[424B5] The Oncology Institute, Inc. Warrant Prospectus Supplement (Debt Securities)
The Oncology Institute, Inc. has amended its prospectus supplement to add an at-the-market equity program allowing sales of up to $15,000,000 of its common stock through BTIG and B. Riley as sales agents. Sales may occur from time to time on Nasdaq or by block trades under mutually agreed placement notices; the company reported a last sale price of $4.11 per share on Nasdaq.
The Agents will receive up to 4.0% of gross proceeds as commissions, and the company agreed to reimburse agents for documented out-of-pocket expenses up to $75,000, with estimated offering expenses of approximately $300,000 (excluding agent compensation). Sales settle next trading day and there are no minimum sale requirements; the Agents are deemed underwriters and the company has agreed to indemnify them against certain liabilities.
L'Oncology Institute, Inc. ha modificato il proprio supplemento al prospetto per includere un programma di vendita at-the-market che permette la cessione fino a $15,000,000 di azioni ordinarie tramite BTIG e B. Riley come agenti di vendita. Le vendite possono avvenire di volta in volta sul Nasdaq o tramite blocchi negoziati secondo avvisi di collocamento concordati; la società ha indicato un ultimo prezzo di vendita di $4.11 per azione sul Nasdaq.
Agli agenti sarà corrisposto fino al 4,0% dei proventi lordi come commissioni, e la società ha concordato di rimborsare agli agenti le spese documentate fino a $75,000, con spese di offerta stimate in circa $300,000 (escluse le compensazioni agli agenti). Le vendite si regolano il giorno di negoziazione successivo e non sono previsti requisiti minimi di vendita; gli agenti sono ritenuti sottoscrittori e la società si è impegnata a indennizzarli per talune responsabilità.
Oncology Institute, Inc. ha enmendado su suplemento al prospecto para añadir un programa at-the-market que permite ventas de hasta $15,000,000 de acciones ordinarias a través de BTIG y B. Riley como agentes de ventas. Las ventas podrán realizarse de forma ocasional en Nasdaq o mediante operaciones en bloque según avisos de colocación acordados; la compañía informó un último precio de venta de $4.11 por acción en Nasdaq.
Los agentes recibirán hasta el 4,0% de los ingresos brutos como comisiones, y la compañía acordó reembolsar a los agentes los gastos documentados hasta $75,000, con gastos estimados de la oferta de aproximadamente $300,000 (excluyendo la compensación de los agentes). Las ventas se liquidan el siguiente día hábil y no existen requisitos mínimos de venta; los agentes se consideran suscriptores y la compañía se ha comprometido a indemnizarlos frente a ciertas responsabilidades.
The Oncology Institute, Inc.는 보충설명서를 수정하여 BTIG 및 B. Riley를 판매대리인으로 통해 보통주 최대 $15,000,000까지 판매할 수 있는 at-the-market 주식매각 프로그램을 추가했습니다. 매각은 나스닥(Nasdaq)에서 수시로 또는 상호 합의된 배치 통지에 따른 블록 거래로 이루어질 수 있으며, 회사는 나스닥에서 주당 마지막 거래가격을 $4.11로 보고했습니다.
대리인은 총수익의 최대 4.0%를 수수료로 받게 되며, 회사는 문서화된 실비를 최대 $75,000까지 대리인에게 환급하기로 합의했고, 발행 관련 추정 비용은 대리인 보상금을 제외하고 약 $300,000로 추정됩니다. 매각 결제는 다음 거래일에 이루어지며 최소 매각 요건은 없고, 대리인은 인수인으로 간주되며 회사는 특정 책임에 대해 이들을 면책(보상)하기로 합의했습니다.
The Oncology Institute, Inc. a modifié son supplément au prospectus pour ajouter un programme « at-the-market » permettant la vente d'un maximum de $15,000,000 de ses actions ordinaires par l'intermédiaire de BTIG et B. Riley en tant qu'agents de vente. Les ventes peuvent avoir lieu de temps à autre sur le Nasdaq ou par transactions en bloc selon des avis de placement convenus; la société a indiqué un dernier prix de vente de $4.11 par action sur le Nasdaq.
Les agents percevront jusqu'à 4,0 % du produit brut en commissions, et la société a accepté de rembourser aux agents les frais justifiés jusqu'à $75,000, les frais estimés de l'offre s'élevant à environ $300,000 (hors rémunération des agents). Les ventes sont réglées le jour de bourse suivant et il n'y a pas d'exigence minimale de vente; les agents sont considérés comme des souscripteurs et la société a accepté de les indemniser contre certaines responsabilités.
