimated time for SB Tempus' systems and technologies to diverge from the Company's.

Joint Venture

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

JOINT VENTURE

SB Tempus

On May 18, 2024, the Company entered into a Joint Venture Agreement (the "Joint Venture Agreement") with SoftBank Group Corporation ("SoftBank") to form SB Tempus Corp. (the "Joint Venture" or "SB Tempus"). The Joint Venture closed on July 18, 2024, at which time the Company and SoftBank each contributed ¥15 billion ($95.2 million). Each party received 50% of SB Tempus's outstanding capital stock and board seats. SB Tempus will engage in certain business activities in Japan similar to those conducted by the Company in the United States, including performing clinical sequencing, organizing patient data, and building a real world data business in Japan.

SB Tempus is considered a VIE as the Company does not have sufficient equity at risk and is entitled to receive residual returns of SB Tempus through its equity stake. Decisions that significantly impact the economic performance of SB Tempus require the consent of both the Company and SoftBank. Therefore, the Company concluded that neither party is deemed to have predominant control over SB Tempus, and the Company is not considered to be the primary beneficiary.

The Company's maximum exposure to loss from SB Tempus is equal to the carrying value of the Company's investment. As of September 30, 2024, the carrying value of the investment in SB Tempus was $103.7 million. The Company's share of losses from SB Tempus are recorded in other (expense) income, net.

In connection with entering into the Joint Venture Agreement, the Company entered into a Data License Agreement (the "Data License Agreement"), under which the Company granted SB Tempus a limited, non-exclusive, transferable license with a limited right to sublicense certain de-identified data for certain specified uses solely in Japan. Under the Data License Agreement, SB Tempus paid the Company ¥7.5 billion ($47.9 million) in exchange for the license to an initial records batch, which is recorded in deferred revenue and will be recognized into data and services revenue over the term of the license subscription which ends on March 31, 2026.

In addition, on July 18, 2024, the Company and SB Tempus entered into an Intellectual Property Agreement (the "IP License Agreement") under which SB Tempus paid the Company an additional ¥7.5 billion ($47.9 million) in exchange for a non-exclusive license to certain of the Company's technologies for certain specified uses solely in Japan. The payment is recorded in deferred other income and will be amortized into other (expense) income, net over three years, based on the estimated time for SB Tempus' systems and technologies to diverge from the Company's.

Related Parties	9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	16. RELATED PARTIES In 2018, the Company received $1.5 million from a related party for assuming an office lease from such party. The liability is amortized through the right-of-use asset as a reduction of rent expense over the lease term. The Company had a remaining related liability of $0.6 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively. The Company subleases a portion of office space to this related party on a month-to-month basis. Sublease income received from the related party was insignificant for the three and nine months ended September 30, 2024 and 2023. Strategic Investment On August 19, 2021, the Company entered into a related party arrangement with Pathos AI, Inc. (“Pathos”), which was subsequently amended on February 12, 2024, for the purpose of furthering the commercialization efforts of drug development. Tempus received a warrant to purchase 23,456,790 shares, or approximately 19% of the current outstanding equity in Pathos, for $0.0125 per share. The warrant will automatically exercise upon a change of control (as defined therein) or upon an IPO of Pathos’ securities. The Company also has an optional exercise election window during the last 10 days of the 20 year term of the warrant agreement. The master agreement provides for an initial term of five years, measured from February 2024, with a subsequent five-year renewal provision unless the agreement is terminated. Either party may terminate the agreement after the initial five-year term by prior written notice to the other party. In addition, the Company has entered into various agreements with Pathos, encompassing access to the Company's Lens product, sequencing, clinical research organization and other data services. The Company has recognized $2.4 million and $2.6 million for the three and nine months ended September 30, 2024, respectively. The Company has recognized $0.1 million and $0.6 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, the amount due to related parties was less than $0.1 million and as of December 31, 2023, there was no amount due to related parties. As of September 30, 2024 and December 31, 2023, the amount due from related parties was $2.0 million and less than $0.1 million, respectively.

Related Parties

9 Months Ended

Sep. 30, 2024

Related Parties

16.

RELATED PARTIES

In 2018, the Company received $1.5 million from a related party for assuming an office lease from such party. The liability is amortized through the right-of-use asset as a reduction of rent expense over the lease term. The Company had a remaining related liability of $0.6 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively. The Company subleases a portion of office space to this related party on a month-to-month basis. Sublease income received from the related party was insignificant for the three and nine months ended September 30, 2024 and 2023.

Strategic Investment

On August 19, 2021, the Company entered into a related party arrangement with Pathos AI, Inc. (“Pathos”), which was subsequently amended on February 12, 2024, for the purpose of furthering the commercialization efforts of drug development. Tempus received a warrant to purchase 23,456,790 shares, or approximately 19% of the current outstanding equity in Pathos, for $0.0125 per share. The warrant will automatically exercise upon a change of control (as defined therein) or upon an IPO of Pathos’ securities. The Company also has an optional exercise election window during the last 10 days of the 20 year term of the warrant agreement. The master agreement provides for an initial term of five years, measured from February 2024, with a subsequent five-year renewal provision unless the agreement is terminated. Either party may terminate the agreement after the initial five-year term by prior written notice to the other party.

In addition, the Company has entered into various agreements with Pathos, encompassing access to the Company's Lens product, sequencing, clinical research organization and other data services. The Company has recognized $2.4 million and $2.6 million for the three and nine months ended September 30, 2024, respectively. The Company has recognized $0.1 million and $0.6 million for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, the amount due to related parties was less than $0.1 million and as of December 31, 2023, there was no amount due to related parties. As of September 30, 2024 and December 31, 2023, the amount due from related parties was $2.0 million and less than $0.1 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) $ in Millions	1 Months Ended
	Oct. 31, 2022 USD ($)
Class A Voting Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of warrants or rights issued during the period value	$ 100

Fair Value Measurements and Marketable Equity Securities - Schedule of Portion of Unrealized Gains Relate to Marketable Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Gain (Loss) on Securities [Line Items]
Net gain during the period on marketable equity securities	$ 2,578	$ 5,119	$ 0
Less: Net gain recognized during the period on marketable equity securities sold during the period	0	(6,081)
Unrealized loss (gain) recognized during the period on marketable equity securities still held at the reporting date	$ 2,578	$ (962)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock, Common Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	IPO [Member]	Excercise Of Warrants [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] IPO [Member]	Additional Paid-in Capital [Member] Excercise Of Warrants [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Redeemable Convertible Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-3 Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-5 Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-4 Preferred Stock [Member]	Class A Voting Stock [Member]	Class A Voting Stock [Member] Common Stock [Member]	Class A Voting Stock [Member] Common Stock [Member] IPO [Member]	Class A Voting Stock [Member] Common Stock [Member] Excercise Of Warrants [Member]	Class B Voting Stock [Member] Common Stock [Member]	Non-voting Common Stock [Member] Common Stock [Member]
Beginning Balance, Shares at Dec. 31, 2022											62,692,927
Beginning Balance at Dec. 31, 2022											$ 1,026,143
Beginning Balance, Shares at Dec. 31, 2022																58,367,961				4,932,415
Beginning Balance at Dec. 31, 2022	$ (1,129,027)				$ 9,251			$ (1,138,302)	$ 18							$ 6				$ 0
Issuance of Series Preferred Stock												$ 2,738
Issuance of Series Preferred Stock, Shares												47,781
Foreign currency translation adjustment	(29)								(29)
Repurchase of Non-voting Common Stock	(3,602)			$ (3,602)
Repurchase of Non-voting Common Stock, Shares				(145,466)
Common stock issued in connection with business combination	4,305				4,305															$ 0
Common stock issued in connection with business combination, Shares																				130,874
Dividends											22,756
Dividends	(32,709)							(32,709)
Net loss	(163,635)							(163,635)
Ending Balance at Sep. 30, 2023	(1,324,697)			$ (3,602)	13,556			(1,334,646)	(11)							$ 6			$ 0	$ 0
Ending Balance, Shares at Sep. 30, 2023				(145,466)												58,367,961			0	5,063,289
Ending Balance at Sep. 30, 2023											$ 1,051,637
Ending Balance, Shares at Sep. 30, 2023											62,740,708
Beginning Balance, Shares at Jun. 30, 2023											62,740,708
Beginning Balance at Jun. 30, 2023											$ 1,042,861
Beginning Balance, Shares at Jun. 30, 2023				(145,466)												58,367,961			0	5,063,289
Beginning Balance at Jun. 30, 2023	(1,260,074)			$ (3,602)	13,556			(1,270,077)	43							$ 6			$ 0	$ 0
Foreign currency translation adjustment	(54)								(54)
Dividends											8,776
Dividends	(11,143)							(11,143)
Net loss	(53,426)							(53,426)
Ending Balance at Sep. 30, 2023	$ (1,324,697)			$ (3,602)	13,556			(1,334,646)	(11)							$ 6			$ 0	$ 0
Ending Balance, Shares at Sep. 30, 2023				(145,466)												58,367,961			0	5,063,289
Ending Balance at Sep. 30, 2023											$ 1,051,637
Ending Balance, Shares at Sep. 30, 2023											62,740,708
Beginning Balance, Shares at Dec. 31, 2023	63,525,953									63,525,953	63,525,953
Beginning Balance at Dec. 31, 2023											$ 1,105,543
Beginning Balance, Shares at Dec. 31, 2023				(145,466)												58,367,961				5,205,802
Beginning Balance at Dec. 31, 2023	$ (1,382,163)			$ (3,602)	18,345			(1,396,917)	5							$ 6				$ 0
Issuance of Series Preferred Stock												$ 3,809	$ 199,750	$ 611
Issuance of Series Preferred Stock, Shares												66,465	3,489,981	10,666
Foreign currency translation adjustment	10,203								10,203
Common stock issued in connection with business combination	344				344															$ 0
Common stock issued in connection with business combination, Shares																				9,141
Issuance of common stock upon settlement of restricted stock units, net	(70,105)				(70,105)											$ 0
Issuance of common stock upon settlement of restricted stock units, net (Shares)																3,657,288
Issuance of common stock		$ 369,604	$ (173)			$ 369,603	$ (173)										$ 1	$ 0
Issuance of common stock (Shares)																	11,100,000	109,459
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)											(67,093,065)				71,976,178
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering											$ (1,343,382)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	1,348,809				1,357,562			(8,761)								$ 7			$ 1
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)																71,976,178			5,043,789
Conversion of non-voting common stock to Class A common stock	0				(1)											$ 1				$ 0
Conversion of non-voting common stock to Class A common stock (Shares)																5,069,477				(5,214,943)
Stock-based compensation expense	509,351				509,351
Dividends											33,669
Dividends	(39,347)							(39,347)
Net loss	(692,795)							(692,795)
Ending Balance at Sep. 30, 2024	53,728			$ (3,602)	2,184,926			(2,137,820)	10,208							$ 15			$ 1	$ 0
Ending Balance, Shares at Sep. 30, 2024				(145,466)												150,280,363			5,043,789	0
Ending Balance at Sep. 30, 2024											$ 0
Ending Balance, Shares at Sep. 30, 2024										0	0
Beginning Balance, Shares at Jun. 30, 2024											0
Beginning Balance at Jun. 30, 2024											$ 0
Beginning Balance, Shares at Jun. 30, 2024				(145,466)												5,043,789			149,274,923	0
Beginning Balance at Jun. 30, 2024	98,251			$ (3,602)	2,163,911			(2,061,980)	(94)							$ 15			$ 1	$ 0
Foreign currency translation adjustment	10,302								10,302
Issuance of common stock upon settlement of restricted stock units, net	(23)				(23)
Issuance of common stock upon settlement of restricted stock units, net (Shares)																1,005,440
Stock-based compensation expense	21,038				21,038
Dividends	0
Net loss	(75,840)							(75,840)
Ending Balance at Sep. 30, 2024	$ 53,728			$ (3,602)	$ 2,184,926			$ (2,137,820)	$ 10,208							$ 15			$ 1	$ 0
Ending Balance, Shares at Sep. 30, 2024				(145,466)												150,280,363			5,043,789	0
Ending Balance at Sep. 30, 2024											$ 0
Ending Balance, Shares at Sep. 30, 2024										0	0

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

13.

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of Common Stock each period. The Company’s Class A common stock and Class B common stock share equally in distributed and undistributed earnings; therefore, no allocation to participating securities or dilutive securities is performed. Diluted net loss per share is calculated by giving effect to all potential dilutive Common Stock equivalents, which includes stock options, RSUs, RSAs, PSUs, and preferred stock. Because the Company incurred net losses each period, the basic and diluted calculations are the same. The Company used the if-converted method to calculate diluted EPS. As the Company had net losses in the three and nine months ended September 30, 2024 and 2023, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(75,840	)	$	(53,426	)	$	(692,795	)	$	(163,635	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			(11,143	)		(39,347	)		(32,709	)
Cumulative undeclared dividends on Series C preferred shares		—			(764	)		(1,174	)		(2,230	)
Net loss attributable to common stockholders	$	(75,840	)	$	(65,333	)	$	(733,316	)	$	(198,574	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		165,612			63,286			104,164			63,267
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46	)	$	(1.03	)	$	(7.04	)	$	(3.14	)

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. As disclosed in Note 9, the Company issued a warrant for $100 million in shares of the Company’s Class A common stock. As per the terms of the warrant, potentially dilutive shares are based on the latest equity financing price.


	As of September 30,
	2024		2023
Stock options outstanding		210,000		210,000
Convertible preferred stock		—		62,740,708
Astrazeneca warrant		2,702,703		1,744,991
Mpirik holdback liability		—		8,724
SEngine holdback liability		41,007		—
SEngine contingent consideration		35,000		—
Unvested RSUs		6,680,677		—
Total potentially dilutive shares		9,669,387		64,704,423

As disclosed in Note 11, the RSUs issued prior to the IPO include a liquidity event performance condition prior to vesting. As such, as of September 30, 2023, these are treated as contingently issuable shares and are excluded from potentially dilutive shares as the liquidity event performance condition was not yet satisfied. As the liquidity event performance condition was satisfied upon completion of the IPO, as of September 30, 2024, these shares are included in potentially dilutive shares.

As disclosed in Note 12, contingent upon certain financing events, the Amended Note will be converted to shares at the holder’s option, based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date. As such, these are treated as contingently issuable shares and will be excluded from potential dilutive impact.

As disclosed in Note 10, the Company’s Series G-3 Preferred, Series G-4 Preferred and Series G-5 Preferred contain embedded conversion features resulted in the issuance of additional shares of Class A common stock upon completion of the IPO. The number of shares issued related to these features was dependent upon the IPO price. As such, prior to the IPO, these are treated as contingently

issuable shares. Subsequent to the completion of the IPO in June 2024, the additional shares of Class A common stock are included in the weighted-average common shares outstanding.

