Crain’s reported that Chicago’s AI-powered darling, Tempus, finally filed for an initial public offering (IPO) today. Founded in 2015 by Eric Lefkofsky, the company started by offering genomic sequencing for cancer treatment but has expanded to tackle other diseases.

Tempus has been a hot topic for several years.  Their filing with the U.S. Securities and Exchange Commission (SEC) indicates they’re looking to raise at least $100 million, though this is likely a placeholder and will change when the offering is finalized. Tempus plans to trade on the Nasdaq Global Select Market under the ticker TEM.

Building a Massive Database

Tempus boasts an impressive database of 7.7 million clinical records used by over 7,000 physicians across hundreds of provider networks. This includes more than 65% of all academic medical centers in the U.S. Pharmaceutical giants like AstraZeneca and GlaxoSmithKline are also among their clientele.

Financials and Funding

The company has seen revenue growth, generating $320.7 million and $531.8 million in 2022 and 2023 respectively. However, they’ve also incurred net losses of $289.8 million and $214.1 million during those years. As of March 2024, Tempus has a deficit of $1.5 billion and anticipates needing more capital to fund operations, develop their platform, and launch new products.

Genomics testing is their primary revenue source, generating $198 million and $363 million in 2022 and 2023 respectively.

Chicago’s Latest IPO

Tempus joins UL Solutions, another Chicago company, in seeking to go public after a market cool down. UL Solutions’ successful IPO in April, with a 25% stock price increase on debut, bodes well for Tempus.

This article was originally published on iBIO NewsBrief. Gain a head start on your day with iBIO NewsBrief. Subscribe to receive top industry headlines delivered straight to your inbox.