0001193125-25-264652 | 10-Q | XBRL Viewer

Prepaid expenses and other current assets

5,660

42,611

26,135

Marketable equity securities

103,720

107,309

Total current assets

1,146,511

667,603

Property and equipment, net

90,710

58,056

Goodwill

465,140

73,343

Intangible assets, net

372,876

11,716

Investments and other assets

20,948

8,305

Investment in joint venture

94,367

91,450

19,340

Operating lease right-of-use assets

66,901

14,762

Restricted cash

4,631

881

Total Assets

2,281,424

926,116

Current Liabilities

Accounts payable

59,553

53,804

Accrued expenses

160,773

130,407

Other current liabilities

^[2]

84,719

75,981

Deferred other income

15,955

11,819

6,964

Operating lease liabilities

12,417

6,459

Accrued data licensing fees

4,792

1,500

Total current liabilities

350,028

291,070

Operating lease liabilities, less current portion

77,723

26,199

Convertible promissory note

217,959

168,192

Other long-term liabilities

58,772

15,980

Revolving credit facility

100,000

Interest payable

8,739

70,450

Long-term debt, net

200,859

267,244

Convertible senior notes, net

726,863

Deferred other income, less current portion

11,966

23,932

Deferred revenue, less current portion

20,691

6,710

Total Liabilities

1,773,600

869,777

Commitments and contingencies

Convertible redeemable preferred stock, $0.0001 par value, 20,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively, no shares issued and outstanding at September 30, 2025 and December 31, 2024

Treasury Stock, 145,466 shares at September 30, 2025 and December 31, 2024, at cost

(3,602)

Additional Paid-In Capital

2,847,571

2,210,664

Accumulated Other Comprehensive (Loss) Income

5,533

Accumulated deficit

(2,341,696)

(2,150,834)

Total Stockholders' equity

507,824

56,339

Total Liabilities, Convertible redeemable preferred stock, and Stockholders' equity

2,281,424

926,116

Common Class A [Member]

Common stock value issued

Common Class B [Member]

Common stock value issued

Nonvoting Common Stock [Member]

Common stock value issued

$ 0

[1]	Includes related party accounts receivable of $6,639 and $4,287 as of September 30, 2025 and December 31, 2024, respectively.
[2]	Includes related party deferred revenue of $19,918 and $0 as of September 30, 2025 and December 31, 2024, respectively.

Goodwill And Intangibles - Summary of Estimated Future Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
10/1/2025 - 12/31/2025	$ 19,189
2026	74,992
2027	70,144
2028	63,801
2029	62,159
2030	41,005
Thereafter	41,567
Total	$ 372,857

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Accounts receivable, net of allowances

$ 1,583

$ 1,141

Related party accounts receivable

^[1]

283,626

154,819

Related party deferred revenue

^[2]

$ 84,719

$ 75,981

Treasury stock common shares

145,466

Redeemable Convertible Preferred Stock [Member]

Temporary equity par or stated value per share

$ 0.0001

Temporary equity shares authorized

20,000,000

Temporary equity shares issued

Temporary equity shares outstanding

Common Class A [Member]

Common stock shares authorized

$ 0.0001

1,000,000,000

Common stock shares issued

172,779,554

157,076,972

Common stock shares outstanding

172,779,554

157,076,972

Common Class B [Member]

Common stock shares authorized

$ 0.0001

5,500,000

Common stock shares issued

5,043,789

Common stock shares outstanding

5,043,789

Nonvoting Common Stock [Member]

Common stock shares authorized

$ 0.0001

Common stock shares issued

Common stock shares outstanding

Related Party [Member]

Related party accounts receivable

$ 6,639

$ 4,287

Related party deferred revenue

$ 19,918

$ 0

[1]	Includes related party accounts receivable of $6,639 and $4,287 as of September 30, 2025 and December 31, 2024, respectively.
[2]	Includes related party deferred revenue of $19,918 and $0 as of September 30, 2025 and December 31, 2024, respectively.

Stock-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2024	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award unrecognized compensation equity instruments other than options		$ 296.8	$ 296.8
Share based compensation by share based award unrecognized compensation remaining period for recognition			2 years 6 months
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		495,389	2,334,059
Granted		495,389	2,334,059
Restricted Stock Units Awards (RSAs) [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		0	26,059
Granted		0	26,059
PSUs [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based award vesting period			3 years
Share based compensation by share based award vesting percentage			50.00%
Vesting period			3 years
Vesting condition			50% of the PSUs are subject to a performance condition, which is based on the Company’s compound revenue growth ("CRG") during three overlapping performance periods (the "Performance Periods")—calendar year 2025 ("First Performance Period"), calendar years 2025 and 2026 ("Second Performance Period"), and calendar years 2025, 2026 and 2027 ("Third Performance Period" and, together with the First Performance Period and the Second Performance Period, the "Performance Periods") and subject to a service condition of a required period of continued employment from the vesting start date.
CRG PSUs [Member] \| First Performance Period [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service period			18 months
CRG PSUs [Member] \| Second Performance Period [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service period			27 months
CRG PSUs [Member] \| Third Performance Period [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service period			36 months
TSR PSUs [Member] \| First Performance Period [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service period			12 months
TSR PSUs [Member] \| Second Performance Period [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service period			24 months
TSR PSUs [Member] \| Third Performance Period [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Requisite service period			36 months
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] \| 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	22,290,000
2024 Equity Incentive Plan [Member] \| PSUs [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		2,569,600	2,569,600
Weighted-average grant date fair value		$ 53.32	$ 53.32
Granted		2,569,600	2,569,600
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	7,430,000
Share based compensation by share based award number of shares issued			3,356,949
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%	5.00%

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
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 Form 10-K for the year ended December 31, 2024. 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, 2025 and its results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The condensed consolidated balance sheet at December 31, 2024, 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, 2025 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 of this Quarterly Report on Form 10-Q. 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 in Note 4, Note 12, and Note 13, 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 Annual Report on Form 10-K for the year ended December 31, 2024 that have had a material impact on the Company’s consolidated financial statements and accompanying notes.
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. Based on the aggregate market value of shares of the Company’s Class A common stock held by non-affiliates as of June 30, 2025, the Company expects to become a “large accelerated filer” and no longer qualify as an emerging growth company as of December 31, 2025.
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, the useful lives of property, equipment and intangible assets, and the cash flows used in determining the fair value of acquired intangible assets. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” ASU 2023-09 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. The Company does not expect this ASU to have a material impact on the Company's disclosures. The Company plans to adopt the guidance for the fiscal year ending December 31, 2025 on a prospective basis. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income statement expenses. This ASU is effective for fiscal years beginning after December 15, 2026 as well as interim periods beginning after December 15, 2027 and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the related disclosures. In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU-2025-06 revises the recognition guidance for internal-use software by eliminating the previous model based on software development stages and introducing a principles-based approach. Under the new guidance, capitalization begins when management has authorized and committed to funding the project, and it is probable that the software will be completed and used for its intended purpose. This ASU is effective for interim periods and fiscal years beginning after December 15, 2027. This ASU permits an entity to apply the new guidance using either a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The Company is currently evaluating the impact of the guidance on the related disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which amends the existing guidance to (a) reduce the cost and complexity of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives, (b) better portray the economics of those contracts in the financial statements, and (c) reduce diversity in practice resulting from the broad application of the current guidance and changing business environment. The amendments also are expected to reduce diversity in practice by clarifying the applicability of Topic 606, Revenue from Contracts with Customers, to share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of the guidance on the related disclosures.

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Summary of Interest Expense and the Effective Interest Rate

Stock-based compensation - Summary of Assumptions Used to Calculate the Grant Date Fair Value of TSR PSUs Granted (Detail) - TSR PSUs [Member]	9 Months Ended
	Sep. 30, 2025
First Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.63%
Expected volatility	75.00%
NASDAQ volatility	20.00%
Expected dividend yield	0.00%
Second Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	75.00%
NASDAQ volatility	20.00%
Expected dividend yield	0.00%
Third Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 7 days
Expected volatility	75.00%
NASDAQ volatility	20.00%
Expected dividend yield	0.00%
Minimum [Member] \| First Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	1 year 7 days
Risk-free interest rate	3.63%
Minimum [Member] \| Second Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	2 years 7 days
Risk-free interest rate	3.63%
Maximum [Member] \| First Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 7 days
Risk-free interest rate	3.88%
Maximum [Member] \| Second Performance Period [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	3 years 7 days
Risk-free interest rate	3.68%

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss	$ (79,982)	$ (75,840)	$ (190,862)	$ (692,795)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares	0	0	0	(39,347)
Cumulative undeclared dividends on Series C preferred shares	0	0	0	(1,174)
Net loss attributable to common stockholders, Basic	(79,982)	(75,840)	(190,862)	(733,316)
Net loss attributable to common stockholders, Diluted	$ (79,982)	$ (75,840)	$ (190,862)	$ (733,316)
Denominator:
Weighted-average common shares outstanding, basic	174,945	165,612	172,969	104,164
Weighted-average common shares outstanding, diluted	174,945	165,612	172,969	104,164
Net loss per share attributable to common stockholders, basic	$ (0.46)	$ (0.46)	$ (1.1)	$ (7.04)
Net loss per share attributable to common stockholders, diluted	$ (0.46)	$ (0.46)	$ (1.1)	$ (7.04)

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Interest expense and the effective interest rate for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Interest expense
Term Loans	$	6,789		$	9,366		$	34,460		$	27,667
Revolving Credit Facility		2,055			—			5,340			—

Effective interest rate
Term Loans		12.8	%		13.9	%		12.7	%		13.8	%
Revolving Credit Facility		8.2	%		—			8.0	%		—

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Commitments and Contingencies Disclosure [Abstract]

Leases - Schedule of Lease Term and Discount Rate (Detail)	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating leases, weighted-average remaining lease term (in years)	7 years 2 months 12 days	5 years 1 month 6 days
Operating leases, weighted-average discount rate	6.10%	6.80%

Business Combinations - Summarizes the Allocation of Aggregate Purchase Price (Detail) - USD ($) $ in Thousands	Aug. 22, 2025	Feb. 03, 2025	Sep. 30, 2025	Dec. 31, 2024
Liabilities
Goodwill			$ 465,140	$ 73,343
Paige.AI, Inc. [Member]
Assets
Cash	$ 2,851
Accounts receivable	761
Prepaid expenses and other current assets	5,011
Total current assets	8,623
Property and equipment, net	1,116
Operating lease right-of-use assets	7,968
Investments and other assets	240
Restricted cash	2,870
Total assets acquired	20,817
Liabilities
Accounts payable	538
Accrued expenses	3,849
Operating lease liabilities	1,887
Deferred revenue	238
Total current liabilities	6,513
Deferred revenue, less current portion	908
Operating lease liabilities, less current portion	13,058
Other long-term liabilities	39,951
Total liabilities assumed	60,430
Net assets acquired and liabilities assumed	(39,613)
Goodwill	142,352
Cash consideration	2,983
Stock consideration	99,756
Assumed remaining purchase commitments	39,500
Total acquisition price	$ 102,739
Ambry [Member]
Assets
Cash		$ 20,555
Accounts receivable		62,853
Inventory		11,188
Prepaid expenses and other current assets		10,153
Total current assets		104,749
Property and equipment, net		38,560
Operating lease right-of-use assets		26,198
Investments and other assets		268
Total assets acquired		568,775
Liabilities
Accounts payable		199
Accrued expenses		28,870
Operating lease liabilities		3,008
Deferred revenue		1,347
Total current liabilities		33,424
Deferred revenue, less current portion		1,099
Operating lease liabilities, less current portion		23,259
Deferred tax liabilities		46,468
Other long-term liabilities		368
Total liabilities assumed		104,618
Net assets acquired and liabilities assumed		464,157
Goodwill		228,186
Cash consideration		394,296
Stock consideration		298,047
Total acquisition price		692,343
Customer Relationships [Member] \| Ambry [Member]
Assets
Net intangible assets		234,000
Trade Names [Member] \| Ambry [Member]
Assets
Net intangible assets		33,000
Developed Technology - Software [Member] \| Ambry [Member]
Assets
Net intangible assets		18,000
Developed Technology - Biotech [Member] \| Ambry [Member]
Assets
Net intangible assets		$ 114,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Jennifer A. Doudna [Member]
Trading Arrangements, by Individual
Name	Jennifer A. Doudna
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2025
Expiration Date	November 15, 2026
Aggregate Available	10,376
Andrew Polovin [Member]
Trading Arrangements, by Individual
Name	Andrew Polovin
Title	Executive Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2025
Expiration Date	November 1, 2026
Aggregate Available	0
James Rogers [Member]
Trading Arrangements, by Individual
Name	James Rogers
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 11, 2025
Expiration Date	December 31, 2026
Aggregate Available	0
Erik Phelps [Member]
Trading Arrangements, by Individual
Name	Erik Phelps
Title	Executive Vice President, Chief Administrative and Legal Officer and Assistant Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2025
Expiration Date	December 15, 2026
Aggregate Available	0

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Long-term Purchase Commitment

As of September 30, 2025, future payments under these contractual obligations were as follows (in thousands):


10/1/2025 - 12/31/2025	$	14,691
2026		45,161
2027		78,343
2028		29,517
2029		24,225
2030 and thereafter		2,667
Total purchase obligations		194,604
Less: Current portion of purchase obligations		50,686
Total long-term purchase obligations	$	143,918

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

LEASES

The Company has entered into various non-cancelable operating lease agreements, primarily for the rent of office and lab space, with expirations at various dates through 2036. Lease cost is recognized on a straight-line basis over the lease term. Variable lease costs, which include items such as real estate taxes, common area maintenance, utilities, and storage are not included in the calculation of the right-of-use assets and are recognized as incurred.