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Maximum [Member]
Income Tax [Line Items]
Income tax expense (benefit)	$ 0.2	$ 0.2	$ 0.2	$ 0.2

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Description of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Jun. 17, 2024	Jun. 16, 2024	Dec. 08, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 30, 2024	Dec. 31, 2023
Nature Of Operations [Line Items]
Allocated share based compensation				$ 21,038	$ 0	$ 509,351	$ 0
Temporary equity shares authorized									69,803,765
Common stock shares converted from one class to another	331,110
IPO [Member]
Nature Of Operations [Line Items]
Temporary equity shares authorized	20,000,000
Restricted Stock Units (RSUs) [Member] \| IPO [Member]
Nature Of Operations [Line Items]
Shares issued, price per share	$ 37
Allocated share based compensation							$ 488,300
Adjustment related to tax witholding for share based compensation	$ 70,800
Restricted stock units vested during the period	4,568,291
Common Class A [Member]
Nature Of Operations [Line Items]
Common stock shares authorized				1,000,000,000		1,000,000,000		204,590,500	200,228,024
Common stock shares outstanding				150,280,363		150,280,363			58,367,961
Common Class A [Member] \| IPO [Member]
Nature Of Operations [Line Items]
Stock issued during period, shares, new issues	11,100,000
Shares issued, price per share	$ 37
Proceeds from initial public offering	$ 382,000
Stock issuance costs	$ 28,700
Common stock shares authorized	1,000,000,000
Common Class A [Member] \| Restricted Stock Units (RSUs) [Member]
Nature Of Operations [Line Items]
Share-based payment arrangement, shares withheld for tax withholding obligation	1,911,316
Restricted stock shares issued during the period net of forfeitures shares	4,563,164
Common Class B [Member]
Nature Of Operations [Line Items]
Common stock shares authorized				5,500,000		5,500,000			5,374,899
Common stock shares outstanding	5,043,789			5,043,789		5,043,789			0
Common Class B [Member] \| IPO [Member]
Nature Of Operations [Line Items]
Common stock shares authorized	5,500,000
Series A To Series G Redeemable Convertible Preferred Stock Other Than Class B [Member]
Nature Of Operations [Line Items]
Temporary equity converted into permanent equity common stock shares	66,309,550
Series B B One And B Two Redeemable Convertible Preferred Stock [Member]
Nature Of Operations [Line Items]
Temporary equity converted into permanent equity common stock shares	5,374,899
Series G Three Redeemable Convertible Preferred Stock [Member] \| Investor Agreement With Series G Three Redeemable Preferred Stockholders [Member]
Nature Of Operations [Line Items]
Stock issued during the period shares new issues to the holders of temporary equity	236,719
Class A Voting Common Stock [Member]
Nature Of Operations [Line Items]
Stock issued during the period value stock dividend		$ 188,200
Common stock dividend shares		5,098,799
Class A Voting Stock [Member]
Nature Of Operations [Line Items]
Conversion of non voting common stock into voting stock shares		5,069,477
Class A Voting Stock [Member] \| IPO [Member] \| Excercise Of Warrants [Member]
Nature Of Operations [Line Items]
Stock issued during period, shares, new issues			109,459

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

10.

REDEEMABLE CONVERTIBLE PREFERRED STOCK

In January 2023, the Company issued 47,781 shares of Series G-3 convertible preferred stock as payment of paid-in-kind dividends.

In January 2024, the Company issued 66,465 shares of Series G-3 convertible preferred stock and 10,666 shares of Series G-4 convertible preferred stock as payment of paid-in-kind dividends.

In October 2023, the Company issued 785,245 shares of Series G-4 convertible preferred stock (“Series G-4 Preferred”) for aggregate proceeds of $45.0 million. Each share had a par value of $0.0001. Under the terms of Series G-4 Preferred, holders receive an amount equal to 5% of the per share original issue price for each share of Series G-4 Preferred (the “G-4 Special Payment”), in the event that following an IPO, the average of the last trading price on each trading day during the ten day trading period beginning on the first day of trading of the Company’s Class A common stock is less than 110% of the price per share of Class A common stock sold in the IPO. Following the Company’s IPO, the average ten day trading price was less than 110% of the price per share of Class A common stock sold in the IPO. As such, holders of Series G-4 Preferred were owed an aggregate payment of $2.3 million, which was made in July 2024.

In April 2024, the Company issued 3,489,981 shares of Series G-5 convertible preferred stock (“Series G-5 Preferred”) for aggregate proceeds of $200.0 million. Each share has a par value of $0.0001. The Company will use the proceeds for working capital and general corporate purposes.

In connection with the IPO, all of the Company’s then-outstanding shares of redeemable convertible preferred stock and accrued but unpaid dividends were automatically converted into 71,976,178 shares of Class A voting common stock and 5,043,789 shares of Class B voting common stock.

Redeemable convertible preferred stock outstanding as of December 31, 2023 consisted of the following (in thousands, except share amounts):


		As of December 31, 2023
Series	Year	Shares				Liquidation		Carrying
Preferred	Issued	Authorized		Outstanding		Amount		Value
Series A	2015		10,000,000		10,000,000	$	10,500	$	10,000
Series B	2016		5,374,899		5,374,899		10,500		10,000
Series B-1	2016		2,500,000		2,500,000		10,500		10,000
Series B-2	2017		4,191,173		4,191,173		31,500		30,000
Series C	2017		9,779,403		9,779,403		86,757		70,000
Series D	2018		8,534,330		8,534,330		105,107		104,145
Series E	2018		6,630,905		6,630,905		151,621		151,621
Series F	2019		8,077,674		8,077,674		261,722		261,722
Series G	2020		2,537,290		2,537,290		119,928		119,928
Series G-2*	2020/2021		3,453,139		3,453,139		197,889		197,889
Series G-3**	2022/2023		4,362,476		1,661,895		98,891		95,238
Series G-4**	2023		4,362,476		785,245		45,514		45,000
Total convertible preferred stock			69,803,765		63,525,953		1,130,429		1,105,543

* Excludes amounts related to the conversion of convertible note

** Excludes amounts related to embedded conversion features

Balance Sheet Components - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and employee benefits	$ 25,378	$ 21,950
Accrued expenses	45,504	37,783
Accrued cloud storage costs	22,039	13,921
Interest payable	9,064	8,863
Total accrued expenses	$ 101,985	$ 82,517

Goodwill and Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. There were no goodwill additions for the three months ended September 30, 2024 and 2023, or for the nine months ended September 30, 2024. During the nine months ended September 30, 2023, goodwill of $10.6 million was recorded in connection with the acquisition of Mpirik. The Company recorded no impairment loss during the three and nine months ended September 30, 2024 and 2023.

Intangible assets

Intangible assets are initially recorded at their acquisition cost, or fair value if acquired as part of a business combination and amortized over their estimated useful lives. Intangible assets consist of a website domain, customer relationships and trade names acquired as part of a business combination, and licensed data acquired by entering into research collaboration agreements. In each license arrangement, the other party provides the Company with specified data, which currently is used primarily for research and development purposes but may also be licensed to third parties. The asset represents the Company’s right to use these datasets. The Company also recognizes a liability for the associated minimum payments that are presented within accrued data licensing fees.

During the three and nine months ended September 30, 2024, the Company recorded $0.7 million in licensed data related to de-identified data obtained through an amended agreement. During the nine months ended September 30, 2023, the Company recorded $3.8 million in licensed data related to de-identified data obtained through an additional agreement. During the three months ended September 30, 2023, the Company did not record any additions in licensed data.

In January 2023, the Company amended a data licensing agreement, which reduced the future data license payments the Company owes in exchange for waiving exclusivity rights on the licensed data. The Company remeasured the related licensed data intangible asset to fair value, which resulted in an impairment of $7.4 million recorded in Research and development during the nine months ended September 30, 2023. A $7.9 million gain resulting from the related reduction of future data license payments was also recorded in Research and development during the nine months ended September 30, 2023. The impairment resulted in a reduction of $40.1 million and $32.7 million to gross intangible assets and accumulated amortization, respectively. There were no impairment charges recognized related to intangible assets during the three months ended September 30, 2024 and 2023, respectively, or the nine months ended September 30, 2024.

The following table summarizes intangible assets as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Customer relationships	$	20,550	$	14,760	$	5,790	$	20,550	$	12,219	$	8,331
Licensed data		20,010		16,387		3,623		19,321		11,469		7,852
Website domain		19		—		19		19		—		19
Trade names		8,000		3,143		4,857		8,000		2,286		5,714
	$	48,579	$	34,290	$	14,289	$	47,890	$	25,974	$	21,916

Amortization of intangible assets is recognized using the straight-line method over their estimated useful lives, which range from three to seven years. Amortization expense was $2.7 million and $2.9 million for the three months ended September 30, 2024 and 2023, respectively, and $8.3 million and $8.9 million for the nine months ended September 30, 2024 and 2023, respectively, and is recorded in cost of revenues, research and development, or selling, general and administrative expense, depending on use of the asset. The weighted average life of the Company’s intangibles is approximately six years.

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded From the Computation of Earnings Per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	9,669,387	64,704,423
Stock options outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	210,000	210,000
Convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	0	62,740,708
Astrazeneca warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	2,702,703	1,744,991
Mpirik holdback liability [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	0	8,724
SEngine holdback liability [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	41,007	0
SEngine contingent consideration [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	35,000	0
Unvested RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	6,680,677	0

Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Summary of Redeemable Convertible Preferred Stock Outstanding

Redeemable convertible preferred stock outstanding as of December 31, 2023 consisted of the following (in thousands, except share amounts):


		As of December 31, 2023
Series	Year	Shares				Liquidation		Carrying
Preferred	Issued	Authorized		Outstanding		Amount		Value
Series A	2015		10,000,000		10,000,000	$	10,500	$	10,000
Series B	2016		5,374,899		5,374,899		10,500		10,000
Series B-1	2016		2,500,000		2,500,000		10,500		10,000
Series B-2	2017		4,191,173		4,191,173		31,500		30,000
Series C	2017		9,779,403		9,779,403		86,757		70,000
Series D	2018		8,534,330		8,534,330		105,107		104,145
Series E	2018		6,630,905		6,630,905		151,621		151,621
Series F	2019		8,077,674		8,077,674		261,722		261,722
Series G	2020		2,537,290		2,537,290		119,928		119,928
Series G-2*	2020/2021		3,453,139		3,453,139		197,889		197,889
Series G-3**	2022/2023		4,362,476		1,661,895		98,891		95,238
Series G-4**	2023		4,362,476		785,245		45,514		45,000
Total convertible preferred stock			69,803,765		63,525,953		1,130,429		1,105,543

* Excludes amounts related to the conversion of convertible note

** Excludes amounts related to embedded conversion features

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue Recognition [Abstract]

Summary of Warrant Contract Asset

The following summarizes the warrant contract asset presentation as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Prepaid expenses and other current assets	$	4,843	$	4,843
Warrant contract asset, less current portion		17,866		21,499
Total warrant contract asset	$	22,709	$	26,342

Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

DESCRIPTION OF BUSINESS

Company Information

Tempus AI, Inc., together with the subsidiaries through which it conducts business (the “Company”), is a healthcare technology company focused on bringing artificial intelligence and machine learning to healthcare in order to improve the care of patients across multiple diseases. The Company combines the results of laboratory tests with other multimodal datasets to improve patient care by supporting all parties in the healthcare ecosystem, including physicians, researchers, payers, and pharmaceutical companies. The Company primarily derives revenue from selling comprehensive genetic testing to physicians and large academic research institutions, licensing data to third parties, matching patients to clinical trials, and related services.

The Company, based in Chicago, Illinois, was founded by Eric P. Lefkofsky, the Company’s CEO and Executive Chairman, and evolved from a business Mr. Lefkofsky founded called Bioin. Bioin originally was established as a limited liability company. Effective September 21, 2015, Bioin converted its legal form to a corporation organized and existing under the General Corporation Law of the State of Delaware. Bioin subsequently changed its legal name to Tempus Health, Inc. in September 2015, to Tempus Labs, Inc. in October 2016 and to Tempus AI, Inc. in December 2023.

Initial Public Offering

On June 13, 2024, the Company’s registration statement relating to its initial public offering (the “IPO”) was declared effective and its Class A common stock began trading on the Nasdaq Global Select Market on June 14, 2024. On June 17, 2024, the Company completed its IPO in which it issued and sold 11,100,000 shares of Class A common stock, at a public offering price of $37.00 per share. The Company received net proceeds of $382.0 million after deducting underwriting discounts and commissions of $28.7 million.

In connection with the closing of the IPO, all shares of the Company’s then-outstanding redeemable convertible preferred stock, other than the Company’s Series B redeemable convertible preferred stock, converted into an aggregate of 66,309,550 shares of Class A common stock. The Company’s Series B redeemable convertible preferred stock converted on a one-for-one basis into an aggregate of 5,374,899 shares of Class B common stock. Subsequently, 331,110 shares of Class B common stock were automatically converted into shares of Class A common stock, such that there are 5,043,789 shares of Class B common stock outstanding immediately following the IPO. The Company issued an additional 236,719 shares of Class A common stock pursuant to a separate agreement with an investor in the Series G-3 convertible preferred stock.

As of June 16, 2024, the Company’s redeemable convertible preferred stock had accrued $188.2 million of unpaid dividends, which were paid in 5,098,799 shares of Class A common stock at the closing of the IPO.

Outstanding shares of non-voting common stock were converted on a one-for-one basis into 5,069,477 shares of Class A common stock.

The restricted stock units (“RSUs”) granted to employees pursuant to the Company’s 2015 Plan are subject to two vesting conditions. The first is a time-based component. The second vesting condition is the occurrence of a liquidity event. The liquidity event condition related to these awards was satisfied upon the IPO and, as a result, the Company recognized $488.3 million of stock-based compensation expense for the three months ended June 30, 2024. In connection with the IPO, the Company settled an aggregate of 4,568,291 fully vested RSUs (the “IPO Settled RSUs”). To meet the related tax withholding requirements, the Company withheld 1,911,316 shares from the 4,563,164 shares of Class A common stock issuable upon settlement of the IPO Settled RSUs. Based on the public offering price of $37.00 per share, the tax withholding obligation was $70.8 million.

In connection with the IPO, the Company issued 109,459 shares of Class A common stock upon the automatic net exercise of a warrant issued to Allen & Company LLC (“Allen”), as further described in Note 9.

In connection with the IPO, the Company amended and restated its certificate of incorporation (the “Restated Certificate”), under which authorized capital stock consists of 1,000,000,000 shares of Class A common stock, 5,500,000 shares of Class B common stock, and 20,000,000 shares of preferred stock.

