Starling Oncology, Inc. STLN
Formed in 2007, the business of what is now The Oncology Institute, Inc. ("TOI", the "Company", "we", or "our) and its affiliated professional corporations was created initially as a collection of community oncology practices in southern California, and has evolved to be a national leader in the pursuit of reducing the ever-rising cost of oncology care, while embracing clinical best practices, state-of-the-art technology, and compassionate treatment of patients.
While we continue our original purpose of seeing our patients on a fee-for-service basis for their oncology, hematology, specialty infusion, oral pharmacy needs, as well as enrolling patients in clinical trials, where appropriate, TOI's true mission lies in our differentiated ability to partner with managed care providers and other risk-bearing entities to transfer the risk and patient coordination responsibility of treating cancer in the subset of the population that is experiencing an oncology treatment episode. To do this, we utilize a combination of gain/loss sharing, capitation, and full delegation contracts at the population-level, which allow TOI to control the treatment of oncology patients in an outpatient setting, across both medical oncology (traditional IV-based infusion therapy) and radiation oncology (radiation therapy provided by linear accelerator equipment).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $502.7M | $393.4M | $324.2M | $252.5M | $203.0M | $187.5M | — |
| SG&A | $105.6M | $107.8M | $113.9M | $119.7M | $83.4M | $41.9M | — |
| Operating income | -$36.1M | -$60.1M | -$77.0M | -$82.0M | -$45.9M | -$8.2M | — |
| Interest expense | $11.3M | $7.5M | $6.8M | $4.1M | $320.0K | $347.0K | — |
| Pre-tax income | -$60.7M | -$64.7M | -$83.1M | -$91.0K | -$11.6M | -$14.8M | — |
| Income tax | $131.0K | $0 | $36.0K | $243.0K | $671.0K | $493.0K | — |
| Net income | $60.61B | $64.66B | -$83.1M | $152.0K | -$10.9M | -$14.3M | — |
| EPS, basic | -0.54 | -0.71 | -0.92 | 0.00 | -0.16 | -0.24 | — |
| EPS, diluted | -0.54 | -0.71 | -0.92 | -0.21 | -0.16 | -0.24 | — |
| Shares, diluted (wtd. avg.) | 92.4M | 75.0M | 73.7M | 80.6M | 66.2M | 59.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $33.6M | $49.7M | $33.5M | $14.0M | $115.2M | $6.0M | $2.4M |
| Short-term investments | — | $0 | $49.4M | $59.8M | $0 | — | — |
| Receivables | $59.0M | $48.3M | $42.4M | $39.8M | $20.0M | $17.1M | — |
| Inventory | $16.9M | $10.0M | $13.7M | $9.3M | $6.4M | $4.4M | — |
| Total current assets | $112.7M | $112.4M | $143.5M | $130.4M | $154.1M | $29.7M | $25.0K |
| Property, plant and equipment | $10.7M | $11.9M | $10.9M | $8.5M | $4.2M | $2.1M | — |
| Goodwill | $7.2M | $7.2M | $7.2M | $21.4M | $26.6M | $14.2M | — |
| Other intangibles | $11.0M | $14.8M | $17.9M | $18.0M | $18.2M | $19.5M | — |
| Total assets | $164.7M | $172.7M | $209.2M | $261.7M | $203.4M | $65.7M | $50.0K |
| Accounts payable | $43.2M | $24.3M | $14.4M | $9.4M | $15.6M | $12.6M | — |
| Short-term debt | — | — | — | $0 | $183.0K | $5.4M | — |
| Total current liabilities | $71.0M | $52.2M | $34.8M | $29.7M | $29.8M | $28.6M | $27.3K |
| Long-term debt | $77.4M | $93.1M | $86.8M | $80.6M | $0 | $6.6M | — |
| Total liabilities | $180.4M | $169.1M | $152.2M | $138.5M | $99.3M | $37.6M | $27.3K |
| Retained earnings | -$271.4M | -$210.8M | -$146.2M | -$63.1M | -$63.2M | -$52.3M | -$2.3K |
| Total equity | -$15.7M | $3.6M | $57.0M | $123.2M | $104.2M | $28.1M | $42.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$24.6M | -$26.5M | -$36.3M | -$61.8M | -$32.7M | $508.0K | — |
| Depreciation and amortisation | $6.9M | $6.3M | $5.9M | $4.4M | $3.3M | $3.2M | — |
| Stock-based compensation | $4.6M | $11.2M | $17.8M | $27.7M | $24.5M | $151.0K | — |
| Capital expenditure | $3.2M | $3.8M | $4.6M | $5.5M | $2.8M | $1.2M | — |
| Investing cash flow | -$3.1M | $46.2M | $62.6M | -$131.6M | -$12.2M | -$8.8M | — |
| Financing cash flow | $11.6M | -$3.5M | -$6.8M | $92.2M | $154.0M | $11.9M | — |
| Buybacks | — | $0 | $1.0M | $9.0M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197350.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $187.5M | $203.0M | $252.5M | $324.2M | $393.4M | $502.7M |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$14.3M | -$10.9M | $152.0K | -$83.1M | $64.66B | $60.61B |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Cybersecurity incident A cybersecurity incident the company has determined to be material. Required since December 2023. Item 1.05
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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