The components of total lease costs for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating lease cost	$	3,293		$	1,418		$	7,866		$	4,670
Variable lease cost		2,179			1,511			5,777			4,394
Short-term lease costs		255			179			899			540
Sublease income		(162	)		(23	)		(251	)		(68	)
Total lease costs	$	5,565		$	3,085		$	14,291		$	9,536

Lease term and discount rate as of September 30, 2025 and December 31, 2024 are as follows:

As of September 30, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
10/1/2025 - 12/31/2025	$	3,949
2026		13,240
2027		17,823
2028		16,570
2029		14,970
2030		12,504
Thereafter		34,890
Total minimum lease payments		113,946
Less: Amount representing interest		23,806
Present value of net minimum lease payments		90,140
Less: Current portion of lease liabilities		12,417
Total long-term lease liabilities	$	77,723

Joint Venture

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

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, 2025, the carrying value of the investment in SB Tempus was $94.4 million. The Company's share of losses from SB Tempus are recorded in Other income (expense), 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. For the three months ended September 30, 2025 and 2024, the Company recognized $6.2 million and $6.3 million, respectively, in Data and services revenue related to the Data License Agreement. For the nine months ended September 30, 2025 and 2024, the Company recognized $18.7 million and $10.4 million, respectively, in Data and services revenue related to the Data License Agreement.

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 income (expense), net over three years, based on the estimated time for SB Tempus' systems and technologies to diverge from the Company's. For each of the three months ended September 30, 2025 and 2024, the Company recognized $4.0 million related to the IP License Agreement. For the nine months ended September 30, 2025 and 2024, the Company recognized $12.0 million and $4.0 million, respectively, related to the IP License Agreement.

Commitments and Contingencies - Schedule of Long-term Purchase Commitment (Detail) $ in Thousands	Sep. 30, 2025 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
10/1/2025 - 12/31/2025	$ 14,691
2026	45,161
2027	78,343
2028	29,517
2029	24,225
2030 and thereafter	2,667
Total purchase obligations	194,604
Less: Current portion of purchase obligations	50,686
Total long-term purchase obligations	$ 143,918

Goodwill and Intangibles - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finite And Indefinitely Lived Intangible Assets [Line Items]
Goodwill, acquired during period		$ 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	18,900,000	2,700,000	51,100,000	8,300,000
Paige Acquisition, Ambry Acquisition, and Deep Six Acquisition [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Goodwill, acquired during period	$ 142,400,000		$ 391,700,000
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
Customer Relationships [Member] \| Ambry Acquisition [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets			$ 234,000,000
Licensed Data [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets	$ 2,900,000		8,600,000
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
Developed Technology - Biotech [Member] \| Ambry Acquisition [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets			114,000,000
Trade Names [Member] \| Ambry Acquisition [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets			33,000,000
Developed Technology - Software [Member] \| Ambry Acquisition [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets			18,000,000
Capitalized Software [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Additions to finite lived intangible assets	$ 1,300,000		$ 4,600,000

Fair Value Measurements and Marketable Equity Securities - Additional Information (Detail) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 22, 2025	Mar. 11, 2025	Oct. 03, 2023	Aug. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure					$ 8,004,000		$ 8,004,000
Warrant issued							100,000,000
Aggregate proceeds from sale of marketable equity securities							8,316,000	$ 23,098,000
Marketable equity securities outstanding					$ 103,720,000		$ 103,720,000			$ 107,309,000
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					0	0	737,466	1,725,902
Weighted average price per share of investment sold							$ 11.28	$ 13.38
Aggregate proceeds from sale of marketable equity securities							$ 8,300,000	$ 23,100,000
Sengine [Member] \| Non-voting Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business acquisition equity interests issued or issuable number of shares issued			35,000				35,000
Deep 6 Acquisition [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of held back shares in connection with business acquisition		13,614
Paige.AI, Inc. [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of held back shares in connection with business acquisition	85,966
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure					$ 8,004,000		$ 8,004,000
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
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
Gain or loss due to change in fair value for assets and liabilities measured at fair value using significant unobservable inputs (Level 3)					$ 0		$ 0
Company recognized gain (loss) due change fair value of warrant liability						$ 43,300,000		$ 42,400,000
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
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] \| Fair Value, Inputs, Level 1 [Member] \| Sengine [Member] \| Non-voting Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business acquisition equity interests issued or issuable number of shares issued							35,000
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
Contingent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration classified as equity, fair value disclosure					$ 800,000		$ 800,000

Fair Value Measurements and Marketable Equity Securities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

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, 2025 and December 31, 2024 (in thousands):


			Fair Value Measurement at Reporting Date Using
	September 30, 2025		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	$	103,720	$	103,720	$	—	$	—
Liabilities
Holdback liability		8,004		8,004		—		—


			Fair Value Measurement at Reporting Date Using
	December 31, 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	$	107,309	$	107,309	$	—	$	—

Schedule of Portion of Unrealized Gains and Losses Relate to Marketable Equity Securities

The following summarizes the portion of unrealized gains and losses recorded during the three and nine months ended September 30, 2025 and 2024 that relate to marketable equity securities held as of September 30, 2025 and 2024 (in thousands).


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Net loss (gain) during the period on marketable equity securities	$	1,276	$	(2,578	)	$	(4,731	)	$	(5,119	)
Less: Net gain recognized during the period on marketable equity securities sold during the period		—		—			(3,264	)		(6,081	)
Unrealized loss (gain) recognized during the period on marketable equity securities still held at the reporting date	$	1,276	$	(2,578	)	$	(1,467	)	$	962

Business Combinations - Schedule of Estimated Useful Lives of Identifiable Intangible Assets Acquired (Detail) - Ambry [Member]	Feb. 03, 2025
Customer Relationships [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	7 years
Trade Names [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	7 years
Developed Technology - Software [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	3 years
Developed Technology - Biotech [Member]
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	5 years

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2025

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,
	2025			2024			2025			2024
Numerator:
Net loss	$	(79,982	)	$	(75,840	)	$	(190,862	)	$	(692,795	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			—			—			(39,347	)
Cumulative undeclared dividends on Series C preferred shares		—			—			—			(1,174	)
Net loss attributable to common stockholders	$	(79,982	)	$	(75,840	)	$	(190,862	)	$	(733,316	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		174,945			165,612			172,969			104,164
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46	)	$	(0.46	)	$	(1.10	)	$	(7.04	)

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

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 10, 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. The warrant was terminated for no consideration on December 31, 2024.


	As of September 30,
	2025		2024
Stock options outstanding		—		210,000
Astrazeneca warrant		—		2,702,703
Deep 6 holdback liability		13,614		—
SEngine holdback liability		—		41,007
SEngine contingent consideration		—		35,000
Paige holdback liability		85,966		—
Unvested RSUs		6,427,465		6,680,677
Unvested RSAs		20,630		—
Unvested PSUs		2,569,600		—
Shares issuable upon conversion of Notes(1)		9,292,529		—
Total potentially dilutive shares		18,409,804		9,669,387

(1) As disclosed in Note 13, the Company entered into the Capped Call in connection with the pricing of the Notes. The Capped Call is generally expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the Notes. As such, the impact of the Capped Calls was excluded from the calculation as the effect of the Capped Calls if issued upon conversion of the Notes, would have been anti-dilutive.

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment

The following summarizes property and equipment, net as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025			December 31, 2024
Equipment	$	139,453		$	110,011
Leasehold improvements		62,931			46,809
Furniture and fixtures		6,946			6,633
Building		1,234			—
Land		9,850			—
Total property and equipment, gross		220,414			163,453
Less: accumulated depreciation		(129,704	)		(105,397	)
Property and equipment, net	$	90,710		$	58,056

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, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue, genomics	$	3,939	$	3,723	$	11,574	$	10,397
Cost of revenue, data and services		145		—		428		—
Selling, general and administrative costs		4,036		3,065		12,348		9,075
Total depreciation	$	8,120	$	6,788	$	24,350	$	19,472

Summary of Accrued Expenses

Accrued expenses as of September 30, 2025 and December 31, 2024, consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation and employee benefits	$	40,313	$	24,767
Accrued expenses		80,295		51,147
Accrued employer payroll tax related to stock-based compensation		2,090		24,439
Accrued cloud storage costs		36,684		21,394
Interest payable		1,391		8,660
Total accrued expenses	$	160,773	$	130,407

Joint Venture - Additional Information (Detail) $ in Thousands, ¥ in Billions					3 Months Ended		9 Months Ended
	Jul. 18, 2024 JPY (¥)	Jul. 18, 2024 USD ($)	May 18, 2024 JPY (¥)	May 18, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jul. 18, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Net revenue					$ 334,206	$ 180,929	$ 904,578	$ 492,718
Joint Venture Agreement [Member] \| SB Tempus Corp [Member]
Schedule of Equity Method Investments [Line Items]
Joint venture formation date			May 18, 2024	May 18, 2024
Common stock value	¥ 15.0								$ 95,200
Investment					94,400		94,400
Joint Venture Agreement [Member] \| SB Tempus Corp [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] \| SB Tempus Corp [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from license fees			¥ 7.5	$ 47,900
Net revenue					6,200	6,300	18,700	10,400
Intellectual Property License Agreement [Member] \| SB Tempus Corp [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from license fees	¥ 7.5	$ 47,900
Payment in deferred other income amortized in to other income expense period	3 years	3 years
Income from license agreement recognized					$ 4,000	$ 4,000	$ 12,000	$ 4,000

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Operating activities

Net loss

$ (190,862)

$ (692,795)

Adjustments to reconcile net loss to net cash used in operating activities

Change in fair value of warrant liability

42,400

Stock-based compensation

79,408

509,351

Gain on warrant exercise

(173)

Gain on marketable equity securities

(4,731)

(5,119)

Loss on debt extinguishment

12,034

Deferred income taxes

(46,216)

Loss from equity-method investments

2,465

1,692

Amortization of original issue discount

2,615

1,036

Amortization of deferred financing fees

398

383

Change in fair value of contingent consideration

165

Change in fair value of holdback liability

291

Amortization of warrant contract asset

3,633

Depreciation and amortization

75,416

27,788

Provision for bad debt expense

767

545

Provision For Obsolete Inventory

1,135

Change in fair value of warrant asset

(18,302)

Non-cash operating lease costs

7,866

4,670

Minimum accretion expense

109

PIK interest added to principal

8,839

6,567

Change in assets and liabilities

Accounts receivable

^[1]

(63,199)

(51,699)

Inventory

(6,537)

(7,293)

Prepaid expenses and other current assets

(3,991)

(14,040)

Investments and other assets

(16,700)

(410)

Accounts payable

(18,528)

(24,776)

(25,000)

Accrued data licensing fees

^[2]

17,398

(1,052)

Deferred other income

(11,966)

43,876

3,730

(4,250)

Accrued expenses & other

(5,179)

23,371

Interest payable

10,288

11,208

Operating lease liabilities

(11,152)

(6,655)

Net cash used in operating activities

(181,302)

(149,794)

Investing activities

Purchases of property and equipment

(16,294)

(14,159)

Proceeds from sale of marketable equity securities

8,316

23,098

Purchases of marketable equity securities

(36,183)

Business combinations, net of cash acquired

(375,025)

Investment in joint venture

(95,186)

Purchases of capitalized software

(4,635)

Net cash (used in) by investing activities

(387,638)

(122,430)

Financing activities

Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions

381,951

Tax withholding related to net share settlement of restricted stock units

(69,918)

Issuance of Series G-5 Preferred Stock

199,750

Payment of deferred offering costs

(501)

(8,587)

Dividends paid

(5,625)

Proceeds from revolving credit facility, net of original issue discount

98,000

Proceeds from long-term debt, net of original issue discount

196,000

Proceeds from convertible senior notes, net of initial purchasers' discount

726,497

Payment of deferred financing fees

(1,255)

Payment of indemnity holdback related to acquisition

(813)

G-4 Special Payment

(2,250)

Principal payments on long-term debt

(276,892)

Prepayment premium on long-term debt

(7,841)

Purchases of capped call

(41,775)

Proceeds from issuance of common stock in connection with at-the-market offering, net of commissions

195,499

Net cash provided by financing activities

887,732

494,508

Effect of foreign exchange rates on cash

(78)

(13)

Net (decrease) increase in Cash, Cash Equivalents and Restricted Cash

318,714

222,271

Cash, cash equivalents and restricted cash, beginning of period

341,835

166,607

Cash, cash equivalents and restricted cash, end of period

660,549

388,878

Cash, Cash Equivalents and Restricted Cash are Comprised of:

Cash and cash equivalents

655,918

388,006

Restricted cash and cash equivalents

4,631

872

Total cash, cash equivalents and restricted cash

660,549

388,878

Supplemental disclosure of cash flow information

Cash paid during the year for interest

37,349

20,899

Cash paid for income taxes

573

127

Supplemental disclosure of noncash investing and financing activities

Dividends Payable

5,487

Purchases of property and equipment, accrued but not paid

3,724

6,706

Redemption of convertible promissory note

22,721

18,664

Non-voting common stock issued in connection with business combinations

344

Deferred offering costs, accrued but not yet paid

320

179

Deferred financing fees, accrued but not yet paid

489

Reclassification of deferred offering costs to additional paid-in capital upon at-the-market offering

821

Operating lease liabilities arising from obtaining right-of-use assets

22,670

550

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

1,348,809

164

Reclassification of deferred offering costs to additional paid-in capital upon initial public offering

12,347

Class A Common Stock issued in connection with business combinations

403,154

Class A Common Stock issued in connection with license agreement

1,443

Convertible promissory note principal reset due to amendment

72,488

Series G-3 Redeemable Convertible Preferred Stock [Member]

Supplemental disclosure of noncash investing and financing activities

Issuance of Series

3,809

Series G-4 Redeemable Convertible Preferred Stock [Member]