Joint Venture - Additional Information (Detail) - SB Tempus Corp [Member] $ in Millions, ¥ in Billions	Jul. 18, 2024 JPY (¥)	Jul. 18, 2024 USD ($)	May 18, 2024 JPY (¥)	May 18, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jul. 18, 2024 USD ($)
Joint Venture Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Joint venture formation date			May 18, 2024	May 18, 2024
Common stock value	¥ 15.0					$ 95.2
Investment					$ 103.7
Joint Venture Agreement [Member] \| Investment in SB Tempus Pursuant to Joint Venture Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%					50.00%
Data License Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from license fees			¥ 7.5	$ 47.9
Intellectual Property License Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from license fees	¥ 7.5	$ 47.9
Payment in deferred other income amortized in to other income expense period	3 years	3 years

Related Parties - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 19, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2018	Dec. 31, 2023
Related Party [Member]
Related Party Transaction [Line Items]
Aamount receive from related party						$ 1,500,000
Related party transaction due to related party		$ 600,000		$ 600,000			$ 700,000
Due to related parties		600,000		600,000			700,000
Pathos [Member]
Related Party Transaction [Line Items]
Related party transaction due from to related party		2,000,000		2,000,000			100,000
Related party transaction due to related party							0
Revenue from the arrangement		2,400,000	$ 100,000	2,600,000	$ 600,000
Due from related parties		2,000,000		2,000,000			100,000
Due to related parties							$ 0
Pathos [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Related party transaction due to related party		100,000		100,000
Due to related parties		$ 100,000		$ 100,000
Warrant [Member] \| Pathos [Member]
Related Party Transaction [Line Items]
Received warrant to purchase share	23,456,790
Percentage of current outstanding equity	19.00%
Common stock par or stated value per share	$ 0.0125
Warrant optional exercise election window term	10 days of the 20 year term

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Deferred offering costs	$ 0	$ 7,085
IPO [Member]
Accounting Policies [Line Items]
Adjustment to additional paid in capital stock issuance costs	$ 12,300
Deferred offering costs		$ 7,100

Goodwill and Intangibles - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	$ 48,579	$ 47,890
Accumulated Amortization	34,290	25,974
Net	14,289	21,916
Website domain [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Accumulated Amortization	0	0
Indefinite lived intangible sssets	19	19
Customer relationships [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	20,550	20,550
Accumulated Amortization	14,760	12,219
Net	5,790	8,331
Licensed data [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	20,010	19,321
Accumulated Amortization	16,387	11,469
Net	3,623	7,852
Trade names [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	8,000	8,000
Accumulated Amortization	3,143	2,286
Net	$ 4,857	$ 5,714

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

The following summarizes property and equipment, net as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024			December 31, 2023
Equipment	$	105,674		$	91,656
Leasehold improvements		45,598			42,433
Furniture and fixtures		6,633			6,633
Total property and equipment, gross		157,905			140,722
Less: accumulated depreciation		(98,513	)		(79,041	)
Property and equipment, net	$	59,392		$	61,681

Summary of Depreciation Expenses on Property and Equipment

Depreciation expense on property and equipment is classified as follows in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue, genomics	$	3,723	$	3,366	$	10,397	$	9,729
Selling, general and administrative costs		3,065		2,038		9,075		5,929
Total depreciation	$	6,788	$	5,404	$	19,472	$	15,658

Summary of Accrued Expenses

Accrued expenses as of September 30, 2024 and December 31, 2023, consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued compensation and employee benefits	$	25,378	$	21,950
Accrued expenses		45,504		37,783
Accrued cloud storage costs		22,039		13,921
Interest payable		9,064		8,863
Total accrued expenses	$	101,985	$	82,517

Business Combinations

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Business Combinations

BUSINESS COMBINATIONS

SEngine

On October 3, 2023, the Company acquired all of the issued and outstanding interests of SEngine Precision Medicine LLC (“SEngine”), a Delaware limited liability company. The acquisition gives the Company access to SEngine’s meaningful organoid repository, advanced bioinformatics capabilities, and PARIS test platform.

The acquisition resulted in goodwill of $9.6 million. The aggregate acquisition date fair value of consideration for the SEngine acquisition totaled $9.9 million. Consideration consisted of $2.8 million of cash and $6.3 million of non-voting common stock. The transaction also includes contingent consideration of up to 35,000 additional shares of non-voting common stock if a liquidity event is completed prior to December 31, 2027. The contingent consideration liability is remeasured at fair value in each period following the closing within selling, general and administrative expense. In accordance with the terms of the agreement, $1.4 million in equity was held back and is payable on October 3, 2024, which is net of a net working capital adjustment less than $0.1 million. The Company issued 429 shares of non-voting common stock to the selling corporation in February 2024 related to the net working capital adjustment.

Mpirik

On March 8, 2023, the Company acquired all of the issued and outstanding interests of Mpirik, Inc. (“Mpirik”), a cardiology-focused healthcare technology company specializing in data-driven patient screening, automated care coordination, and clinical research. Mpirik’s platform adds to the Company’s existing portfolio to address the way heart disease is detected, diagnosed, and treated, further expanding Tempus’s cardiology business. The acquisition resulted in goodwill of $10.6 million. The aggregate acquisition date fair value of consideration for the Mpirik acquisition totaled $9.7 million. Consideration was made up of $4.6 million of non-voting common stock, $4.7 million of cash, and contingent consideration payable in cash with an acquisition date fair value of $0.4 million. In accordance with the terms of the agreement, $0.8 million in cash consideration and $0.3 million in equity consideration was held back and paid on March 11, 2024. In accordance with the equity consideration held back, the Company issued 8,724 shares of non-voting common stock to Mpirik shareholders in March 2024.

Cash consideration of $4.7 million is net of a $0.3 million net working capital adjustment. In accordance with the terms of the agreement, the securityholders of the acquired business were entitled to receive contingent consideration from the Company payable in an aggregate value of $1.0 million in cash, contingent upon the acquired business reaching a revenue target of $1.5 million for the

twelve-month period ended December 31, 2023. The contingent consideration had an acquisition fair value date of $0.4 million, which the Company recognized within Other current liabilities. The contingent consideration was remeasured at fair value in each period following the closing within selling, general and administrative expense. Mpirik did not achieve the revenue target for the twelve-month period ended December 31, 2023. As such, the contingent consideration liability was written down to $0. In addition, the Company issued 17,450 performance stock units to certain retained Mpirik employees on the closing date of the acquisition. In July 2023, the Company’s board of directors approved the removal of the performance-vesting condition, following which performance stock units are treated as restricted stock units.

Arterys

On October 3, 2022, the Company acquired Arterys, Inc. (“Arterys”), a company that provides a platform to derive insights from radiology medical imagines to improve diagnostic decision-making, efficiency, and productivity across multiple disease areas, which resulted in goodwill of $11.1 million. The aggregate acquisition date fair value of consideration for the Arterys acquisition totaled $8.3 million, net of cash acquired of $0.3 million. Consideration was made up of $4.9 million of non-voting common stock and $3.0 million of cash. Cash consideration of $3.0 million is net of a $1.0 million working capital adjustment paid back to Tempus in March 2023.

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense Recorded in Consolidated Statements of Operations

Stock-based compensation is classified as follows in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues, genomics	$	1,083	$	—	$	12,410	$	—
Cost of revenues, data and services		916		—		8,145		—
Technology research and development		3,929		—		54,363		—
Research and development		2,554		—		44,787		—
Selling, general and administrative		12,556		—		389,646		—
Total stock-based compensation	$	21,038	$	—	$	509,351	$	—

Schedule of the activity related to the Company's RSUs

The table below summarizes restricted stock unit activity for the nine months ended September 30, 2024:


	Restricted Stock Units			Weighted - Average Grant Date Fair Value
Unvested at December 31, 2023		20,788,500		$	26.47
Granted		3,028,130		$	37.64
Vested and settled		(5,568,547	)	$	20.11
Vested and not yet settled		(10,620,792	)	$	26.72
Forfeited		(799,238	)	$	30.08
Expired		(147,376	)	$	0.28
Unvested at September 30, 2024		6,680,677		$	36.92

Stock-based compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award equity instruments other than options granted during the period			3,028,130
2015 Stock Option Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares authorized for issue				28,115,750
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award incremental compensation costs			$ 35.3
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award vesting period		5 years
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award vesting period		3 years
2015 Stock Option Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Additional as Extensions Occurred [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award incremental compensation costs			$ 12.2
2024 Equity Incentive Plan [Member] \| Incentive Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares available for issue			22,290,000
2024 Equity Incentive Plan [Member] \| Common Class A [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of shares available for issue			7,430,000
Share based compensation by share based payment award expiration date	Jan. 01, 2034
2024 Equity Incentive Plan [Member] \| Class A And Class B Common Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award number of additional shares available for issue as a percentage of outstanding common stock			5.00%

Fair Value Measurements and Marketable Equity Securities - Schedule of Fair Value Assets and Liabilty Measured on Unobservable Input Reconciliation (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Warrant Liability [Member]
Fair Value Assets And Liability Measured On Unobservable Input Reconciliation [Line Items]
Beginning balances for the assets and liabilities measured at fair value	$ 34,500	$ 42,500
Change in fair value of warrant liability	42,400	(8,000)
Contingent consideration from Mpirik acquisition		0
Change in fair value of contingent consideration	0	0
Transfer out of Level 3	0
Ending balances for the assets and liabilities measured at fair value	76,900	34,500
Contingent Consideration [Member]
Fair Value Assets And Liability Measured On Unobservable Input Reconciliation [Line Items]
Beginning balances for the assets and liabilities measured at fair value	775	0
Change in fair value of warrant liability	0	0
Contingent consideration from Mpirik acquisition		400
Change in fair value of contingent consideration	194	(400)
Transfer out of Level 3	(969)
Ending balances for the assets and liabilities measured at fair value	$ 0	$ 0

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14.

INCOME TAXES

Accounting for income taxes for interim periods generally requires the provision for income taxes to be determined by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss before income taxes, adjusted for discrete items, if any, for the reporting period. The Company updates its estimate of the annual effective tax rate each quarter and makes a cumulative adjustment in such period.

Income tax expense (benefit) for the three and nine months ended September 30, 2024 and 2023 is less than $0.2 million.

Due to the Company’s history of losses in the United States, a full valuation allowance on all of the Company’s deferred tax assets, including net operating loss carryforwards and other book versus tax differences, was maintained.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, net of allowances	$ 1,154	$ 1,115
Temporary equity shares authorized		69,803,765
Temporary equity shares outstanding		63,525,953
Temporary equity liquidation preference		$ 1,130,429
Treasury stock common shares	145,466	145,466
Redeemable Convertible Preferred Stock [Member]
Temporary equity par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity shares authorized	0	69,803,765
Temporary equity shares issued	0	63,525,953
Temporary equity shares outstanding	0	63,525,953
Temporary equity liquidation preference	$ 0	$ 1,130,429
Common Class A [Member]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000,000	200,228,024
Common stock shares issued	150,280,363	58,367,961
Common stock shares outstanding	150,280,363	58,367,961
Common Class B [Member]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	5,500,000	5,374,899
Common stock shares issued	5,043,789	0
Common stock shares outstanding	5,043,789	0
Nonvoting Common Stock [Member]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	0	66,946,627
Common stock shares issued	0	5,205,802
Common stock shares outstanding	0	5,060,336

Debt - Additional Information (Detail)				3 Months Ended		9 Months Ended		12 Months Ended
Debt - Additional Information (Detail)	Oct. 11, 2023 USD ($)	Nov. 19, 2020 USD ($)	Jun. 22, 2020 USD ($) Days	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 25, 2023 USD ($)	Sep. 22, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from long term debt net of issuance costs and discount						$ 0	$ 48,750,000
Payment of interest on debt						$ 20,899,000	$ 12,293,000
Line Of Credit Increased Interest Rate Facility				3.50%	3.40%	10.30%	9.70%
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage based on which the borrowing type can be converted into base rate	0.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage based on which the borrowing type can be converted into base rate	1.00%
Term Loan Agreement With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Debt instrument face value												$ 175,000,000
Long term debt unamortized discount gross												4,400,000
Long term debt unamortized debt issuance costs gross												$ 2,600,000
Term Loan Amendment Agreement One With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Debt instrument face value											$ 50,000,000
Long term debt unamortized discount gross											$ 1,300,000
Increase in interest rate percentage on term loan facility											0.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Long term debt unamortized discount gross	$ 6,500,000			$ 4,100,000		$ 4,100,000				$ 5,100,000
Long term debt unamortized debt issuance costs gross	2,600,000
Minimum liquidity required to be maintained value	$ 25,000,000
Long term debt unamortized debt issuance costs net				1,500,000		1,500,000				$ 1,900,000
Payment of interest on debt						20,900,000
Interest expenses				9,400,000	$ 7,900,000	27,700,000	$ 19,900,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage	5.00%
Debt instument paid in kind interest percentage	3.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage	4.00%
Debt instument paid in kind interest percentage	3.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Base Rate One [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage	6.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Term Secured Overnight Financing Rate One [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage	7.25%
Term Loan Amendment Agreement Two With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Debt instrument face value	$ 35,000,000
Long term debt unamortized discount gross	900,000
Proceeds from long term debt net of issuance costs and discount	$ 34,100,000
Long term debt maturity date	Sep. 22, 2027
Term Loan Amendment Agreement Two With Ares Capital Corporation [Member] \| SOFR One [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage based on which the borrowing type can be converted into base rate	2.00%
Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Debt instrument face value			$ 330,000,000
Fair value of liabilities measured using significant unobservable input issues during the period			330,000,000
Amended And Restated Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument face value			$ 250,000,000
Long term debt maturity date			Mar. 22, 2026
Interest expenses				$ 3,900,000	$ 4,100,000	$ 11,200,000	$ 11,700,000
Principal amount to be payable after prepayment value			$ 150,000,000
Debt instrument convertible threshold period of consecutive trading days \| Days			20
Forecast [Member] \| Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Twelve Months Ended Thirty First Of December Two Thousand And Twenty Four [Member]
Debt Instrument [Line Items]
Revenue									$ 459,100,000
Forecast [Member] \| Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Twelve Months Ended Thirty First Of December Two Thousand And Twenty Five [Member]
Debt Instrument [Line Items]
Revenue								$ 594,100,000
Series G Two Redeemable Convertible Preferred Stock [Member] \| Convertible Notes Payable [Member]
Debt Instrument [Line Items]
Temporary equity stock issued during period value new issues		$ 80,000,000
Redeemable preferred stock discount rate percentage		10.00%

