STLN on Nasdaq

Starling Oncology, Inc.

American Offices and Clinics of Doctors of Medicine services company. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerSTLN on Nasdaq1
  • IndustryServices-Offices & Clinics of Doctors of Medicine1
  • HeadquartersCerritos, California1
  • Incorporated inDE2
  • Business address18000 Studebaker Rd, Suite 800, Cerritos, Ca 907032
  • Filer categoryAccelerated filer, Smaller reporting company2
  • Legal formCorporation

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.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-7.2%Operating margin4
-12.1%Net margin4
27.8%Revenue growth, 20254
-$27.8MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Health Care, Specialty Pharmacy brought in 54% of the revenue Starling Oncology, Inc. broke down this way in fiscal 2025.

  1. Health Care, Specialty Pharmacy$269.2M454%up 50% from 2024
  2. Fee For Service$148.5M430%up 9% from 2024
  3. Capitated Revenue$80.5M416%up 17% from 2024
  4. Clinical Research Trials And Other Revenue$4.6M41%down 47% from 2024
Products and services by year
Products and services20242025
Health Care, Specialty Pharmacy$179.9M$269.2M
Fee For Service$136.2M$148.5M
Capitated Revenue$68.7M$80.5M
Clinical Research Trials And Other Revenue$8.6M$4.6M

Business segments

Specialty pharmacy, brought in 54% of the revenue Starling Oncology, Inc. broke down this way in fiscal 2025.

  1. Specialty pharmacy,$269.2M454%up 50% from 2024
  2. Patient Services,$229.0M446%up 12% from 2024
  3. Clinical Trials And Other,$4.6M41%down 47% from 2024
Business segments by year
Business segments20242025
Specialty pharmacy,$179.9M$269.2M
Patient Services,$204.9M$229.0M
Clinical Trials And Other,$8.6M$4.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin21¢$105.6M
  • Other costs79¢$397.0M
  • Income tax0¢$131.0K

Out of $502.7M in revenue.4 The company lost money this year.

Financial statements

Revenue56784$502.7M in 2025+168% since 2020
0$200.0M$400.0M$600.0M2020: $187.5M$187.5M20202021: $203.0M$203.0M2021+8%2022: $252.5M$252.5M2022+24%2023: $324.2M$324.2M2023+28%2024: $393.4M$393.4M2024+21%2025: $502.7M$502.7M2025+28%
Operating income56784-$36.1M in 2025+340% since 2020
-$100.0M-$75.0M-$50.0M-$25.0M02020: -$8.2M-$8.2M20202021: -$45.9M-$45.9M2021+459%2022: -$82.0M-$82.0M2022+79%2023: -$77.0M-$77.0M2023−6%2024: -$60.1M-$60.1M2024−22%2025: -$36.1M-$36.1M2025−40%
Net income56784-$60.6M in 2025+323% since 2020
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2020: -$14.3M-$14.3M20202021: -$10.9M-$10.9M2021−24%2022: $152.0K$152.0K20222023: -$83.1M-$83.1M20232024: -$64.7M-$64.7M2024−22%2025: -$60.6M-$60.6M2025−6%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total operating revenue$502.7M$393.4M
Selling, general and administrative expense$105.6M$107.8M
Depreciation and amortization$6.9M$6.3M
Total operating expenses$538.8M$453.5M
Loss from operations-$36.1M-$60.1M
Interest expense, net$11.3M$7.5M
Change in fair value of derivative warrant liabilities$247.0K-$619.0K
Change in fair value of conversion option derivative liabilities$12.2M-$2.7M
Other, net$925.0K$365.0K
Total other non-operating expense$24.7M$4.5M
Loss before provision for income taxes-$60.7M-$64.7M
Income tax benefit$131.0K$0
Net loss-$60.6M-$64.7M
Net loss attributable to common stockholders, basic-$50.3M-$53.0M
Net loss attributable to common stockholders, diluted-$50.3M-$53.0M
Weighted-average number of shares outstanding, basic (in shares)92.4M shares75.0M shares
Weighted-average number of shares outstanding, diluted (in shares)92.4M shares75.0M shares
Net loss per share attributable to common stockholders, basic (in dollars per share)-$0.54-$0.71
Net loss per share attributable to common stockholders, diluted (in dollars per share)-$0.54-$0.71

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Leadership

Who has led Starling Oncology, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (21)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerRobert Carter named Apr 8, 202541
  • Executive OfficerMatthew Miller named Aug 24, 202242

Former names

  • Oncology Institute, Inc.Aug 30, 2021 to Aug 3, 20262
  • DFP HEALTHCARE ACQUISITIONS CORP.Jan 14, 2020 to Nov 12, 20212

Timeline

  1. Nov 16, 2023New chief executive Daniel Virnich becomes CEO13
  2. Nov 16, 2021New chief executive Brad Hively becomes CEO14

Filings

497 filings to the SEC since October 2021: 8 annual reports, 17 quarterly reports, 77 major events, 257 insider forms, 33 large holders, 2 private raises, 103 other. The latest 20:

  1. Sep 2, 20268-K EDGAR
  2. Aug 24, 20264 EDGAR
  3. Aug 21, 2026144 EDGAR
  4. Aug 21, 20268-K EDGAR
  5. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 6, 20268-K EDGAR
  8. Aug 3, 20268-K EDGAR
  9. Jul 29, 20264 EDGAR
  10. Jul 29, 20264 EDGAR
  11. Jul 29, 20264 EDGAR
  12. Jul 29, 20264 EDGAR
  13. Jul 29, 20264 EDGAR
  14. Jul 29, 20264 EDGAR
  15. Jul 29, 20264 EDGAR
  16. Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 16, 20264 EDGAR
  18. Jul 14, 2026144 EDGAR
  19. Jul 13, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jul 9, 20264 EDGAR

The 497 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

124 open-market trades by officers, directors and large owners since October 2021: 33 buys and 91 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 21, 2026Hively BradDirectorSale298,853$6.51$1.9MForm 4
Aug 14, 2026Chernett Jorey10% ownerBuy12,000$6.54$78.5KForm 4
Jul 21, 2026Chernett Jorey10% ownerBuy18,000$5.27$94.9KForm 4
Jul 14, 2026Podnos YaleChief Medical OfficerSale23,452$6.41$150.4KForm 4
Jul 10, 2026Chernett Jorey10% ownerBuy15,000$5.85$87.8KForm 4
Jun 23, 2026Chernett Jorey10% ownerBuy18,000$5.02$90.4KForm 4
Jun 8, 2026Podnos YaleChief Medical OfficerSale23,451$5.38$126.2KForm 4
Jun 4, 2026Chernett Jorey10% ownerBuy12,000$4.75$57.0KForm 4
May 20, 2026Chernett Jorey10% ownerBuy33,500$4.07$136.3KForm 4
May 19, 2026Chernett Jorey10% ownerBuy5,000$4.05$20.2KForm 4
May 19, 2026Chernett Jorey10% ownerBuy30,000$4.09$122.7KForm 4
Apr 16, 2026Kaushal MohitDirectorSale38,433$3.50$134.5KForm 4
Apr 14, 2026Kaushal MohitDirectorSale57,286$3.50$200.5KForm 4
Apr 9, 2026Chernett Jorey10% ownerBuy20,000$3.10$62.0KForm 4
Mar 27, 2026Chernett Jorey10% ownerBuy27,429$2.96$81.2KForm 4
Mar 26, 2026Chernett Jorey10% ownerBuy50,000$3.15$157.5KForm 4
Mar 24, 2026Chernett Jorey10% ownerBuy125,000$3.11$388.8KForm 4
Mar 20, 2026Chernett Jorey10% ownerBuy25,000$3.35$83.8KForm 4
Mar 17, 2026Chernett Jorey10% ownerBuy75,000$3.42$256.5KForm 4
Mar 16, 2026Chernett Jorey10% ownerBuy60,985$3.29$200.6KForm 4

All 124 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 26, 2025Raised $16.4 million in a private offering of equity Form D: 14 investors so far Form D
  2. Aug 9, 2022Raised $110 million in a private offering of debt Form D: 3 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,749,030$25.8M0.0%+333,163
Deerfield Management Company, L.P.3,360,052$18.2M0.2%No change
Vanguard Capital Management LLC3,265,531$17.7M0.0%−211,250
Josh Arnold Investment Consultant, LLC2,464,359$13.4M8.4%No change
Geode Capital Management, LLC1,899,998$10.3M0.0%+142,151
Goldman Sachs Group Inc1,735,337$9.4M0.0%+383,438
Wexford Capital LP1,711,323$9.3M1.3%No change
State Street Corp1,552,917$8.4M0.0%+91,463
Nuveen, LLC1,408,720$7.6M0.0%+1,313,456
Renaissance Technologies LLC1,365,913$7.4M0.0%+463,104
CenterBook Partners LP1,241,660$6.7M0.3%−326,763
Marshall Wace, Llp1,222,498$6.6M0.0%+880,233
Vanguard Portfolio Management LLC1,007,037$5.5M0.0%+144,198
Citadel Advisors LLC894,101$4.9M0.0%+285,834
Jane Street Group, LLC852,163$4.6M0.0%+427,269
BRC Group Holdings, Inc.742,593$4.0M0.9%−187,141
Arrowstreet Capital, Limited Partnership710,888$3.9M0.0%+291,465
Two Sigma Investments, LP668,839$3.6M0.0%+361,085
Northern Trust Corp591,534$3.2M0.0%+33,079
Vanguard Fiduciary Trust Co502,049$2.7M0.0%+18,989
FourWorld Capital Management LLC499,196$2.7M3.1%No change
Manatuck Hill Partners, LLC450,000$2.4M0.8%New
Walleye Capital LLC445,832$2.4M0.0%New
Inspire Investing, LLC424,008$2.3M0.1%New
Jpmorgan Chase & Co409,348$2.3M0.0%+39,171

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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