Starling Oncology, Inc.

The Oncology Institute, Inc. (TOI) operates a network of community oncology practices. Formed in 2007, TOI initially began as a collection of practices in southern California and has since expanded to a national presence. The company provides oncology, hematology, specialty infusion, and oral pharmacy services, and enrolls patients in clinical trials. TOI also partners with managed care providers and other risk-bearing entities to manage the risk and patient coordination for cancer treatment episodes. This is achieved through gain/loss sharing, capitation, and full delegation contracts at the population level, allowing TOI to control outpatient oncology treatment, including medical oncology (IV-based infusion therapy) and radiation oncology (radiation therapy). TOI treats patients across 17 markets and five states in the United States. Its network includes 65 clinics owned by affiliated physicians and staffed with 116 providers, 81 independently-owned clinics contracted with TOI's managed services organization, and a contracted network of 198 independent providers unaffiliated with TOI where TOI acts as the fully delegated market manager under a value-based contract. As of December 31, 2025, TOI managed a population of approximately 2.0 million patients under value-based agreements. TOI's Patient Services Fee for Service business line provides medical care on a fee-for-service basis for physician services, in-house infusion, radiation, outpatient blood product transfusions, and 24/7 patient support.