The Oncology Institute Reports Fourth Quarter and Full Year 2025 Financial Results and Guidance for 2026
Rhea-AI Summary
The Oncology Institute (NASDAQ: TOI) reported Q4 2025 revenue of $142.0M (+41.6%) and full-year 2025 revenue of $502.7M (+27.8%), with gross profit of $76.4M for 2025 (+41.6%).
Q4 adjusted EBITDA was $0.15M, full-year adjusted EBITDA was $(12.4)M, net loss for 2025 was $(60.6)M, and cash totaled $33.6M as of Dec 31, 2025. 2026 guidance: revenue $630–650M, gross profit $97–107M, adjusted EBITDA $0–9M, free cash flow $(15)–5M.
The company expects ~$150M in capitated revenue in 2026 and anticipates Q1 2026 adjusted EBITDA of $(1)M to $(3)M due to seasonality and reimbursement timing.
Positive
- Revenue +27.8% year-over-year for full-year 2025
- Q4 revenue +41.6% versus prior-year quarter
- 2026 revenue guidance of $630–650 million
- Capitated revenue expected at ~$150 million in 2026
- Adjusted EBITDA guidance targeting $0–9 million for 2026
Negative
- Net loss $60.6M for full-year 2025
- Full-year adjusted EBITDA still negative at $(12.4)M in 2025
- Free cash flow risk with 2026 outlook as low as $(15)M
- Q1 2026 seasonality expected to pressure adjusted EBITDA by $(1)–$(3)M
News Market Reaction – TOIIW
On the day this news was published, TOIIW gained 107.69%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TOIIW is down 6.91% while momentum data show TOI common stock and DCGO up. Broader medical care peers are mixed, pointing to a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -4.4% | Raised 2025 guidance with strong Q3 revenue and gross profit growth. |
| Aug 13 | Q2 2025 earnings | Positive | -0.7% | Strong Q2 growth, pharmacy outperformance, reaffirmed full-year 2025 guidance. |
| May 14 | Q1 2025 earnings | Positive | +14.8% | Solid Q1 growth, new capitation wins, and reaffirmed 2025 outlook. |
| Mar 24 | FY 2024 results | Positive | +6.5% | Q4 and 2024 revenue growth with positive operating cash flow and new contracts. |
| Nov 13 | Q3 2024 earnings | Neutral | -2.6% | Revenue growth but weaker gross margin and continued net losses in Q3 2024. |
Earnings releases have produced mixed reactions: several strong fundamental updates saw negative or muted moves, while others aligned positively with the news.
Recent earnings events show consistent revenue growth and expanding gross profit, with TOI repeatedly reaffirming or raising guidance. Q4 2024 and the 2025 quarters highlighted capitation expansion, pharmacy strength, and improving Adjusted EBITDA, though net losses persisted. Market reactions have been uneven: some positive guidance updates saw declines, while others, like Q1 2025 and Q4 2024, drew gains. Today’s 2025 results and 2026 guidance fit this pattern of operational progress amid volatile price responses.
Historical Comparison
Past earnings headlines moved the stock by an average of 2.72%. Today’s -6.91% move in TOIIW is larger and more negative despite revenue growth and 2026 profitability guidance.
Earnings updates show steady revenue and gross profit expansion, improving Adjusted EBITDA, and a recurring message of progressing toward sustained profitability.
Market Pulse Summary
The stock surged +107.7% in the session following this news. A strong positive reaction aligns with TOI’s pattern of rewarding clear execution milestones. Earnings history shows steady revenue and gross profit growth with improving Adjusted EBITDA, while today’s update adds positive cash flow in Q4 and 2026 guidance targeting $630–$650 million revenue and up to $9 million Adjusted EBITDA. Investors would still need to weigh ongoing net losses and execution on capitation growth when assessing durability.
Key Terms
adjusted ebitda financial
free cash flow financial
non-gaap financial
regulation s-k regulatory
capitated contracts financial
capitation agreements financial
AI-generated analysis. Not financial advice.
CERRITOS, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the “Company”), one of the largest value-based community oncology groups in the United States, today reported financial results for its fourth quarter and year ended December 31, 2025.
