Group 1: ASH Annual Meeting - The ASH Annual Meeting is a premier event for hematology research, with over 5,000 scientific abstracts submitted annually, showcasing significant contributions to the field [1] - Selected abstracts undergo rigorous peer review, highlighting vital advancements in cancer care [4] Group 2: American Oncology Network (AON) - AON is an alliance of physicians and healthcare leaders focused on the long-term success of community oncology, founded in 2018, representing over 250 providers across 21 states [4] - AON promotes innovative healthcare solutions through a physician-led model, emphasizing value-based care to improve patient outcomes while reducing costs [4] - The organization is committed to health equity, addressing disparities in cancer care to ensure all patients have access to necessary care [4] Group 3: Hematology Oncology of Indiana - Hematology Oncology of Indiana is a community-based practice providing treatment for various cancers and blood disorders, focusing on compassionate patient-centered care [5] - Physicians from Hematology Oncology of Indiana presented impactful research findings at the 66th ASH Annual Meeting, emphasizing their commitment to advancing cancer care [6][9] - The practice co-authored a study on CAR T-Cell Therapy integration in community oncology centers, published in the November supplemental issue of Blood [7]

Core Viewpoint - American Oncology Network (AON) has achieved reaccreditation from the Accreditation Commission for Health Care (ACHC), highlighting its commitment to high-quality patient care and compliance with national standards [1][5]. Company Overview - AON is one of the fastest-growing oncology networks in the United States, founded in 2018, and represents over 250 providers across 21 states [1][5]. - The organization focuses on innovative healthcare solutions through a physician-led model, promoting value-based care that enhances patient outcomes while reducing costs [5]. - AON aims to address disparities in cancer care and ensure equitable access to healthcare for all patients [5]. Specialty Pharmacy Operations - AON's specialty pharmacy collaborates with physicians and pharmacists to deliver oral cancer medications directly to patients' homes, ensuring quick dispensing and shipping [4]. - The pharmacy team also assists patients with insurance claims and connects them to financial assistance programs [4]. Accreditation Significance - ACHC accreditation signifies an organization's dedication to meeting rigorous standards for performance and patient care [2][3]. - ACHC has been a recognized symbol of quality since 1986 and is ISO 9001:2015 certified, with authority from the Centers for Medicare & Medicaid Services (CMS) [3][6].

FORT MYERS, FL, Dec. 19, 2024 (GLOBE NEWSWIRE) -- American Oncology Network (AON) (OTCQX:AONC), one of the fastest-growing oncology networks in the United States, proudly announces that its specialty pharmacy has achieved reaccreditation from the Accreditation Commission for Health Care (ACHC). Accreditation is a process through which health care organizations demonstrate compliance with national standards. ACHC accreditation reflects an organization's dedication to meeting standards that facilitate a highe ...