Supplemental disclosure of noncash investing and financing activities

Issuance of Series

$ 0

$ 611

[1]	Includes increase in related party accounts receivable of $2,352 and $1,909 as of September 30, 2025 and September 30, 2024,
[2]	Includes increase in related party deferred revenue of $19,918 and $0 as of September 30, 2025 and September 30, 2024, respectively.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock, Common Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Excercise Of Warrants [Member]	License Agreement [Member]	IPO [Member]	At The Market Offering [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Excercise Of Warrants [Member]	Additional Paid-in Capital [Member] License Agreement [Member]	Additional Paid-in Capital [Member] IPO [Member]	Additional Paid-in Capital [Member] At The Market Offering [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-4 Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Common Stock [Member] Series G-5 Preferred Stock [Member]	Class A Voting Stock [Member]	Class A Voting Stock [Member] Common Stock [Member]	Class A Voting Stock [Member] Common Stock [Member] Excercise Of Warrants [Member]	Class A Voting Stock [Member] Common Stock [Member] License Agreement [Member]	Class A Voting Stock [Member] Common Stock [Member] IPO [Member]	Class A Voting Stock [Member] Common Stock [Member] At The Market Offering [Member]	Class B Voting Stock [Member] Common Stock [Member]	Non-voting Common Stock [Member] Common Stock [Member]
Beginning Balance, Shares at Dec. 31, 2023															63,525,953
Beginning Balance at Dec. 31, 2023															$ 1,105,543
Beginning Balance, Shares at Dec. 31, 2023																				58,367,961						5,205,802
Beginning Balance, Shares at Dec. 31, 2023						(145,466)
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	$ 611	$ 199,750
Issuance of Series Preferred Stock, Shares																66,465	10,666	3,489,981
Common stock issued in connection with business combination	344						344																			$ 0
Common stock issued in connection with business combination, Shares																										9,141
Dividends															33,669
Dividends	(39,347)
Dividends	(39,347)											(39,347)
Issuance of common stock		$ (173)		$ 369,604				$ (173)		$ 369,603											$ 0		$ 1
Issuance of common stock in connection with At the Market offering, net of offering costs and commissions																					109,459		11,100,000
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 (Shares)															(67,093,065)
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)
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
Stock-based compensation expense	509,351						509,351
Foreign currency translation adjustment	10,203												10,203
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
Ending Balance, Shares at Sep. 30, 2024																				150,280,363					5,043,789
Ending Balance, Shares at Sep. 30, 2024						(145,466)
Beginning Balance, Shares at Jun. 30, 2024																				149,274,923					5,043,789	0
Beginning Balance, Shares at Jun. 30, 2024						(145,466)
Beginning Balance at Jun. 30, 2024	98,251					$ (3,602)	2,163,911					(2,061,980)	(94)							$ 15					$ 1
Dividends	0
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
Foreign currency translation adjustment	10,302												10,302
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
Ending Balance, Shares at Sep. 30, 2024																				150,280,363					5,043,789
Ending Balance, Shares at Sep. 30, 2024						(145,466)
Beginning Balance, Shares at Dec. 31, 2024														0
Beginning Balance, Shares at Dec. 31, 2024																				157,076,972					5,043,789
Beginning Balance, Shares at Dec. 31, 2024	145,466					(145,466)
Beginning Balance at Dec. 31, 2024	$ 56,339					$ (3,602)	2,210,664					(2,150,834)	94							$ 16					$ 1
Common stock issued in connection with business combination	403,154						403,154													$ 0
Common stock issued in connection with business combination, Shares																				6,298,601
Dividends	0
Issuance of common stock			$ 1,443		$ 194,678				$ 1,443		$ 194,678
Issuance of common stock in connection with At the Market offering, net of offering costs and commissions																						17,915		2,381,895
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)																			71,976,178
Issuance of common stock upon settlement of restricted stock units, net							(1)													$ 1
Issuance of common stock upon settlement of restricted stock units, net (Shares)																				7,004,171
Purchase of capped call	(41,775)						(41,775)
Stock-based compensation expense	79,408						79,408
Foreign currency translation adjustment	5,439												5,439
Net loss	(190,862)											(190,862)
Ending Balance at Sep. 30, 2025	$ 507,824					$ (3,602)	2,847,571					(2,341,696)	5,533							$ 17					$ 1
Ending Balance, Shares at Sep. 30, 2025																				172,779,554					5,043,789
Ending Balance, Shares at Sep. 30, 2025														0
Ending Balance, Shares at Sep. 30, 2025	145,466					(145,466)
Beginning Balance, Shares at Jun. 30, 2025																				168,580,827					5,043,789
Beginning Balance, Shares at Jun. 30, 2025						(145,466)
Beginning Balance at Jun. 30, 2025	$ 309,562					$ (3,602)	2,566,412					(2,261,714)	8,448							$ 17					$ 1
Common stock issued in connection with business combination	92,834						92,834
Common stock issued in connection with business combination, Shares																				1,186,185
Dividends	0
Issuance of common stock			$ 1,443		$ 194,678				$ 1,443		$ 194,678
Issuance of common stock in connection with At the Market offering, net of offering costs and commissions																						17,915		2,381,895
Issuance of common stock upon settlement of restricted stock units, net							(0)													$ 0
Issuance of common stock upon settlement of restricted stock units, net (Shares)																				612,732
Purchase of capped call	(41,775)						(41,775)
Stock-based compensation expense	33,979						33,979
Foreign currency translation adjustment	(2,915)												(2,915)
Net loss	(79,982)											(79,982)
Ending Balance at Sep. 30, 2025	$ 507,824					$ (3,602)	$ 2,847,571					$ (2,341,696)	$ 5,533							$ 17					$ 1
Ending Balance, Shares at Sep. 30, 2025																				172,779,554					5,043,789
Ending Balance, Shares at Sep. 30, 2025														0
Ending Balance, Shares at Sep. 30, 2025	145,466					(145,466)

Description of Business (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Segment Expenses Reconciled to Total Selling, General and Administrative Expenses

The following summarizes the significant segment expenses reconciled to total selling, general and administrative expenses shown on the consolidated statements of operations and comprehensive loss. Other selling, general, and administrative expenses include facilities, professional fees, marketing, travel and entertainment, depreciation and amortization, and stock-based compensation (see Note 12).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Selling, general and administrative payroll	$	72,185	$	41,661	$	203,200	$	118,291
Cloud and software		36,071		24,688		93,834		71,376
Other selling, general and administrative		79,635		35,078		226,196		454,396
Selling, general and administrative	$	187,891	$	101,427	$	523,230	$	644,063

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Components of Total Lease Costs

The components of total lease costs for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating lease cost	$	3,293		$	1,418		$	7,866		$	4,670
Variable lease cost		2,179			1,511			5,777			4,394
Short-term lease costs		255			179			899			540
Sublease income		(162	)		(23	)		(251	)		(68	)
Total lease costs	$	5,565		$	3,085		$	14,291		$	9,536

Schedule of Lease Term and Discount Rate

Lease term and discount rate as of September 30, 2025 and December 31, 2024 are as follows:

Schedule of Future Payments Under Operating Leases

As of September 30, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
10/1/2025 - 12/31/2025	$	3,949
2026		13,240
2027		17,823
2028		16,570
2029		14,970
2030		12,504
Thereafter		34,890
Total minimum lease payments		113,946
Less: Amount representing interest		23,806
Present value of net minimum lease payments		90,140
Less: Current portion of lease liabilities		12,417
Total long-term lease liabilities	$	77,723

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

11.

REDEEMABLE CONVERTIBLE PREFERRED STOCK

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 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 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.

Stockholders' Equity - Additional Information (Detail)			3 Months Ended	9 Months Ended
Stockholders' Equity - Additional Information (Detail)	Aug. 08, 2025 USD ($)	Dec. 08, 2023 $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 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	20,000,000
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
Sales Agreement [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues			2,381,895	2,381,895
Weighted average price per share \| $ / shares			$ 83.97	$ 83.97
Aggregate offering price \| $			$ 195,500,000	$ 195,500,000
Stock issuance costs \| $			4,500,000	4,500,000
Deferred offering costs \| $	$ 800,000
Shares remained available for sale \| $			$ 300,000,000	$ 300,000,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized			1,000,000,000	1,000,000,000	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 \| $								$ 100,000,000
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
Common Class A [Member] \| Maximum [Member] \| Sales Agreement [Member]
Class of Stock [Line Items]
Aggregate offering price \| $	$ 500,000,000
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized			5,500,000	5,500,000	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	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	0	0		66,946,627

Debt - Summary of Interest Expense and the Effective Interest Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member]
Interest expense
Interest expenses	$ 6,789	$ 9,366	$ 34,460	$ 27,667
Effective interest rate
Line Of Credit Increased Interest Rate Facility	12.80%	13.90%	12.70%	13.80%
Revolving Credit Facility [Member]
Interest expense
Interest expenses	$ 2,055	$ 0	$ 5,340	$ 0
Effective interest rate
Line Of Credit Increased Interest Rate Facility	8.20%	0.00%	8.00%	0.00%

Balance Sheet Components

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024 (in thousands):


	September 30, 2025			December 31, 2024
Equipment	$	139,453		$	110,011
Leasehold improvements		62,931			46,809
Furniture and fixtures		6,946			6,633
Building		1,234			—
Land		9,850			—
Total property and equipment, gross		220,414			163,453
Less: accumulated depreciation		(129,704	)		(105,397	)
Property and equipment, net	$	90,710		$	58,056


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue, genomics	$	3,939	$	3,723	$	11,574	$	10,397
Cost of revenue, data and services		145		—		428		—
Selling, general and administrative costs		4,036		3,065		12,348		9,075
Total depreciation	$	8,120	$	6,788	$	24,350	$	19,472

Accrued Expenses

Accrued expenses as of September 30, 2025 and December 31, 2024, consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation and employee benefits	$	40,313	$	24,767
Accrued expenses		80,295		51,147
Accrued employer payroll tax related to stock-based compensation		2,090		24,439
Accrued cloud storage costs		36,684		21,394
Interest payable		1,391		8,660
Total accrued expenses	$	160,773	$	130,407

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

15.

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.

For the three and nine months ended September 30, 2025, the Company recorded an income tax expense of $0.3 million and income tax benefit of $45.7 million, respectively. This benefit is the result of a discrete tax benefit of $46.2 million recorded from the release of a portion of the valuation allowance attributable to a preliminary estimate of $46.2 million net deferred tax liabilities recorded on Ambry's opening balance sheet which offset certain net deferred tax assets of the Company. Income tax expense for the three and nine months ended September 30, 2024 was not material.

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.

The effective tax rate for the nine months ended September 30, 2025 differs from the statutory federal income tax rate primarily due to the discrete tax benefit recognized from the reduction of the valuation allowance as a result of the Ambry Acquisition during the quarter.

The Company will continue to evaluate the realizability of its deferred tax assets on a quarterly basis and adjust the valuation allowance as necessary based on the weight of available evidence.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law in the U.S. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the Act enacted during the quarter and estimated its impact on the consolidated financial statements to be immaterial.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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Fair Value Measurements and Marketable Equity Securities

Business Combinations - Additional Information (Detail) - USD ($)						1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 22, 2025	Mar. 11, 2025	Feb. 03, 2025	Oct. 03, 2023	Mar. 08, 2023	Dec. 31, 2024	Feb. 29, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Goodwill						$ 73,343,000		$ 465,140,000		$ 465,140,000
Tax benefit from release of a portion of valuation allowance attributable to estimated deferred tax liabilities								(276,000)	$ (38,000)	45,692,000	$ (144,000)
Net revenue								334,206,000	180,929,000	904,578,000	492,718,000
Net (loss) income								(79,982,000)	(75,840,000)	(190,862,000)	(692,795,000)
Payment to acquire business net of cash acquired										375,025,000	0
Maximum [Member]
Business Combination [Line Items]
Tax benefit from release of a portion of valuation allowance attributable to estimated deferred tax liabilities								(300,000)		45,700,000
Genomics Product [Member]
Business Combination [Line Items]
Net revenue								252,900,000	$ 116,400,000	688,500,000	$ 331,300,000
Paige.AI, Inc. [Member]
Business Combination [Line Items]
Goodwill	$ 142,352,000
Business combination aggregate consideration transferred	102,739,000
Payments to acquire businesses, gross	2,983,000
Business combination consideration transferred equity interests issued and issuable	99,756,000
Assumed remaining purchase commitments	39,500,000
Business combination consideration in the form of shares held back	6,900,000
Acquisition-related costs								400,000		900,000
Net (loss) income								2,400,000		2,400,000
Employees as consideration for transaction bonuses	2,700,000
Paige.AI, Inc. [Member] \| Other Long-term Liabilities [Member]
Business Combination [Line Items]
Business combination consideration in the form of shares held back	$ 6,900,000
Paige.AI, Inc. [Member] \| Common Class A [Member]
Business Combination [Line Items]
Business acquisition equity interests issued or issuable number of shares issued	1,272,151
Class A common stock, closing price	$ 80.52
Ambry [Member]
Business Combination [Line Items]
Goodwill			$ 228,186,000
Business combination aggregate consideration transferred			692,343,000
Payments to acquire businesses, gross			394,296,000
Base cash consideration			375,000,000
Business combination consideration transferred equity interests issued and issuable			298,047,000
Amount owed to acquiree under preexisting relationship			3,800,000
Decrease to the acquisition price										3,000
Transaction costs								7,300,000		7,300,000
Acquisition-related costs								100,000		4,600,000
Goodwill, expected to be deductible for tax purposes			$ 600,000
Tax benefit from release of a portion of valuation allowance attributable to estimated deferred tax liabilities										(46,200,000)
Net (loss) income								2,400,000		10,100,000
Ambry [Member] \| Securities Purchase Agreement [Member]
Business Combination [Line Items]
Business acquisition equity interests issued or issuable number of shares issued			4,843,136
Ambry [Member] \| Common Class A [Member] \| Securities Purchase Agreement [Member]
Business Combination [Line Items]
Class A common stock, closing price			$ 61.54
Stock issued during period number of shares subject to lock in period			2,152,505
Ambry [Member] \| Genomics Product [Member]
Business Combination [Line Items]
Net revenue								$ 102,600,000		263,400,000
Deep 6 [Member]
Business Combination [Line Items]
Goodwill		$ 21,100,000
Business combination aggregate consideration transferred		17,400,000
Payments to acquire businesses, gross		4,300,000
Business combination consideration in the form of shares held back		800,000
Deep 6 [Member] \| Other Long-term Liabilities [Member]
Business Combination [Line Items]
Business combination consideration in the form of shares held back		800,000
Deep 6 [Member] \| Common Class A [Member]
Business Combination [Line Items]
Business combination consideration transferred equity interests issued and issuable		$ 13,100,000
Sengine [Member]
Business Combination [Line Items]
Goodwill				$ 9,600,000
Business combination aggregate consideration transferred				9,900,000						$ 0
Payments to acquire businesses, gross				2,800,000
Business combination consideration in the form of shares held back				1,400,000
Sengine [Member] \| Maximum [Member]
Business Combination [Line Items]
Net working capital adjustment				100,000
Sengine [Member] \| Nonvoting Common Stock [Member]
Business Combination [Line Items]
Business combination consideration transferred equity interests issued and issuable				$ 6,300,000
Business acquisition equity interests issued or issuable number of shares issued				35,000						35,000
Stock issued during the period shares towards working capital adjustment							429
Sengine [Member] \| Common Class A [Member]
Business Combination [Line Items]
Business acquisition equity interests issued or issuable number of shares issued						19,620
Mpirik [Member]
Business Combination [Line Items]
Goodwill					$ 10,600,000
Business combination aggregate consideration transferred					9,700,000
Business combination consideration transferred equity interests issued and issuable					4,600,000
Business combination consideration in the form of shares held back					300,000
Business combination aggregate cash consideration payable including the amount witheld					4,700,000
Business combination contingent consideration payable in cash at fair value					400,000
Business combination cash consideration held back					$ 800,000
Mpirik [Member] \| Nonvoting Common Stock [Member]
Business Combination [Line Items]
Stock issued during the period shares in respect of consideration held back					8,724

Fair Value Measurements and Marketable Equity Securities

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

16.