The Oncology Institute, Inc. hat seinen Nachtrag zum Prospekt geändert, um ein At-the-Market-Programm aufzunehmen, das Verkäufe von bis zu $15,000,000 Stammaktien über BTIG und B. Riley als Verkaufsagenten ermöglicht. Verkäufe können von Zeit zu Zeit an der Nasdaq oder durch Blockgeschäfte nach gegenseitig vereinbarten Platzierungsmitteilungen erfolgen; das Unternehmen meldete einen letzten Verkaufspreis von $4.11 je Aktie an der Nasdaq.
Die Agenten erhalten bis zu 4,0 % der Bruttoerlöse als Provisionen, und das Unternehmen hat zugestimmt, den Agenten dokumentierte Auslagen bis zu $75,000 zu erstatten, wobei die geschätzten Emissionskosten etwa $300,000 betragen (ohne Vergütung der Agenten). Verkäufe werden am nächsten Handelstag abgewickelt und es gibt keine Mindestverkaufsanforderungen; die Agenten gelten als Underwriter und das Unternehmen hat sich verpflichtet, sie gegen bestimmte Haftungen zu entschädigen.
- None.
- None.
Insights
TL;DR: This is a routine ATM facility providing flexible access to capital but with meaningful underwriting costs and no minimum proceeds.
The Sales Agreements establish an at-the-market distribution capacity of $15 million, giving the company the ability to raise capital opportunistically. The commission structure of up to 4% plus reimbursements (up to $75,000) and estimated non-agent expenses (~$300,000) will reduce net proceeds. The lack of minimum sale requirements increases execution flexibility but leaves total proceeds uncertain and potentially subject to market volatility. Agents are treated as underwriters and indemnification provisions create contingent obligations that should be monitored.
TL;DR: Legal terms are standard for ATM arrangements but include agent indemnities and underwriter status that carry customary legal exposure.
The amendment confirms that BTIG and B. Riley will act as sales agents and be deemed underwriters under the Securities Act for their compensation. The company has agreed to customary indemnification and contribution obligations for certain civil liabilities, including securities law liabilities, which is typical but creates contingent legal exposure. Termination and suspension rights are reciprocal and the agreement requires reporting of sales at least quarterly, aligning with standard disclosure practices.
L'Oncology Institute, Inc. ha modificato il proprio supplemento al prospetto per includere un programma di vendita at-the-market che permette la cessione fino a $15,000,000 di azioni ordinarie tramite BTIG e B. Riley come agenti di vendita. Le vendite possono avvenire di volta in volta sul Nasdaq o tramite blocchi negoziati secondo avvisi di collocamento concordati; la società ha indicato un ultimo prezzo di vendita di $4.11 per azione sul Nasdaq.
Agli agenti sarà corrisposto fino al 4,0% dei proventi lordi come commissioni, e la società ha concordato di rimborsare agli agenti le spese documentate fino a $75,000, con spese di offerta stimate in circa $300,000 (escluse le compensazioni agli agenti). Le vendite si regolano il giorno di negoziazione successivo e non sono previsti requisiti minimi di vendita; gli agenti sono ritenuti sottoscrittori e la società si è impegnata a indennizzarli per talune responsabilità.
Oncology Institute, Inc. ha enmendado su suplemento al prospecto para añadir un programa at-the-market que permite ventas de hasta $15,000,000 de acciones ordinarias a través de BTIG y B. Riley como agentes de ventas. Las ventas podrán realizarse de forma ocasional en Nasdaq o mediante operaciones en bloque según avisos de colocación acordados; la compañía informó un último precio de venta de $4.11 por acción en Nasdaq.
Los agentes recibirán hasta el 4,0% de los ingresos brutos como comisiones, y la compañía acordó reembolsar a los agentes los gastos documentados hasta $75,000, con gastos estimados de la oferta de aproximadamente $300,000 (excluyendo la compensación de los agentes). Las ventas se liquidan el siguiente día hábil y no existen requisitos mínimos de venta; los agentes se consideran suscriptores y la compañía se ha comprometido a indemnizarlos frente a ciertas responsabilidades.
The Oncology Institute, Inc.는 보충설명서를 수정하여 BTIG 및 B. Riley를 판매대리인으로 통해 보통주 최대 $15,000,000까지 판매할 수 있는 at-the-market 주식매각 프로그램을 추가했습니다. 매각은 나스닥(Nasdaq)에서 수시로 또는 상호 합의된 배치 통지에 따른 블록 거래로 이루어질 수 있으며, 회사는 나스닥에서 주당 마지막 거래가격을 $4.11로 보고했습니다.
대리인은 총수익의 최대 4.0%를 수수료로 받게 되며, 회사는 문서화된 실비를 최대 $75,000까지 대리인에게 환급하기로 합의했고, 발행 관련 추정 비용은 대리인 보상금을 제외하고 약 $300,000로 추정됩니다. 매각 결제는 다음 거래일에 이루어지며 최소 매각 요건은 없고, 대리인은 인수인으로 간주되며 회사는 특정 책임에 대해 이들을 면책(보상)하기로 합의했습니다.