Part I - Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents American Oncology Network, Inc.'s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024, including balance sheets, statements of operations, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets increased to **$394.8 million** from **$374.5 million** at year-end 2023, while total liabilities rose to **$340.7 million** from **$303.7 million**, resulting in a **$102.6 million** stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $19,432 | $28,539 | | Total current assets | $271,230 | $277,803 | | Goodwill | $10,900 | $1,230 | | **Total assets** | **$394,811** | **$374,453** | | **Liabilities & Equity** | | | | Accounts payable | $155,494 | $127,645 | | Total current liabilities | $199,857 | $169,045 | | Long-term debt, net | $87,633 | $80,641 | | **Total liabilities** | **$340,722** | **$303,740** | | Redeemable noncontrolling interest | $91,731 | $167,025 | | **Total deficit** | **($102,628)** | **($161,298)** | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) For the nine months ended September 30, 2024, total revenue increased by **32.8%** to **$1.27 billion**, but net loss attributable to AON Inc. widened to **$5.3 million** from **$1.8 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Total revenue | $1,268,600 | $955,003 | | Income (loss) from operations | ($25,646) | ($28,541) | | Net loss before noncontrolling interest | ($29,363) | ($40,797) | | Net loss attributable to AON Inc. | ($5,289) | ($1,792) | | Basic Loss per share | ($0.90) | ($0.61) | | Diluted Loss per share | ($0.94) | ($0.61) | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash used in operating activities increased to **$16.9 million**, while investing activities provided **$14.8 million**, and financing activities used **$7.0 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($16,869) | ($6,160) | | Net cash provided by (used) in investing activities | $14,809 | ($24,673) | | Net cash (used in) provided by financing activities | ($7,047) | $55,560 | | **Net increase in cash and cash equivalents** | **($9,107)** | **$24,727** | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's accounting policies and financial results, covering business overview, combinations, debt, related parties, equity compensation, and subsequent events [Note 1. Business](index=14&type=section&id=Note%201.%20Business) American Oncology Network, Inc. operates as an alliance of physicians providing comprehensive oncology services across 38 practices in 20 states and D.C., with its corporate structure resulting from a September 2023 reverse recapitalization - AON operates as an alliance of physicians providing oncology services across **38 practices** in **20 states and D.C.**, offering services like drug procurement, lab services, and clinical research[31](index=31&type=chunk) - The Business Combination with DTOC was accounted for as a reverse recapitalization, with AON LLC as the accounting acquirer and DTOC as the acquired company for financial reporting purposes[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 5. Business Combinations](index=31&type=section&id=Note%205.%20Business%20Combinations) During the nine months ended September 30, 2024, AON completed two acquisitions, Central Georgia Cancer Care and Hawaii Cancer Care, resulting in **$9.85 million** of goodwill and a **$1.04 million** bargain purchase gain respectively 2024 Acquisitions Summary (in thousands) | Acquisition | Consideration Transferred | Goodwill Recognized | Bargain Purchase Gain | | :--- | :--- | :--- | :--- | | Central Georgia Practice | $13,462 | $9,850 | $0 | | Hawaii Practice | ($4,530) | $0 | ($1,040) | - From their acquisition dates through September 30, 2024, the newly acquired businesses contributed **$64.9 million** in revenue[138](index=138&type=chunk) [Note 8. Long-term Debt](index=37&type=section&id=Note%208.%20Long-term%20Debt) As of September 30, 2024, total debt was **$91.4 million**, primarily from an **$81.25 million** PNC Loan Facility whose maturity was extended to June 2026, with the company in compliance with all covenants Long-term Debt Composition (in thousands) | Debt Instrument | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | PNC Facility | $81,250 | $81,250 | | Notes payable | $10,192 | $0 | | **Total** | **$91,442** | **$81,250** | - In June 2023, the PNC Loan Facility's maturity date was extended from April 2024 to June 30, 2026[158](index=158&type=chunk) [Note 11. Related Parties](index=42&type=section&id=Note%2011.%20Related%20Parties) The company engages in significant related-party transactions, with **$1.08 billion** in pharmaceutical inventory purchases from a common-control supplier, representing **91%** of cost of revenue for the nine months ended September 30, 2024 - The company purchases the majority of its pharmaceutical inventory from a related party. These purchases accounted for **91%** of cost of revenue for the nine months ended September 30, 2024[183](index=183&type=chunk) - As of September 30, 2024, accounts payable to this related party amounted to **$144.0 million**, representing **92%** of total accounts payable[183](index=183&type=chunk) [Note 12. Equity-Based Compensation](index=43&type=section&id=Note%2012.%20Equity-Based%20Compensation) Under the 2023 Incentive Equity Plan, the company granted **4,746,521** RSUs and recognized **$16.1 million** in stock-based compensation expense during the first nine months of 2024, with **$6.2 million** unrecognized expense remaining RSU Activity (Nine Months Ended Sep 30, 2024) | Activity | Number of RSUs | | :--- | :--- | | Outstanding at Dec 31, 2023 | 0 | | Granted | 4,746,521 | | Vested | (2,382,730) | | Forfeited/Cancelled | (33,714) | | **Outstanding at Sep 30, 2024** | **2,330,077** | - As of September 30, 2024, there was approximately **$6.2 million** of total unrecognized compensation expense related to RSUs[188](index=188&type=chunk) [Note 17. Subsequent Events](index=55&type=section&id=Note%2017.%20Subsequent%20Events) Subsequent events include AEA Growth affiliates closing a tender offer on October 4, 2024, and a **$51 million** equity financing on November 12, 2024, with no material financial impact expected from recent hurricanes - On November 12, 2024, the company closed on the sale of **8,500,000 shares** of Class A Common Stock to an affiliate of AEA Growth at **$6.00 per share**, raising gross proceeds of **$51 million**[233](index=233&type=chunk) - On October 4, 2024, affiliates of AEA Growth closed a tender offer, purchasing **5.4 million** AON LLC Common Units and **2.8 million** shares of Class A Common Stock[231](index=231&type=chunk) - The company experienced temporary clinic closures at approximately **ten locations** due to Hurricanes Helene and Milton but does not currently believe the events will have a material effect on its financial condition[240](index=240&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's business model, recent corporate actions, and provides a detailed analysis of financial performance for the three and nine months ended September 30, 2024, covering revenue, costs, liquidity, and non-GAAP measures [Results of Operations](index=62&type=section&id=Results%20of%20Operations) For the nine months ended September 30, 2024, revenue increased **32.8%** to **$1.27 billion**, driven by higher patient encounters and revenue per encounter, while cost of revenue and general and administrative expenses also increased significantly Revenue Comparison (in thousands) | Period | Sep 30, 2024 | Sep 30, 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Three Months Ended | $470,279 | $336,305 | $133,974 | 39.8% | | Nine Months Ended | $1,268,600 | $955,003 | $313,597 | 32.8% | - The **$313.1 million** revenue increase for the nine-month period was driven by an **18.7%** increase in patient encounters (contributing **$176.4 million**) and a **12.2%** increase in revenue per encounter (contributing **$136.7 million**)[288](index=288&type=chunk) - Cost of revenue for the nine-month period increased by **$312.5 million**, primarily due to higher drug and medical supply costs associated with increased patient volumes and cost per encounter, as well as **$11.1 million** in equity-based compensation expense[293](index=293&type=chunk) [Non-GAAP Financial Measures](index=65&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA, a non-GAAP measure, which increased **25%** to **$16.3 million** for the nine months ended September 30, 2024, from **$13.0 million** in the prior-year period Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net loss | ($29,363) | ($40,797) | | Adjustments | $45,655 | $53,827 | | **Adjusted EBITDA** | **$16,292** | **$13,030** | [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2024, the company had **$19.4 million** in cash, with management believing current resources and a subsequent **$51 million** equity financing will provide sufficient liquidity for the next 12 months - As of September 30, 2024, the company had **$19.4 million** in cash and cash equivalents, plus **$13.6 million** available under its PNC Loan Facility and **$1.0 million** under its PNC Line of Credit[311](index=311&type=chunk) - Subsequent to the quarter end, the company raised **$51 million** in gross proceeds from a Class A Common Stock financing, which will be used for acquisitions, capital expenditures, and general corporate purposes[313](index=313&type=chunk)[324](index=324&type=chunk) Historical Cash Flows (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash used in operations | ($16,869) | ($6,160) | | Net cash provided by (used in) investing | $14,809 | ($24,673) | | Net cash (used in) provided by financing | ($7,047) | $55,560 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk on its **$81.3 million** variable-rate debt, where a **1.0%** rate increase would raise annual interest expense by **$0.8 million**, and also faces inflation risk on labor and supply costs - The company is exposed to interest rate risk on its **$81.3 million** of variable-rate debt. A **1.0%** increase in the Bloomberg Short-Term Bank Yield Index would increase annual interest expense by approximately **$0.8 million**[347](index=347&type=chunk)[348](index=348&type=chunk) - Inflationary pressures affect labor, drug, and medical supply costs. The company has experienced staffing shortages and increased wage demands, which it manages through retention efforts and strategic sourcing[349](index=349&type=chunk) [Item 4. Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) As of September 30, 2024, management concluded that the company's disclosure controls and procedures were not effective due to previously identified material weaknesses in internal control over financial reporting - Based on an evaluation as of September 30, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were not effective due to previously identified material weaknesses in internal control over financial reporting[352](index=352&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings during the period - None[355](index=355&type=chunk) [Item 1A. Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K and the quarterly report for the period ended June 30, 2024 - As of the date of this report, there have been no material changes to the risk factors previously disclosed in the 2023 Annual Report and the Q2 2024 10-Q[357](index=357&type=chunk) [Item 5. Other Information](index=75&type=section&id=Item%205.%20Other%20Information) This section details a significant post-period financing event where the company sold **8,500,000** shares of Class A Common Stock for **$51 million** in gross proceeds to an AEA Growth affiliate on November 12, 2024 - On November 12, 2024, the company closed on the sale of **8,500,000 shares** of Class A Common Stock to an affiliate of AEA Growth at **$6.00 per share**, for gross proceeds of **$51 million**[358](index=358&type=chunk)

