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  "documentTitle": "Tempus AI, Inc. (TEM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-05-28 00:00:00",
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  "pageNumber": 34,
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  "notes": "The slide uses a red-bordered callout box to highlight the core thesis and a table to provide chronological evidence of the relationship's decline.",
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      "text": "Although Tempus continues to portray its relationship with AstraZeneca (\"AZN\"), a large and significant customer, as robust and suggests that the recent agreement with Pathos is an extension of its collaboration with AstraZeneca, the facts tell a different story. We believe the partnership, which began in November 2021 with a five-year, $200 million Master Services Agreement (\"MSA\"), has deteriorated over time. Amendments extended the term to nearly seven years and increased the total commitment to $220 million, but AstraZeneca's reluctance to deepen its financial stake became clear when it declined to increase its commitment by an additional $100 million before the end of 2024 and forfeited a warrant to purchase stock at $37 per share with one year of time value remaining. The April 2025 arrangement, in which $35 million of AstraZeneca's commitment is paid to Pathos through Tempus, further reduced AstraZeneca's contractual liability to Tempus, with Tempus receiving no direct economic benefit from this pass-through payment. Contrary to the Company's messaging, this latest deal with Pathos is not a true extension of the AstraZeneca relationship, but rather a restructuring that we believe underscores the ongoing erosion of the commitment between Tempus and AstraZeneca.",
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      "kind": "callout",
      "text": "Contrary to the Company's messaging, this latest deal with Pathos is not a true extension of the AstraZeneca relationship, but rather a restructuring that we believe underscores the ongoing erosion of the commitment between Tempus and AstraZeneca.",
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      "text": "Source: Original MSA between AstraZeneca and Tempus Labs, 1st Amendment, 2nd Amendment, 3rd Amendment, TEM FY24 10K, TEM 8-K",
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      "kind": "table",
      "text": "AstraZeneca and Tempus History table showing dates, +/- indicators, and event descriptions.",
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      "text": "We Believe AstraZeneca And Tempus Have A Deteriorating Strategic Relationship",
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