The Oncology Institute, Inc. a modifié son supplément au prospectus pour ajouter un programme « at-the-market » permettant la vente d'un maximum de $15,000,000 de ses actions ordinaires par l'intermédiaire de BTIG et B. Riley en tant qu'agents de vente. Les ventes peuvent avoir lieu de temps à autre sur le Nasdaq ou par transactions en bloc selon des avis de placement convenus; la société a indiqué un dernier prix de vente de $4.11 par action sur le Nasdaq.
Les agents percevront jusqu'à 4,0 % du produit brut en commissions, et la société a accepté de rembourser aux agents les frais justifiés jusqu'à $75,000, les frais estimés de l'offre s'élevant à environ $300,000 (hors rémunération des agents). Les ventes sont réglées le jour de bourse suivant et il n'y a pas d'exigence minimale de vente; les agents sont considérés comme des souscripteurs et la société a accepté de les indemniser contre certaines responsabilités.
The Oncology Institute, Inc. hat seinen Nachtrag zum Prospekt geändert, um ein At-the-Market-Programm aufzunehmen, das Verkäufe von bis zu $15,000,000 Stammaktien über BTIG und B. Riley als Verkaufsagenten ermöglicht. Verkäufe können von Zeit zu Zeit an der Nasdaq oder durch Blockgeschäfte nach gegenseitig vereinbarten Platzierungsmitteilungen erfolgen; das Unternehmen meldete einen letzten Verkaufspreis von $4.11 je Aktie an der Nasdaq.
Die Agenten erhalten bis zu 4,0 % der Bruttoerlöse als Provisionen, und das Unternehmen hat zugestimmt, den Agenten dokumentierte Auslagen bis zu $75,000 zu erstatten, wobei die geschätzten Emissionskosten etwa $300,000 betragen (ohne Vergütung der Agenten). Verkäufe werden am nächsten Handelstag abgewickelt und es gibt keine Mindestverkaufsanforderungen; die Agenten gelten als Underwriter und das Unternehmen hat sich verpflichtet, sie gegen bestimmte Haftungen zu entschädigen.
Filed pursuant to Rule 424(b)(5)
Registration No.: 333-287848
AMENDMENT NO. 1
(To prospectus supplement dated June 18, 2025
and accompanying prospectus dated June 18, 2025)
The Oncology Institute, Inc.
$15,000,000
Common Stock
This prospectus amendment no. 1, or this amendment, amends the prospectus dated June 18, 2025, or the original prospectus supplement. This amendment should be read in conjunction with the original prospectus supplement and the accompanying prospectus, dated June 18, 2025, or the prospectus, each of which are to be delivered with this amendment, and is qualified by reference thereto, except to the extent that this amendment contains information that is different from or in addition to the information in the original prospectus supplement. Unless otherwise indicated, all other information included in the original prospectus supplement that is not inconsistent with the information set forth in this amendment remains unchanged.
We have entered into sales agreements, or the Sales Agreements, with each of BTIG, LLC, or BTIG, and B. Riley Securities, Inc., or B. Riley and, together with BTIG, the Agents, and each an Agent, relating to shares of our common stock, par value $0.0001 per share, or our common stock, offered by the original prospectus supplement, as amended by this amendment, and the accompanying prospectus. In accordance with the terms of such Sales Agreements, we may offer and sell shares of our common stock having an aggregate offering price of up to $15,000,000 from time to time to or through BTIG or B. Riley acting as our sales agent, as applicable.
Our common stock is listed on the Nasdaq Capital Market, or the Nasdaq, under the symbol “TOI.” On August 12, 2025, the last reported sale price of our common stock on Nasdaq was $4.11 per share.
Sales of our common stock, if any, under this prospectus will be made in sales deemed to be an “at-the-market” equity offering as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or the Securities Act. The Agents are not required to sell any specific amount of securities, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between us and the applicable Agent. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.
The compensation to the applicable Agent for sales of common stock sold pursuant to the Sales Agreements will be up to 4.0% of the aggregate gross proceeds of any shares of common stock sold under the applicable Sales Agreement. In connection with the sale of the common stock on our behalf, the Agents will be deemed to be “underwriters” within the meaning of the Securities Act, and the compensation of the Agents will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agents with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act.
Investing in our common stock involves a high degree of risk. Please read “Risk Factors” beginning on page S-5 of the original prospectus supplement and under similar headings in the documents incorporated by reference into this prospectus before investing in our securities.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this amendment, the original prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
| BTIG | B. Riley Securities |
The date of this amendment no. 1 is August 13, 2025.
