Pathos AI raises $237 million at reported $3 billion valuation

Pathos AI closed a $237 million Series E led by Bristol Myers Squibb, reporting an approximately $3 billion post-money valuation on Oct. 23, 2026. Existing investors also participated. The financing came alongside announced drug-development collaborations involving Bristol Myers Squibb and Tempus AI focused on Alzheimer’s disease and other neurological conditions.

The reported valuation is not the amount Pathos raised: it is the company’s approximate post-money valuation. The figures are company-reported estimates.

A smaller round at a higher reported valuation i

Pathos’s May 2025 Series D raised $365 million at an approximately $1.6 billion post-money valuation. The new round raised $128 million less, a decrease of about 35%. Meanwhile, the reported valuation rose by about 88%—roughly 1.9 times—using the rounded figures. The comparison describes the reported financing figures, not an independent assessment of the company’s value.

Pathos said it will use the Series E proceeds to scale Foundry, its drug-development platform, and advance its portfolio. It identified moving JSKN016 toward registrational studies as a priority. That is a stated goal; the announcement did not say such a study had started.

Tempus agreements are separate from the financing i

Pathos said Bristol Myers Squibb would receive non-exclusive strategic access to Foundry across its broader portfolio, along with three-year exclusive rights related to its neuroscience development programs. The announced collaboration work includes Alzheimer’s disease and other neurological conditions.

A separate Tempus agreement with Pathos covers neurological-condition data and a Tempus analysis tool for research and therapeutic-development work, including work to assist Bristol Myers Squibb. The agreement provides for up to $55 million in payments from Pathos to Tempus: $50 million in data-license fees tied to records delivered and $5 million for record updates. The amount earned depends on delivery.

Tempus also disclosed a separate oncology data and services agreement with Bristol Myers Squibb, with $137.5 million in aggregate fixed payments. Together, the two Tempus agreements provide for up to $192.5 million over approximately five years. They are commercial agreements, not part of Pathos’s $237 million equity financing; the neurological data work is for research and development, not a patient-facing service.

Tempus said its Pathos neurology order form and related side letter were reviewed and approved by a special committee of disinterested directors under its related-person transaction policy, citing overlapping executive leadership and equity ownership.

Pathos’s financing and the agreements set out capital, data access and development plans; they do not establish that Foundry improves drug development or that a resulting therapy works. Pathos is based in New York City.