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenue
Total net revenue	$ 180,929	$ 136,057	$ 492,718	$ 384,098
Cost and operating expenses
Technology research and development	30,680	24,156	135,655	70,485
Research and development	27,348	23,234	119,713	66,268
Selling, general and administrative	101,427	71,426	644,063	211,662
Total cost and operating expenses	234,545	180,846	1,133,100	527,886
Loss from operations	(53,616)	(44,789)	(640,382)	(143,788)
Interest income	4,789	1,483	7,538	5,864
Interest expense	(13,761)	(12,342)	(40,294)	(33,245)
Other (expense) income, net	(11,522)	2,287	(17,821)	7,909
Loss before provision for income taxes	(74,110)	(53,361)	(690,959)	(163,260)
Provision for income taxes	(38)	(65)	(144)	(74)
Losses from equity method investments	(1,692)	0	(1,692)	(301)
Net Loss	(75,840)	(53,426)	(692,795)	(163,635)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares	0	(11,143)	(39,347)	(32,709)
Cumulative undeclared dividends on Series C preferred shares	0	(764)	(1,174)	(2,230)
Net loss attributable to common shareholders, basic	(75,840)	(65,333)	(733,316)	(198,574)
Net loss attributable to common shareholders, diluted	$ (75,840)	$ (65,333)	$ (733,316)	$ (198,574)
Net loss per share attributable to common shareholders, basic	$ (0.46)	$ (1.03)	$ (7.04)	$ (3.14)
Net loss per share attributable to common shareholders, diluted	$ (0.46)	$ (1.03)	$ (7.04)	$ (3.14)
Weighted-average shares outstanding used to compute net loss per share, basic	165,612	63,286	104,164	63,267
Weighted-average shares outstanding used to compute net loss per share, diluted	165,612	63,286	104,164	63,267
Comprehensive Loss, net of tax
Net loss	$ (75,840)	$ (53,426)	$ (692,795)	$ (163,635)
Foreign currency translation adjustment	10,302	(54)	10,203	(29)
Comprehensive loss	(65,538)	(53,480)	(682,592)	(163,664)
Genomics [Member]
Net revenue
Total net revenue	116,422	96,815	331,315	270,797
Cost and operating expenses
Cost of revenues	60,126	46,540	181,285	138,781
Data and services [Member]
Net revenue
Total net revenue	64,507	39,242	161,403	113,301
Cost and operating expenses
Cost of revenues	$ 14,964	$ 15,490	$ 52,384	$ 40,690

Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				9 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2023	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2024	Jun. 17, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Proceeds from redeemable convertible preferred stock					$ 199,750	$ 0
Series G-3 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares payment of dividend in kind		66,465		47,781
Series G-4 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares payment of dividend in kind		10,666
Temporary equity stock issued during the period shares new issues			785,245
Proceeds from redeemable convertible preferred stock			$ 45,000
Temporary equity par or stated value per share			$ 0.0001
Temporary equity special payment as a percentage of original issue price			5.00%
Aggregate trading period for determining special price payable to the holders of temporary equity			10 days
Common stock average price as percentage of issue price maximum			110.00%
Series G-4 Redeemable Convertible Preferred Stock [Member] \| Accrued Liabilities [Member]
Temporary Equity [Line Items]
Special price paid in cash							$ 2,300
Series G-5 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period shares new issues	3,489,981
Proceeds from redeemable convertible preferred stock	$ 200,000
Temporary equity par or stated value per share	$ 0.0001
Common Class A [Member]
Temporary Equity [Line Items]
Common stock shares outstanding					150,280,363				58,367,961
Temporary equity converted into permanent equity shares					71,976,178
Common Class B [Member]
Temporary Equity [Line Items]
Common stock shares outstanding					5,043,789			5,043,789	0

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation for Basic and Diluted Net Loss Per Share

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(75,840	)	$	(53,426	)	$	(692,795	)	$	(163,635	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			(11,143	)		(39,347	)		(32,709	)
Cumulative undeclared dividends on Series C preferred shares		—			(764	)		(1,174	)		(2,230	)
Net loss attributable to common stockholders	$	(75,840	)	$	(65,333	)	$	(733,316	)	$	(198,574	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		165,612			63,286			104,164			63,267
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46	)	$	(1.03	)	$	(7.04	)	$	(3.14	)

Schedule of Antidilutive Securities Excluded From the Computation of Earnings Per Share


	As of September 30,
	2024		2023
Stock options outstanding		210,000		210,000
Convertible preferred stock		—		62,740,708
Astrazeneca warrant		2,702,703		1,744,991
Mpirik holdback liability		—		8,724
SEngine holdback liability		41,007		—
SEngine contingent consideration		35,000		—
Unvested RSUs		6,680,677		—
Total potentially dilutive shares		9,669,387		64,704,423

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		$ 180,929	$ 136,057	$ 492,718	$ 384,098
Contract with customer liability amount of revenue recognized that was included in the opening balance				53,900	35,700
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Contract with customer receivable after allowance for credit loss current		6,600		6,600			$ 2,400
Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation		208,800		208,800
Commercialization and Reference Laboratory Agreement Member With Personalis Inc [Member]
Disaggregation of Revenue [Line Items]
Term of agreement	3 years
Personalis Inc [Member] \| Commercialization and Reference Laboratory Agreement Member With Personalis Inc [Member]
Disaggregation of Revenue [Line Items]
Aggregate milestone amount payable	$ 12,000
Cumulative amount paid		8,000		8,000
Contract with customer assets net current		$ 2,000		$ 2,000			$ 100
Personalis Inc [Member] \| Commercialization and Reference Laboratory Agreement [Member]
Disaggregation of Revenue [Line Items]
Class Of Warrant Share Issued		9,218,800		9,218,800		9,218,800
One Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		48.00%		48.00%
Two Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		37.00%		37.00%
Three Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		13.00%		13.00%
Four Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		2.00%		2.00%
Genomics Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		$ 116,400	96,800	$ 331,300	270,800
Genomics Product [Member] \| Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		11,200	8,500	31,000	25,600
Clinical Order [Member] \| Third-Party Payor [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		105,200	88,300	300,300	245,200
Insights Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		50,100	26,900	122,100	78,700
Trials Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		10,100	10,600	31,800	31,500
Data And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		$ 64,500	$ 39,200	$ 161,400	$ 113,300

Stock-based compensation - Schedule of Stock-based Compensation Expense Recorded in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	$ 21,038	$ 0	$ 509,351	$ 0
Cost of Revenue Genomics [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	1,083	0	12,410	0
Cost of Revenue Data and Services [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	916	0	8,145	0
Technology Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	3,929	0	54,363	0
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	2,554	0	44,787	0
Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	$ 12,556	$ 0	$ 389,646	$ 0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-42130
Entity Registrant Name	Tempus AI, Inc.
Entity Central Index Key	0001717115
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4903308
Entity Address, Address Line One	600 West Chicago Avenue
Entity Address, Address Line Two	Suite 510
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60654
City Area Code	800
Local Phone Number	976-5448
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	TEM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		152,401,894
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,043,789

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

12.

DEBT

Term Loan Facility

On September 22, 2022, the Company entered into a Credit Agreement with Ares Capital Corporation (“Ares”) for a senior secured loan (the “Term Loan Facility”) in the amount of $175 million, less original issue discount of $4.4 million and deferred financing fees of $2.6 million. On April 25, 2023, the Company entered into an amendment to the Credit Agreement, which was accounted for as a debt modification. The amendment to the Credit Agreement increased the Term Loan Facility by an aggregate principal amount of $50 million, less original issue discount of $1.3 million and increased the interest rate on the Term Loan Facility by 25 basis points. On October 11, 2023, the Company signed a second amendment to its Credit Agreement with Ares which provided an additional $35.0 million in term debt. The Company received $34.1 million in cash, which is the aggregate principal amount of $35.0 million less original issue discount of $0.9 million. Terms of the second amendment are consistent with existing terms of the Credit Agreement. The proceeds of the Term Loan Facility will be used for working capital and general corporate purposes, to finance growth initiatives, to pay for operating expenses, and to pay the related transaction costs. The Term Loan Facility is due at maturity on September 22, 2027 and is subject to quarterly interest payments for Base Rate Loans and at the end of the applicable interest rate period for Secured Overnight Financing Rate (“SOFR”) Loans.

After the first three months from the effective date, each quarter, the Company has the option to convert the borrowing type to either a Base Rate Borrowing, which bears interest based on a Base Rate, defined as the greatest of the (a) the “Prime Rate” appearing the “Money Rates” section of the Wall Street Journal or another national publication selected by the Agent, (b) the Federal Funds Rate plus 0.50%, (c) Term SOFR for a one-month tenor in effect on such day plus 1.00% in each instance as of such day and (d) 2.00%, or a SOFR Borrowing, which bears interest based on Term SOFR. Additionally, the Company may make either a PIK election or a Cash election. Based on these elections, the Term Loan Facility will bear interest at one of the following rates:

(i)

the sum of the Base Rate plus an Applicable Rate of 4% per annum plus 3.25% per annum paid in-kind by adding the accrued interest to the outstanding principal balance on each interest payment date

(ii)

the Base Rate plus an Applicable Rate of 6.25% per annum

(iii)

the sum of the Term SOFR for the interest period plus an Applicable rate of 5% per annum plus 3.25% per annum paid in-kind by adding the accrued interest to the outstanding principal balance on each interest payment date

(iv)

the Term SOFR for the interest period in effect plus the Applicable Rate of 7.25% per annum

In addition, the Term Loan Facility contains customary representations and warranties, financial and other covenants, and events of default, including but not limited to, limitations on earnout, milestone, or deferred purchase obligations, dividends on preferred stock and stock repurchases, cash investments, and acquisitions. The Company is required to maintain a minimum liquidity of at least $25 million and maintain specified amounts of consolidated revenues for the trailing twelve-month period ending on the last day of each fiscal quarter. Minimum consolidated revenues increase each quarter. For the years ended December 31, 2024 and 2025, the Company is required to generate consolidated revenues of $459.1 million and $594.1 million, respectively. The Company was in compliance with all covenants of the Credit Agreement as of September 30, 2024.

All obligations under the Term Loan Facility are guaranteed by the Company and secured by substantially all of the assets of the Company.

The original issue discount of $6.5 million and deferred financing fees of $2.6 million are amortized over the term of the underlying debt and unamortized amounts have been offset against long-term debt in the consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the unamortized original issue discount was $4.1 million and $5.1 million, respectively, and the unamortized deferred financing fees were $1.5 million and $1.9 million, respectively.

Through September 30, 2024, the Company has not made any principal repayments on the Term Loan Facility. During the nine months ended September 30, 2024, the Company made $20.9 million in interest payments.

The Company recognized interest expense of $9.4 million and $27.7 million related to the Term Loan Facility, which represented an effective interest rate of 3.5% and 10.3%, during the three and nine months ended September 30, 2024, respectively. The Company recognized interest expense of $7.9 million and $19.9 million related to the Term Loan Facility, which represented an effective interest rate of 3.4% and 9.7%, during the three and nine months ended September 30, 2023, respectively.

Convertible Promissory Note

On June 22, 2020, in connection with entry into an agreement for use of Google LLC’s, or Google’s, Google Cloud Platform, the Company issued Google a convertible promissory note, or the Note, in the original principal amount of $330.0 million. On November 19, 2020, in connection with Series G-2 convertible preferred stock financing, the Company issued Google $80 million of Series G-2 preferred stock, at a 10% discount to the purchase price per share in such financing, in partial satisfaction of the outstanding principal amount under the Note, and the Company amended and restated the terms of the Note.

The amended and restated Note, or the Amended Note, has a principal amount of $250.0 million, and bears interest at the rate set forth therein. The principal amount is automatically reduced each year based on a formula taking into account the aggregate value of the Google Cloud Platform services used by the Company. The Company accounts for the principal reductions as an offset to its cloud and compute spend within selling, general and administrative in its condensed consolidated statements of operations and comprehensive loss. The outstanding principal and accrued interest under the Amended Note, or the Outstanding Amount, is due and payable on the earlier of (1) March 22, 2026, which is the maturity date of the Amended Note, (2) upon the occurrence and during the continuance of an event of default, and (3) upon the occurrence of an acceleration event, which includes any termination by the Company of its Google Cloud Platform agreement. The Company generally may not prepay the Outstanding Amount, except that the Company may, at its option, prepay the Outstanding Amount in an amount such that the principal amount remaining outstanding after such repayment is $150.0 million.

If the Amended Note is outstanding at the maturity date, Google may, at its option, convert the then outstanding principal amount and interest accrued under the Amended Note into a number of shares of the Company’s Class A common stock equal to the quotient obtained by dividing (1) the Outstanding Amount on the maturity date, by (2) the average of the last trading price on each trading day during the twenty day period ending immediately prior to the maturity date.

The Company concluded that one of the conversion features meets the definition of an embedded derivative that is required to be accounted for as a separate unit of accounting. The fair value of the embedded derivative is not material and was therefore not bifurcated. As such, upon issuance of the Note the Company recorded a promissory note of $330.0 million. The Company recognized interest expense of $3.9 million and $4.1 million during the three months ended September 30, 2024 and 2023, respectively. The company recognized interest expense of $11.2 million and $11.7 million during the nine months ended September 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Legal Matters

From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. There were no material such matters as of and for the three and nine months ended September 30, 2024 and 2023.

Fair Value Measurements and Marketable Equity Securities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Marketable Equity Securities

15.

FAIR VALUE MEASUREMENTS AND MARKETABLE EQUITY SECURITIES

Fair Value Measurements

The carrying amounts of financial instruments, including cash and cash equivalents, accounts receivable, finance lease obligations, minimum royalties, accounts payable, and accrued expenses approximate fair value due to the short maturity of these instruments. The carrying amounts of the related party receivable, finance lease obligations, and minimum royalties approximate fair value because the interest rates used fluctuate with market interest rates or the fixed rates are based on current rates offered to the Company for debt with similar terms and maturities.

The valuation methodologies used for the Company’s assets and liabilities measured at fair value and their classification in the valuation hierarchy are summarized below:

Marketable equity securities—The Company holds marketable equity securities, all of which are publicly traded shares of common stock, which have quoted prices in active markets and are classified as short-term. The securities are measured at fair value each reporting period. The Company classifies the marketable equity securities as Level 1 as they are valued using quoted market prices at each reporting period.

Contingent consideration—The Company was subject to a contingent consideration arrangement to make a cash payment in an aggregate value of $1.0 million, contingent upon Mpirik reaching a revenue target of $1.5 million for the twelve-month period ended December 31, 2023. See Note 4, Business Combinations, for further discussion of that acquisition.

The Company is also subject to a contingent consideration arrangement of 35,000 additional shares of non-voting common stock in connection with the SEngine acquisition, the amount of which is determined based on the per share price of the Company’s non-voting common stock in a liquidity event completed prior to December 31, 2027. The contingent consideration has an acquisition fair value date of $0.8 million. See Note 4, Business Combinations for further discussion of that acquisition.

Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition date fair value included as part of the consideration transferred in the related business combination and subsequent changes in fair value recorded in earnings within operating expense on the condensed consolidated statements of operations and comprehensive loss. The Company used a risk-neutral simulation model and option pricing framework to value the contingent consideration. Prior to the IPO, the Company classified the contingent consideration liabilities as Level 3 due to the lack of relevant observable market data over fair value inputs such as probability-weighting of payment outcomes. Subsequent to the IPO completed in June 2024, the Company classified the contingent consideration arrangement of up to 35,000 additional shares of non-voting common stock as Level 1 as the shares are valued using a quoted market price.

