Starling Oncology, Inc. reported third-quarter revenue of $169.8 million, compared with $136.6 million a year earlier; specialty pharmacy revenue was $109.3 million, versus $75.9 million. For the first nine months, revenue was $478.5 million versus $360.8 million, while net loss narrowed to $28.0 million from $53.1 million. Third-quarter net loss was $15.7 million versus $16.5 million.
Operating cash flow provided $19.9 million for the nine months, compared with $27.8 million used in 2025; cash and equivalents were $36.9 million at September 30, 2026. Starling said it expects sufficient liquidity to fund operations for at least one year from issuance of the statements.
On July 1, 2026, Starling drew a $75 million term loan and used its proceeds with cash on hand to repay approximately $86 million of convertible notes. The refinancing resulted in an $11.6 million debt-extinguishment loss and included warrants to purchase 10,025,535 shares at an initial $8.567 exercise price. Long-term debt, net, was $72.5 million at September 30, 2026; $5.0 million was outstanding under the $25 million revolving facility.
Starling Oncology, Inc. reported third-quarter 2026 revenue of $169.767 million, up 24% year over year, and Adjusted EBITDA of $3.394 million versus a $3.459 million loss a year earlier. Net loss was $15.748 million, compared with $16.504 million. Specialty Pharmacy revenue increased 44%; capitated revenue increased 40%, and the segment’s gross margin was 24%.
For the nine months ended September 30, 2026, operating cash flow was $19.867 million, compared with $27.820 million used a year earlier; Free Cash Flow was $20.223 million versus $26.924 million used. Updated full-year 2026 guidance is revenue of $650 million to $660 million, gross profit of $107 million to $110 million, Adjusted EBITDA of $4 million to $6 million, and Free Cash Flow of $5 million to $10 million. Previous ranges were $650 million to $670 million, $105 million to $110 million, $2 million to $7 million, and $5 million to $15 million, respectively.
For the fourth quarter, Starling expects Adjusted EBITDA of $3 million to $5 million as it onboards and ramps Florida delegated lives. It expects approximately $110 million in capitated revenue for 2026 and a Medical Loss Ratio of 85% to 90% in 2027 with onboarding of new lives.
Starling Oncology, Inc. (STLN) reported a board-level change. On September 1, 2026, director Brad Hively notified the company that he will not stand for re-election to the Board at the 2027 annual meeting of stockholders. He is expected to remain a director until that meeting but, effective immediately, no longer serves as Vice Chairman of the Board or as a member of the Compliance Committee or any other board committees. The company states that his decision is not due to any disagreement regarding its operations, policies, or practices.
Starling Oncology, Inc. (STLN) director Brad Hively reported a sale of company stock. On August 21, 2026, he sold 298,853 shares of Starling Oncology Common Stock in a transaction coded as a sale in open market or private transaction. The reported price of $6.5126 per share is a weighted average for multiple trades executed between $6.37 and $6.75 per share. After this transaction, Hively directly holds 411,976 shares of Starling Oncology common stock. The filing affirms that the transaction was effected under a Rule 10b5-1 trading plan.
Starling Oncology, Inc. (STLN) disclosed that its wholly owned subsidiary, Starling Oncology Management, LLC, entered into a new Revolving Loan Agreement with Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL. The facility provides a revolving line of credit with an aggregate principal commitment of up to $25 million, intended to offer additional financial flexibility for working capital and general corporate purposes.
The revolver is secured by a first-priority security interest in substantially all of the subsidiary’s collateral and matures on August 20, 2029. Borrowing availability is governed by a borrowing base tied to certain accounts receivable and related lockbox arrangements with supported professional corporations. Loans bear interest at Term SOFR plus 3.95%, where Term SOFR is the greater of a three‑month forward-looking SOFR rate and 2.00% per annum, with a 5.00% default-rate premium if an event of default occurs.
Starling Oncology must also pay monthly collateral monitoring and unused line fees, a minimum use fee tied to a $5 million minimum balance, and a termination fee of 3.00%, 2.00%, or 1.00% of the commitment depending on when the facility is terminated. Covenants include customary limits on additional debt, liens, and distributions, and require Maximum Loan Turn Days not to exceed 35 days on a rolling three‑month basis each fiscal quarter beginning with the quarter ending December 31, 2026.
Starling Oncology, Inc. (STLN) received a notice that director Bradford Hively plans a Rule 144 sale of up to 298,853 shares of common stock through Morgan Stanley Smith Barney LLC. The shares have an indicated aggregate market value of $1,954,498.62, with 101,916,115 shares outstanding and an approximate sale date of August 21, 2026. The filing lists prior acquisition methods including open market purchases and restricted stock units.
Starling Oncology, Inc. insider Jorey Chernett, a more-than-10% owner, reported mixed transactions in company securities. On 2026-08-14, Chernett purchased 12,000 shares of common stock at $6.54 per share, bringing direct holdings to 10,660,858 shares. On 2026-08-13, Chernett sold 100 call option contracts on Starling Oncology (each linked to 100 shares, or 10,000 underlying common shares) with a $9.00 exercise price and 19-Feb-2027 expiration, at $6.24 per option. According to a footnote, this option sale is treated as a matchable transaction under Section 16(b), and Chernett intends to disgorge the calculated short-swing profit to the issuer.
Starling Oncology, Inc. reported higher revenue and narrower losses for the three and six months ended June 30, 2026. Total operating revenue reached $161,282 thousand in Q2 and $308,723 thousand year‑to‑date, driven by growth in specialty pharmacy and capitated patient services.
Loss from operations improved to $4,616 thousand in Q2 and $11,129 thousand year‑to‑date, with net loss of $9,789 thousand for the quarter and $12,281 thousand for six months. Operating cash flow turned positive at $9,725 thousand, and cash and equivalents increased to $41,094 thousand. The company remained in a stockholders’ deficit of $24,914 thousand and carried $79,867 thousand of senior secured convertible debt at June 30, 2026, which it repaid in full (approximately $86 million principal) on July 1, 2026.
Starling Oncology, Inc. reported strong Q2 2026 results, with total operating revenue of $161,282 thousand, up from $119,802 thousand a year earlier, and CEO commentary noting revenue grew 35% year over year. Net loss narrowed to $(9,789) thousand and Adjusted EBITDA turned positive at $229 thousand.
For the first six months of 2026, cash provided by operating activities improved to $9,725 thousand from $(15,190) thousand, supporting cash and cash equivalents of $41,094 thousand at June 30, 2026. Management highlighted growth in capitated revenue, which reached $27,974 thousand in Q2, and lives under value-based contracts of 2.1 million.
Reflecting this momentum, the company raised full‑year 2026 guidance, now expecting revenue of $650 to $670 million, gross profit of $105 to $110 million, and Adjusted EBITDA of $2 to $7 million, while reiterating projected Free Cash Flow of $5 to $15 million.
Starling Oncology, Inc., formerly The Oncology Institute, Inc., has changed its corporate name effective July 28, 2026 by filing a Certificate of Amendment in Delaware. Its common stock and warrants continue to trade on Nasdaq, with the common stock ticker changing to STLN.
The company states that the name and symbol changes do not affect stockholder rights and that no stockholder action is required. A related press release explains that the rebrand reflects the evolution into an integrated, value-based oncology platform serving about 2.1 million patients through more than 400 clinicians at over 100 clinics across five states.