Recent Operational Highlights
- Cash flow from operations in Q4 2025 was approximately
$3.2 million , due to disciplined working capital management and overall increase in gross profit margin - Continued expansion of our capitated footprint, initiating 9 new capitated contracts during 2025 in CA, FL, and NV, representing approximately 260,000 additional lives under management
- Further ramped our capitation partnership with Elevance in Florida during the fourth quarter and remains on track to continue expansion across the state in 2026 which would more than double the current partnership
- Initiated capitation agreements with Humana and CarePlus in Florida during the fourth quarter, further expanding payor partnerships and representing approximately 22,000 additional MA lives in South Florida
Fourth Quarter 2025 Financial Highlights
All comparisons are to the quarter ended December 31, 2024 unless otherwise noted
- Consolidated revenue of
$142.0 million , increased41.6% - Gross profit of
$22.7 million , an increase of55.2% - Net loss of
$7.5 million compared to$13.2 million - Basic and diluted loss per share of
$(0.06) compared to$(0.14) - Adjusted EBITDA of
$147 thousand compared to$(7.8) million - Cash and cash equivalents of
$33.6 million as of December 31, 2025
Year Ended 2025 Financial Highlights
All comparisons are to the year ended December 31, 2024 unless otherwise noted
- Consolidated revenue of
$502.7 million , increased27.8% - Gross profit of
$76.4 million , an increase of41.6% - Net loss of
$60.6 million compared to$64.7 million - Basic and diluted loss per share of
$(0.54) and$(0.71) - Adjusted EBITDA of
$(12.4) million compared to$(35.7) million - Cash and cash equivalents of
$33.6 million as of December 31, 2025
Outlook for Fiscal Year 2026
TOI uses Adjusted EBITDA and Free Cash flow, each a non-GAAP metric, as an additional tool to assess its operational and financial performance. See "Financial Information: Non-GAAP Financial Measures" below. In reliance on the unreasonable efforts exception provided under Regulation S-K, TOI is not reasonably able to provide a quantitative reconciliation for forward-looking information of Adjusted EBITDA and Free Cash flow to net (loss) income and net cash provided by operations, respectively, the most directly comparable GAAP financial measures, without unreasonable efforts due to uncertainties regarding capitated lives, direct costs, taxes, capital expenditures, share-based compensation, change in fair value of liabilities, unrealized (gains) losses on investments, consulting and legal fees, transaction costs and other non-cash items. The variability of these items could have an unpredictable, and potentially significant, impact on TOI’s future GAAP financial results.
| 2026 Guidance | |
| Revenue | |
| Gross Profit | |
| Adjusted EBITDA | |
| Free Cash Flow | |
The Company expects approximately
TOI's achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in its filings with the U.S. Securities and Exchange Commission. The outlook does not take into account the impact of any unanticipated developments in the business or changes in the operating or economic environment, nor does it take into account the impact of TOI's acquisitions, dispositions or financings. TOI's outlook assumes a largely stable global market, which would likely be negatively impacted if recent tariff rate increases and exchange rate changes persist and adversely affect world trade.
Management Commentary
Daniel Virnich, CEO of TOI, commented, "2025 was an incredibly productive year for The Oncology Institute. Our unwavering commitment to delivering high-quality oncology care drove meaningful progress across our business, with continued expansion of our capitated care model through delegated arrangements serving as the primary catalyst. These arrangements allow us to manage the oncology benefit more comprehensively, while aligning incentives with our payor partners and delivering quality clinical outcomes to the patients we serve. Our growing scale, steady working capital management, and clinical pathways, all contributed to the fourth quarter marking a significant milestone on our path to becoming a profitable public company.
"Looking ahead to 2026, we are acutely focused on execution, enhancing our scale, and delivering profitable growth. Key initiatives include continuing to expand our delegated capitated model, launching a proprietary network provider portal to strengthen engagement with our affiliated partners, and adding expertise to our board with recent appointments like Mark Stolper and Kim Tzoumakas. Based on the momentum from our fourth quarter, we are reaffirming our expectation to achieve full-year positive Adjusted EBITDA in 2026. We remain well-positioned to expand payor partnerships and deliver sustainable growth as we execute on our strategic goals," Dr. Virnich concluded.
Webcast and Conference Call
TOI will host a conference call on Thursday, March 12, 2026 at 5:00 p.m. (Eastern Time) to discuss fourth quarter and full year results and management’s outlook for future financial and operational performance.
The conference call can be accessed live over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13758646. The replay will be available until Thursday, March 19, 2026.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of TOI's website at https://investors.theoncologyinstitute.com.
About The Oncology Institute, Inc.
