The Pulse
Pathos AI Raises $237 Million as Bristol Myers Squibb Leads Round
Pathos AI says its $237 million Series E, led by Bristol Myers Squibb, will scale its Foundry platform and advance four oncology assets, including JSKN-016. A separate agreement with Tempus covers a five-year neurological-data license for P
AI.info Team · Written with AI · fact-checked ·
“Foundry has fundamentally accelerated our ability to identify highly promising clinical assets and integrate them into our pipeline.”
Iker Huerga, CEO of Pathos AI, said in the financing announcement.
Pathos AI closed a $237 million Series E on October 23, 2026, at a post-money valuation of approximately $3 billion. Bristol Myers Squibb led the round, which also included existing investors. The New York clinical-stage drug developer says it will use the capital to expand Foundry, its agent-based drug-development platform, and accelerate work on its oncology pipeline.
JSKN-016 anchors oncology spending
Pathos says it now has four active clinical assets, following what it describes as a series of strategic transactions guided by Foundry. The company’s financing announcement identifies JSKN-016, a TROP2/HER3 bispecific antibody-drug conjugate, as a priority for the new funding. Pathos describes the asset as first-in-class and says the funding will support its advancement toward registrational studies.
The company also plans to advance pocenbrodib for metastatic castration-resistant prostate cancer and relapsed or refractory multiple myeloma; AZD4241, an estrogen-receptor PROTAC partnered with AstraZeneca; and DO-2, a MET kinase inhibitor. The announcement names these programs and the intended development work but does not report clinical outcomes or evidence that Foundry has improved drug-development success rates.
Pathos describes Foundry as operating through thousands of specialized AI agents that aggregate information about a drug program, including clinical data, genomics and biological specimen data. The company says the system identifies next decisions for programs, pinpoints biological subpopulations and can inform clinical-trial changes. Those are descriptions of the platform’s intended capabilities in the announcement, not reported trial findings.
Tempus agreement sets data-delivery terms
The financing was announced alongside a separate collaboration between Pathos, Bristol Myers Squibb and Tempus AI focused initially on Alzheimer’s disease and other neurological conditions. Under the arrangement, Tempus will build a de-identified, longitudinal dataset from hundreds of thousands of patients, and Pathos will license the data for five years under an agreement valued at up to $55 million. Pathos says it will use Foundry to analyze the dataset, generate and test hypotheses about disease biology, and inform clinical-trial design.
Tempus’s securities filing describes the delivery and payment terms in more detail. Tempus agreed to use commercially reasonable efforts to deliver and license 500,000 de-identified records of patients with Alzheimer’s disease or specified neurological conditions during the five-year term, at a planned rate of 100,000 records per year. The filing says Pathos may pay up to $55 million: $50 million in data-license fees at $100 per delivered record, plus $5 million for record updates. Because the data-license fees depend on records delivered, the amount Tempus earns under that part of the agreement depends on delivery during the term.
The filing also says the related agreements were reviewed and approved by a special committee of disinterested Tempus directors under the company’s related-person transaction policy, due to overlap in executive leadership and equity ownership between Tempus and Pathos.
Bristol Myers Squibb gains non-exclusive access to Foundry across its broader research portfolio and three-year exclusive rights in its neuroscience development programs, according to Pathos’s collaboration announcement. The announcement says the partners aim to use the data and platform to examine disease progression, identify patients who may benefit from potential therapies, and inform more targeted trials. It does not report clinical results from this neurological collaboration.
The announced financing is intended to fund both platform expansion and clinical development, with JSKN-016 identified as a central priority. The collaboration with Tempus is a separate data-and-platform project whose filing sets out a planned record-delivery schedule and fees tied in part to the number of records delivered.