Starling Oncology, Inc.
starlingoncology.comWhat Do They Do?
Dispenses cancer medicines and provides community-based oncology care, including physician services, infusion and radiation, for patients and health plans.
10-K for FY2025, filed Mar 12, 2026TOI operates specialty and retail pharmacies in all 5 states through which we are capable of filling medication orders that are incidental…View ↗
TOI provides medical care on a fee-for service basis for physician services, in-house infusion, radiation, and innovative programs like…View ↗
TOI offers value-based contracts to payors, including managed care organizations and other risk-bearing entities, who are interested in…View ↗
How Do They Make Money?
Health plans pay monthly for enrolled patients under capitation; insurers and patients are billed for individual visits after care. Pharmacy benefit managers are billed when medicines are ordered, and trial sponsors or their contractors pay based on procedures performed.
10-K for FY2025, filed Mar 12, 2026TOI offers value-based contracts to payors, including managed care organizations and other risk-bearing entities, who are interested in…View ↗
TOI provides medical care on a fee-for service basis for physician services, in-house infusion, radiation, and innovative programs like…View ↗
TOI operates specialty and retail pharmacies in all 5 states through which we are capable of filling medication orders that are incidental…View ↗
Through TOI Clinical Research, LLC ("TCR"), the clinical research arm of our affiliated professional corporations, or TOI PCs, we also…View ↗
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10-K for FY2025, filed Mar 12, 2026
FY2025 revenue by product or service ↗
$502.7M
-
10-K for FY2025, filed Mar 12, 2026
$502.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Patient services
|
46%
FY2022: 66%
|
Patient services, FY2025
$229M Sources
|
|
|
Specialty pharmacy
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
54% |
Specialty pharmacy, FY2025
$269.2M Sources
|
Sold outright |
|
Clinical trials & other
Usage-based
|
0.9%
FY2022: 2.5%
|
Clinical trials & other, FY2025
$4.6M Sources
|
Usage-based |
Who Are Their Customers?
Health plans and managed-care groups contract for population-based cancer care; patients are referred to clinics for individual services. Pharmacy benefit managers and pharmaceutical companies or their trial contractors pay for prescriptions and clinical-trial services.
10-K for FY2025, filed Mar 12, 2026TOI offers value-based contracts to payors, including managed care organizations and other risk-bearing entities, who are interested in…View ↗
TOI provides medical care on a fee-for service basis for physician services, in-house infusion, radiation, and innovative programs like…View ↗
TOI operates specialty and retail pharmacies in all 5 states through which we are capable of filling medication orders that are incidental…View ↗
Through TOI Clinical Research, LLC ("TCR"), the clinical research arm of our affiliated professional corporations, or TOI PCs, we also…View ↗
Do Revenues Turn Into Profits?
No. It lost $60.6M in FY2025.
10-K for FY2025, filed Mar 12, 2026
−$36.1MView ↗
10-K for FY2025, filed Mar 12, 2026
−$60.6MView ↗
10-K for FY2025, filed Mar 12, 2026
−$27.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$9.8MView ↗
- ▼ −42% (Loss)
- vs −$17M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Raised full-year revenue and gross-profit guidance
Revenue guidance rose to $650 to $670 million and gross profit guidance to $105 to $110 million.
Sources
8-K, filed Aug 6, 2026
Revenue $630 to $650 million $650 to $670 millionView ↗
Growing. Revenue grew 2.5x in 4 years, from $203M in FY2021 to $502.7M in FY2025, about 25% a year.
Broader payer delegation
The latest report describes full-delegation arrangements that add utilization management, network construction and claims decisions across independent clinics; the earlier report discusses contracts tied to wider care costs and acute-care use.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 12, 2026In 2023, we are continuing to evolve the way we structure our value-based arrangements, particularly in areas of the country where there…View ↗
In 2025, we continued to evolve the way we structure our value-based arrangements, particularly in areas of the country where there is an…View ↗
Who Do They Compete With?
Competes with American Oncology Network, U.S. Oncology Network, OneOncology, Evolent Health, Thyme Care, and OncoHealth
10-K for FY2025, filed Mar 12, 2026The U.S. healthcare industry is generally highly competitive. We compete with large and medium-sized local and national providers of cancer…View ↗
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