PLAN OF DISTRIBUTION
We have entered into Sales Agreements with each of BTIG and B. Riley under which we may issue and sell shares of our common stock having an aggregate offering price of up to $15,000,000 from time to time to or through an Agent as Sales Agent. Sales of our common stock, if any, under this prospectus supplement and the accompany prospectus may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act, including sales made directly on Nasdaq or privately negotiated block trades.
Each time that we wish to issue and sell shares of our common stock under the Sales Agreements, we will provide the applicable Agent with a placement notice describing the number or amount of shares to be sold, the time period during which sales are requested to be made, any limitation on the number or amount of shares of common stock that may be sold in any single day, any minimum price below which sales may not be made or any minimum price requested for sales in a given time period and any other instructions relevant to such requested sales. Upon receipt of a placement notice, the applicable Agent, acting as our sales agent, will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of Nasdaq to sell shares of our common stock under the terms and subject to the conditions of the placement notice and the Sales Agreement. We or the applicable Agent may suspend the offering of common stock pursuant to a placement notice upon notice and subject to other conditions. An Agent, in its sole discretion, may decline to accept any placement notice.
The applicable Agent will provide written confirmation to us no later than the opening of the trading day on Nasdaq following the trading day on which shares of our common stock are sold to or through such Agent, as sales agent under the applicable Sales Agreement. Each confirmation will include the number of shares sold on the preceding day, the net proceeds to us and the commissions payable by us to such Agent in connection with the sales.
Settlement for sales of common stock under the applicable Sales Agreement will occur on the next trading day following the date on which such sales are made (or on such other date as is industry practice for regular-way trading), unless otherwise specified in the applicable placement notice, in return for payment of the net proceeds to us. There are no arrangements to place any of the proceeds of this offering in an escrow, trust or similar account. Sales of our common stock as contemplated in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as we and the applicable Agent may agree upon.
We will pay the Agents a commission, in cash, at a rate of up to four percent (4.0%) of the aggregate gross proceeds from each sale of shares pursuant to the Sales Agreements. We also have agreed to reimburse the Agents for their reasonable and documented out-of-pocket expenses, including the fees and disbursements of counsel to the Agents, incurred in connection with entering into the Sales Agreements, in an amount not to exceed $75,000, and certain reasonable and documented out-of-pocket expenses incurred by counsel to the Agents in connection with annual and quarterly updates to the offering.
We estimate that the total expenses for this offering, excluding compensation payable to the Agents and certain expenses reimbursable to the Agents under the terms of the Sales Agreements, will be approximately $300.0 thousand. The remaining sales proceeds, after deducting any expenses payable by us and any transaction fees imposed by any governmental, regulatory, or self-regulatory organization in connection with the sales, will equal our net proceeds for the sale of such common stock.
Because there are no minimum sale requirements as a condition to this offering, the actual total public offering price, commissions and net proceeds to us, if any, are not determinable at this time. The actual dollar amount and number of shares of common stock we sell through this prospectus supplement will be dependent, among other things, on market conditions and our capital raising requirements.
We will report at least quarterly the number of shares of common stock sold to or through the Agents under the Sales Agreements, the net proceeds to us and the compensation paid by us to the Agents in connection with the sales of common stock.
In connection with the sale of the common stock on our behalf, the applicable Agent will be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation of such Agent will be deemed to be underwriting commissions or discounts. We have agreed to provide indemnification and contribution to the Agents against certain civil liabilities, including liabilities under the Securities Act or the Exchange Act.
The Agents will not engage in any market making activities involving our common stock while the offering is ongoing under this prospectus supplement if such activity would be prohibited under Regulation M or other anti-manipulation rules under the Securities Act. As our sales agents, the Agents will not engage in any transactions that stabilize our common stock.
The offering pursuant to the Sales Agreements will terminate upon the earlier of (i) the sale of all shares of common stock subject to the Sales Agreements and (ii) termination of the Sales Agreements as permitted therein. We and the Agents may each terminate the applicable Sales Agreement in each respective party’s sole discretion at any time by giving five (5) days’ prior notice to the other party.
This summary of the material provisions of the Sales Agreements may not include all of the information that is important to you. The Sales Agreements were filed as exhibits to our quarterly report on Form 10-Q for the quarter ended June 30, 2025 and are incorporated by reference into this prospectus supplement.
The Agents and/or their respective affiliates may in the future provide, various investment banking and other financial services for us, for which services they may in the future receive customary fees.
Our common stock is listed on Nasdaq under the symbol “TOI.” The transfer agent of our common stock is Continental Stock Transfer & Trust Company and its address is 1 State Street, 30th Floor, New York, New York 10004-1561.
THE ONCOLOGY INSTITUTE, INC.
$15,000,000
Common Stock
PROSPECTUS
| BTIG | B. Riley Securities |
August 13, 2025