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 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.

Holdback liability—The Company held back 13,614 shares in connection with the Deep 6 acquisition and 85,966 shares in connection with the Paige acquisition. See Note 4, Business Combinations for further discussion of those acquisitions. For all holdback liabilities, the number of shares are fixed at the acquisition price as of the date of the acquisition.

Holdback liabilities 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 classified the holdback liability as Level 1 as the shares are valued using a quoted market price.

Warrant liability—As discussed in Note 10, 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 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 warrant was terminated for no consideration on December 31, 2024.

The Credit Facilities, the Second Amended Note, and the Notes were not recorded at fair value. The fair values of the Credit Facilities, the Second Amended Note, and the Notes approximated their carrying values as of September 30, 2025 and December 31, 2024. Estimates of the fair values of the Credit Facilities, the Second Amended Note, and the Notes 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, 2025 and December 31, 2024 (in thousands):


			Fair Value Measurement at Reporting Date Using
	September 30, 2025		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	$	103,720	$	103,720	$	—	$	—
Liabilities
Holdback liability		8,004		8,004		—		—


			Fair Value Measurement at Reporting Date Using
	December 31, 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	$	107,309	$	107,309	$	—	$	—

For the three and nine months ended September 30, 2025, the Company did not recognize any gain or loss due to a change in fair value for assets and liabilities measured at fair value using significant unobservable inputs (Level 3). For the three and nine months ended September 30, 2024, the Company recognized a loss of $43.3 million and $42.4 million, respectively, in Other income (expense), net due to the change in fair value of the 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 of Class A common stock were received as payment of accounts receivable. During the three months ended September 30, 2025 and 2024, the Company did not sell any shares of Recursion Class A common stock. During the nine months ended September 30, 2025, the Company sold 737,466 shares of Recursion Class A common stock at a weighted average price of $11.28 per share for aggregate proceeds of $8.3 million. 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 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 income (expense), net on the condensed consolidated statement of operations and comprehensive loss. The following summarizes the portion of unrealized gains and losses recorded during the three and nine months ended September 30, 2025 and 2024 that relate to marketable equity securities held as of September 30, 2025 and 2024 (in thousands).


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Net loss (gain) during the period on marketable equity securities	$	1,276	$	(2,578	)	$	(4,731	)	$	(5,119	)
Less: Net gain recognized during the period on marketable equity securities sold during the period		—		—			(3,264	)		(6,081	)
Unrealized loss (gain) recognized during the period on marketable equity securities still held at the reporting date	$	1,276	$	(2,578	)	$	(1,467	)	$	962

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.

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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

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, 2025

Sep. 30, 2024

Stock options outstanding [Member]

18,409,804

9,669,387

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Astrazeneca warrant [Member]

210,000

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Deep 6 holdback liability [Member]

2,702,703

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

SEngine holdback liability [Member]

13,614

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

SEngine Contingent Consideration [Member]

41,007

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Paige holdback liability [Member]

35,000

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

85,966

Unvested RSUs [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

6,427,465

6,680,677

Unvested RSAs [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

20,630

Unvested PSUs [Member]

Shares issuable upon conversion of Notes [Member]

2,569,600

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Estimated Useful Lives of Identifiable Intangible Assets Acquired

^[1]

9,292,529

[1]

Balance Sheet Components - Summary of Depreciation Expenses on Property and Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property Plant and Equipment Income Statement Disclosures [Abstract]
Cost of revenue, genomics	$ 3,939	$ 3,723	$ 11,574	$ 10,397
Cost of revenue, data and services	145	0	428	0
Selling, general and administrative costs	4,036	3,065	12,348	9,075
Total depreciation	$ 8,120	$ 6,788	$ 24,350	$ 19,472

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination [Line Items]

Estimated useful lives of the identifiable intangible assets acquired are as follows:


		Useful Life
Customer relationships		7 years
Trade names		7 years
Developed technology - software		3 years
Developed technology - biotech		5 years

Paige.AI, Inc. [Member]

Business Combination [Line Items]

Summarizes the Allocation of Aggregate Purchase Price

The following table summarizes the allocation of the aggregate purchase price of the Paige Acquisition (in thousands):


Assets
Cash	$	2,851
Accounts receivable		761
Prepaid expenses and other current assets		5,011
Total current assets	$	8,623
Property and equipment, net		1,116
Operating lease right-of-use assets		7,968
Investments and other assets		240
Restricted cash		2,870
Total assets acquired	$	20,817

Liabilities
Accounts payable	$	538
Accrued expenses		3,849
Operating lease liabilities		1,887
Deferred revenue		238
Total current liabilities	$	6,513
Deferred revenue, less current portion		908
Operating lease liabilities, less current portion		13,058
Other long-term liabilities		39,951
Total liabilities assumed	$	60,430

Net assets acquired and liabilities assumed	$	(39,613	)
Goodwill	$	142,352

Cash consideration	$	2,983
Stock consideration		99,756
Total acquisition price	$	102,739

Schedule of Pro Forma Information

The following pro forma information shows the results of the Company's operations as though the acquisition had occurred as of the beginning of the comparable period, January 1, 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues	$	334,470		$	181,366		$	905,437		$	494,172
Net loss		(83,719	)		(84,863	)		(208,189	)		(722,266	)

Ambry [Member]

Business Combination [Line Items]

Summarizes the Allocation of Aggregate Purchase Price

The following table summarizes the allocation of the aggregate purchase price of the Ambry Acquisition (in thousands):


Assets
Cash	$	20,555
Accounts receivable		62,853
Inventory		11,188
Prepaid expenses and other current assets		10,153
Total current assets	$	104,749
Property and equipment, net		38,560
Operating lease right-of-use assets		26,198
Investments and other assets		268
Customer relationships		234,000
Trade names		33,000
Developed technology - software		18,000
Developed technology - biotech		114,000
Total assets acquired	$	568,775

Liabilities
Accounts payable	$	199
Accrued expenses		28,870
Operating lease liabilities		3,008
Deferred revenue		1,347
Total current liabilities	$	33,424
Deferred revenue, less current portion		1,099
Operating lease liabilities, less current portion		23,259
Deferred tax liabilities		46,468
Other long-term liabilities		368
Total liabilities assumed	$	104,618

Net assets acquired and liabilities assumed	$	464,157
Goodwill	$	228,186

Cash consideration	$	394,296
Stock consideration		298,047
Total acquisition price	$	692,343

Schedule of Pro Forma Information

The following pro forma information shows the results of the Company's operations as though the acquisition had occurred as of the beginning of the comparable period, January 1, 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues	$	334,206		$	258,171		$	937,501		$	574,914
Net loss		(79,850	)		(85,872	)		(229,573	)		(646,588	)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Share-Based Payment Arrangement [Abstract]

Stock-based compensation

9 Months Ended

Sep. 30, 2025

Stock-based compensation

12.

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 restricted stock awards (“PSUs”) and other awards. The original maximum number of shares of Class A common stock that may be issued under the 2024 Plan was 7,430,000 shares of the Company’s Class A common stock and automatically increases 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. As of September 30, 2025, there were 3,356,949 shares of the Company's Class A common stock that may be issued under the 2024 Plan.

RSUs

The Company granted 495,389 and 2,334,059 RSUs during the three and nine months ended September 30, 2025, respectively.

PSUs

The Company granted 2,569,600 PSUs during the three and nine months ended September 30, 2025, with a weighted-average grant date fair value of $53.32.

50% of the PSUs are subject to a performance condition, which is based on the Company’s compound revenue growth ("CRG") during three overlapping performance periods (the "Performance Periods")—calendar year 2025 ("First Performance Period"), calendar years 2025 and 2026 ("Second Performance Period"), and calendar years 2025, 2026 and 2027 ("Third Performance Period" and, together with the First Performance Period and the Second Performance Period, the "Performance Periods") and subject to a service condition of a required period of continued employment from the vesting start date.

50% of the PSUs are subject to a market condition, which is based on a comparison of the Company’s total shareholder return ("TSR") to the return of the Nasdaq Composite Index during each Performance Period and subject to a service condition of a required period of continued employment from the vesting start date.

If either the performance condition or market condition is not achieved during one of the first two Performance Periods, but is achieved during the Third Performance Period, any PSUs with respect to such performance condition or market condition that had not previously been earned will vest on the final vesting date, subject to the employee's continued service through such date. As both the CRG and TSR PSUs have a performance or market condition that include graded vesting features, the Company recognizes stock-based compensation expense using the graded vesting method over the requisite service period for each separately vesting tranche of the award.

The fair value of the CRG PSUs is equal to the stock price on the date of grant. The requisite service period for the CRG PSUs is 18 months, 27 months, and 36 months for the First, Second, and Third Performance Period, respectively. The fair value of the TSR

PSUs is established using a Monte Carlo simulation model for each tranche. The requisite service period for the TSR PSUs is 12 months, 24 months, and 36 months for the First, Second, and Third Performance Period, respectively. The following assumptions were used in the Monte Carlo simulation model in determining the fair value of TSR PSUs granted:


	First Performance Period	Second Performance Period	Third Performance Period
Expected term (in years)	1.02 or 3.02	2.02 or 3.02	3.02
Risk-free interest rate	3.63% - 3.88%	3.63% - 3.68%	3.63%
Expected volatility	75.00%	75.00%	75.00%
NASDAQ volatility	20.00%	20.00%	20.00%
Expected dividend yield	0.00%	0.00%	0.00%

RSAs

The Company granted 0 and 26,059 RSAs during the three and nine months ended September 30, 2025, respectively. Stock-based compensation on these awards is recognized on a straight-line basis over the requisite service periods of the awards.

Stock-based compensation is classified as follows in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenues, genomics	$	1,631	$	1,083	$	4,086	$	12,410
Cost of revenues, data and services		894		916		2,198		8,145
Technology research and development		5,463		3,929		12,067		54,363
Research and development		3,301		2,554		7,618		44,787
Selling, general and administrative		22,690		12,556		53,439		389,646
Total stock-based compensation	$	33,979	$	21,038	$	79,408	$	509,351

As of September 30, 2025, unrecognized stock-based compensation was $296.8 million and is expected to be recognized over the next 2.5 years.

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Data licensing and cloud computing expenses	$ 15.0	$ 10.0	$ 38.3	$ 30.5

Description of Business

9 Months Ended

Sep. 30, 2025

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. Effective August 7, 2025, the Company reincorporated, by conversion, from a Delaware corporation to a Nevada corporation.

Segment Information

The Company operates as one operating and reportable segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information for purposes of making operating decisions, assessing financial performance and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net loss to evaluate income generated from segment assets. Net loss is used to monitor budget versus actual results.