Warrant asset—The Company received warrants from Personalis, which were exercised in August 2024. The warrant assets are measured at fair value each reporting period using a Black-Scholes option pricing model, which takes into consideration the price and volatility of Personalis Class A common stock. Changes in fair value are recorded in other (expense) income, net. For the three months ended September 30, 2024, the Company recognized a gain of $26.0 million in other (expense) income, net due to the change in fair value of the warrant asset. For the nine months ended September 30, 2024, the Company recognized a gain of $18.3 million in other (expense) income, net due to the change in fair value of the warrant asset. The Company classifies the warrant asset as Level 2 as they are valued using observable market prices of Personalis Class A common stock.

Warrant liability—As discussed in Note 9, the Company issued a $100 million warrant to AstraZeneca. The warrant liability is measured at fair value each reporting period, using a Black-Scholes option pricing model. The following table summarizes the assumptions used in the model as of September 30, 2024:


	September 30, 2024
Expected term (in years)		2.25
Risk-free interest rate		4.14	%
Expected volatility		55.00	%
Expected dividend yield		0.00	%

The Company classifies the warrant liability as Level 3 due to the lack of relevant observable market data over fair value inputs such as the expected term.

The Term Loan Facility and the Note were not recorded at fair value. The fair values of the Term Loan Facility and the Note approximated their carrying values as of September 30, 2024 and December 31, 2023. Estimates of the fair values of the Term Loan Facility and the Note are classified as Level 3 due to the lack of relevant observable market data over fair value inputs.

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):


			Fair Value Measurement at Reporting Date Using
	September 30, 2024		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	78,317	$	78,317	$	—	$	—
Liabilities
Warrant liability	$	76,900	$	—	$	—	$	76,900
Contingent consideration	$	940	$	940	$	—	$	—


			Fair Value Measurement at Reporting Date Using
	December 31, 2023		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	31,807	$	31,807	$	—	$	—
Warrant asset	$	10,000	$	—	$	10,000	$	—
Liabilities
Warrant liability	$	34,500	$	—	$	—	$	34,500
Contingent consideration	$	775	$	—	$	—	$	775

The following tables provide a reconciliation of the beginning and ending balances for the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) (in thousands):


	Warrant Liability		Contingent Consideration
Balance at December 31, 2023	$	34,500	$	775
Change in fair value of warrant liability		42,400		—
Change in fair value of contingent consideration		—		194
Transfer out of Level 3		—		(969	)
Balance at September 30, 2024	$	76,900	$	—


	Warrant Liability			Contingent Consideration
Balance at December 31, 2022	$	42,500		$	—
Contingent consideration from Mpirik acquisition		—			400
Change in fair value of warrant		(8,000	)		—
Change in fair value of contingent consideration		—			(400	)
Balance at September 30, 2023	$	34,500		$	-

For the three months ended September 30, 2024 and 2023, the Company recognized a loss of $43.3 million and a gain of $2.3 million, respectively, in other (expense) income, net due to the change in the fair value of warrant liability determined by Level 3 valuation techniques. For the nine months ended September 30, 2024 and 2023, the Company recognized a loss of $42.4 million and a gain of $8.0 million, respectively, in other (expense) income, net due to the change in the fair value of warrant liability determined by Level 3 valuation techniques.

Marketable Equity Securities

The Company holds marketable equity securities, which are all publicly traded shares of Recursion Pharmaceuticals, Inc. ("Recursion") Class A common stock and Personalis common stock.

Recursion shares were received as payment of accounts receivable. During the three months ended September 30, 2024, the Company did not sell any shares of Recursion Class A common stock. During the nine months ended September 30, 2024, the Company sold 1,725,902 shares of Recursion Class A common stock at a weighted average price of $13.38 per share for aggregate proceeds of $23.1 million.

As consideration for the Company's obligations to Personalis under the Commercialization and Reference Laboratory Agreement entered into with Personalis in November 2023, Personalis issued warrants to the Company to purchase up to an aggregate of 9,218,800 shares of Personalis' common stock, up to 4,609,400 of which were exercisable for cash at any time prior to December 31, 2024 at an exercise price of $1.50 per share, and up to 4,609,400 of which were exercisable for cash at any time prior to December 31, 2025 at an exercise price of $2.50 per share. In August 2024, the Company exercised the warrants in full at their respective exercise prices for an aggregate of 9,218,800 shares of Personalis common stock at an aggregate purchase price of $18.4 million. Concurrently, the Company entered into an Investment Agreement with Personalis, pursuant to which the Company purchased an additional 3,500,000 shares of Personalis common stock for $17.7 million. The Company owns less than 20% of Personalis' outstanding common stock and has no significant influence or control over Personalis.

Changes in fair value of marketable equity securities are recorded in earnings within other (expense) income, net on the condensed consolidated statement of operations and comprehensive loss. The following summarizes the portion of unrealized gains recorded during the three and nine months ended September 30, 2024 that relate to marketable equity securities held as of September 30, 2024 (in thousands). There were no marketable equity securities outstanding as of September 30, 2023.


	Three Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2024
Net gain during the period on marketable equity securities	$	2,578	$	5,119
Less: Net gain recognized during the period on marketable equity securities sold during the period		—		(6,081	)
Unrealized loss (gain) recognized during the period on marketable equity securities still held at the reporting date	$	2,578	$	(962	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements and Marketable Equity Securities - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure		$ 940,000		$ 940,000		$ 775,000
Aggregate proceeds from sale of marketable equity securities				23,098,000	$ 0
Purchase of additional shares of common stock value					3,602,000
Marketable equity securities outstanding		78,317,000	$ 0	$ 78,317,000	0	31,807,000
Investment In Recursion Pharmaceuticals Class A Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in equity securities at fair value sold number of shares				1,725,902
Weighted average price per share of investment sold				$ 13.38
Aggregate proceeds from sale of marketable equity securities				$ 23,100,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure		940,000		940,000		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure		0		0		0
Company recognized gain due change fair value of warrant asset		26,000,000		18,300,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure		0		0		775,000
Company recognised expenses due change fair value of warrant liability		$ 43,300,000	$ 2,300,000
Company recognized gain due change fair value of warrant liability				42,400,000	$ 8,000,000
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant issued				$ 100,000,000
Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class Of Warrant Share Issued		9,218,800		9,218,800			9,218,800
Common stock purchase price	$ 18,400,000
Purchase of additional shares of common stock	3,500,000
Purchase of additional shares of common stock value	$ 17,700,000
Outstanding common stock percentage	20.00%
Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.5		$ 1.5
Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.5		$ 2.5
Maximum [Member] \| Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class Of Warrant Excisable At Cash		4,609,400		4,609,400
Maximum [Member] \| Commercialization And Reference Laboratory Agreement [Member] \| Personalis Inc [Member] \| Prior December312025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Class Of Warrant Excisable At Cash		4,609,400		4,609,400
Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration cash payment				$ 1,000,000
Contingent upon revenue target						$ 1,500,000
Contingent consideration classified as equity, fair value disclosure		$ 800,000		$ 800,000
Contingent Consideration [Member] \| Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration arrangement of non voting common stock				35,000
Contingent Consideration [Member] \| Common Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration arrangement of non voting common stock				35,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (75,840)	$ (53,426)	$ (692,795)	$ (163,635)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stock-based compensation - Schedule of the activity related to the Company's RSUs (Detail) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unvested at December 31, 2023 \| shares	20,788,500
Granted \| shares	3,028,130
Vested and settled \| shares	(5,568,547)
Vested and not yet settled \| shares	(10,620,792)
Forfeited \| shares	(799,238)
Expired \| shares	(147,376)
Unvested at September 30, 2024 \| shares	6,680,677
Unvested at December 31, 2023 \| $ / shares	$ 26.47
Granted \| $ / shares	37.64
Vested and settled \| $ / shares	20.11
Vested and not yet settled \| $ / shares	26.72
Forfeited \| $ / shares	30.08
Expired \| $ / shares	0.28
Unvested at September 30, 2024 \| $ / shares	$ 36.92

Fair Value Measurements and Marketable Equity Securities - Schedule of the Assumption Used in the Model Table (Detail)	Sep. 30, 2024
Expected term (in years) [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	2.25
Risk-free interest rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	4.14
Expected volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	55
Expected dividend yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended
	Dec. 08, 2023 $ / shares shares	Jan. 31, 2023 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 shares	Apr. 30, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock shares authorized			20,000,000
Treasury Stock, Common [Member]
Class of Stock [Line Items]
Stock repurchased during the period shares				(145,466)
Allen and Company LLC [Member] \| Warrants Convertible Into Class A Common Stock [Member]
Class of Stock [Line Items]
Class of warrants or rights number of securities covered by warrants or rights	150,000
Class of warrants or rights exercise price \| $ / shares	$ 10
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized			1,000,000,000		204,590,500	200,228,024
Common Class A [Member] \| Exercise of Warrants [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues	109,459
Common Class A [Member] \| Master Services Agreement With Astra Zeneca As Amended [Member]
Class of Stock [Line Items]
Class of warrants value of shares covered by warrants or rights \| $							$ 100
Class of warrants or rights number of securities covered by warrants or rights							2,702,703
Class of warrants or rights exercise price \| $ / shares							$ 37
Commitment of the counterparty \| $			$ 220
Commitment of the counterparty if warrants are exercised \| $			$ 320
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized			5,500,000			5,374,899
Stockholders equity stock split			1
Duration before which shares may be converted from one class to another			20 years
Share holding below which trigger is caused for conversion of stock from one class to another			10,000,000
Common Class B [Member] \| Maximum [Member]
Class of Stock [Line Items]
Number of days for determining conversion of stock from class to another			150 days
Number of days for determining ownership of the founder below which conversion of stock from one class to another is triggered			150 days
Common Class B [Member] \| Minimum [Member]
Class of Stock [Line Items]
Number of days for determining conversion of stock from class to another			90 days
Number of days for determining ownership of the founder below which conversion of stock from one class to another is triggered			90 days
Non-voting Common Stock [Member]
Class of Stock [Line Items]
Common stock shares authorized			0			66,946,627
Non-voting Common Stock [Member] \| Treasury Stock, Common [Member]
Class of Stock [Line Items]
Stock repurchased during the period shares		145,466

Revenue Recognition - Summary of Warrant Contract Asset (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure In Tabular Form Of Warrant Contract Asset As Per Balance Sheet Classification [Line Items]
Total warrant contract asset	$ 22,709	$ 26,342
Prepaid Expenses and Other Current Assets [Member]
Disclosure In Tabular Form Of Warrant Contract Asset As Per Balance Sheet Classification [Line Items]
Prepaid expenses and other current assets	4,843	4,843
Warrant Contract Asset Less Current Portion [Member]
Disclosure In Tabular Form Of Warrant Contract Asset As Per Balance Sheet Classification [Line Items]
Warrant contract asset, less current portion	$ 17,866	$ 21,499

Fair Value Measurements and Marketable Equity Securities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of the Assumption Used in the Model Table

The following table summarizes the assumptions used in the model as of September 30, 2024:


	September 30, 2024
Expected term (in years)		2.25
Risk-free interest rate		4.14	%
Expected volatility		55.00	%
Expected dividend yield		0.00	%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):


			Fair Value Measurement at Reporting Date Using
	September 30, 2024		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	78,317	$	78,317	$	—	$	—
Liabilities
Warrant liability	$	76,900	$	—	$	—	$	76,900
Contingent consideration	$	940	$	940	$	—	$	—


			Fair Value Measurement at Reporting Date Using
	December 31, 2023		Quoted Price in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Marketable equity securities	$	31,807	$	31,807	$	—	$	—
Warrant asset	$	10,000	$	—	$	10,000	$	—
Liabilities
Warrant liability	$	34,500	$	—	$	—	$	34,500
Contingent consideration	$	775	$	—	$	—	$	775

Schedule of Fair Value Assets and Liabilty Measured on Unobservable Input Reconciliation


	Warrant Liability		Contingent Consideration
Balance at December 31, 2023	$	34,500	$	775
Change in fair value of warrant liability		42,400		—
Change in fair value of contingent consideration		—		194
Transfer out of Level 3		—		(969	)
Balance at September 30, 2024	$	76,900	$	—


	Warrant Liability			Contingent Consideration
Balance at December 31, 2022	$	42,500		$	—
Contingent consideration from Mpirik acquisition		—			400
Change in fair value of warrant		(8,000	)		—
Change in fair value of contingent consideration		—			(400	)
Balance at September 30, 2023	$	34,500		$	-

Schedule of Portion of Unrealized Gains Relate to Marketable Equity Securities

The following summarizes the portion of unrealized gains recorded during the three and nine months ended September 30, 2024 that relate to marketable equity securities held as of September 30, 2024 (in thousands). There were no marketable equity securities outstanding as of September 30, 2023.


