{
  "docId": "019dd923-622c-750b-8b99-b43d907adb44",
  "docSlug": "3c210b1fcba7",
  "documentTitle": "Tempus AI, Inc. (TEM)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 38,
  "pageCount": 76,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a visual comparison of two payment flows to illustrate the accounting maneuver.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "process_diagram",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b43d907adb44/38",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44#slide-38",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.0052
      },
      "kind": "callout",
      "text": "We believe AstraZeneca structured the $35M payment through Tempus so it would count toward its existing contract obligation, reducing its total commitment by $35M.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f50b538-4c03-4b58-ba71-41939b8ded85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Ultimately, this was not an expansion or extension of the AstraZeneca and Tempus agreement, but rather a reduction in AstraZeneca's future spend under the original contract.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6b1-025e97e3d817",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.08,
        "y": 0.0037
      },
      "kind": "diagram",
      "text": "Flowchart showing AstraZeneca -> Tempus -> Pathos vs AstraZeneca -> Pathos",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9aec998e-ab02-4606-8dd7-5489033e59c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.96,
        "x": 0.02,
        "y": 0.00165
      },
      "kind": "paragraph",
      "text": "We believe the AstraZeneca / Pathos deal structure was driven by AstraZeneca's preference, as it allowed them to reduce their financial commitment under the original Master Services Agreement by $35 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ace43184-4671-4415-9849-40222227fd61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.05,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: TEM 8-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ffc34146-43fa-41a7-9dd5-7c3c70f84987",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "Deal Structure: In Our Opinion, Not An Expansion, But A Reduction",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f388615-8ab4-4ca5-b046-456cbaad7acd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Causal Chain",
      "slug": "causal-chain",
      "agent": "Architect",
      "layer": "loop",
      "matchId": "019de87d-f64e-759e-8e1e-d42aa6997bd0",
      "evidence": "AZ to Tempus to Pathos arrow flow",
      "confidence": 85
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87d-f5ca-704c-aac8-7a5fbf84c372",
      "evidence": "Title: 'Not An Expansion, But A Reduction'",
      "confidence": 92
    },
    {
      "name": "Contrast Principle",
      "slug": "contrast-principle",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de87d-f60f-71e2-bad7-6c377978dde4",
      "evidence": "Two flow diagrams compared side-by-side",
      "confidence": 90
    }
  ],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "cc71b14d-09f1-4096-82f0-96af3a470c40",
      "evidence": "The slide explicitly contrasts the stated deal structure with the author's interpretation of a hidden financial reduction.",
      "confidence": 0.9
    },
    {
      "name": "Process Diagram",
      "slug": null,
      "matchId": "019de87e-0791-718a-b2cf-05d648a29d54",
      "evidence": "Two value-flow diagrams compared",
      "confidence": 65
    }
  ],
  "arcBeats": [
    {
      "to": 69,
      "from": 12,
      "beatId": "019de87d-e40d-7574-b4dc-522b102a6735",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "Five evidence sections: insiders, AI hype, partnerships, accounting, billing.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 69,
      "from": 12,
      "beatId": "019de87d-e501-7638-91f7-175bec763c5d",
      "arcName": "The Mountain",
      "arcSlug": "mountain",
      "beatName": "Rising Action",
      "beatSlug": null,
      "evidence": "Mounting evidence across insiders, AI, partnerships, accounting, billing.",
      "position": 2,
      "confidence": 55,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 41,
      "from": 32,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "019de87d-e60e-7069-8d2e-28f4aad62fde",
      "evidence": "Surface (AZ/GSK/SoftBank deals) vs hidden system (Pathos money cycle, debt covenant pressure).",
      "position": 4,
      "objective": "Show partnerships are surface-level — round-tripping underneath",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 80,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}