Outside of the expenses reported on the consolidated statements of operations and comprehensive loss, the CODM regularly reviews personnel costs and cloud costs within selling, general, and administrative expenses, which the Company has identified as significant segment expenses.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Selling, general and administrative payroll	$	72,185	$	41,661	$	203,200	$	118,291
Cloud and software		36,071		24,688		93,834		71,376
Other selling, general and administrative		79,635		35,078		226,196		454,396
Selling, general and administrative	$	187,891	$	101,427	$	523,230	$	644,063

Leases - Schedule of Future Payments Under Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
10/1/2025 - 12/31/2025	$ 3,949
2026	13,240
2027	17,823
2028	16,570
2029	14,970
2030	12,504
Thereafter	34,890
Total minimum lease payments	113,946
Less: Amount representing interest	23,806
Present value of net minimum lease payments	90,140
Less: Current portion of lease liabilities	12,417	$ 6,459
Total long-term lease liabilities	$ 77,723	$ 26,199

Subsequent Events - Additional Information (Detail)				3 Months Ended		9 Months Ended
Subsequent Events - Additional Information (Detail)	Aug. 08, 2025 USD ($)	Jul. 03, 2025 USD ($) Days $ / shares	Jun. 30, 2025 $ / shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 $ / shares
Subsequent Event [Line Items]
Net proceeds from the offering						$ 726,497,000	$ 0
Loss on debt extinguishment				$ (12,034,000)	$ 0	(12,034,000)	$ 0
Payments of capped call cost						41,800,000
Total rent payments over the lease term				113,946,000		113,946,000
Call Option [Member]
Subsequent Event [Line Items]
Initial cap price \| $ / shares			$ 111.195
Convertible Senior Notes [Member]
Subsequent Event [Line Items]
Debt instrument face value		$ 750,000,000
Debt instrument interest rate		0.75%
Debt instrument maturity date		Jul. 15, 2030
Debt instrument, frequency of periodic payment		Interest on the Notes will accrue at a rate of 0.75% per year from July 3, 2025 and will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026.
Debt instrument, date of first required payment		Jan. 15, 2026
Debt instrument convertible, principal amount		$ 1,000
Conversion ratio		11.8778
Conversion price \| $ / shares		$ 84.19
Redemption price, percentage		100.00%
Debt instrument, sinking fund		$ 0
Convertible Senior Notes [Member] \| Debt Conversion Condition One [Member]
Subsequent Event [Line Items]
Threshold trading days \| Days		20
Threshold consecutive trading days \| Days		30
Convertible Senior Notes [Member] \| Debt Conversion Condition Two [Member]
Subsequent Event [Line Items]
Threshold trading days \| Days		5
Threshold consecutive trading days \| Days		10
Debt instrument convertible, principal amount		$ 1,000
Minimum [Member] \| Convertible Senior Notes [Member] \| Debt Conversion Condition One [Member]
Subsequent Event [Line Items]
Threshold percentage of stock price trigger		130.00%
Maximum [Member] \| Convertible Senior Notes [Member]
Subsequent Event [Line Items]
Threshold principal outstanding amount for partial redemption		$ 100,000,000
Maximum [Member] \| Convertible Senior Notes [Member] \| Debt Conversion Condition Two [Member]
Subsequent Event [Line Items]
Threshold percentage of stock price trigger		98.00%
Sales Agreement [Member]
Subsequent Event [Line Items]
Aggregate offering price				$ 195,500,000		$ 195,500,000
Common Class A [Member]
Subsequent Event [Line Items]
Common stock par or stated value per share \| $ / shares				$ 0.0001		$ 0.0001		$ 0.0001
Common Class A [Member] \| Sales Agreement [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Aggregate offering price	$ 500,000,000
PSUs [Member]
Subsequent Event [Line Items]
Vesting condition						50% of the PSUs are subject to a performance condition, which is based on the Company’s compound revenue growth ("CRG") during three overlapping performance periods (the "Performance Periods")—calendar year 2025 ("First Performance Period"), calendar years 2025 and 2026 ("Second Performance Period"), and calendar years 2025, 2026 and 2027 ("Third Performance Period" and, together with the First Performance Period and the Second Performance Period, the "Performance Periods") and subject to a service condition of a required period of continued employment from the vesting start date.
Vesting period						3 years
2024 Equity Incentive Plan [Member] \| PSUs [Member]
Subsequent Event [Line Items]
Grants \| shares				2,569,600		2,569,600

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	$ 33,979	$ 21,038	$ 79,408	$ 509,351
Cost of Revenue Genomics [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	1,631	1,083	4,086	12,410
Cost of Revenue Data and Services [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	894	916	2,198	8,145
Technology Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	5,463	3,929	12,067	54,363
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	3,301	2,554	7,618	44,787
Selling, General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, expense	$ 22,690	$ 12,556	$ 53,439	$ 389,646

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

14.

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, 2025 and 2024, 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,
	2025			2024			2025			2024
Numerator:
Net loss	$	(79,982	)	$	(75,840	)	$	(190,862	)	$	(692,795	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		—			—			—			(39,347	)
Cumulative undeclared dividends on Series C preferred shares		—			—			—			(1,174	)
Net loss attributable to common stockholders	$	(79,982	)	$	(75,840	)	$	(190,862	)	$	(733,316	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		174,945			165,612			172,969			104,164
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46	)	$	(0.46	)	$	(1.10	)	$	(7.04	)


	As of September 30,
	2025		2024
Stock options outstanding		—		210,000
Astrazeneca warrant		—		2,702,703
Deep 6 holdback liability		13,614		—
SEngine holdback liability		—		41,007
SEngine contingent consideration		—		35,000
Paige holdback liability		85,966		—
Unvested RSUs		6,427,465		6,680,677
Unvested RSAs		20,630		—
Unvested PSUs		2,569,600		—
Shares issuable upon conversion of Notes(1)		9,292,529		—
Total potentially dilutive shares		18,409,804		9,669,387

As disclosed in Note 12, the RSUs issued prior to the IPO include a liquidity event performance condition prior to vesting. As the liquidity event performance condition was satisfied upon completion of the IPO, as of September 30, 2025 and September 30, 2024, these shares are included in potentially dilutive shares.

As disclosed in Note 13, the Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is 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.

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 30, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		$ 334,206	$ 180,929	$ 904,578	$ 492,718
Contract with customer liability amount of revenue recognized that was included in the opening balance				67,000	53,900
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Contract with customer receivable after allowance for credit loss current		12,900		12,900		$ 4,100
Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation		360,200		360,200
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
Contract with customer assets net current		$ 5,000		$ 5,000		$ 3,000
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
One Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		49.00%		49.00%
Two Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		35.00%		35.00%
Three Year [Member] \| Long-Term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		16.00%		16.00%
Genomics Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		$ 252,900	116,400	$ 688,500	331,300
Genomics Product [Member] \| Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		17,500	11,200	49,900	31,000
Clinical Order [Member] \| Third-Party Payor [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		235,400	105,200	638,600	300,300
Insights Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		69,000	50,100	175,700	122,100
Trials Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		9,200	10,100	28,700	31,800
Data And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers excluding assessed tax		$ 81,300	$ 64,500	$ 216,100	$ 161,400

Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The Company derives revenue from selling lab services (“Genomics”) to physicians, genetic counselors, 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 $252.9 million and $116.4 million for the three months ended September 30, 2025 and 2024, respectively. The Company recognized Genomics revenue of $688.5 million and $331.3 million for the nine months ended September 30, 2025 and 2024, 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 $235.4 million and $105.2 million for the three months ended September 30, 2025 and 2024, respectively. The Company recognized revenue for clinical orders of $638.6 million and $300.3 million for the nine months ended September 30, 2025 and 2024, 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 $17.5 million and $11.2 million for the three months ended September 30, 2025 and 2024, respectively. The Company recognized Genomics revenue for direct bill orders of $49.9 million and $31.0 million for the nine months ended September 30, 2025 and 2024, 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 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.

•

Cloud hosting services – The Company provides cloud hosting services to customers via a third party cloud infrastructure provider. Revenue is recognized as the related compute and storage costs are incurred by the customer.

The Company recognized revenue from Insights products of $69.0 million and $50.1 million for the three months ended September 30, 2025 and 2024, respectively and $175.7 million and $122.1 million for the nine months ended September 30, 2025 and 2024, 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 ("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 $9.2 million and $10.1 million for the three months ended September 30, 2025 and 2024, respectively, and $28.7 million and $31.8 million for the nine months ended September 30, 2025 and 2024, 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 $81.3 million and $64.5 million for the three months ended September 30, 2025 and 2024, respectively and $216.1 million and $161.4 million for the nine months ended September 30, 2025 and 2024, 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 $360.2 million as of September 30, 2025, of which the Company expects to recognize approximately 49% as revenue over the next year, and the remaining 35% and 16% of its remaining performance obligations as revenue in years two and three, 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, 2025 and December 31, 2024 included contract assets of $12.9 million and $4.1 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 warrant was terminated for no consideration on December 31, 2024.

In November 2023, the Company entered into a Commercialization and Reference Laboratory Agreement with Personalis, Inc. (“Personalis”), which was subsequently amended in August 2024 and July 2025. The Company agreed to pay up to $12.0 million to Personalis over three years as certain milestones are met, all of which has been paid as of September 30, 2025. 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 16). As of September 30, 2025 and December 31, 2024, there was $5.0 million and $3.0 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 $67.0 million and $53.9 million during the nine months ended September 30, 2025 and 2024, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Description Of Business - Summary of Significant Segment Expenses Reconciled to Total Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Selling, General and Administrative Expense [Abstract]
Selling, general and administrative payroll	$ 72,185	$ 41,661	$ 203,200	$ 118,291
Cloud and software	36,071	24,688	93,834	71,376
Other selling, general and administrative	79,635	35,078	226,196	454,396
Selling, general and administrative	$ 187,891	$ 101,427	$ 523,230	$ 644,063

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Goodwill and Intangibles - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	$ 460,805	$ 48,579
Accumulated Amortization	87,929	36,863
Net	372,857
Net	372,876	11,716
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	254,550	20,550
Accumulated Amortization	39,746	15,606
Net	214,804	4,944
Licensed data [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	28,601	20,010
Accumulated Amortization	21,492	17,828
Net	7,109	2,182
Trade Names [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	41,000	8,000
Accumulated Amortization	7,429	3,429
Net	33,571	4,571
Capitalized Software [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	4,635	0
Accumulated Amortization	62	0
Net	4,573	0
Developed Technology - Biotech [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	114,000	0
Accumulated Amortization	4,000	0
Net	110,000	0
Developed Technology - Software [Member]
Finite And Indefinitely Lived Intangible Assets [Line Items]
Gross Amount	18,000	0
Accumulated Amortization	15,200	0
Net	$ 2,800	$ 0

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax [Line Items]
Income tax expense (benefit)	$ 276	$ 38	$ (45,692)	$ 144
Discrete income tax benefit			(46,200)
Valuation allowance	(46,200)		(46,200)
Maximum [Member]
Income Tax [Line Items]
Income tax expense (benefit)	$ 300		$ (45,700)

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

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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Description of Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2025 Segment
Nature Of Operations [Line Items]
Number of operating segment	1

Business Combinations - Schedule of Pro Forma Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Paige.AI, Inc. [Member]
Business Combination [Line Items]
Revenues	$ 334,470	$ 181,366	$ 905,437	$ 494,172
Net loss	(83,719)	(84,863)	(208,189)	(722,266)
Ambry [Member]
Business Combination [Line Items]
Revenues	334,206	258,171	937,501	574,914
Net loss	$ (79,850)	$ (85,872)	$ (229,573)	$ (646,588)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stockholders' Equity Note [Abstract]

Leases - Schedule of Components of Total Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Lease, Cost [Abstract]
Operating lease cost	$ 3,293	$ 1,418	$ 7,866	$ 4,670
Variable lease cost	2,179	1,511	5,777	4,394
Short-term lease costs	255	179	899	540
Sublease income	(162)	(23)	(251)	(68)
Total lease costs	$ 5,565	$ 3,085	$ 14,291	$ 9,536

Debt - Additional Information (Detail)					3 Months Ended		9 Months Ended
Debt - Additional Information (Detail)	Jul. 03, 2025 USD ($) Days $ / shares	Jun. 30, 2025 $ / shares	Feb. 22, 2025 USD ($)	Feb. 03, 2025 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Apr. 25, 2023 USD ($)	Sep. 22, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from long term debt net of issuance costs and discount							$ 196,000,000	$ 0
Payment of interest on debt							37,349,000	20,899,000
Net proceeds from the offering							726,497,000	0
Net proceeds from private offering							725,700,000
Capped calls initial strike price per share \| $ / shares		$ 84.19
Payments of capped call cost							41,800,000
Amortization of original issue discount							2,615,000	1,036,000
Loss on debt extinguishment					$ (12,034,000)	$ 0	(12,034,000)	0
Call Option [Member]
Debt Instrument [Line Items]
Initial cap price \| $ / shares		$ 111.195
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long term debt unamortized discount gross				$ 2,000,000	1,700,000		1,700,000
Long term debt unamortized debt issuance costs gross				$ 1,000,000
Long term debt unamortized debt issuance costs net					800,000		800,000
Additional Term Loan Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Feb. 03, 2030
Amendment to Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument maturity date			Mar. 22, 2026
Debt instrument extended maturity date			Dec. 31, 2030
Amendment to Convertible Promissory Note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, percentage of repayment upon maturity			50.00%
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 Agreement With Ares Capital Corporation [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value				$ 100,000,000
Long term debt unamortized discount gross				2,000,000
Legal fees paid				900,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Additional Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value				200,000,000
Long term debt unamortized discount gross				4,000,000
Legal fees paid				2,000,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Revolving Loans [Member]
Debt Instrument [Line Items]
Debt instrument revolving loans amount				97,100,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Third Amendment Agreement [Member] \| Additional Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value				200,000,000
Term Loan Agreement With Ares Capital Corporation [Member] \| Third Amendment Agreement [Member] \| Additional Term Loan Facility [Member] \| Priority ABL Facility [Member]
Debt Instrument [Line Items]
Debt instrument face value				100,000,000
Term loan facility amount received				194,000,000
Term Loan Amendment Agreement One With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Debt instrument face value										$ 85,000,000
Long term debt unamortized discount gross										$ 2,200,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member]
Debt Instrument [Line Items]
Long term debt unamortized discount gross				10,500,000	3,600,000		3,600,000		$ 3,800,000
Unamortized original issue discount amount for first two tranches					3,100,000		3,100,000
Long term debt unamortized debt issuance costs gross				2,600,000	1,100,000		1,100,000
Minimum liquidity required to be maintained value				$ 25,000,000
Long term debt unamortized debt issuance costs net					0		0		$ 1,400,000
Payment of interest on debt							37,300,000
Repayment of term loan							276,900,000
Loss on debt extinguishment							12,000,000
Prepayment premium					$ 7,800,000		7,800,000
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							1,000,000,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Nine Months Ended Thirty First Of December Two Thousand And Twenty Five [Member]
Debt Instrument [Line Items]
Revenue							1,000,000,000
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Nine Months Ended Thirty First Of December Two Thousand And Twenty Six [Member]
Debt Instrument [Line Items]
Revenue							$ 1,100,000,000
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							7.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage							6.75%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage							7.75%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| SOFR One [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage							5.00%
Debt instument PIK interest percentage							3.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| SOFR One [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage							5.00%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Base Rate One [Member]
Debt Instrument [Line Items]
Debt instument PIK interest percentage							3.25%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving commitments percentage							50.00%
Revolving commitments							$ 50,000,000
Debt instrument interest rate					0.50%		0.50%
Term Loan Agreement Including Amendment Agreement One And Two With Ares Capital Corporation [Member] \| Revolving Loans [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage							3.75%
Amended And Restated Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Interest expenses					$ 3,700,000	$ 3,900,000	$ 10,800,000	$ 11,200,000
Second Amended Notes [Member]
Debt Instrument [Line Items]
Debt instrument face value			$ 238,800,000
Long term debt maturity date			Dec. 31, 2030
Debt instrument interest rate			6.00%
Principal amount to be payable after prepayment value			$ 150,000,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument face value	$ 750,000,000
Long term debt unamortized discount gross	23,500,000				22,400,000		22,400,000
Long term debt unamortized debt issuance costs gross	$ 800,000				$ 800,000		800,000
Debt instrument maturity date	Jul. 15, 2030
Debt instrument interest rate	0.75%
Payment of interest on debt							$ 0
Effective interest rate					0.80%		0.80%
Interest expenses					$ 1,400,000		$ 1,400,000
Debt instrument, frequency of periodic payment	Interest on the Notes will accrue at a rate of 0.75% per year from July 3, 2025 and will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026.
Debt instrument, date of first required payment	Jan. 15, 2026
Debt instrument convertible, principal amount	$ 1,000
Conversion ratio	11.8778
Conversion price \| $ / shares	$ 84.19
Redemption price, percentage	100.00%
Debt instrument, sinking fund	$ 0
Amortization of original issue discount					$ 1,100,000		$ 1,100,000
Convertible Senior Notes [Member] \| Debt Conversion Condition One [Member]
Debt Instrument [Line Items]
Debt instrument convertible threshold period of consecutive trading days \| Days	30
Threshold trading days \| Days	20
Convertible Senior Notes [Member] \| Debt Conversion Condition Two [Member]
Debt Instrument [Line Items]
Debt instrument convertible threshold period of consecutive trading days \| Days	10
Threshold trading days \| Days	5
Debt instrument convertible, principal amount	$ 1,000
Convertible Senior Notes [Member] \| Minimum [Member] \| Debt Conversion Condition One [Member]
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	130.00%
Convertible Senior Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Threshold principal outstanding amount for partial redemption	$ 100,000,000
Convertible Senior Notes [Member] \| Maximum [Member] \| Debt Conversion Condition Two [Member]
Debt Instrument [Line Items]
Threshold percentage of stock price trigger	98.00%
Common Class A [Member]
Debt Instrument [Line Items]
Common Stock Shares Subject To Capped Call Transactions \| shares					8,908,350		8,908,350