Core Insights - Florida Oncology and Hematology has expanded its services in Lee County, Florida, with a new clinic in Cape Coral, providing additional choices for medical oncology services to local patients [1][2] - The new clinic is equipped with an on-site infusion room, in-house lab and pathology services, and access to a specialty pharmacy for oral oncolytics, enhancing patient care and convenience [2][5] - The clinic is staffed by three board-certified medical oncologists: Dr. Magali Van den Bergh, Dr. Venkata Parsa, and Dr. Shivtaj Mann, all of whom bring extensive experience and a commitment to patient-centered care [3][4][5] Company Overview - Florida Oncology and Hematology is part of the American Oncology Network (AON), which aims to ensure the success of community oncology practices through innovative healthcare solutions and a physician-led model [5][6] - AON has rapidly expanded since its founding in 2018, now representing over 250 providers across 21 states, focusing on value-based care and improving patient outcomes [5] - The practice has opened four new locations since August 2024, including clinics in Naples and Fort Myers, and now includes seven medical oncologists across five locations in Florida [4][5] Medical Staff - Dr. Magali Van den Bergh serves as the medical director at the Cape Coral clinic and is triple board-certified in internal medicine, oncology, and hematology [2][3] - Dr. Venkata Parsa and Dr. Shivtaj Mann are also triple board-certified in their respective fields, with strong educational backgrounds and a focus on personalized patient care [3][4] - The new team members are expected to enhance the quality of care provided to cancer patients in the Cape Coral area, aligning with AON's core value of patient-centered care [2][5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-04177 American Oncology Network, Inc. (Exact name of registrant as specified in its charter) Delaware 85-3984427 (State or other jurisdiction of incorporati ...