Founded in 2007, The Oncology Institute, Inc. (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of approximately 2.0 million patients including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With over 300 employed and affiliate clinicians and over 100 clinics and affiliate locations of care across five states and growing, TOI is changing oncology for the better. For more information visit www.theoncologyinstitute.com.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “preliminary,” “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “predict,” “potential,” “guidance,” “approximately,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, anticipated financial results, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations. These statements are based on various assumptions and on the current expectations of TOI and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by anyone as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of TOI. These forward-looking statements are subject to a number of risks and uncertainties, including the accuracy of the assumptions underlying the 2026 full fiscal year outlook, the outcome of judicial and administrative proceedings to which TOI may become a party or investigations to which TOI may become or is subject that could interrupt or limit TOI’s operations, result in adverse judgments, settlements or fines and create negative publicity; changes in TOI’s patient or payors' preferences, prospects and the competitive conditions prevailing in the healthcare sector; failure to continue to meet stock exchange listing standards; the impact of a cybersecurity incident affecting a software provider on TOI’s business; the impact of the war in Iran; those factors discussed in the documents of TOI filed, or to be filed, with the SEC, including the Item 1A. "Risk Factors" section of TOI's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 26, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that TOI currently is evaluating or does not presently know or that TOI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect TOI’s plans or forecasts of future events and views as of the date of this press release. TOI anticipates that subsequent events and developments will cause TOI’s assessments to change. TOI does not undertake any obligation to update any of these forward-looking statements. These forward-looking statements should not be relied upon as representing TOI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Information; Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as Adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). TOI’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented in this press release in conjunction with TOI’s financial statements and the related notes thereto.
TOI believes that the use of Free Cash Flow provides an additional tool to assess the Company's financial performance, evaluate its ability to generate cash from operations, and plan for future investments and obligations. Free Cash Flow is useful in understanding the cash available for strategic initiatives. It also helps in comparing TOI's financial performance with other similar companies, many of which use similar non-GAAP financial measures to provide insights into their cash generation capabilities. However, the principal limitation of Free Cash Flow is that it does not account for certain cash outflows or inflows that are required by GAAP to be recorded in TOI's financial statements. TOI defines Free Cash Flow as net cash flow provided by (used in) operations plus cash paid for interest, less capital expenditures.
TOI believes that the use of Adjusted EBITDA provides an additional tool to assess our operations and results of our performance, to plan and forecast future periods, and factors and trends in, and in comparing our financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. The principal limitation of Adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in TOI's financial statements.
TOI defines Adjusted EBITDA as net (loss) income plus depreciation, amortization, interest, taxes, non-cash items, share-based compensation, goodwill impairment charges, change in fair value of liabilities, unrealized gains or losses on investments and other adjustments to add-back the following: consulting and legal fees related to acquisitions, one-time consulting and legal fees related to certain advisory projects, software implementations and debt or equity financings, severance expense and temporary labor and recruiting charges to build out our corporate infrastructure.
A reconciliation of net cash flow used in operating activities to Free Cash Flow and net loss to Adjusted EBITDA, the most comparable GAAP metric, is set forth below.