	Three Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2024
Net gain during the period on marketable equity securities	$	2,578	$	5,119
Less: Net gain recognized during the period on marketable equity securities sold during the period		—		(6,081	)
Unrealized loss (gain) recognized during the period on marketable equity securities still held at the reporting date	$	2,578	$	(962	)

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 388,006,000	$ 165,767,000
Accounts receivable, net of allowances of $1,154 and $1,115 at September 30, 2024 and December 31, 2023, respectively	145,616,000	94,462,000
Inventory	36,138,000	28,845,000
Warrant asset	0	5,070,000
Prepaid expenses and other current assets	31,335,000	17,295,000
Marketable equity securities	78,317,000	31,807,000
Deferred offering costs	0	7,085,000
Total current assets	679,412,000	350,331,000
Property and equipment, net	59,392,000	61,681,000
Goodwill	73,365,000	73,354,000
Warrant asset, less current portion	0	4,930,000
Intangible assets, net	14,289,000	21,916,000
Investments and other assets	8,692,000	8,971,000
Investment in joint venture	103,699,000	0
Warrant contract asset, less current portion	17,866,000	21,499,000
Operating lease right-of-use assets	14,141,000	20,530,000
Restricted cash	872,000	840,000
Total Assets	971,728,000	564,052,000
Current Liabilities
Accounts payable	49,027,000	54,421,000
Accrued expenses	101,985,000	82,517,000
Deferred revenue	67,604,000	64,860,000
Deferred other income	15,955,000	0
Other current liabilities	9,913,000	8,213,000
Operating lease liabilities	5,894,000	6,437,000
Accrued data licensing fees	2,242,000	6,382,000
Accrued dividends	0	9,797,000
Total current liabilities	252,620,000	232,627,000
Operating lease liabilities, less current portion	26,664,000	32,040,000
Convertible promissory note	174,460,000	193,124,000
Warrant liability	76,900,000	34,500,000
Other long-term liabilities	15,403,000	19,751,000
Interest payable	66,529,000	55,321,000
Long-term debt, net	264,527,000	256,541,000
Deferred other income, less current portion	27,921,000	0
Deferred revenue, less current portion	12,976,000	16,768,000
Total Liabilities	918,000,000	840,672,000
Commitments and contingencies
Convertible redeemable preferred stock, $0.0001 par value, no and 69,803,765 shares authorized at September 30, 2024 and December 31, 2023, respectively; no and 63,525,953 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $0 and $1,130,429 at September 30, 2024 and December 31, 2023, respectively	0	1,105,543,000
Stockholders' equity (deficit)
Treasury Stock, 145,466 shares at September 30, 2024 and December 31, 2023, at cost	(3,602,000)	(3,602,000)
Additional Paid-In Capital	2,184,926,000	18,345,000
Accumulated Other Comprehensive (Loss) Income	10,208,000	5,000
Accumulated deficit	(2,137,820,000)	(1,396,917,000)
Total Stockholders' equity (deficit)	53,728,000	(1,382,163,000)
Total Liabilities, Convertible redeemable preferred stock, and Stockholders' equity (deficit)	971,728,000	564,052,000
Common Class A [Member]
Stockholders' equity (deficit)
Common stock value issued	15,000	6,000
Common Class B [Member]
Stockholders' equity (deficit)
Common stock value issued	1,000	0
Nonvoting Common Stock [Member]
Stockholders' equity (deficit)
Common stock value issued	$ 0	$ 0

Goodwill and Intangibles - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite And Indefinitely Lived Intangible Assets [Line Items]
Goodwill, acquired during period	$ 0	$ 0	$ 0
Goodwill, impairment loss	0	0	0	$ 0
Impairment of intangible assets, finite-lived	0	0	0	0
Operating Cost and Expenses [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,700,000	2,900,000	$ 8,300,000	8,900,000
Mpirik [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Goodwill, acquired during period				10,600,000
Maximum [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years		7 years
Minimum [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years		3 years
Weighted Average [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years		6 years
Licensed Data [Member] \| DeIdendified Data Through Additional Agreement [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets		$ 0		3,800,000
Licensed Data [Member] \| DeIdendified Data Through Amended Agreement [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets	$ 700,000		$ 700,000
Licensed Data [Member] \| Research And Development Process [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Impairment of intangible assets, finite-lived				7,400,000
Gain loss due to saving in future payments due on intangible assets				$ 7,900,000
Reduction in gross value of intangible assets			40,100,000
Reduction in accumulated amortization of finite lived intangible assets			$ 32,700,000

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands				1 Months Ended	9 Months Ended
	Oct. 03, 2023	Mar. 08, 2023	Oct. 03, 2022	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Jan. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill					$ 73,365			$ 73,354
Payment to acquire business net of cash acquired					$ 0	$ 2,869
Sengine [Member]
Business Acquisition [Line Items]
Goodwill	$ 9,600
Business combination aggregate consideration transferred	9,900
Payments to acquire businesses, gross	2,800
Business combination consideration in the form of shares held back	1,400
Sengine [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Net working capital adjustment	100
Sengine [Member] \| Nonvoting Common Stock [Member]
Business Acquisition [Line Items]
Business combination consideration transferred equity interests issued and issuable	$ 6,300
Business acquisition equity interests issued or issuable number of shares issued	35,000
Stock issued during the period shares towards working capital adjustment				429
Mpirik [Member]
Business Acquisition [Line Items]
Goodwill		$ 10,600
Business combination aggregate consideration transferred		9,700
Business combination consideration transferred equity interests issued and issuable		4,600
Business combination consideration in the form of shares held back		300
Net working capital adjustment		300
Business combination aggregate cash consideration payable including the amount witheld		4,700
Business combination contingent consideration payable in cash at fair value		400
Business combination cash consideration held back		800
Business combination contingent consideration liability based on revenue milestone		1,000
Estimated minimum revenue to be attained by the acquiree		$ 1,500
Business combination contingent consideration acquisition date fair value							$ 0
Mpirik [Member] \| Restricted Stock Units (RSUs) [Member]
Business Acquisition [Line Items]
Stock issued during the period restricted stock award netof forfeitures		17,450
Mpirik [Member] \| Other Current Liabilities [Member]
Business Acquisition [Line Items]
Business combination contingent consideration acquisition date fair value		$ 400
Mpirik [Member] \| Nonvoting Common Stock [Member]
Business Acquisition [Line Items]
Stock issued during the period shares in respect of consideration held back		8,724
Arterys [Member]
Business Acquisition [Line Items]
Goodwill			$ 11,100
Business combination consideration transferred equity interests issued and issuable			4,900
Cash consideration			3,000
Business combination fair value of consideration net of cash acquired			8,300
Cash acquired in a business combination			300
Payment to acquire business net of cash acquired			3,000
Payment of net working capital adjustment			$ 1,000

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock Outstanding (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Shares Authorized		69,803,765
Shares Outstanding		63,525,953
Liquidation Amount		$ 1,130,429
Carrying Value	$ 0	$ 1,105,543
Series A [Member]
Temporary Equity [Line Items]
Shares Authorized		10,000,000
Shares Outstanding		10,000,000
Liquidation Amount		$ 10,500
Carrying Value		$ 10,000
Series B [Member]
Temporary Equity [Line Items]
Shares Authorized		5,374,899
Shares Outstanding		5,374,899
Liquidation Amount		$ 10,500
Carrying Value		$ 10,000
Series B-1 [Member]
Temporary Equity [Line Items]
Shares Authorized		2,500,000
Shares Outstanding		2,500,000
Liquidation Amount		$ 10,500
Carrying Value		$ 10,000
Series B-2 [Member]
Temporary Equity [Line Items]
Shares Authorized		4,191,173
Shares Outstanding		4,191,173
Liquidation Amount		$ 31,500
Carrying Value		$ 30,000
Series C [Member]
Temporary Equity [Line Items]
Shares Authorized		9,779,403
Shares Outstanding		9,779,403
Liquidation Amount		$ 86,757
Carrying Value		$ 70,000
Series D [Member]
Temporary Equity [Line Items]
Shares Authorized		8,534,330
Shares Outstanding		8,534,330
Liquidation Amount		$ 105,107
Carrying Value		$ 104,145
Series E [Member]
Temporary Equity [Line Items]
Shares Authorized		6,630,905
Shares Outstanding		6,630,905
Liquidation Amount		$ 151,621
Carrying Value		$ 151,621
Series F [Member]
Temporary Equity [Line Items]
Shares Authorized		8,077,674
Shares Outstanding		8,077,674
Liquidation Amount		$ 261,722
Carrying Value		$ 261,722
Series G [Member]
Temporary Equity [Line Items]
Shares Authorized		2,537,290
Shares Outstanding		2,537,290
Liquidation Amount		$ 119,928
Carrying Value		$ 119,928
Series G-2 [Member]
Temporary Equity [Line Items]
Shares Authorized		3,453,139
Shares Outstanding		3,453,139
Liquidation Amount		$ 197,889
Carrying Value		$ 197,889
Series G-3 [Member]
Temporary Equity [Line Items]
Shares Authorized		4,362,476
Shares Outstanding		1,661,895
Liquidation Amount		$ 98,891
Carrying Value		$ 95,238
Series G-4 [Member]
Temporary Equity [Line Items]
Shares Authorized		4,362,476
Shares Outstanding		785,245
Liquidation Amount		$ 45,514
Carrying Value		$ 45,000

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

BALANCE SHEET COMPONENTS

Property and Equipment, Net

The following summarizes property and equipment, net as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024			December 31, 2023
Equipment	$	105,674		$	91,656
Leasehold improvements		45,598			42,433
Furniture and fixtures		6,633			6,633
Total property and equipment, gross		157,905			140,722
Less: accumulated depreciation		(98,513	)		(79,041	)
Property and equipment, net	$	59,392		$	61,681


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue, genomics	$	3,723	$	3,366	$	10,397	$	9,729
Selling, general and administrative costs		3,065		2,038		9,075		5,929
Total depreciation	$	6,788	$	5,404	$	19,472	$	15,658

Accrued Expenses

Accrued expenses as of September 30, 2024 and December 31, 2023, consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued compensation and employee benefits	$	25,378	$	21,950
Accrued expenses		45,504		37,783
Accrued cloud storage costs		22,039		13,921
Interest payable		9,064		8,863
Total accrued expenses	$	101,985	$	82,517

Net Loss Per Share Attributable to Common Stockholders - Schedule of Calculation for Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income (Loss)	$ (75,840)	$ (53,426)	$ (692,795)	$ (163,635)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares	0	(11,143)	(39,347)	(32,709)
Cumulative undeclared dividends on Series C preferred shares	0	(764)	(1,174)	(2,230)
Net loss attributable to common stockholders, Basic	(75,840)	(65,333)	(733,316)	(198,574)
Net loss attributable to common stockholders, Diluted	$ (75,840)	$ (65,333)	$ (733,316)	$ (198,574)
Denominator:
Weighted-average common shares outstanding, basic	165,612	63,286	104,164	63,267
Weighted-average common shares outstanding, diluted	165,612	63,286	104,164	63,267
Net loss per share attributable to common stockholders, basic	$ (0.46)	$ (1.03)	$ (7.04)	$ (3.14)
Net loss per share attributable to common stockholders, diluted	$ (0.46)	$ (1.03)	$ (7.04)	$ (3.14)

Fair Value Measurements and Marketable Equity Securities - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	$ 78,317	$ 31,807
Warrant asset		10,000
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	76,900	34,500
Contingent consideration	940	775
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	78,317	31,807
Warrant asset		0
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	0	0
Contingent consideration	940	0
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	0	0
Warrant asset		10,000
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	0	0
Contingent consideration	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	0	0
Warrant asset		0
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	76,900	34,500
Contingent consideration	$ 0	$ 775

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Tempus AI, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial information and include the assets, liabilities, revenue and expenses of all wholly owned subsidiaries. Investments in unconsolidated entities in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method of accounting. Investments in unconsolidated entities in which the Company is not able to exercise significant influence are accounted for under the cost method of accounting. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been omitted. Accordingly, the unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus, dated June 13, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), on June 17, 2024 (the “Prospectus”) in connection with the IPO. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in management’s opinion, all the adjustments of a normal, recurring nature that are necessary for the fair statement of the Company’s financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results expected for the full year or any other period. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024 and its results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The condensed consolidated balance sheet at December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The Company believes that its existing cash and cash equivalents and marketable equity securities at September 30, 2024 will be sufficient to allow the Company to fund its current operating plan through at least a period of one year from the date of issuance. As the Company continues to incur losses, its transition to profitability is dependent upon a level of revenues adequate to support the Company’s cost structure. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development activities and growth related expenditures. Other than described below, there have been no changes to the Company’s significant accounting policies described in the “Notes to the Consolidated Financial Statements” included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Prospectus that have had a material impact on the Company’s consolidated financial statements and accompanying notes.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. The most significant estimates are related to revenue, accounts receivable, stock-based compensation, operating lease liabilities, and the useful lives of property, equipment and intangible assets. Actual results could differ from those estimates.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of its redeemable convertible preferred stock to be participating securities. Prior to the IPO, under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the holders of its redeemable convertible preferred stock did not have a contractual obligation to share in the Company’s losses. Upon IPO, the Company’s redeemable convertible preferred stock converted to either Class A or Class B common stock and therefore will be included in allocation of net loss attributable to common stockholders as they will share in the Company’s losses. Net income is attributed to common stockholders and participating securities based on their participation rights. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. The Company had $7.1 million of deferred offering costs as of December 31, 2023. Prior to the IPO, deferred offering costs were capitalized on the consolidated balance sheets. Upon the consummation of the IPO, $12.3 million of deferred offering costs were reclassified into additional paid-in capital as an offset against IPO proceeds.
Equity Investments	Equity Investments The Company uses the equity method to account for investments in which it has the ability to exercise significant influence over the investee's operating and financial policies. The Company follows the guidance in ASC 323, Investments—Equity Method and Joint Ventures, which prescribes the use of the equity method for investments in joint ventures where the Company has significant influence. The Company records the initial investment at cost and is subsequently adjusted by the Company's share, based on percentage ownership, of the investee's net income or loss after the date of investment. For the Company's foreign-based equity method investment, the proportionate share of the investee's income is translated into USD at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period. The unrealized gains and losses associated with the foreign currency translation of the investment are deferred in accumulated other comprehensive income on the Company's consolidated balance sheets.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, (ii) has equity investors who lack the characteristics of a controlling financial interest, or (iii) the entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights). Under ASC 810, Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both: • the power to direct the activities that most significantly impact the economic performance of the VIE; and • the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. If the Company is not the primary beneficiary in a VIE, it accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, the Company assesses whether any changes in its interest or relationship with the entity affects its determination of whether the entity is a VIE and, if so, whether it is the primary beneficiary.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which provides enhanced disclosures about significant segment expenses. The standard also enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. The standard is effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented. Early adoption is permitted. The Company does not expect the adoption of the new standard to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect that this guidance will have on the consolidated financial statements and related disclosures.

