Oncology Institute, Inc.

Oncology Institute, Inc. is a U.S.-based community oncology company that operates affiliated and managed outpatient cancer care clinics. Its network provides medical oncology, radiation oncology, infusion services, specialty pharmacy, and clinical trial support across multiple states through a mix of owned, affiliated, and contracted practices.

641

1.59

1.31

— Oncology Institute, Inc.
%
Patient services70% Outpatient oncology, hematology, infusion, and radiation care delivered through clinics and provider networks.
Capitation and value-based contracts15% Population-based arrangements with payors and risk-bearing entities for managing oncology episodes of care.
Specialty pharmacy10% Dispensing of oral and self-injectable oncology and supportive medications through office and mail order.
Clinical trials and research support5% Participation in oncology, hematology, and supportive-care clinical research activities.

TOI serves patients undergoing cancer treatment, but its economic customers are mainly payors and managed care...

  • Payors and managed care organizationsprimary

    Contract for capitated, delegated, or shared-risk oncology care to control total episode cost and coordinate treatment.

  • Medicare and Medicare Advantage patientsprimary

    Older oncology patients treated through clinic-based medical and radiation services under government reimbursement.

  • Commercial insurance patientsprimary

    Employer and individual plan members receiving outpatient cancer care and infusion services.

  • Medicaid / Medi-Cal patientssecondary

    State-program patients treated in TOI markets where access and network adequacy matter.

  • Clinical research participants and sponsorssecondary

    Patients and third parties involved in oncology trials and related research activity.

TOI operates across 17 markets in five U.S. states, with clinic and network coverage centered in California, Florida,...

  • •Operations span 17 markets across five U.S. states
  • •Core states include California, Florida, Arizona, Oregon, and Nevada
  • •Clinic network combines owned, affiliated, and contracted sites
  • •Florida includes a managed provider network under the Florida Oncology Network brand
  • •Local market density matters for payor contracts and network adequacy

TOI’s strategy centers on expanding clinic capacity and market presence so it can support value-based oncology...

01
Build and acquire clinics in target marketsshort-term

Clinic density supports payor contracts, patient access, and local market presence.

02
Expand value-based care relationshipsmedium-term

Capitation and delegated arrangements are central to the company’s differentiated model.

03
Broaden ancillary oncology servicesmedium-term

Additional services increase patient stickiness and deepen the care platform.

TOI depends on building or acquiring clinics, winning payor contracts, and maintaining a reliable drug supply chain, so...

high

Clinic expansion and acquisition execution risk

The model requires new sites and practice integrations to support contracts and growth.

Scope
New market entry and capacity build-out
Materiality
high
high

Payor contracting and reimbursement pressure

Revenue depends on managed care, capitation, and fee-for-service terms.

Scope
Commercial, Medicare, Medicaid, and risk-bearing contracts
Materiality
high
high

Single-source pharmaceutical supply disruption

A concentrated supplier base can interrupt drug availability and clinic operations.

Scope
Oncology drugs and related distribution
Materiality
high
medium

Information technology and cybersecurity incidents

Clinical operations and billing rely on internal and third-party systems.

Scope
Patient data, scheduling, billing, and inventory systems
Materiality
medium
medium

Goodwill and intangible asset impairment

Acquisitions create balance-sheet assets that must be tested for impairment.

Scope
Acquired practices and reporting units
Materiality
medium
Revenue recognition for capitation and fee-for-service
Can shift quarterly revenue and margins
Variable interest entities
Affects reported revenue, expenses, assets, and liabilities
Deferred tax valuation allowance
Can materially affect tax expense and net assets
Goodwill and intangible impairment testing
Potential non-cash write-downs

CHAMPIONS ONCOLOGY, INC.

CSBR · Biological Products, (No Diagnostic Substances)

RadNet, Inc.

RDNT · Services-Medical Laboratories

Oric Pharmaceuticals, Inc.

ORIC · Pharmaceutical Preparations

MAIA Biotechnology, Inc.

MAIA · Pharmaceutical Preparations

NovoCure Ltd

NVCR · Surgical & Medical Instruments & Apparatus

Immuneering Corp

IMRX · Pharmaceutical Preparations

: 29/04/2026