Balance Sheet Components - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and employee benefits	$ 40,313	$ 24,767
Accrued expenses	80,295	51,147
Accrued employer payroll tax related to stock-based compensation	2,090	24,439
Accrued cloud storage costs	36,684	21,394
Interest payable	1,391	8,660
Total accrued expenses	$ 160,773	$ 130,407

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity

10.

STOCKHOLDERS’ EQUITY

Common Stock

Prior to the initial public offering of the Company's Class A common stock ("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 11, 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 12, 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 was automatically cancelled and terminated for no consideration as AstraZeneca declined to extend its financial commitment before December 31, 2024. See Note 16 for further information.

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.

At the Market Sales Agreement

On August 8, 2025, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Morgan Stanley & Co., LLC, Cantor Fitzgerald & Co., TD Securities (USA), LLC and Allen & Company LLC, as sales agents (collectively, the “Sales Agents”), pursuant to which the Company may offer and sell from time to time, at its option, shares of Class A common stock through the Sales Agents (the "ATM"). The issuance and sale, if any, of shares of Class A Common Stock under the Sales Agreement will be made pursuant to an automatically effective registration statement on Form S-3 and the related prospectus included therein (the “ATM Prospectus”), which was filed with the SEC on August 8, 2025. In accordance with the terms of the Sales Agreement, under the ATM Prospectus, the Company may offer and sell shares of Class A common stock having an aggregate offering price of up to $500.0 million from time to time through the Sales Agents.

For the three and nine months ended September 30, 2025, the Company sold 2,381,895 shares under the ATM at a weighted average price of $83.97 per share for total proceeds of $195.5 million, net of $4.5 million in commissions. In connection with the entry of the Sales Agreement and filing of the ATM Prospectus, the Company incurred $0.8 million of deferred offering costs, which were reclassified as a reduction of paid-in-capital upon completion of the sale. As of September 30, 2025, approximately $300.0 million remained available for sale pursuant to the Sales Agreement and ATM Prospectus.

The entire disclosure for equity.

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Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net revenue	$ 334,206	$ 180,929	$ 904,578	$ 492,718
Related Party [Member]
Net revenue	$ 25,132	$ 2,389	$ 41,671	$ 2,604
Revenue, Product and Service [Extensible Enumeration]	Data and Services [Member]	Data and Services [Member]	Data and Services [Member]	Data and Services [Member]

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Subparagraph (a)
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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Intangible Assets

The following table summarizes intangible assets as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025						December 31, 2024
	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Customer relationships	$	254,550	$	39,746	$	214,804	$	20,550	$	15,606	$	4,944
Licensed data		28,601		21,492		7,109		20,010		17,828		2,182
Website domain		19		—		19		19		—		19
Trade names		41,000		7,429		33,571		8,000		3,429		4,571
Capitalized software		4,635		62		4,573		—		—		—
Developed technology - biotech		114,000		4,000		110,000		—		—		—
Developed technology - software		18,000		15,200		2,800		—		—		—
	$	460,805	$	87,929	$	372,876	$	48,579	$	36,863	$	11,716

Summary of Estimated Future Amortization Expense Related to Intangible Assets

As of September 30, 2025, the estimated future amortization expense related to intangible assets is as follows (in thousands):


10/1/2025 - 12/31/2025	$	19,189
2026		74,992
2027		70,144
2028		63,801
2029		62,159
2030		41,005
Thereafter		41,567
Total	$	372,857

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

^[1]

$ 63,199

$ 51,699

^[2]

17,398

(1,052)

Related Party [Member]

2,352

1,909

$ 19,918

$ 0

[1]	Includes increase in related party accounts receivable of $2,352 and $1,909 as of September 30, 2025 and September 30, 2024,
[2]	Includes increase in related party deferred revenue of $19,918 and $0 as of September 30, 2025 and September 30, 2024, respectively.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Purchase Obligations

The Company has entered into non-cancelable arrangements with third parties, primarily related to data licenses and cloud computing services. Where applicable, the Company calculates its obligation based on termination fees that can be paid to exit the contract. The data license agreements include committed payments for access to the data and additional payments contingent on the commercialization of such data. For the three months ended September 30, 2025 and 2024, the Company recognized data licensing and cloud computing expenses of $15.0 million and $10.0 million, respectively, related to non-cancelable arrangements. For the nine months ended September 30, 2025 and 2024, the Company recognized data licensing and cloud computing expenses of $38.3 million and $30.5 million, respectively, related to non-cancelable arrangements.

As of September 30, 2025, future payments under these contractual obligations were as follows (in thousands):


10/1/2025 - 12/31/2025	$	14,691
2026		45,161
2027		78,343
2028		29,517
2029		24,225
2030 and thereafter		2,667
Total purchase obligations		194,604
Less: Current portion of purchase obligations		50,686
Total long-term purchase obligations	$	143,918

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, 2025 and 2024.

Related Parties - Additional Information (Detail) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 17, 2025

Aug. 19, 2021

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2018

Dec. 31, 2024

^[1]

$ 17,398,000

$ (1,052,000)

Deferred revenue, less current portion

^[2]

$ 84,719,000

84,719,000

$ 75,981,000

20,691,000

6,710,000

Pathos Master Agreement [Member]

1,146,511,000

667,603,000

Cloud computing costs

$ 60,000,000

Related Party [Member]

Amount receive from related party

$ 1,500,000

Due to related parties

500,000

600,000

19,918,000

Deferred revenue, less current portion

19,918,000

Pathos [Member]

Due from related parties

6,600,000

4,300,000

Due to related parties

Revenue from the arrangement

25,200,000

$ 2,400,000

41,700,000

$ 2,600,000

Pathos [Member] | Pathos Master Agreement [Member]

5,700,000

$ 19,300,000

$ 0

Data license fees to be received from counterparty

200,000,000

Payments to be made in consideration of commitments

35,000,000

Pathos [Member] | Pathos Master Agreement [Member] | Upfront Payment [Member]

Data license fees to be received from counterparty

$ 50,000,000

Pathos [Member] | Maximum [Member] | Pathos Master Agreement [Member]

Percentage of data license fees owed

50.00%

Warrant [Member] | Pathos [Member]

Received warrant to purchase share

23,456,790

Percentage of current outstanding equity

15.00%

Warrant optional exercise election window term

$ 0.0125

10 days of the 20 year term

[1]	Includes increase in related party deferred revenue of $19,918 and $0 as of September 30, 2025 and September 30, 2024, respectively.
[2]	Includes related party deferred revenue of $19,918 and $0 as of September 30, 2025 and December 31, 2024, respectively.

Fair Value Measurements and Marketable Equity Securities - Schedule of Portion of Unrealized Gains and Losses Relate to Marketable Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Gain (Loss) on Securities [Line Items]
Net loss (gain) during the period on marketable equity securities	$ 1,276	$ (2,578)	$ (4,731)	$ (5,119)
Less: Net gain recognized during the period on marketable equity securities sold during the period	0	0	(3,264)	(6,081)
Unrealized loss (gain) recognized during the period on marketable equity securities still held at the reporting date	$ 1,276	$ (2,578)	$ (1,467)	$ 962

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	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jul. 31, 2024
Temporary Equity [Line Items]
Proceeds from redeemable convertible preferred stock				$ 0	$ 199,750
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
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				172,779,554		157,076,972
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (79,982)	$ (75,840)	$ (190,862)	$ (692,795)

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

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Share-Based Payment Arrangement [Abstract]

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2022	Sep. 30, 2025
Second Amended Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Terms of conversion		the Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is 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.
Maximum percentage of notes convertible to shares upon maturity at Company's option		50.00%
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

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenues, genomics	$	1,631	$	1,083	$	4,086	$	12,410
Cost of revenues, data and services		894		916		2,198		8,145
Technology research and development		5,463		3,929		12,067		54,363
Research and development		3,301		2,554		7,618		44,787
Selling, general and administrative		22,690		12,556		53,439		389,646
Total stock-based compensation	$	33,979	$	21,038	$	79,408	$	509,351

Summary of Assumptions Used to Calculate the Grant Date Fair Value of TSR PSUs Granted

The following assumptions were used in the Monte Carlo simulation model in determining the fair value of TSR PSUs granted:


	First Performance Period	Second Performance Period	Third Performance Period
Expected term (in years)	1.02 or 3.02	2.02 or 3.02	3.02
Risk-free interest rate	3.63% - 3.88%	3.63% - 3.68%	3.63%
Expected volatility	75.00%	75.00%	75.00%
NASDAQ volatility	20.00%	20.00%	20.00%
Expected dividend yield	0.00%	0.00%	0.00%

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Net revenue

Total net revenue

$ 334,206

$ 180,929

$ 904,578

$ 492,718

Cost and operating expenses

Technology research and development

38,087

30,680

105,960

135,655

Research and development

44,960

27,348

122,453

119,713

Selling, general and administrative

187,891

101,427

523,230

644,063

Total cost and operating expenses

395,202

234,545

1,096,037

1,133,100

Loss from operations

(60,996)

(53,616)

(191,459)

(640,382)

Interest income

4,600

4,789

7,506

7,538

Interest expense

(15,399)

(13,761)

(54,981)

(40,294)

Loss on debt extinguishment

(12,034)

Other income (expense), net

2,605

(11,522)

16,879

(17,821)

Loss before (provision for) benefit from income taxes

(81,224)

(74,110)

(234,089)

(690,959)

(Provision for) benefit from income taxes

(276)

(38)

45,692

(144)

Gains (losses) from equity method investments

1,518

(1,692)

(2,465)

(1,692)

Net Loss

(79,982)

(75,840)

(190,862)

(692,795)

Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares

(39,347)

Cumulative undeclared dividends on Series C preferred shares

(1,174)

Net loss attributable to common shareholders, basic

(79,982)

(75,840)

(190,862)

(733,316)

Net loss attributable to common shareholders, diluted

$ (79,982)

$ (75,840)

$ (190,862)

$ (733,316)

Net loss per share attributable to common shareholders, basic

$ (0.46)

$ (1.1)

$ (7.04)

Net loss per share attributable to common shareholders, diluted

$ (0.46)

$ (1.1)

$ (7.04)

Weighted-average shares outstanding used to compute net loss per share, basic

174,945

165,612

172,969

104,164

Weighted-average shares outstanding used to compute net loss per share, diluted

174,945

165,612

172,969

104,164

Comprehensive Loss, net of tax

Net loss

$ (79,982)

$ (75,840)

$ (190,862)

$ (692,795)

Foreign currency translation adjustment

(2,915)

10,302

5,439

10,203

Comprehensive loss

(82,897)

(65,538)

(185,423)

(682,592)

Genomics [Member]

Net revenue

Total net revenue

252,878

116,422

688,525

331,315

Cost and operating expenses

Cost of revenues

98,643

60,126

283,182

181,285

Data and services [Member]

Net revenue

Total net revenue

^[1]

81,328

64,507

216,053

161,403

Cost and operating expenses

Cost of revenues

$ 25,621

$ 14,964

$ 61,212

$ 52,384

[1]	Includes related party revenue of $25,132, $2,389, $41,671, $2,604 for the three and nine months ended September 30, 2025 and 2024, respectively.

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

13.

DEBT

Convertible Senior Notes

On July 3, 2025, the Company completed a private offering (the "Offering") of $750.0 million aggregate principal amount of 0.75% Convertible Senior Notes due 2030 (the "Notes"). The Company's net proceeds from the Offering were $725.7 million, after deducting the initial purchasers' discount and commissions and offering expenses payable by the Company.