Balance Sheet Components - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Equipment	$ 105,674	$ 91,656
Leasehold improvements	45,598	42,433
Furniture and fixtures	6,633	6,633
Total property and equipment, gross	157,905	140,722
Less: accumulated depreciation	(98,513)	(79,041)
Property and equipment, net	$ 59,392	$ 61,681

Balance Sheet Components - Summary of Depreciation Expenses on Property and Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property Plant and Equipment Income Statement Disclosures [Abstract]
Cost of revenue, genomics	$ 3,723	$ 3,366	$ 10,397	$ 9,729
Selling, general and administrative costs	3,065	2,038	9,075	5,929
Total depreciation	$ 6,788	$ 5,404	$ 19,472	$ 15,658

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2024

Erik Phelps [Member]

Trading Arrangements, by Individual

Name

Erik Phelps

Title

Executive Vice President, Chief Administrative and Legal Officer and Assistant Secretary

Expiration Date

September 6, 2025

Aggregate Available

205,272

Modified Date

September 6, 2024

Rule 10b5-1 Arr Modified

true

^[1],[2]

Non-Rule 10b5-1 Arr Modified

false

^[2],[3]

Andrew Polovin [Member]

Trading Arrangements, by Individual

Name

Andrew Polovin

Title

Executive Vice President, General Counsel and Secretary

Expiration Date

September 6, 2025

Aggregate Available

Modified Date

September 6, 2024

Rule 10b5-1 Arr Modified

true

^[1],[2]

Non-Rule 10b5-1 Arr Modified

false

^[2],[3]

James Rogers [Member]

Trading Arrangements, by Individual

Name

James Rogers

Title

Chief Financial Officer

Expiration Date

September 6, 2025

Aggregate Available

Modified Date

September 6, 2024

Rule 10b5-1 Arr Modified

true

^[1],[2]

Non-Rule 10b5-1 Arr Modified

false

^[2],[3]

Jennifer A. Doudna [Member]

Trading Arrangements, by Individual

Name

Jennifer A

Title

Director

Rule 10b5-1 Arrangement Adopted

true

^[1]

Non-Rule 10b5-1 Arrangement Adopted

false

^[3]

Adoption Date

August 28, 2024

Expiration Date

August 31, 2025

Aggregate Available

14,582

David R. Epstein [Member]

Trading Arrangements, by Individual

Name

David R

Title

Director

Rule 10b5-1 Arrangement Adopted

true

^[1]

Non-Rule 10b5-1 Arrangement Adopted

false

^[3]

Adoption Date

August 27, 2024

Expiration Date

December 31, 2026

Aggregate Available

6,570

Wayne A.I. Frederick [Member]

Trading Arrangements, by Individual

Name

Wayne A.I. Frederick

Title

Director

Rule 10b5-1 Arrangement Adopted

true

^[1]

Non-Rule 10b5-1 Arrangement Adopted

false

^[3]

Adoption Date

September 12, 2024

Expiration Date

September 15, 2025

Aggregate Available

12,000

Scott Gottlieb [Member]

Trading Arrangements, by Individual

Name

Scott Gottlieb

Title

Director

Rule 10b5-1 Arrangement Adopted

true

^[1]

Non-Rule 10b5-1 Arrangement Adopted

false

^[3]

Adoption Date

August 27, 2024

Expiration Date

August 15, 2025

Aggregate Available

55,675

[1]	Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
[2]	Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written plan adopted on June 14, 2024 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. See "Item 5 — Other Information — Disclosure of Trading Arrangements" in our Form 10-Q for the Quarter Ended June 30, 2024 for a description of the written plans adopted on June 14, 2024.
[3]	“Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	Nov. 04, 2024 USD ($) shares
Purchase Agreement [Member] \| Ambry [Member]
Subsequent Event [Line Items]
Payments to acquire businesses, gross	$ 375.0
Cash consideration held in escrow account	$ 5.0
Purchase Agreement [Member] \| Ambry [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Business acquisition equity interests issued or issuable number of shares issued \| shares	4,843,136
Stock issued during period number of shares subject to lock in period \| shares	2,152,505
Debt Commitment Letter [Member] \| Additional Term Loan [Member]
Subsequent Event [Line Items]
Debt instrument face value	$ 200.0
Debt Commitment Letter [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Debt instrument face value	$ 100.0

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

17.

SUBSEQUENT EVENTS

On November 4, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with REALM IDx, Inc., a Delaware corporation (“Seller”), and Seller’s ultimate parent, Konica Minolta, Inc., a Japanese corporation, pursuant to which the Company agreed to purchase all of the outstanding shares of capital stock of Ambry Genetics Corporation, a Delaware corporation (“Ambry”), a leader in genetic testing that aims to improve health by understanding the relationship between genetics and disease (the “Acquisition”). Pursuant to the terms of the Purchase Agreement, consideration for the Acquisition consists of $375.0 million in cash, subject to adjustment for cash, unpaid indebtedness, unpaid transaction expenses and net working capital of Ambry (the “Cash Consideration”), plus the issuance of an aggregate of 4,843,136 shares of the Company’s Class A common stock (the “Stock Consideration”), 2,152,505 of which shares will be subject to a lock-up for a period of one year following the closing date of the Acquisition. In addition, $5.0 million of the Cash Consideration will be held in an escrow account for purposes of satisfying any post-closing purchase price adjustments. The Acquisition is expected to close in the first quarter of 2025, subject to the satisfaction of closing conditions contained in the Purchase Agreement, including receipt of all required regulatory approvals.

In connection with the Purchase Agreement, the Company entered into a debt commitment letter, dated November 4, 2024 (the “Commitment Letter”), with Ares, pursuant to which Ares has committed to provide (i) a $100.0 million senior secured revolving credit facility (the “Revolving Credit Facility”) and (ii) additional term loans in an aggregate principal amount of $200.0 million (the “Additional Term Loan”). The Company expects to utilize borrowings under the Additional Term Loan and the Revolving Credit Facility to fund the Cash Consideration for the Acquisition and to pay fees and expenses related thereto. Ares’ obligation to provide the contemplated financings is subject to a number of customary conditions contained in the Commitment Letter, including the execution of definitive documentation contemplated by the Commitment Letter and the closing of the Acquisition substantially simultaneously with the initial borrowings under the Additional Term Loan and Revolving Credit Facility.

Stock-based compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

11.

STOCK-BASED COMPENSATION

2015 Stock Plan

In 2015, the Company adopted the Tempus AI, Inc. 2015 Stock Plan (the “2015 Plan”), which has been amended and restated numerous times to increase the aggregate shares authorized to be issued to employees, consultants, and directors of the Company. As of December 31, 2023, there were 28,115,750 shares authorized under the 2015 Plan.

On January 18, 2023, the Company approved a two-year extension of the expiration date of RSUs for then-current employees whose RSUs would otherwise expire in 2023 or 2024. The Company accounted for the extension as a stock compensation modification, which resulted in an increase in unrecognized compensation cost of $35.3 million at the time the extension was approved and an additional $12.2 million as the extensions occurred. The RSUs approved for the two-year extension were fully vested as of the IPO date. As such, the Company recognized the full impact of the expiration extension in stock-based compensation in the three months ended June 30, 2024.

After the IPO, no further grants will be made under the 2015 Stock Plan.

2024 Equity Incentive Plan

In February 2024, the Company’s board of directors adopted, and in April 2024, the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the IPO in June 2024. The 2024 Plan provides for the grant of incentive stock options, (“ISOs”) nonstatutory stock options, stock appreciation rights, RSUs, restricted stock unit awards (“RSAs”), performance-based awards (“PSUs”) and other awards. The maximum number of shares of Class A common stock that may be issued under the 2024 Plan is 7,430,000 shares of the Company’s Class A common stock and will automatically increase on January 1 of each year, beginning on January 1, 2025 and continuing through and including January 1, 2034 in an amount equal to either (i) a number of shares of the Company’s Class A common stock (the “Evergreen Increase”), such that the sum of (x) the remaining number of shares available under the 2024 Plan and (y) the Evergreen Increase is equal to 5% of the total number of shares of common stock (both Class A and Class B) outstanding on December 31 of the preceding calendar year, or (ii) a lesser number of shares determined by the Company’s board of directors prior to the applicable January 1. The maximum number of shares that may be issued upon the exercise of ISOs under the 2024 Plan is 22,290,000 shares.

Restricted Stock Units

The majority of RSUs vest over a period of three to five years, with a cliff vest after one year and ratable quarterly vesting thereafter. RSUs granted prior to the IPO were also subject to liquidity event vesting condition, as defined in the grant agreement, which was satisfied in connection with the IPO.

The table below summarizes restricted stock unit activity for the nine months ended September 30, 2024:


	Restricted Stock Units			Weighted - Average Grant Date Fair Value
Unvested at December 31, 2023		20,788,500		$	26.47
Granted		3,028,130		$	37.64
Vested and settled		(5,568,547	)	$	20.11
Vested and not yet settled		(10,620,792	)	$	26.72
Forfeited		(799,238	)	$	30.08
Expired		(147,376	)	$	0.28
Unvested at September 30, 2024		6,680,677		$	36.92

Stock-based compensation is classified as follows in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues, genomics	$	1,083	$	—	$	12,410	$	—
Cost of revenues, data and services		916		—		8,145		—
Technology research and development		3,929		—		54,363		—
Research and development		2,554		—		44,787		—
Selling, general and administrative		12,556		—		389,646		—
Total stock-based compensation	$	21,038	$	—	$	509,351	$	—

Goodwill and Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table summarizes intangible assets as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Customer relationships	$	20,550	$	14,760	$	5,790	$	20,550	$	12,219	$	8,331
Licensed data		20,010		16,387		3,623		19,321		11,469		7,852
Website domain		19		—		19		19		—		19
Trade names		8,000		3,143		4,857		8,000		2,286		5,714
	$	48,579	$	34,290	$	14,289	$	47,890	$	25,974	$	21,916

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (692,795)	$ (163,635)
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of warrant liability	42,400	(8,000)
Stock-based compensation	509,351	0
Gain on warrant exercise	(173)	0
Gain on marketable equity securities	(5,119)	0
Loss from equity-method investments	1,692	301
Amortization of original issue discount	1,036	778
Amortization of deferred financing fees	383	382
Change in fair value of contingent consideration	165	(400)
Amortization of warrant contract asset	3,633	4,961
Depreciation and amortization	27,788	24,509
Provision for bad debt expense	545	1,538
Change in fair value of warrant asset	(18,302)	0
Amortization of finance right-of-use lease assets	0	283
Non-cash operating lease costs	4,670	5,077
Minimum accretion expense	85	292
Impairment of intangible assets	0	7,359
PIK interest added to principal	6,567	2,123
Change in assets and liabilities
Accounts receivable	(51,699)	(25,365)
Inventory	(7,293)	(4,875)
Prepaid expenses and other current assets	(14,040)	(3,665)
Investments and other assets	(410)	(4,378)
Accounts payable	(24,776)	(12,253)
Deferred revenue	(1,052)	(16,644)
Deferred other income	43,876	0
Accrued data licensing fees	(4,250)	(8,374)
Accrued expenses & other	23,371	20,749
Interest payable	11,208	11,724
Operating lease liabilities	(6,655)	(6,559)
Net cash used in operating activities	(149,794)	(174,072)
Investing activities
Purchases of property and equipment	(14,159)	(31,899)
Proceeds from sale of marketable equity securities	23,098	0
Business combinations, net of cash acquired	0	(2,869)
Investment in joint venture	(95,186)	0
Purchases of marketable equity securities	(36,183)	0
Net cash used in investing activities	(122,430)	(34,768)
Financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	381,951	0
Tax withholding related to net share settlement of restricted stock units	(69,918)	0
Issuance of Series G-5 Preferred Stock	199,750	0
Principal payments on finance lease liabilities	0	(288)
Purchase of treasury stock	0	(3,602)
Payment of deferred offering costs	(8,587)	(574)
Dividends paid	(5,625)	(5,625)
Proceeds from long-term debt, net of original issue discount	0	48,750
Payment of indemnity holdback related to acquisition	(813)	0
G-4 Special Payment	(2,250)	0
Net cash provided by financing activities	494,508	38,661
Effect of foreign exchange rates on cash	(13)	(24)
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash	222,271	(170,203)
Cash, cash equivalents and restricted cash, beginning of period	166,607	303,731
Cash, cash equivalents and restricted cash, end of period	388,878	133,528
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents	388,006	132,706
Restricted cash and cash equivalents	872	822
Total cash, cash equivalents and restricted cash	388,878	133,528
Supplemental disclosure of cash flow information
Cash paid during the year for interest	20,899	12,293
Cash paid for income taxes	127	101
Supplemental disclosure of noncash investing and financing activities
Dividends Payable	5,487	6,912
Purchases of property and equipment, accrued but not paid	6,706	5,049
Deferred offering costs, accrued but not yet paid	179	2,849
Redemption of convertible promissory note	18,664	22,220
Non-voting common stock issued in connection with business combinations	344	4,305
Operating lease liabilities arising from obtaining right-of-use assets	550	1,097
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	1,348,809	0
Taxes related to net share settlement of restricted stock units not yet paid	164	0
Reclassificiation of deferred offering costs to additional paid-in capital upon initial public offering	12,347	0
Series G Three Redeemable Convertible Preferred Stock [Member]
Supplemental disclosure of noncash investing and financing activities
Issuance of Series	3,809	2,738
Series G Four Redeemable Convertible Preferred Stock [Member]
Supplemental disclosure of noncash investing and financing activities
Issuance of Series	$ 611	$ 0

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Tempus AI, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial information and include the assets, liabilities, revenue and expenses of all wholly owned subsidiaries. Investments in unconsolidated entities in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method of accounting. Investments in unconsolidated entities in which the Company is not able to exercise significant influence are accounted for under the cost method of accounting. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been omitted. Accordingly, the unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus, dated June 13, 2024, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), on June 17, 2024 (the “Prospectus”) in connection with the IPO. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in management’s opinion, all the adjustments of a normal, recurring nature that are necessary for the fair statement of the Company’s financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results expected for the full year or any other period. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024 and its results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The condensed consolidated balance sheet at December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The Company believes that its existing cash and cash equivalents and marketable equity securities at September 30, 2024 will be sufficient to allow the Company to fund its current operating plan through at least a period of one year from the date of issuance. As the Company continues to incur losses, its transition to profitability is dependent upon a level of revenues adequate to support the Company’s cost structure. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development activities and growth related expenditures. Other than described below, there have been no changes to the Company’s significant accounting policies described in the “Notes to the Consolidated Financial Statements” included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Prospectus that have had a material impact on the Company’s consolidated financial statements and accompanying notes. Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. Emerging Growth Company The Company is an “emerging growth company” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. The most significant estimates are related to revenue, accounts receivable, stock-based compensation, operating lease liabilities, and the useful lives of property, equipment and intangible assets. Actual results could differ from those estimates. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of its redeemable convertible preferred stock to be participating securities. Prior to the IPO, under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the holders of its redeemable convertible preferred stock did not have a contractual obligation to share in the Company’s losses. Upon IPO, the Company’s redeemable convertible preferred stock converted to either Class A or Class B common stock and therefore will be included in allocation of net loss attributable to common stockholders as they will share in the Company’s losses. Net income is attributed to common stockholders and participating securities based on their participation rights. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. The Company had $7.1 million of deferred offering costs as of December 31, 2023. Prior to the IPO, deferred offering costs were capitalized on the consolidated balance sheets. Upon the consummation of the IPO, $12.3 million of deferred offering costs were reclassified into additional paid-in capital as an offset against IPO proceeds. Equity Investments The Company uses the equity method to account for investments in which it has the ability to exercise significant influence over the investee's operating and financial policies. The Company follows the guidance in ASC 323, Investments—Equity Method and Joint Ventures, which prescribes the use of the equity method for investments in joint ventures where the Company has significant influence. The Company records the initial investment at cost and is subsequently adjusted by the Company's share, based on percentage ownership, of the investee's net income or loss after the date of investment. For the Company's foreign-based equity method investment, the proportionate share of the investee's income is translated into USD at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting period. The unrealized gains and losses associated with the foreign currency translation of the investment are deferred in accumulated other comprehensive income on the Company's consolidated balance sheets. Variable Interest Entities A variable interest entity (“VIE”) is an entity that (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, (ii) has equity investors who lack the characteristics of a controlling financial interest, or (iii) the entity is established with non-substantive voting rights (i.e., the entity deprives the majority economic interest holder(s) of voting rights). Under ASC 810, Consolidation, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both: • the power to direct the activities that most significantly impact the economic performance of the VIE; and • the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. If the Company is not the primary beneficiary in a VIE, it accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. Periodically, the Company assesses whether any changes in its interest or relationship with the entity affects its determination of whether the entity is a VIE and, if so, whether it is the primary beneficiary. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which provides enhanced disclosures about significant segment expenses. The standard also enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. The standard is effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented. Early adoption is permitted. The Company does not expect the adoption of the new standard to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect that this guidance will have on the consolidated financial statements and related disclosures.