| Free Cash Flow Reconciliation | ||||||||||||||
| Years ended December 31, | Change | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||
| Net cash and cash equivalents used in operating activities | $ | (24,587 | ) | $ | (26,538 | ) | $ | 1,951 | 7.4 | % | ||||
| Cash paid for interest | 3,914 | 4,498 | (584 | ) | 13.0 | % | ||||||||
| Purchases of property and equipment | (3,200 | ) | (3,789 | ) | 589 | 15.5 | % | |||||||
| Free Cash Flow | $ | (23,873 | ) | $ | (25,829 | ) | $ | 1,956 | 7.6 | % | ||||
| Adjusted EBITDA Reconciliation | ||||||||||||||
| Three Months Ended December 31, | Change | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||
| Net loss | $ | (7,508 | ) | $ | (13,182 | ) | $ | 5,674 | (43.0 | )% | ||||
| Depreciation and amortization | 1,632 | 1,707 | (75 | ) | (4.4 | )% | ||||||||
| Interest expense, net | 1,917 | 1,168 | 749 | 64.1 | % | |||||||||
| Tax payments and penalties | 36 | — | 36 | — | % | |||||||||
| Non-cash addbacks | 2,419 | 71 | 2,348 | 3,307.0 | % | |||||||||
| Share-based compensation | 1,317 | 1,289 | 28 | 2.2 | % | |||||||||
| Change in fair value of liabilities | (1,066 | ) | (176 | ) | (890 | ) | 505.7 | % | ||||||
| Unrealized (gains) losses on investments | — | (4 | ) | 4 | — | % | ||||||||
| Post-combination compensation expense | 7 | 13 | (6 | ) | (46.2 | )% | ||||||||
| Consulting and legal fees | 409 | 69 | 340 | 492.8 | % | |||||||||
| Infrastructure and workforce costs | 984 | 1,217 | (233 | ) | (19.1 | )% | ||||||||
| Adjusted EBITDA | $ | 147 | $ | (7,828 | ) | $ | 7,975 | (101.9 | )% | |||||
| Adjusted EBITDA Reconciliation | ||||||||||||||
| Year Ended December 31, | Change | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | ||||||||||
| Net loss | $ | (60,606 | ) | $ | (64,663 | ) | $ | 4,057 | (6.3 | )% | ||||
| Depreciation and amortization | 6,944 | 6,287 | 657 | 10.5 | % | |||||||||
| Interest expense, net | 11,276 | 7,497 | 3,779 | 50.4 | % | |||||||||
| Tax payments and penalties | 12 | (32 | ) | 44 | (137.5 | )% | ||||||||
| Non-cash addbacks | 4,642 | (139 | ) | 4,781 | (3,439.6 | )% | ||||||||
| Share-based compensation | 4,551 | 11,151 | (6,600 | ) | (59.2 | )% | ||||||||
| Change in fair value of liabilities | 12,453 | (3,316 | ) | 15,769 | (475.5 | )% | ||||||||
| Unrealized (gains) losses on investments | 6 | (133 | ) | 139 | (104.5 | )% | ||||||||
| Post-combination compensation expense | 46 | 374 | (328 | ) | (87.7 | )% | ||||||||
| Consulting and legal fees | 2,030 | 841 | 1,189 | 141.4 | % | |||||||||
| Infrastructure and workforce costs | 6,236 | 6,427 | (191 | ) | (3.0 | )% | ||||||||
| Transaction costs | 1 | 18 | (17 | ) | (94.4 | )% | ||||||||
| Adjusted EBITDA | $ | (12,409 | ) | $ | (35,688 | ) | $ | 23,279 | (65.2 | )% | ||||
| Key Business Metrics | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Affiliated and Network Clinics(1) | 146 | 86 | 146 | 86 | |||||||||||
| Markets | 17 | 16 | 17 | 16 | |||||||||||
| Lives under value-based contracts (millions) | 2.0 | 1.9 | 2.0 | 1.9 | |||||||||||
| Net income (loss) | $ | (7,508 | ) | $ | (13,182 | ) | $ | (60,606 | ) | $ | (64,663 | ) | |||
| Adjusted EBITDA (in thousands) | $ | 147 | $ | (7,828 | ) | $ | (12,409 | ) | $ | (35,688 | ) | ||||
(1) Clinics operated under the TOI PCs, whereby we receive a percentage of revenue under our management services agreements, or MSAs, and are consolidated. Additionally, includes independent oncology practices to which we provide limited management services and have network provider agreements, but do not bear the operating costs.
