Tempus has an agreement with Pathos AI, another company founded by Lefkofsky, where Pathos pays Tempus for a right to license its data. Lefkofsky is looking to maintain full control of Tempus post-IPO, with his shares granted 30 votes per share. Despite its losses, Tempus has raised $1.42 billion in funding from investors and was last valued at $8.1 billion in Oct. 2022. The company recently received $200 million from SoftBank, but its prospectus indicates it will need to raise additional capital in the future.
Key takeaways:
- Eric Lefkofsky, founder of Tempus, a genomic testing and data analysis company, is preparing for its IPO. This will be the fourth public listing for Lefkofsky, who has previously taken three other businesses public, including Groupon.
- Tempus' revenues were $531 million in 2023, a 66% growth from $321 million in 2022, but the company is still experiencing significant net losses. Despite this, the operating loss margin has shrunk from 83% in 2022 to 37% in 2023.
- Lefkofsky has not taken a salary for the past two years, but is due to be paid $800,000 and an $800,000 bonus starting in 2025. He also received a $5.3 million dividend from company stock this year and Tempus has covered the cost of $7.5 million worth of preferred shares issued to him.
- Tempus has an agreement with Pathos AI, another company Lefkofsky founded. Pathos AI pays Tempus for a right to license its data. Tempus' COO, Ryan Fukushima, serves as Pathos CEO and splits his time between the two companies.