Oncology Institute, Inc.

Listed Company

TOIIWCIK 0001799191NasdaqAcceleratedSmaller ReportingServices-Offices & Clinics Of Doctors Of MedicineDelawareNLFY ends Dec 31

Period

FY 2025

Revenue

$502.73M

Net Income

$-60.61M

Total Assets

$164.66M

Equity

$-15.72M

Shares Out

98.84M

Op. Cash Flow

$-24.59M

Business

The Oncology Institute, Inc. provides value-based outpatient oncology care through affiliated physician practices and a management services organization that manages medical and radiation oncology episodes. It offers fee-for-service physician visits, in-house infusion and radiation therapy, outpatient blood transfusions, specialty and retail pharmacy services, clinical trials and palliative care, plus 24/7 patient support and care management. Its key business lines include Patient Services (FFS), Value‑based population-level contracts and delegation, Dispensary operations, and Clinical Research/Trials delivered under management services agreements. TOI serves patients across 16 markets in five U.S. states through owned affiliated clinics, contracted independent locations, and payor partnerships.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenue	503	393	324	252	203
Selling, general and administrative expense	106	108	114	120	83
Depreciation and amortization	7	6	6	4	3
Total operating expenses	539	454	401	334	249
Loss from operations	−36	−60	−77	−82	−46
Interest expense, net	11	7	7	—	—
Change in fair value of derivative warrant liabilities	247,000	−619,000	286,000	−2	−4
Change in fair value of conversion option derivative liabilities	12	−3	−878,000	−24	0
Other, net	925,000	365,000	704,000	−501,000	−1
Total other non-operating expense	25	5	6	−82	−34
Loss before provision for income taxes	−61	−65	−83	−91,000	−12
Income tax benefit	131,000	0	36,000	243,000	671,000
Net loss	−61	−65	−83	152,000	−11
Net loss attributable to common stockholders, basic	−50	−53	−68	68,000	−11
Net loss attributable to common stockholders, diluted	−50	−53	−68	−17	−11
Weighted-average number of shares outstanding, basic (in shares)	92	75	74	73	66
Weighted-average number of shares outstanding, diluted (in shares)	92	75	74	81	66
Net loss per share attributable to common stockholders, basic (in dollars per share)	−0.54	−0.71	−0.92	0	−0.16
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−0.54	−0.71	−0.92	−0.21	−0.16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	34	50	33	14	115
Accounts receivable, net	59	48	42	40	20
Other receivables	322,000	346,000	551,000	617,000	1
Inventories	17	10	14	9	6
Prepaid expenses and other current assets	3	4	4	7	—
Total current assets	113	112	143	130	154
Property and equipment, net	11	12	11	9	4
Operating right of use assets	22	26	29	24	0
Intangible assets, net	11	15	18	18	18
Goodwill	7	7	7	21	27
Other assets	606,000	589,000	561,000	477,000	320,000
Total assets	165	173	209	262	203
Accounts payable	43	24	14	9	16
Current portion of operating lease liabilities	7	7	6	5	0
Accrued expenses and other current liabilities	21	21	14	15	14
Total current liabilities	71	52	35	30	30
Operating lease liabilities	19	23	26	22	0
Derivative warrant liabilities	264,000	17,000	636,000	350,000	2
Conversion option derivative liabilities	13	385,000	3	4	0
Long-term debt, net of unamortized debt issuance costs	77	93	87	81	0
Other non-current liabilities	28,000	125,000	365,000	868,000	7
Deferred income taxes liability	0	32,000	32,000	108,000	371,000
Total liabilities	180	169	152	138	99
Commitments and contingencies (Note 15)	0	0	0	0	0
Common Stock, 0.0001 par value, authorized 500,000,000 shares; 100,596,918 shares issued and 98,863,144 shares outstanding at December 31, 2025 and 77,470,886 shares issued and 75,737,112 shares outstanding at December 31, 2024	10,000	8,000	8,000	7,000	7,000
Series A Convertible Preferred Stock, 0.0001 par value, authorized 10,000,000 shares; 193,507 and 165,045 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	257	215	204	186	167
Treasury Stock at cost, 1,733,774 shares at December 31, 2025 and 2024	−1	−1	−1	0	—
Accumulated deficit	−271	−211	−146	−63	−63
Total stockholders equity (deficit)	−16	4	57	123	104
Total liabilities and stockholders equity (deficit)	165	173	209	262	203

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	7	6	6	4	3
Amortization of debt issuance costs and debt discount	8	6	6	2	53,000
Write-off of assets from clinical trials segment	2	—	—	—	—
Share-based compensation	5	11	18	28	25
Unrealized (gain) loss on investments	0	−133,000	−249,000	378,000	0
Accretion of discount on investment securities	0	−500,000	−3	−1	0
Deferred taxes	−32,000	0	−76,000	−263,000	−1
Loss on disposal of property and equipment	0	271,000	−30,000	21,000	0
Accounts receivable	−12	−6	−5	−20	−2
Inventories	−7	4	−4	−2	−2
Other receivables	−274,000	205,000	66,000	620,000	−792,000
Prepaid expenses	2	1	3	4	−9
Other assets	−17,000	−28,000	−84,000	−157,000	−198,000
Accrued expenses and other current liabilities	−448,000	9	3	2	−3
Accounts payable	20	9	5	−6	3
Change in operating leases	−452,000	559,000	−5	−4	0
Other non-current liabilities	−11,000	−203,000	−443,000	−1	809,000
Net cash and cash equivalents used in operating activities	−25	−27	−36	−62	−33
Purchases of property and equipment	−3	−4	−5	−6	−3
Proceeds from asset disposition	126,000	0	—	—	—
Sales of marketable securities/investments	0	50	81	0	—
Net cash and cash equivalents provided by (used in) investing activities	−3	46	63	−132	−12
Proceeds from private placement, net of offering costs	15	0	—	—	—
Proceeds from at-the-market offering, net of offering costs	14	0	126,000	—	—
Proceeds from employee stock purchase plan	151,000	0	—	—	—
Payments made for financing of insurance payments	−991,000	−1	−3	−5	−409,000
Payment of deferred consideration liability for acquisition	−50,000	−2	−3	−509,000	−50,000
Principal payments on long-term debt	−20	0	—	0	−7
Principal payments on financing leases	−37,000	−39,000	−101,000	−58,000	—
Common stock issued for warrants exercised	517,000	0	—	—	—
Common stock issued for options exercised	3	75,000	126,000	858,000	0
Net cash and cash equivalents provided by (used in) financing activities	12	−3	−7	92	154
Net (decrease) increase in cash and cash equivalents	−16	16	19	−101	109
Interest	4	4	5	224,000	275,000
Principal exchange of convertible note for preferred stock	4	0	—	—	—
Right-of-use assets in connection with operation lease modifications	2	1	—	—	—
Financed insurance premiums	794,000	844,000	1	0	—
Purchases of property and equipment included in accounts payable	441,000	680,000	182,000	—	—

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