The Notes are general unsecured obligations of the Company and will mature on July 15, 2030. Interest on the Notes will accrue at a rate of 0.75% per year from July 3, 2025 and will be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The Notes are convertible at the option of the noteholders prior to April 15, 2030, only upon satisfaction of one or more of the following conditions:

(1)

During any calendar quarter, commencing after the fiscal quarter ending on September 30, 2025, if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day;

(2)

During the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's Class A common stock and the conversion rate for the Notes on each such trading day;

(3)

If the Company calls the Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or

(4)

Upon the occurrence of specified corporate events.

On or after April 15, 2030, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at their option at any time, regardless of the foregoing conditions. Upon conversion, the Company will pay or deliver cash, shares of the Company's Class A common stock or a combination of cash and shares of the Company's Class A common stock, at the Company’s election.

The conversion rate for the Notes is 11.8778 shares of the Company's Class A common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $84.19 per share of the Company's Class A common stock. The conversion rate is subject to adjustment under certain circumstances.

On or after July 20, 2028, the Company may redeem for cash all or any portion of the Notes if the last reported sale price of the Company's Class A common stock has been at least 130% of the conversion price for the Notes for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, to, but excluding, the redemption date. If the Company redeems less than all the outstanding Notes, at least $100.0 million aggregate principal amount of Notes must be outstanding and not subject to redemption. No sinking fund is provided for the Notes.

If the Company undergoes a fundamental change (as defined in the indenture governing the Notes), then, subject to certain conditions and exceptions, noteholders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date.

The initial purchasers' discount of $23.5 million and deferred financing fees of $0.8 million on the Notes are amortized over the term of the underlying debt and unamortized amounts have been offset against the Notes, net in the consolidated balance sheets. As of September 30, 2025, the unamortized initial purchasers' discount and deferred financing fees on the Notes was $22.4 million and $0.8 million, respectively. Amortization of the initial purchasers' discount and deferred financing fees are reflected in interest expense on the consolidated statements of operations. Amortization of the initial purchasers' discount totaled $1.1 million for the three and nine months ended September 30, 2025.

During the nine months ended September 30, 2025, the Company made no interest payments on the Notes. The Company recognized interest expense of $1.4 million related to the Notes, during the three and nine months ended September 30, 2025, which represented an effective interest rate of 0.8%. Accrued interest on the Notes is recorded within Accrued expenses on the condensed consolidated balance sheet.

Capped Call Transactions

In connection with the pricing of the Notes on June 30, 2025, and the exercise in full by the initial purchasers of their option to purchase additional Notes on July 1, 2025, the Company entered into capped call transactions (the "Capped Call"), effective as of July 3, 2025, with one of the initial purchasers and certain other financial institutions. The Capped Call is expected generally to reduce the potential dilution to the Company's Class A common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on a cap price initially equal to $111.1950 per share, which is subject to certain adjustments under the terms of the Capped Call. The Capped Calls have an initial strike price of approximately $84.19 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls cover, subject to anti-dilution adjustments, approximately 8,908,350 shares of the Company's Class A common stock.

The Capped Call qualifies for a scope exception from derivative accounting for instruments that are both indexed to the issuer's own stock and classified in stockholders' equity. The $41.8 million incurred to purchase the Capped Call was recorded as a reduction to additional paid-in capital in the condensed consolidated balance sheets, and will not be remeasured as long as they continue to meet the conditions for equity classification.

Credit Facilities

On September 22, 2022, the Company entered into a Credit Agreement (the “Original Credit Agreement”) with Ares Capital Corporation (“Ares”) for a senior secured loan (the “Term Loan Facility”) that matures in September 2027, in an original principal amount of $175.0 million, less original issue discount of $4.4 million and deferred financing fees of $2.6 million. The Original Credit Agreement was amended on April 25, 2023 and October 11, 2023, to, among other things, increase the original principal amount of the Term Loan Facility by $85.0 million in the aggregate, less original issue discount of $2.2 million in the aggregate.

On February 3, 2025, the Company entered into a Third Amendment Agreement (the "Third Amendment Agreement") which, among other things, provided for an additional $200.0 million tranche of senior secured term loans (the “Additional Term Loan Facility”, and together with the Term Loan Facility, the “Term Loans”) and $100.0 million in priority revolving loan commitments (the “Revolving Credit Facility”, and loans thereunder, the “Revolving Loans”). The Company received $194.0 million under the Additional Term Loan Facility, which is the aggregate principal amount of $200.0 million, less original issue discount of $4.0 million and $2.0 million in legal fees paid to third parties, and $97.1 million in revolving loans under the Revolving Credit Facility, which is the aggregate amount of $100.0 million, less original issue discount of $2.0 million and $0.9 million in legal fees paid to third parties, the proceeds of which were used to fund the cash consideration for the Ambry Acquisition and to pay related fees. The Third Amendment Agreement was accounted for as a debt modification. The Additional Term Loan Facility and the Revolving Credit Facility mature on February 3, 2030.

On June 30, 2025, in conjunction with the Offering, the Company entered into a Fourth Amendment to the Credit Agreement (the “Fourth Amendment Agreement”). The Fourth Amendment Agreement amended the terms of the Credit Agreement to (i) permit the Offering and the related derivative transactions and (ii) provide that the Offering satisfies the junior capital raise requirement set forth in the Credit Agreement. Except as noted above, the material terms of the Credit Agreement were not amended. The Fourth Amendment Agreement was accounted for as a debt modification.

The Term Loans and Revolving Credit Facility (together with the Term Loan Facilities, the “Credit Facilities”) are subject to quarterly interest payments for Base Rate loans and at the end of the applicable interest rate period for Term Secured Overnight Financing Rate (“SOFR”) loans.

The Term Loans are subject to quarterly interest payments, which bears interest based on Term SOFR. Additionally, the Company may make either a paid-in-kind ("PIK") election or a Cash election. Pursuant to the Original Credit Agreement, as amended by the Fourth Amendment Agreement (the “Credit Agreement”), through December 31, 2025, interest on the Term Loans accrues at a per annum rate as follows: (i) for any interest period for which the Company elects to pay interest in cash, the cash interest rate for Term SOFR borrowings will be Term SOFR plus 7.25%, respectively, and (ii) for any interest period for which the Company elects to pay interest in kind, the cash interest rate for Term SOFR borrowings will be Term SOFR plus 5%, respectively, and the PIK interest rate will be 3.25%.

From and after January 1, 2026, interest on the Term Loans accrues at a per annum rate as follows: (i) for any interest period for which the Company elects to pay interest in cash, the cash interest rate for Term SOFR borrowings will be Term SOFR plus a margin ranging from 6.75% to 7.75%, respectively, and (ii) for any interest period for which the Company elects to pay interest in kind, the cash interest rate for Term SOFR borrowings will be Term SOFR plus a margin of 5%, respectively, and the PIK interest rate will be 3.25%. The applicable margin for any interest period for which the Company elects to pay interest in cash will be based on a consolidated first lien leverage ratio.

Interest on the Revolving Loans accrues interest at a per annum rate equal to Term SOFR plus 3.75% At all times prior to the termination of the Revolving Credit Facility, to the extent that, on any date, the outstanding aggregate principal amount of Revolving Credit Facility is less than the greater of (x) 50.0% of the revolving commitments and (y) $50.0 million, the amount of interest payable on the Revolving Loans shall be equal to the amount of interest that would be payable had the outstanding principal amount of Revolving Loans equaled the greater of (x) 50.0% of the revolving commitments and (y) $50.0 million (the “Minimum Revolving Interest Amount”). A commitment fee will accrue on the unused amount of the Revolving Credit Facility at a per annum rate of 0.50%; provided, however, that no such fee shall accrue to the extent the Company is being charged the Minimum Revolving Interest Amount.

In addition, the Credit Agreement 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 shall equal either $1.0 billion for the immediately trailing twelve month period or $1.0 billion on a pro forma basis and for the fiscal quarters ending March 31, 2025 through December 31, 2025, and shall equal $1.1 billion for the fiscal quarters ending March 31, 2026 through December 31, 2026. The Credit Agreement also contains a maximum first lien leverage from and after the fiscal quarter ending March 31, 2027. The Company was in compliance with all covenants in the Credit Agreement as of September 30, 2025.

The Company’s obligations under the Credit Agreement are guaranteed by certain of its subsidiaries and secured by substantially all of the Company’s and such subsidiaries’ assets.

The original issue discount of $10.5 million and deferred financing fees of $2.6 million on the Term Loans 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, 2025 and December 31, 2024, the unamortized original issue discount was $3.6 million and $3.8 million, respectively, and the unamortized deferred financing fees were $0 and $1.4 million, respectively. The original issue discount of $2.0 million and deferred financing fees of $1.0 million on the Revolving Credit Facility are amortized over the term of the underlying debt and unamortized amounts are recorded in Investments and other assets in the consolidated balance sheets. As of September 30, 2025, the unamortized original issue discount and deferred financing fees on the Revolving Credit Facility was $1.7 million and $0.8 million, respectively.

Through September 30, 2025, the Company repaid in full the principal amount of the Term Loan Facility for $276.9 million, leaving only the Additional Term Loan Facility and Revolving Credit Facility as outstanding. The Company recorded a loss on debt extinguishment of $12.0 million in the condensed consolidated statements of operations and comprehensive loss, representing a prepayment premium of $7.8 million, unamortized original issue discount of $3.1 million, and unamortized deferred financing fees of $1.1 million.

During the nine months ended September 30, 2025, the Company made $37.3 million in interest payments.

Interest expense and the effective interest rate for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Interest expense
Term Loans	$	6,789		$	9,366		$	34,460		$	27,667
Revolving Credit Facility		2,055			—			5,340			—

Effective interest rate
Term Loans		12.8	%		13.9	%		12.7	%		13.8	%
Revolving Credit Facility		8.2	%		—			8.0	%		—

Convertible Promissory Note

On February 22, 2025, the Company amended its convertible promissory note (the "Second Amended Note") with Google LLC ("Google"), originally entered into on June 22, 2020 (the "Initial Note"), and subsequently amended on November 19, 2020 (the "Amended Note"). The amendment extended the maturity date of the Second Amended Note from March 22, 2026 to December 31, 2030. In addition, the amendment provides the Company the option upon maturity to repay up to 50% of the outstanding principal and accrued interest balance (the "Outstanding Amount") in 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 amendment was accounted for as a modification. The principal balance of the Second Amended Note was reset to $238.8 million, which is the total of the then-outstanding principal and accrued interest. Consistent with the terms of the Amended Note, the Second Amended Note bears interest at a rate of 6.0% per annum, compounded annually. 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 Amount under the Second Amended Note is due and payable on the earlier of (1) December 31, 2030, 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.

The Company recognized interest expense of $3.7 million and $3.9 million during the three months ended September 30, 2025 and 2024, respectively. The Company recognized interest expense of $10.8 million and $11.2 million during the nine months ended September 30, 2025 and 2024, respectively. Accrued interest on the Second Amended Note is recorded as Interest Payable within Other long-term liabilities on the condensed consolidated balance sheet.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Paragraph 8A
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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 30, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
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	NV
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		172,863,470
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,043,789

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
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 Form 10-K for the year ended December 31, 2024. 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, 2025 and its results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The condensed consolidated balance sheet at December 31, 2024, 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, 2025 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 of this Quarterly Report on Form 10-Q. 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 in Note 4, Note 12, and Note 13, 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 Annual Report on Form 10-K for the year ended December 31, 2024 that have had a material impact on the Company’s consolidated financial statements and accompanying notes. 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. Based on the aggregate market value of shares of the Company’s Class A common stock held by non-affiliates as of June 30, 2025, the Company expects to become a “large accelerated filer” and no longer qualify as an emerging growth company as of December 31, 2025. 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, the useful lives of property, equipment and intangible assets, and the cash flows used in determining the fair value of acquired intangible assets. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” ASU 2023-09 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. The Company does not expect this ASU to have a material impact on the Company's disclosures. The Company plans to adopt the guidance for the fiscal year ending December 31, 2025 on a prospective basis. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income statement expenses. This ASU is effective for fiscal years beginning after December 15, 2026 as well as interim periods beginning after December 15, 2027 and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the related disclosures. In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU-2025-06 revises the recognition guidance for internal-use software by eliminating the previous model based on software development stages and introducing a principles-based approach. Under the new guidance, capitalization begins when management has authorized and committed to funding the project, and it is probable that the software will be completed and used for its intended purpose. This ASU is effective for interim periods and fiscal years beginning after December 15, 2027. This ASU permits an entity to apply the new guidance using either a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The Company is currently evaluating the impact of the guidance on the related disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which amends the existing guidance to (a) reduce the cost and complexity of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives, (b) better portray the economics of those contracts in the financial statements, and (c) reduce diversity in practice resulting from the broad application of the current guidance and changing business environment. The amendments also are expected to reduce diversity in practice by clarifying the applicability of Topic 606, Revenue from Contracts with Customers, to share-based noncash consideration from a customer for the transfer of goods or services. This ASU is effective for fiscal years beginning after December 15, 2026. The Company is currently evaluating the impact of the guidance on the related disclosures.

Fair Value Measurements and Marketable Equity Securities - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	$ 103,720	$ 107,309
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	8,004
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	103,720	107,309
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	8,004
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	0	0
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	0
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable equity securities	0	$ 0
Liabilities, Fair Value Disclosure [Abstract]
Holdback liability	$ 0

Related Parties

9 Months Ended

Sep. 30, 2025

Related Parties

17.

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 $0.5 million and $0.6 million as of September 30, 2025 and December 31, 2024, 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, 2025 and 2024.