Consolidated Balance Sheets (Unaudited)
(in thousands except share data)
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 33,565 | $ | 49,669 | |||
| Accounts receivable, net | 58,998 | 48,335 | |||||
| Other receivables | 322 | 346 | |||||
| Inventories | 16,875 | 10,039 | |||||
| Prepaid expenses and other current assets | 2,987 | 4,029 | |||||
| Total current assets | 112,747 | 112,418 | |||||
| Property and equipment, net | 10,684 | 11,888 | |||||
| Operating right of use assets | 22,374 | 25,782 | |||||
| Intangible assets, net | 11,015 | 14,810 | |||||
| Goodwill | 7,230 | 7,230 | |||||
| Other assets | 606 | 589 | |||||
| Total assets | $ | 164,656 | $ | 172,717 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 43,167 | $ | 24,324 | |||
| Current portion of operating lease liabilities | 7,156 | 6,798 | |||||
| Accrued expenses and other current liabilities | 20,639 | 21,093 | |||||
| Total current liabilities | 70,962 | 52,215 | |||||
| Operating lease liabilities | 19,131 | 23,223 | |||||
| Derivative warrant liabilities | 264 | 17 | |||||
| Conversion option derivative liabilities | 12,591 | 385 | |||||
| Long-term debt, net of unamortized debt issuance costs | 77,400 | 93,131 | |||||
| Other non-current liabilities | 28 | 125 | |||||
| Deferred income taxes liability | — | 32 | |||||
| Total liabilities | 180,376 | 169,128 | |||||
| Stockholders’ equity (deficit): | |||||||
| 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 outstanding at December 31, 2024 | 10 | 8 | |||||
| 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 | — | — | |||||
| Treasury Stock at cost, 1,733,774 shares at December 31, 2025 and 2024 | (1,019 | ) | (1,019 | ) | |||
| Additional paid-in capital | 256,708 | 215,413 | |||||
| Accumulated deficit | (271,419 | ) | (210,813 | ) | |||
| Total stockholders’ equity (deficit) | (15,720 | ) | 3,589 | ||||
| Total liabilities and stockholders’ equity (deficit) | $ | 164,656 | $ | 172,717 | |||
Consolidated Statements of Operations (Unaudited)
(in thousands except share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Patient services | $ | 59,837 | $ | 50,217 | $ | 228,991 | $ | 204,883 | |||||||
| Specialty pharmacy | 81,415 | 47,587 | 269,176 | 179,916 | |||||||||||
| Clinical trials & other | 705 | 2,463 | 4,562 | 8,613 | |||||||||||
| Total operating revenue | 141,957 | 100,267 | 502,729 | 393,412 | |||||||||||
| Operating expenses | |||||||||||||||
| Direct costs – patient services | 52,700 | 45,743 | 205,502 | 186,880 | |||||||||||
| Direct costs – specialty pharmacy | 66,537 | 39,530 | 220,558 | 151,231 | |||||||||||
| Direct costs – clinical trials & other | — | 358 | 234 | 1,304 | |||||||||||
| Selling, general and administrative expense | 27,995 | 24,858 | 105,574 | 107,828 | |||||||||||
| Depreciation and amortization | 1,632 | 1,707 | 6,944 | 6,287 | |||||||||||
| Total operating expenses | 148,864 | 112,196 | 538,812 | 453,530 | |||||||||||
| Loss from operations | (6,907 | ) | (11,929 | ) | (36,083 | ) | (60,118 | ) | |||||||
| Other non-operating expense (income) | |||||||||||||||
| Interest expense, net | 1,916 | 1,168 | 11,276 | 7,496 | |||||||||||
| Change in fair value of derivative warrant liabilities | 1 | (47 | ) | 247 | (619 | ) | |||||||||
| Change in fair value of conversion option derivative liabilities | (1,067 | ) | (129 | ) | 12,206 | (2,697 | ) | ||||||||
| Other, net | (249 | ) | 261 | 925 | 365 | ||||||||||
| Total other non-operating expense | 601 | 1,253 | 24,654 | 4,545 | |||||||||||
| Loss before provision for income taxes | (7,508 | ) | (13,182 | ) | (60,737 | ) | (64,663 | ) | |||||||
| Income tax benefit | — | — | 131 | — | |||||||||||
| Net loss | $ | (7,508 | ) | $ | (13,182 | ) | $ | (60,606 | ) | $ | (64,663 | ) | |||
| Net income (loss) per share attributable to common stockholders: | |||||||||||||||
| Net income (loss) attributable to common stockholders, basic and diluted | (6,305 | ) | (10,821 | ) | (50,305 | ) | (53,005 | ) | |||||||
| Weighted-average number of shares outstanding, basic and diluted | 101,456,684 | 75,655,231 | 92,389,381 | 75,043,678 | |||||||||||
| Net income (loss) per share attributable to common stockholders, basic and diluted | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.54 | ) | $ | (0.71 | ) | |||
