• It's like DaVita, but for comprehensive cancer care, providing integrated outpatient services for oncology patients.
• Think of it as Oak Street Health for cancer patients, offering a holistic and integrated care model specifically for oncology needs.

• Medical Oncology Services: Provides comprehensive medical care, diagnoses, and treatment plans for cancer patients through physician consultations.
• In-house Infusion and Dispensary: Offers convenient on-site administration of chemotherapy and other infusible medications, and dispenses necessary oral oncology drugs.
• Clinical Trial Services: Manages and facilitates patient participation in advanced clinical research studies for new cancer treatments.
• Outpatient Stem Cell Transplants and Transfusions Programs: Performs specialized stem cell transplantation and blood transfusion procedures on an outpatient basis for cancer patients.
• Palliative Care Programs: Delivers specialized medical care focused on providing relief from the symptoms and stress of a serious illness like cancer, aiming to improve quality of life.
• Patient Support: Offers various programs and resources to support cancer patients throughout their treatment journey.

Starling Oncology (STLN), operating as The Oncology Institute, Inc., provides medical oncology services directly to individuals. Therefore, its major customers are categories of patients rather than other companies.

The company serves the following primary categories of customers:

1. Cancer Patients: Individuals diagnosed with various forms of cancer who require comprehensive medical oncology services, including physician consultations, infusion therapies, and ongoing treatment management.
2. Clinical Trial Participants: Patients seeking access to innovative and experimental cancer treatments by enrolling in the company's managed clinical trials.
3. Patients Requiring Specialized Care: Individuals in need of specific advanced oncology procedures and support programs, such as outpatient stem cell transplants, blood transfusions, and palliative care services.

Daniel Virnich, M.D., MBA, FACHE, Chief Executive Officer

Dr. Daniel Virnich joined The Oncology Institute in 2020 and was appointed Chief Executive Officer in June 2023. Before joining The Oncology Institute, Dr. Virnich served as President of DaVita Medical Group, Florida, where he managed a full-risk medical group and an Independent Practice Association (IPA) with over 1,400 teammates and clinicians. He also held the role of Senior Vice President of Operations for Healthcare Partners in Southern California and was the Chief Medical Officer for Team Health's Acute Care services division earlier in his career.

Rob Carter, Chief Financial Officer

Rob Carter was promoted to Chief Financial Officer, effective October 14, 2024. He joined The Oncology Institute in 2021 as Vice President of Finance and was promoted to Senior Vice President in 2023, overseeing corporate finance, financial planning and analysis (FP&A), treasury, and investor relations. Mr. Carter has over ten years of finance leadership experience in the healthcare sector, including serving as Head of FP&A at Hoag Health System, and holding various financial leadership positions at Kaiser Permanente, SCAN Health Plan, and McKesson.

Jeffrey Langsam, Chief Clinical Officer

Jeffrey Langsam serves as the Chief Clinical Officer for Starling Oncology.

Jordan McInerney, Chief Development Officer

Jordan McInerney was appointed as the new Chief Development Officer.

Kristin England, Chief Administrative Officer

Kristin England was named Chief Administrative Officer, effective July 7, 2025.

The key risks to Starling Oncology (STLN) include its precarious financial position, reliance on evolving healthcare reimbursement policies, and challenges associated with scaling its value-based care model amidst competition.

• Financial Position and Cash Runway: Starling Oncology faces significant financial challenges, including having less than one year of cash runway based on its current free cash flow trend, which stood at -US$26 million. The company also reports negative equity of -US$16 million and is currently unprofitable, with a projected net loss of US$17 million for the next year. This situation necessitates raising additional capital or a substantial improvement in cash flow to avoid shareholder dilution or increased balance sheet risk. The company's net loss for the first quarter of 2026 was $2.5 million.
• Dependence on Reimbursement Rates and Healthcare Policy: The company's business model relies heavily on Medicare Advantage, Medicaid, and other risk-based contracts. This exposes Starling Oncology to unpredictable changes in healthcare policy and reimbursement rates, which could directly impact future revenue and lead to earnings volatility. Such changes could significantly influence the pace of margin improvement and overall shareholder value.
• Challenges in Scaling Value-Based Care and Competition: Starling Oncology is expanding its value-based care model, but this involves significant operational and integration risks, especially when entering new geographies and onboarding large capitated contracts. These early contracts often have lower margins and require active management, potentially delaying the realization of full revenue and net margin improvement. Additionally, the company faces considerable competition from larger healthcare systems.

Starling Oncology (STLN) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Value-Based Care and Capitation Contracts: The company is actively expanding its value-based care model, with a focus on delegated capitation contracts. This is evidenced by contract expansion in Florida, which is expected to bring Medicare Advantage lives to 200,000 across 25 counties, effective July 1, 2026. Starling Oncology anticipates that profitability from newly onboarded delegated contracts will build progressively over 2026, with more fully realized economics in 2027. The company projects that capitation revenue could increase to approximately 30% of total revenue by 2028.
2. Growth in the Specialty Pharmacy Segment: The Specialty Pharmacy (also referred to as Dispensary) segment is a significant driver of revenue growth. In the first quarter of 2026, the specialty pharmacy business experienced a substantial 77.6% increase in revenue. Strong volumes in this segment during the latter half of 2025 are expected to contribute to annualized revenue growth in 2026. Starling Oncology believes that Dispensary revenue could account for approximately 50% of total revenue by 2028.
3. Organic Growth and New Contract Wins: Starling Oncology's revenue outlook for 2026 includes broader organic growth and the securing of new contracts across its platform. The company's growth strategy involves disciplined market entry and expanding local access to cancer care.
4. Expansion of Clinic Locations and Geographic Presence: The company continues to expand its physical footprint, operating with more than 400 employed and network clinicians and over 100 clinics and network locations across five states, with plans for further growth. A significant expansion path for Starling Oncology is deepening its presence in fast-growing "Sun Belt" states, leveraging population growth and high demand for local cancer care.

Share Issuance

• In November 2021, The Oncology Institute, Inc. (formerly DFP) completed a business combination that included the potential issuance of up to 12,500,000 additional earnout shares.
• As of late July/early August 2026, Starling Oncology, Inc. had approximately 99.98 million shares outstanding.

Inbound Investments

• In July 2026, The Oncology Institute completed a strategic refinancing with OrbiMed, repaying an $86 million Deerfield convertible note, which enhanced its balance sheet and liquidity.
• The business combination in November 2021, through which the company became publicly traded, resulted in a net increase in cash of approximately $127.4 million.

Capital Expenditures

• Starling Oncology, Inc. reported capital expenditures of $2.8 million, $5.5 million, $4.6 million, and $3.8 million in recent years.
• For 2026, the company expects Free Cash Flow to be between $5 million and $15 million, which accounts for capital expenditures as part of its operational cash flow.