Pathos AI raises $237 million Series E led by Bristol Myers Squibb

Pathos AI’s Series E has brought in $237 million at an approximately $3 billion post-money valuation, the New York drug developer said. Bristol Myers Squibb led the financing, with existing investors participating, and Pathos said it will put the money toward its oncology pipeline and the expansion of its Foundry AI platform.

The investment ties a large drugmaker more closely to a company attempting to use software and data analysis in clinical development. It was announced alongside separate agreements among Pathos, Bristol Myers and Tempus AI focused on Alzheimer’s disease and other neurological conditions.

Pathos did not disclose its revenue, headcount or the identities and individual commitments of the participating existing investors. Fierce Biotech reported that the company previously raised a $365 million Series D in May 2025 and a $62 million Series C in October 2024.

What will Pathos AI use its Series E funding for?

Pathos said a central use of the capital is moving JSKN016 toward registrational studies. The program is a TROP2/HER3 bispecific antibody-drug conjugate, a treatment designed to use an antibody to deliver a drug payload to cells bearing selected targets. Registrational studies are trials intended to support an application for regulatory approval.

The company also named three other programs for clinical advancement:

• pocenbrodib, for metastatic castration-resistant prostate cancer and relapsed or refractory multiple myeloma;
• AZD4241, an AstraZeneca-partnered estrogen-receptor PROTAC for ER-positive, HER2-negative breast cancer; and
• DO-2, a next-generation MET kinase inhibitor for MET-altered non-small-cell lung cancer.

Pathos said it now has four active clinical assets. Those programs remain development-stage candidates; the financing announcement reported no new clinical results.

What is Pathos Foundry?

Pathos describes Foundry as a system of thousands of specialized AI agents that combine clinical data, genomics, biological-specimen information and competitive intelligence for a drug program. The company says the platform can help identify patient subgroups, inform trial changes and rule out higher-risk development paths. Those are Pathos’s claims about the platform, rather than evidence that it has improved clinical outcomes.

The company plans to use part of the new funding to expand Foundry. Bristol Myers’ role is more than financial: under the separately announced collaboration, it will receive non-exclusive strategic access to Foundry across its broader research and development portfolio and three-year exclusive rights for neuroscience development programs.

How does the Tempus collaboration fit in?

Pathos will license a planned de-identified longitudinal dataset from Tempus under a five-year, $55 million agreement, according to a Pathos announcement distributed by Business Wire. Tempus is expected to build the dataset from hundreds of thousands of people with neurological conditions; Pathos intends to analyze it through Foundry.

The partners say the work is meant to study disease progression, identify patients who may benefit from potential therapies and inform targeted, adaptive trials in Alzheimer’s disease and other neurological conditions. The dataset has yet to be built, and the announcements did not report clinical results from the collaboration.

This story draws on original reporting from SiliconANGLE.