FORT MYERS, Fla., July 31, 2024 (GLOBE NEWSWIRE) -- American Oncology Network ("AON" or the "Company") (OTCQX:AONC), one of the fastest growing community-based oncology practices, announced today that the Company will release its second quarter 2024 financial results on Wednesday, August 14, 2024, prior to market open. The Company will host a conference call and live webcast with the investment community at 8:30 a.m. Eastern Time on the same day. To access the call through a conference line, dial 1-877-704- ...

Company Overview - American Oncology Network (AON) is an alliance of physicians and healthcare leaders focused on the long-term success of community oncology and other specialties, founded in 2018 [4] - AON's network includes over 240 providers across 21 states, emphasizing innovative healthcare solutions through a physician-led model [4] - The organization aims to improve patient outcomes while reducing costs and expanding access to quality care, promoting health equity in cancer care [4] Research and Development - The research project co-authored by Dr. M. Sarfraz Nawaz focuses on improving care for patients with febrile neutropenia, a serious complication in cancer patients [1][2] - The study aims to create a standard precaution protocol for hospitalized neutropenic patients and will collect data over the next six months to inform this protocol [2] - The project was presented at the 21st International Ultmann Chicago Lymphoma Symposium, highlighting its significance in advancing knowledge in lymphoma treatment [1][2][3] Professional Recognition - Dr. Nawaz's participation in the symposium was recognized as a significant contribution to advancing medical knowledge, reflecting AON's culture of research and scholarly exchange [3] - The rigorous selection process for the symposium validated the project's value to the field of oncology [2][3]

FORT MYERS, Fla., June 10, 2024 (GLOBE NEWSWIRE) -- American Oncology Network, Inc.  (AON) (OTCQX: AONC), a rapidly-growing network of community-based oncology practices, today announced it has qualified to trade on the OTCQX® Best Market. AON previously traded on NASDAQ. The OTCQX Best Market provides value and convenience to U.S. investors, brokers and institutions seeking to trade AONC. The OTCQX Best Market is OTC Markets Group’s premier market for established, investor-focused U.S. and international co ...

Core Points - American Oncology Network, Inc. (AON) has qualified to trade on the OTCQX Best Market, transitioning from NASDAQ to enhance trading transparency and convenience for investors [1][2] - The OTCQX Best Market is designed for established companies that meet high financial standards and corporate governance practices, providing a better trading experience for investors [1][3] - AON's Class A Common Stock and Warrants began trading under the symbols "AONC" and "AONCW" respectively, with current financial disclosures available on OTC Markets [2] Company Overview - AON is a rapidly growing network of community-based oncology practices, founded in 2018, representing over 240 providers across 21 states [4] - The company focuses on innovative healthcare solutions through a physician-led model, aiming to improve patient outcomes while reducing costs and expanding access to quality cancer care [4] - AON is committed to promoting health equity by addressing disparities in cancer care and ensuring all patients have access to necessary treatments [4]