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  "documentTitle": "Tempus AI, Inc. (TEM)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-05-28 00:00:00",
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  "notes": "The slide uses a table to contrast consistent historical reporting against a single 'Not Disclosed' entry.",
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      "kind": "callout",
      "text": "Was the decision to withhold the March 31st TCV figure a deliberate attempt to avoid disclosing a lower number prior to the closing of the headline AstraZeneca/Pathos contract?",
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      "text": "Spruce Point always pays close attention to changes in disclosure as clues for financial challenges. We find Tempus's handling of its Total Contract Value (TCV) reporting around March 31, 2025 particularly noteworthy and concerning.",
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      "kind": "source-note",
      "text": "Source: DRS (4/28/2023, 11/13/2023), 424B4, Presentations (Q2'24, Q3'24, Q4'24), Tempus Q1'25 Earnings call",
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      "text": "Playing Devil's Advocate: Why Was March 31st TCV Not Disclosed?",
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