Company: TEM
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025603
Chunk: 404

Company: Tempus AI, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 2
Chunk 404
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Zeneca in conjunction with the signing of the MSA in November 2021. We have a warrant asset related to a November 2023 Commercialization and Reference Laboratory Agreement with Personalis, which was exercised in August 2024. The fair value of the warrant assets and liabilities are measured each reporting period.

Provision for Income Tax 

Provision for income taxes consists of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business, as adjusted for non-deductible expenses, and changes in the valuation of our deferred tax assets and liabilities. We maintain a full valuation allowance on our U.S. federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized. 

Losses from Equity Method Investments 

Losses from equity method investments consist of earnings from our joint venture and equity method investments. 

125

Results of Operations 

The following table sets forth the significant components of our results of operations for the periods presented (in thousands). 

    Year Ended December 31,

    2024

    2023

    Net revenue

    Genomics
     
    $
    451,749

    $
    363,022

    Data and services

    241,649

    168,800

    Total net revenue
     
    $
    693,398

    $
    531,822

    Cost and operating expenses

    Cost of revenues, genomics

    243,467

    189,165

    Cost of revenues, data and services

    68,818

    56,482

    Technology research and development

    167,519

    95,155

    Research and development

    149,325

    90,343

    Selling, general and administrative

    755,351

    296,760

    Total cost and operating expenses

    1,384,480

    727,905

    Loss from operations
     
    $
    (691,082
    )
     
    $
    (196,083
    )

    Interest income

    11,084

    7,601

    Interest expense

    (53,653
    )

    (46,869
    )

    Other income, net

    32,336

    21,822

    Loss before provision for income taxes

    (701,