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  "documentTitle": "Tempus AI, Inc. (TEM)",
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  "notes": "The slide highlights a potential accounting manipulation and governance issue regarding Scott Gottlieb's dual board roles.",
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      "text": "We are alarmed by the Q1'25 surge in accounts payable, which cannot be explained by the Ambry acquisition which included just $0.2m of additions. Tempus may be stretching out payables to generate cash flow.",
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      "text": "We are alarmed by the Q1'25 surge in accounts payable, which cannot be explained by the Ambry acquisition which included just $0.2m of additions. Tempus may be stretching out payables to generate cash flow. We also observe that the working capital changes in payables reported through the cash flow statement do not reconcile with the calculated change in payables and payables to Illumina are increasing. Tempus Director Scott Gottlieb sits on Illumina's Board, and owns stock in both companies, but Tempus does not reference these payments as related party. Why is this the case?",
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      "text": "Source: TEM SEC Filings, Dr. Gottlieb Joins Illumina Board (2020), TEM proxy statement which does not disclose Illumina as related party dealings.",
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