Strategic Investment

The Company's Founder and Chief Executive Officer is a co-founder and serves as Executive Chairman of the board of Pathos AI, Inc. ("Pathos"). On August 19, 2021, the Company entered into a Master Agreement with Pathos, which was subsequently amended on February 12, 2024 (as amended, the "Amended and Restated Master Agreement"), for the purpose of furthering the commercialization efforts of drug development. In connection therewith, the Company received a warrant to purchase 23,456,790 shares, or approximately 15% of the then 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 Amended and Restated 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.

On April 17, 2025, the Company entered into an Order Form (the "Order Form") regarding both the development of a foundation large multimodal model in the field of oncology (the “Foundation Model”) and the licensing of certain de-identified multi-modal data to assist in the development of the Foundation Model, with Pathos under the Amended and Restated Master Agreement (the Amended and Restated Master Agreement and the Order Form collectively referred to herein as the “Pathos Master Agreement”). Pursuant to the Pathos Master Agreement, (i) Pathos will be responsible for Foundation Model development activities under the Statement of Work with AstraZeneca under the Master Services Agreement, dated November 17, 2021 between the Company and AstraZeneca, as amended form time to time (the Master Services Agreement and the Statement of Work are collectively referred to herein as the “MSA”), (ii) the Company will license Pathos a comprehensive de-identified multi-modal dataset for the sole purpose of assisting in the development and training of the Foundation Model under the MSA, (iii) Pathos will pay the Company data license fees of $200 million over a three-year period, including an upfront payment of $50 million paid as of April 2025, (iv) the Company will provide a secure cloud environment to host the Foundation Model, for which Pathos will pay the Company the first $60 million of cloud compute costs, (v) the Company will receive a license to use the Foundation Model upon its completion (with certain field restrictions and the right of sublicense to AstraZeneca), and (vi) in consideration of Pathos’ commitments under the Pathos Master Agreement, the Company will pay Pathos $35 million. Pathos, in its sole discretion, may pay up to 50% of the data license fees owed to the Company in shares of Pathos’ Series D Preferred Stock.

The Company has entered into various agreements with Pathos, encompassing the development of the Foundation Model, access to the Company's Lens product, sequencing, clinical research organization and other data services. The Company has recognized $25.2 million and $2.4 million of revenue from Pathos for the three months ended September 30, 2025 and 2024, respectively. The Company has recognized $41.7 million and $2.6 million of revenue from Pathos for the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025 and December 31, 2024, there was no amount due to related parties. As of September 30, 2025 and December 31, 2024, the amount due from related parties was $6.6 million and $4.3 million, respectively.

As of September 30, 2025, related party asset and related party asset, less current portion were $5.7 million and $19.3 million, respectively. As of December 31, 2024, the related party asset and related party asset, less current portion were both $0. The related party asset represents future services to be provided by Pathos under the Pathos Master Agreement.

As of September 30, 2025, deferred revenue and deferred revenue, less current portion includes $19.9 million and $0 million of related party deferred revenue, respectively. As of December 31, 2024, there was no related party deferred revenue.

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.

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Business Combinations

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

Business Combinations

BUSINESS COMBINATIONS

Paige.AI, Inc.

On August 22, 2025, (the "Paige Closing Date"), the Company completed its acquisition (the "Paige Acquisition") of Paige.AI, Inc. ("Paige"), a Delaware corporation, pursuant to an Agreement and Plan of Merger. Paige is an AI company specializing in digital pathology. The Paige Acquisition is expected to allow the Company to grow its dataset and establish a strong footprint in digital pathology with an industry leading technology portfolio.

The Company acquired all of the issued and outstanding shares of Paige. The acquisition resulted in goodwill of $142.4 million. No goodwill is expected to be deductible for tax purposes. The aggregate acquisition date fair value of consideration for the Paige Acquisition totaled $102.7 million. Consideration consisted of $3.0 million of cash and the issuance of an aggregate of 1,272,151 shares of the Company's Class A common stock (the "Paige Stock Consideration"), which was valued at $80.52 per share, the closing price of the Company's Class A common stock on the Paige Closing Date.

A portion of the Paige Stock Consideration was paid to employees as consideration for transaction bonuses. Paige will pay approximately $2.7 million to fulfill employee tax obligations related to the issuance. The equivalent will be withheld from those employees in the Company's Class A common stock and will be included in treasury stock. In accordance with the terms of the agreement, $6.9 million in equity consideration was held back and is payable within five business days of August 22, 2026. The $6.9 million holdback liability is recognized within Other long-term liabilities. The holdback liability is remeasured at fair value in each period following the closing with changes in fair value recorded within Selling, general and administrative expense.

The Company incurred $0.4 million and $0.9 million of transaction costs related to the Paige Acquisition during the three and nine months ended September 30, 2025, respectively, all of which was recorded within Selling, general and administrative expense in the consolidated statement of operations.

The following table summarizes the allocation of the aggregate purchase price of the Paige Acquisition (in thousands):


Assets
Cash	$	2,851
Accounts receivable		761
Prepaid expenses and other current assets		5,011
Total current assets	$	8,623
Property and equipment, net		1,116
Operating lease right-of-use assets		7,968
Investments and other assets		240
Restricted cash		2,870
Total assets acquired	$	20,817

Liabilities
Accounts payable	$	538
Accrued expenses		3,849
Operating lease liabilities		1,887
Deferred revenue		238
Total current liabilities	$	6,513
Deferred revenue, less current portion		908
Operating lease liabilities, less current portion		13,058
Other long-term liabilities		39,951
Total liabilities assumed	$	60,430

Net assets acquired and liabilities assumed	$	(39,613	)
Goodwill	$	142,352

Cash consideration	$	2,983
Stock consideration		99,756
Total acquisition price	$	102,739

The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce of the acquired company and expected growth in the Company's dataset. The Company also assumed $39.5 million of remaining purchase commitments under Paige's Microsoft Azure cloud services agreement in excess of forecasted usage, which is recorded in Other long-term liabilities.

The following pro forma information shows the results of the Company's operations as though the acquisition had occurred as of the beginning of the comparable period, January 1, 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues	$	334,470		$	181,366		$	905,437		$	494,172
Net loss		(83,719	)		(84,863	)		(208,189	)		(722,266	)

The pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of Paige to reflect acquisition-related transaction costs and the additional depreciation that would have been charged assuming the fair value adjustments to property and equipment, net had been applied from January 1, 2024. The pro forma financial information for the three and nine months ended September 30, 2024 combines the Company's financial results and the historical results of Paige for the three and nine months ended September 30, 2025 and 2024.The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the period presented, or the results that may occur in the future.

For the three and nine months ended September 30, 2025, Paige contributed an immaterial amount in net revenue within Data and services revenue and $2.4 million of net loss to the consolidated Tempus results.

Pursuant to ASC 805, Business Combinations, the Company accounted for the Paige Acquisition as a business combination under the acquisition method of accounting. The valuation of assets acquired and liabilities assumed has not been finalized as of September 30, 2025. While all amounts remain subject to adjustments, the areas subject to the most significant potential adjustments are the assumed remaining purchase commitments. As a result, the Company recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the Paige Closing Date.

Ambry Genetics Corporation

On February 3, 2025 (the "Closing Date"), the Company completed its acquisition (the "Ambry Acquisition") of Ambry Genetics Corporation, a Delaware corporation ("Ambry"), pursuant to a Securities Purchase Agreement (the "Purchase Agreement") entered into on November 4, 2024 with Realm, IDX, Inc., a Delaware corporation (the "Seller") and the Seller's ultimate parent, Konica Minolta, Inc., a Japanese corporation, as guarantor.

The Company acquired all of the issued and outstanding shares of capital stock of Ambry. Consideration for the acquisition consisted of $375.0 million in cash, subject to adjustment for cash, unpaid indebtedness, unpaid transaction expenses and net working capital of Ambry, plus the issuance of an aggregate of 4,843,136 shares of the Company's Class A common stock (the "Stock Consideration"). Stock Consideration was valued at $61.54 per share, which was the closing price of the Company's Class A common stock on the Closing Date. Pursuant to the terms of the Purchase Agreement, 2,152,505 shares issued as Stock Consideration are subject to a lock-up for a period of one year following the Closing Date. The Company was an Ambry customer prior to the acquisition and, pursuant to that preexisting relationship, owed $3.8 million to Ambry as of the Closing Date. This balance was effectively settled upon the Ambry Acquisition and was treated as a reduction to consideration transferred. The net working capital adjustment was finalized as of September 30, 2025, resulting in a decrease to the acquisition price of $3.0 million which was recorded to goodwill.

Ambry is a leader in hereditary cancer screening. The Ambry Acquisition provides the Company with expanded testing capabilities for inherited cancer risk. In addition, the Ambry Acquisition complements the Company's strategy of using data to advance clinical and scientific innovation. Ambry's extensive product offerings will allow the Company to expand into new disease categories, including pediatrics, rare disease, immunology, women's reproductive health, and cardiology.

The Company incurred $7.3 million of transaction costs related to the Ambry Acquisition, of which $0.1 million and $4.6 million were recorded within Selling, general and administrative expense in the consolidated statement of operations during the three and nine months ended September 30, 2025, respectively.

The following table summarizes the allocation of the aggregate purchase price of the Ambry Acquisition (in thousands):


Assets
Cash	$	20,555
Accounts receivable		62,853
Inventory		11,188
Prepaid expenses and other current assets		10,153
Total current assets	$	104,749
Property and equipment, net		38,560
Operating lease right-of-use assets		26,198
Investments and other assets		268
Customer relationships		234,000
Trade names		33,000
Developed technology - software		18,000
Developed technology - biotech		114,000
Total assets acquired	$	568,775

Liabilities
Accounts payable	$	199
Accrued expenses		28,870
Operating lease liabilities		3,008
Deferred revenue		1,347
Total current liabilities	$	33,424
Deferred revenue, less current portion		1,099
Operating lease liabilities, less current portion		23,259
Deferred tax liabilities		46,468
Other long-term liabilities		368
Total liabilities assumed	$	104,618

Net assets acquired and liabilities assumed	$	464,157
Goodwill	$	228,186

Cash consideration	$	394,296
Stock consideration		298,047
Total acquisition price	$	692,343

The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce of the acquired company and expected growth from the horizontal integration of Ambry's genomics testing. $0.6 million of goodwill is expected to be deductible for tax purposes. The identifiable intangible assets acquired consisted of customer relationships, developed technology - biotech, developed technology - software, and trade names.

The fair value of customer relationships was estimated using the multi period excess earnings method, which isolates the net earnings attributable to the asset being measured. Significant assumptions used in the valuation of customer relationships included forecasted revenue and expenses, customer attrition, and discount rate.

The fair values of developed technology - biotech, developed technology - software, and trade names were estimated using the relief from royalty method, which considers the market-based royalty a company would pay to enjoy the benefits of the trade name or technology in lieu of actual ownership of the trade name or technology. Significant assumptions used in the valuation of these assets included forecasted revenue and expenses, royalty rate, and discount rate. In addition, the valuation of developed technology assets included assumed obsolescence rates.

As described, the valuation of identifiable intangible assets acquired required various estimates and assumptions. Accordingly, the purchase price adjustments are preliminary and are subject to further adjustments as additional information becomes available and additional analyses are performed, and such further adjustments may be material. The Company's management believes the fair values recognized for the assets acquired and liabilities assumed are based on reasonable estimates and assumptions.

Estimated useful lives of the identifiable intangible assets acquired are as follows:


		Useful Life
Customer relationships		7 years
Trade names		7 years
Developed technology - software		3 years
Developed technology - biotech		5 years

The following pro forma information shows the results of the Company's operations as though the acquisition had occurred as of the beginning of the comparable period, January 1, 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues	$	334,206		$	258,171		$	937,501		$	574,914
Net loss		(79,850	)		(85,872	)		(229,573	)		(646,588	)

The pro forma amounts have been calculated after applying the Company's accounting policies and adjusting the results of Ambry to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property and equipment, net and intangible assets had been applied from January 1, 2024. The pro forma financial information for the three and nine months ended September 30, 2024 combines the Company's financial results and the historical results of Ambry for the three and nine months ended September 30, 2025 and 2024. Included in the adjustment is a $46.2 million tax benefit for the nine months ended September 30, 2025 from the release of a portion of the valuation allowance attributable to estimated deferred tax liabilities as of the opening balance sheet. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the period presented, or the results that may occur in the future.

For the three months ended September 30, 2025, Ambry contributed $102.6 million in net revenue within Genomics revenue and $2.4 million of net income to the consolidated Tempus results. For the nine months ended September 30, 2025, Ambry contributed $263.4 million in net revenue within Genomics revenue and $10.1 million of net income to the consolidated Tempus results.

Pursuant to ASC 805, Business Combinations, the Company accounted for the Ambry Acquisition as a business combination under the acquisition method of accounting. The valuation of assets acquired and liabilities assumed has not been finalized as of September 30, 2025. While all amounts remain subject to adjustments, the areas subject to the most significant potential adjustments are intangible assets and deferred income taxes. As a result, the Company recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the Closing Date.

Deep 6

On March 11, 2025, the Company acquired all of the issued and outstanding interests of Deep 6 AI, Inc. ("Deep 6"), a Delaware corporation (the "Deep 6 Acquisition"), that enables healthcare organizations to de-risk clinical trials, accelerate recruitment, and generate real-world evidence with speed and precision. Deep 6's AI-powered software matches patients to clinical trials by mining real-time structured and unstructured electronic medical record data across a broad ecosystem.

The acquisition resulted in goodwill of $21.1 million. The aggregate acquisition date fair value of consideration for the Deep 6 Acquisition totaled $17.4 million. Consideration consisted of $4.3 million of cash and $13.1 million of the Company's Class A common stock. In accordance with the terms of the agreement, $0.8 million in equity consideration was held back and is payable within five business days of March 11, 2026. The $0.8 million holdback liability is recognized within Other long-term liabilities. The holdback liability is remeasured at fair value in each period following the closing within selling, general and administrative expense.

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. In December 2024, the Company issued 19,620 shares of the Company's Class A common stock as payment of the contingent consideration. As of September 30, 2025, no other amounts are due under the contingent consideration or holdback agreements.

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.