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Common Stock

Prior to the IPO, the Company had authorized two classes of common stock, voting and non-voting. In March 2021, the Company amended its certificate of incorporation to bifurcate the voting common stock into two classes, Class A common stock and Class B common stock. As of December 31, 2023, the Company had authorized 200,228,024 shares of Class A common stock, 5,374,899 shares of Class B common stock, and 66,946,627 shares of non-voting common stock. In April 2024, the Company increased the number of authorized shares of Class A common stock to 204,590,500 in conjunction with the Series G-5 Preferred stock financing (see Note 10, Redeemable Convertible Preferred Stock). In connection with the IPO, the Restated Certificate became effective, which authorized 1,000,000,000 shares of Class A common stock, 5,500,000 shares of Class B common stock, and 20,000,000 shares of preferred stock.

Class A common stock and Class B common stock are collectively referred to as “Common Stock” throughout the notes to these unaudited interim condensed consolidated financial statements unless otherwise noted.

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to thirty votes per share. Prior to the IPO, the Company also had shares of non-voting common stock authorized and outstanding, which were not entitled to any voting rights. Following the IPO, no shares of non-voting common stock are authorized or outstanding.

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock.

Under the Restated Certificate, any holder’s shares of Class B common stock will convert automatically into Class A common stock, on a one-to-one basis, upon certain circumstances, including: (1) the sale or transfer of such shares of Class B common stock, other than to a “controlled entity,” which is any person or entity which, directly or indirectly, is controlled by, or is under common control with, the holder of such shares of Class B common stock; (2) the trading day that is no less than 90 days and no more than 150 days following the twenty-year anniversary of the filing of the Restated Certificate, which was filed with the Secretary of State of the State of Delaware on June 17, 2024; (3) the date on which Mr. Lefkofsky is no longer providing services to the Company as an executive officer or member of the board of directors; and (4) the trading day that is no less than 90 days and no more than 150 days following the date that Mr. Lefkofsky and his controlled entities hold, in the aggregate, fewer than 10,000,000 shares of the Company’s capital stock (as adjusted for stock splits, stock dividends, combinations, subdivisions and recapitalizations).

Once transferred and converted into Class A common stock, the Class B common stock may not be reissued.

The Company issues stock-based awards to its employees in the form of stock options, restricted stock units, performance stock units and restricted stock, all of which have the potential to increase the outstanding shares of common stock in the future (see Note 11, Stock-Based Compensation).

Upon any liquidation, dissolution, or winding-up, the holders of Class A common stock and Class B common stock will be entitled to share equally, identically, and ratably in all assets remaining after the payment of any liabilities, liquidation preferences, and accrued or declared but unpaid dividends, if any, with respect to any outstanding preferred stock, unless a different treatment is approved by the affirmative vote of the holders of a majority of the outstanding shares of such affected class, voting separately as a class.

Common Stock Warrant

In connection with the MSA with AstraZeneca, the Company granted AstraZeneca warrants to purchase $100 million in shares of the Company’s Class A common stock at an exercise price equal to the IPO price of $37.00 per share. The number of shares of Class A common stock issuable upon exercise of the warrant is 2,702,703, based on the IPO price of $37.00 per share.

The warrant will be automatically cancelled and terminated for no consideration in the event AstraZeneca declines to extend its financial commitment before December 31, 2024. If AstraZeneca exercises the warrant, AstraZeneca will be required to increase its minimum commitment under the MSA from $220 million to $320 million through December 2028.

On December 8, 2023, the Company issued Allen a warrant to purchase 150,000 shares of the Company’s Class A common stock at a price per share of $10.00. The warrant was issued as compensation for Allen’s assistance with the issuance of the Company’s Series G-4 preferred stock, and as such has been treated as an issuance cost and presented net of proceeds from Series G-4 preferred stock in Convertible redeemable preferred stock on the Company’s consolidated balance sheet. In connection with the IPO, the Company issued 109,459 shares of Class A common stock upon the net exercise of the warrant.

Treasury Stock

In January 2023, the Company repurchased 145,466 shares of non-voting common stock previously issued to the former owners of AKESOgen, Inc., which the Company acquired in December 2019. These shares were accounted for as treasury stock. The Company records treasury stock at cost.

- Definition

The entire disclosure for equity.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The Company derives revenue from selling lab services (“Genomics”) to physicians, academic research institutions, and other parties. The Company also derives revenue from the commercialization of data generated in the lab (“Data and services”) through the licensing of de-identified datasets to third parties and by providing clinical trial support, such as matching patients to clinical trials enrolled in its clinical trial network, and related services. The majority of the Company’s revenue is generated in North America.

The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) ASC 606 Revenue from Contracts with Customers (“ASC 606”). The Company commences revenue recognition when control of these products is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for such products. This principle is achieved by applying the five-step approach: (i) the Company accounts for a contract when it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance and (v) collectability of consideration is probable. Revenues and any contract assets are not recognized until such time that the required conditions are met.

Disaggregation of Revenue

The Company provides disaggregation of revenue based on Genomics and Data and services on the condensed consolidated statements of operations and comprehensive loss, as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Genomics

The Company generally recognizes revenue for its Genomics product offering when it has met its performance obligation relating to an order. The Company has determined its sole performance obligation to be the delivery of the testing results to the ordering party. The Company receives payments from Medicare, Medicaid, and commercial insurance for clinical orders and directly from research institutions, pharmaceutical companies or other third parties for direct bill orders. The Company recognized Genomics revenue of $116.4 million and $96.8 million for the three months ended September 30, 2024 and 2023, respectively. The Company recognized Genomics revenue of $331.3 million and $270.8 million for the nine months ended September 30, 2024 and 2023, respectively.

For clinical orders from Medicare, Medicaid, and commercial insurance, the Company determines transaction price by reducing the standard charge by the estimated effects of any variable consideration, such as contractual allowance and implicit price concessions. The Company estimates the contractual allowances and implicit price concessions based on historical collections in relation to established rates, as well as known current or anticipated reimbursement trends not reflected in the historical data. Estimates are inclusive of the consideration to which the Company will be entitled at an amount for which it is probable that a reversal of cumulative consideration will not occur. The Company monitors the estimated amount to be collected at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. Payment is typically due after the claim has been processed by the payer, generally 30-120 days from date of service. While management believes that the estimates are accurate, actual results could differ and the potential impact on the financial statements could be significant. The Company recognized

revenue for clinical orders of $105.2 million and $88.3 million for the three months ended September 30, 2024 and 2023, respectively. The Company recognized revenue for clinical orders of $300.3 million and $245.2 million for the nine months ended September 30, 2024 and 2023, respectively.

For direct bill orders from research institutions, pharmaceutical companies, or other third parties, the Company determines the transaction prices based on established contractual rates with the customer, net of any applicable discounts. Payment is typically due between 30 and 60 days following the date of invoice. The Company recognized Genomics revenue for direct bill orders of $11.2 million and $8.5 million for the three months ended September 30, 2024 and 2023, respectively and $31.0 million and $25.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Data and services

Data and services revenue primarily represents data licensing and clinical trial services that the Company provides to pharmaceutical and biotechnology companies. The Company’s arrangements with these customers often have terms that span multiple years. However, these contracts generally also include customer opt-in or early termination clauses after twelve months without contractual penalty. The customer’s option to renew is generally not viewed as a material right, and as a result, the Company’s contract period for these agreements is generally considered less than one year. The Company determines the transaction price based on established contractual rates with the customer, net of any applicable discounts. The Company recognizes revenue for its Data and services product offering when it has met its performance obligation under the terms of the agreement with the customer. The Company’s two product offerings are as follows:

Insights

The Company’s Insights product consists primarily of licensing and analysis of de-identified records. Each Insights contract is unique and may include multiple promises, including the delivery of licensed de-identified records, including refreshes, analytical services or access to the Company’s enhanced Lens application. The Company evaluates each contract to determine which performance obligations are capable of being distinct and separately identifiable from other promises in the contract and, therefore, represent distinct performance obligations. The actual timing of data deliveries can be based on a variety of factors, including, but not limited to, the customer’s requirement and/or the Company’s technological, operational, and human capital capacity; in addition, management assesses relevant contractual terms in contracts with customers and applies significant judgment in identifying and accounting for all terms and conditions in certain contracts. The transaction price is allocated to the distinct performance obligations and revenue is recognized once the performance obligation has been fulfilled. The standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics.

The Company has determined that the delivery of de-identified records and, when applicable, analytical services, and access to its enhanced Lens application are separate and distinct performance obligations. The primary Insights contract types are as follows:

•

Data licensing on a one-time or limited duration basis – Customer licenses a specific dataset of records, and the Company accounts for individual licensed data records as a right to use license. Revenue is typically recognized upon delivery of the data to the customer, as the Company’s obligations for an individual record is complete once the data has been delivered, and the customer is able to benefit from the provision of data as it is received.

•

Multi-year data subscriptions – Customer licenses an interchangeable maximum number of de-identified records, and the Company accounts for the service as a right to access license and one performance obligation. Revenue is recognized as access to the dataset is provided, ratably over-time, with the measure of progress time-based.

•

Analytical services and other services – Services typically involve data analysis and research performed on behalf of the customer by the Company. The resulting delivery of data, or a report addressing a series of questions and analytical results, is considered a single performance obligation. Revenue is generally recognized upon the delivery of these services, as defined by the contract.

•

Enhanced Lens application subscription services – Customer licenses access to the Company’s enhanced Lens application under a software-as-a-service model. Customers do not have the right to take possession of the Lens platform application, and the online software product is fully functional once a customer has access. Lens subscription revenues are recognized ratably over the contract terms beginning on the date the Company’s service is made available to the customer. For the periods presented, revenue from Lens subscription services are not material.

The Company recognized revenue from Insights products of $50.1 million and $26.9 million for the three months ended September 30, 2024 and 2023, respectively and $122.1 million and $78.7 million for the nine months ended September 30, 2024 and 2023, respectively.

Trials

The Company’s Trials product includes TIME clinical trial matching services and other clinical trial services.

TIME consists primarily of matching patients to clinical trial sponsors of a potential match. To the extent the contract requires, the Company may also assist in opening the clinical trial site and enrolling the patient in the clinical trial. The Company has determined that, depending on the type of agreement, the performance obligation of these contracts is the delivery of a notification or the enrollment of a patient in a clinical trial. As such, revenue is recognized upon one of the following: delivery of a notification to the physician alerting them to a clinical trial match, or once a patient is enrolled in a trial. Concurrently, the customer, which is the clinical trial sponsor, also receives notification from the Company to establish the performance obligations delivered or fulfilled for the billing period.

In addition to TIME, the Company provides other clinical trial services conducting or supporting studies. Tempus Compass LLC, a subsidiary of the Company, is a contract research organization, or CRO, which manages and executes early and late-stage clinical trials, primarily in oncology. Contracts for clinical trial services can take the form of fee-for-service or fixed-price contracts. Fee-for-service contracts are typically priced based on time and materials, and revenue is recognized based on hours and materials used as the services are provided. Fixed-price contracts generally represent a single performance obligation and are recognized over-time using a cost-based input method. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Contract costs principally include direct labor and reimbursable out-of-pocket costs.

The Company recognized revenue from Trials products of $10.1 million and $10.6 million for the three months ended September 30, 2024 and 2023, respectively and $31.8 million and $31.5 million for the nine months ended September 30, 2024 and 2023, respectively.

For Insights and Trials arrangements, pricing is fixed and the Company may be compensated through a combination of an upfront payment and performance-based, non-refundable payments due upon completion of the stated performance obligation(s). Payment is generally due 60 to 90 days after the date of service. The Company has no significant obligations for refunds, warranties, or similar obligations for Data and services product offerings. The Company has elected the practical expedient, which allows the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue is not considered a remaining performance obligation. The Company recognized Data and other revenue from pharmaceutical companies, non-for-profits, and researchers of $64.5 million and $39.2 million for the three months ended September 30, 2024 and 2023, respectively and $161.4 million and $113.3 million for the nine months ended September 30, 2024 and 2023, respectively.

Multi-year Contract Performance Obligations

The Company has limited multi-year contracts that do not contain early termination or customer opt-in clauses. These contracts contained defined, noncancelable performance obligations that will be fulfilled in future years. The Company’s remaining performance obligations related to multi-year contracts was $208.8 million as of September 30, 2024, of which the Company expects to recognize approximately 48% as revenue over the next year, and the remaining 37%, 13%, and 2% of its remaining performance obligations as revenue in years two, three, and four, respectively.

Contract Assets

Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. The Company recognizes contract assets when the Company has an unconditional right to payment, and when revenues earned on a contract exceeds the billings. Contract assets are presented under accounts receivable, net. Accounts receivable as of September 30, 2024 and December 31, 2023 included contract assets of $6.6 million and $2.4 million, respectively.

During the fourth quarter of 2021, and in conjunction with the signing of a November 2021 Master Services Agreement (“the MSA”) with customer AstraZeneca AB (“AstraZeneca”), the Company recognized a contract asset for consideration payable concurrent with the issuance of the common stock warrant in accordance with ASC 606. The contract asset was initially measured equal to the initial fair value of the warrant liability based on the authoritative guidance under FASB ASC 718 Compensation—Stock Compensation. As revenue is recognized over the period of the contractual commitment of the MSA, the associated contract asset amortization is recorded as reduction of revenue. At each reporting period, the short-term portion of the warrant asset is adjusted based on the financial commitment and reclassified to Prepaid expenses and other current assets.

The following summarizes the warrant contract asset presentation as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Prepaid expenses and other current assets	$	4,843	$	4,843
Warrant contract asset, less current portion		17,866		21,499
Total warrant contract asset	$	22,709	$	26,342

In November 2023, the Company entered into a Commercialization and Reference Laboratory Agreement with Personalis, Inc. (“Personalis”), which was subsequently amended in August 2024. The Company will pay up to $12.0 million to Personalis over three years as certain milestones are met, $8.0 million of which has been paid as of September 30, 2024. These payments are treated as contract assets and amortized into revenue over the life of the contract. Contract asset balances are offset by deferred revenue generated from receipt of warrants for Personalis common stock (see Note 15). As of September 30, 2024 and December 31, 2023, there was $2.0 million and $0.1 million, respectively, of net contract assets related to this agreement recorded in Prepaid expenses and other current assets, respectively.

Deferred Revenue

Deferred revenue consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Company’s revenue recognition criteria are met. The deferred revenue balance is influenced primarily by upfront contractual payments from the Company’s Data and Services product offerings and timing of delivery of the Company’s de-identified licensed data and clinical test results. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded as deferred revenue, current and any remaining portion is recorded as deferred revenue, non-current. The Company recognized $53.9 million and $35.7 million during the nine months ended September 30, 2024 and 2023, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details