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net loss | $ | (7,508 | ) | $ | (13,182 | ) | $ | (60,606 | ) | $ | (64,663 | ) | |||
| Adjustments to reconcile net loss to cash and cash equivalents used in operating activities: | |||||||||||||||
| Depreciation and amortization | 1,632 | 1,707 | 6,944 | 6,287 | |||||||||||
| Amortization of debt issuance costs and debt discount | 1,205 | 1,594 | 8,380 | 6,305 | |||||||||||
| Write-off of assets from clinical trials segment | — | — | 2,398 | — | |||||||||||
| Share-based compensation | 1,317 | 1,289 | 4,551 | 11,152 | |||||||||||
| Change in fair value of liability classified warrants | 1 | (47 | ) | 247 | (619 | ) | |||||||||
| Change in fair value of liability classified conversion option derivatives | (1,067 | ) | (129 | ) | 12,206 | (2,697 | ) | ||||||||
| Unrealized (gain) loss on investments | — | 1 | — | (133 | ) | ||||||||||
| Accretion of discount on investment securities | — | (1 | ) | — | (500 | ) | |||||||||
| Deferred taxes | — | — | (32 | ) | — | ||||||||||
| Loss on disposal of property and equipment | — | 220 | — | 271 | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | 641 | 6,167 | (12,308 | ) | (5,975 | ) | |||||||||
| Inventories | 2,007 | 67 | (6,836 | ) | 3,639 | ||||||||||
| Other receivables | 17 | 12 | (274 | ) | 205 | ||||||||||
| Prepaid expenses | 230 | 1,184 | 2,033 | 1,176 | |||||||||||
| Other assets | (2,406 | ) | (1 | ) | (17 | ) | (28 | ) | |||||||
| Accrued expenses and other current liabilities | (451 | ) | 4,656 | (448 | ) | 9,471 | |||||||||
| Accounts payable | 7,709 | 739 | 19,638 | 9,215 | |||||||||||
| Change in operating leases | (178 | ) | (91 | ) | (452 | ) | 559 | ||||||||
| Other non-current liabilities | 84 | 1 | (11 | ) | (203 | ) | |||||||||
| Net cash and cash equivalents provided by (used in) operating activities | 3,233 | 4,186 | (24,587 | ) | (26,538 | ) | |||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchases of property and equipment | (1,060 | ) | (1,755 | ) | (3,200 | ) | (3,789 | ) | |||||||
| Proceeds from asset disposition | — | — | 126 | — | |||||||||||
| Sales of marketable securities/Investments | — | — | — | 50,000 | |||||||||||
| Net cash and cash equivalents (used in) provided by investing activities | (1,060 | ) | (1,755 | ) | (3,074 | ) | 46,211 | ||||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from private placement, net of offering costs | — | — | 15,359 | — | |||||||||||
| Proceeds from at-the-market offering, net of offering costs | 3,889 | — | 13,841 | — | |||||||||||
| Proceeds from employee stock purchase plan | — | — | 151 | — | |||||||||||
| Payments made for financing of insurance payments | (300 | ) | (154 | ) | (991 | ) | (1,156 | ) | |||||||
| Payment of deferred consideration liability for acquisition | (50 | ) | — | (50 | ) | (2,372 | ) | ||||||||
| Principal payments on long-term debt | — | — | (20,000 | ) | — | ||||||||||
| Principal payments on financing leases | (9 | ) | (10 | ) | (37 | ) | (39 | ) | |||||||
| Common stock issued for warrants exercised | 132 | — | 517 | — | |||||||||||
| Common stock issued for options exercised | 72 | — | 2,767 | 75 | |||||||||||
| Net cash and cash equivalents provided by (used in) financing activities | 3,734 | (164 | ) | 11,557 | (3,492 | ) | |||||||||
| Net increase (decrease) in cash and cash equivalents | 5,907 | 2,267 | (16,104 | ) | 16,181 | ||||||||||
| Cash and cash equivalents at beginning of period | 27,658 | 47,402 | 49,669 | 33,488 | |||||||||||
| Cash and cash equivalents at end of period | $ | 33,565 | $ | 49,669 | $ | 33,565 | $ | 49,669 | |||||||
Contacts
Media
The Oncology Institute, Inc.
Daniel Virnich, MD
danielvirnich@theoncologyinstitute.com
(562) 735-3226 x 81125
Investors
ICR Strategic Communications
investors@icrinc.com
FAQ
What guidance did TOI (NASDAQ: TOI) give for full-year 2026 revenue and profitability?
How much capitated revenue does TOI expect in 2026 and why does it matter for investors?
What were TOI's reported Q4 2025 and full-year 2025 revenue figures (NASDAQ: TOI)?
What is TOI's cash position and how much runway did the company report at December 31, 2025?
Why does TOI expect Q1 2026 adjusted EBITDA to be negative, and what range did they give?
How did TOI's adjusted EBITDA and net loss change in 2025 compared to 2024?
