Tempus AI, Inc. - TEM STOCK NEWS

Tempus AI, Inc. (NASDAQ: TEM) reported Q2 2024 financial results, showing strong growth and expansion. Key highlights include:

- Revenue increased 25% year-over-year to $166.0 million
- Data licensing revenue growth accelerated to 40% year-over-year
- Expanded into the minimal residual disease (MRD) market
- Established a joint venture with Softbank to enter the Japanese market
- Raised $410.7 million in gross proceeds from IPO
- Net Loss of ($552.2 million), largely due to stock compensation expenses
- Adjusted EBITDA improved to ($31.2 million)
- Full year 2024 revenue guidance of ~$700 million, representing ~32% annual growth

The company continues to make progress in deploying AI technology within healthcare, positioning itself as a leader in precision medicine and patient care.

Tempus AI (NASDAQ: TEM) has launched a new program under its Tempus Next platform to identify care gaps in guideline-directed IHC testing, starting with HER2. The program uses a new RNA-based algorithm integrated into Tempus' xR RNA sequencing assay to predict HER2 positivity in tumor samples. This AI-driven approach aims to surface patients more likely to benefit from confirmatory IHC testing, aligning with clinical guidelines for select metastatic cancers.

The program is being piloted at select sites, where Tempus will notify physicians of patients identified as potentially HER2 positive, enabling them to consider ordering confirmatory IHC tests. This initiative leverages Tempus' genomics, AI applications, and data capabilities to provide real-time, guideline-directed care recommendations to physicians, demonstrating the practical application of AI in improving clinical care as treatment options become more complex.

Tempus AI, Inc. (NASDAQ: TEM) has expanded its collaboration with Remix Therapeutics, a clinical-stage biotech company. This partnership now includes:

1. Licensing of de-identified data cohorts
2. Use of Tempus' Lens data analytics platform for studying Adenoid Cystic Carcinoma (ACC) and Acute Myeloid Leukemia (AML)
3. Next-generation sequencing support for Remix's Phase I trial of REM-422, an oral mRNA degrader
4. Utilization of Tempus' xT and xR assays for DNA and RNA data
5. Tracking treatment response using xM Monitor, Tempus' ctDNA assay

This expanded collaboration aims to accelerate Remix's research and development goals, particularly in advancing REM-422 into clinical trials.

GeneCentric Therapeutics has announced that the American Medical Association (AMA) has granted a Proprietary Laboratory Analysis (PLA) code for their PurIST pancreatic cancer test. This RNA expression-based test, licensed to Tempus AI (NASDAQ: TEM), is designed to inform and personalize treatment for pancreatic cancer patients.

The PurIST PLA code is the first Common Procedural Terminology (CPT) code created for algorithm-based analysis of previously sequenced RNA data from a laboratory developed test (LDT). This represents a significant step towards reimbursement for AI-enabled algorithms and supports the commercialization of PurIST.

The test classifies tumors of patients with unresectable stage III or stage IV pancreatic ductal adenocarcinoma (PDAC) as either basal or classical subtype, helping to guide first-line therapy in a cancer type with diagnostic options and high mortality rates.

Tempus AI, Inc. (NASDAQ: TEM), a leader in artificial intelligence and precision medicine, has announced its plans to report second quarter 2024 financial results on Tuesday, August 6, 2024. The company will hold an earnings conference call at 4:30 p.m. ET on the same day. The call will feature Tempus Founder and CEO, Eric Lefkofsky, and Chief Financial Officer, Jim Rogers.

Investors and interested parties can access the live audio webcast through the events page of Tempus' Investor Relations website. Alternatively, participants can join the call using the following details:

• Conference ID: 6326328
• Domestic Dial-in Number: (800) 715-9871
• International Dial-in Number: (646) 307-1963

Tempus AI (NASDAQ: TEM) has launched its multimodal immune profile score (IPS) algorithmic test for research use only. This pan-cancer test assesses immunotherapy-related biomarkers to calculate an IPS from 0-100, classifying results as IPS-Low or IPS-High. The test aims to support patient stratification for immunotherapy response across pan-cancer cohorts.

Tempus is also collaborating with partners like Cleveland Clinic to expand its immunotherapy-focused algorithmic test portfolio. The company has licensed a machine-learning-based test developed by Dr. Timothy A. Chan at Cleveland Clinic, which predicts immune checkpoint blockade efficacy based on patient-specific factors.

These developments are part of Tempus' growing suite of AI-enabled predictive algorithms, including tests for Homologous Recombination Deficiency, Tumor Origin, and dihydropyrimidine dehydrogenase. The IPS test is expected to be available as an add-on option for clinicians ordering Tempus' xT and xR tests by year-end.

Tempus AI (NASDAQ: TEM) has achieved a significant milestone with over 500 research publications in eight years, emphasizing its commitment to scientific rigor and advancing precision medicine. The company's research portfolio includes 143 peer-reviewed articles, 291 poster presentations, and 31 oral presentations at major scientific conferences. Key forums include the ASCO Annual Meeting and SABCS. Their research supports the clinical validation of Tempus tests, such as HRD and TO, and showcases advancements in genomic sequencing and molecular profiling. CEO Eric Lefkofsky and Senior Strategic Advisor Norman E. Sharpless highlight the importance of Tempus' contributions to biomedical research and clinical care advancements.

Tempus AI (NASDAQ: TEM) has received a proprietary laboratory analysis (PLA) code from the American Medical Association (AMA) for its PurISTSM algorithmic test, effective October 1, 2024. PurISTSM analyzes previously sequenced RNA data to classify pancreatic cancer patients into subtypes, aiding first-line therapy decisions. The PLA code marks progress towards reimbursement for AI-driven algorithms. Clinical studies show PurISTSM stratifies overall survival for patients with specific therapies. The AMA's Category I CPT codes for RNA sequencing, effective January 2023, reflect growing recognition of RNA profiling. Major insurers like Medicare and Cigna deem RNA profiling medically necessary. Tempus's xR assay, submitted to the FDA, aims to qualify for ADLT status, facilitating advanced diagnostics and precision therapies.

Tempus AI (NASDAQ: TEM) has been awarded Advanced Diagnostic Laboratory Test (ADLT) status by the Centers for Medicare & Medicaid Services (CMS) for its FDA-approved next-generation sequencing assay, xT CDx. This designation, the first of its kind, allows Tempus to offer tumor mutation profiling for patients with solid organ neoplasms. The initial ADLT reimbursement rate is set at $4,500, effective from July 1, 2024, to March 31, 2025. After this period, starting April 1, 2025, CMS will establish a new Medicare rate based on private payer data. Ezra Cohen, Chief Medical Officer of Oncology at Tempus, stated this milestone reflects their commitment to improving patient care through precision medicine.