{
  "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": 40,
  "pageCount": 76,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses a 'villain' framing by questioning the CAO's role and the redaction of the GSK signatory.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "footnote",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b43d907adb44/40",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b43d907adb44#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.23,
        "x": 0.02,
        "y": 0.4
      },
      "kind": "callout",
      "text": "Warning: It is highly suspicious that GSK redacted its signatory",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5376434-90ae-46bd-8bd7-f05bff0c8f31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.23,
        "x": 0.76,
        "y": 0.4
      },
      "kind": "callout",
      "text": "Warning: Why is the Chief Accounting Officer executing business agreements?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3b71a39-9af8-4fd3-8603-ae7ee26b50c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Even more suspicious, why did the Chief Accounting Officer and not a legal department executive sign the contract amendment?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6b0-2ed131a59698",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.17,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "The agreement between GlaxoSmithKline (GSK) and Tempus was originally signed on August 1, 2022, with a total potential commitment of $310 million for the years 2022–2025. Just prior to TEM's IPO, on May 20, 2024, the agreement was amended to extend its duration by two years, now covering 2022–2027. Importantly, this amendment did not require any additional contractual commitment, as the total potential commitment remains $310 million. Of this amount, only $190 million is contractually guaranteed, while the remaining $120 million is structured as a non-contractual, opt-in component at GSK's discretion. Even more suspicious, why did the Chief Accounting Officer and not a legal department executive sign the contract amendment?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "181988fa-5c3b-419b-b74c-aec5eca72384",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.02,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Strategic Collaboration Agreement between GlaxoSmithKline and Tempus Labs, 1st Amendment",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c1a5421-964b-438f-aee7-168ab8eba6fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.6
      },
      "kind": "table",
      "text": "GlaxoSmithKline Collaboration History table showing original agreement vs 1st amendment commitment totals",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ff89980-cbd1-4c05-9f60-aa3b28897814",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.02
      },
      "kind": "title",
      "text": "GlaxoSmithKline Collaboration And Suspicious Amendment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28d134c2-e2c2-4bf7-80ad-6df6abce2a63",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de87d-f758-760e-9ff2-09512d716ed8",
      "evidence": "Title flags 'Suspicious Amendment'",
      "confidence": 86
    },
    {
      "name": "Annotation",
      "slug": "annotation",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de87d-f78a-7091-8149-e990f4de5c48",
      "evidence": "Highlighted CAO signature",
      "confidence": 80
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "9e4dec56-46c5-47de-be75-2c6591f0542f",
      "evidence": "The slide explicitly labels the contract execution as 'Highly Suspicious' and questions the legitimacy of the signatory and the nature of the amendment.",
      "confidence": 0.9
    }
  ],
  "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
}