Live Chat on The Biotech Forum sees frequent discussion of specific covered call trades. To see what covered call trades I am currently executing along with a model portfolio of attractive biotech stocks, just initiate your free trial into The Biotech Forum by clicking HERE .Shares of cancer care and cost management solutions provider The Oncology Institute, Inc. ( TOI ) rallied some since November 14, 2025 after signs of imminent profitability in its 3Q25 report. In addition to generating a 37% improvement ...

Core Insights - Several small- and mid-cap stocks experienced notable gains in after-hours trading, driven by investor sentiment and sector momentum rather than new company news [1][2][3][4][5] Company Summaries - **Spyre Therapeutics, Inc. (SYRE)**: Closed at $34.71, up $1.65 or 4.99%, leading the list of gainers despite no new updates [1] - **The Oncology Institute, Inc. (TOI)**: Ended at $3.65, up $0.19 or 5.49%, with steady share price increase without new announcements [2] - **Aurora Cannabis Inc. (ACB)**: Closed at $5.70, gaining $0.13 or 2.33%, benefiting from renewed momentum in the cannabis sector [2] - **Solid Biosciences Inc. (SLDB)**: Finished at $5.45, up $0.07 or 1.30%, supported by the recent addition of Duchenne muscular dystrophy to the Recommended Uniform Screening Panel [3] - **EUDA Health Holdings Limited (EUDA)**: Closed at $2.74, gaining $0.12 or 4.58%, attracting buyers in after-hours trading [4] - **Lexeo Therapeutics, Inc. (LXEO)**: Ended at $9.50, up $0.39 or 4.28%, continuing a trend of strength in the biotech sector [4] - **Eledon Pharmaceuticals, Inc. (ELDN)**: Closed at $1.59, up $0.02 or 1.27%, managing a modest gain without new news [5]

Core Points - Gabe Ling has resigned from the Board of Directors of The Oncology Institute, effective December 1, 2025, and a search for new independent directors with relevant expertise has begun [1] - The Chairman of the Board, Anne McGeorge, expressed gratitude for Gabe Ling's contributions during a significant period for the company and emphasized the focus on enhancing the Board's capabilities for long-term growth [2] - The Oncology Institute, founded in 2007, provides specialized, value-based cancer care to approximately 1.9 million patients through over 100 clinics and affiliate locations across five states [3]

Core Insights - The Oncology Institute (TOI) has experienced significant stock price growth, increasing by 1,700% over the past 12 months and 950% year-to-date as of November 20 [1][2] Company Overview - The Oncology Institute is a cancer care provider offering a range of services including doctors' services, infusions, radiation, and pharmacy services [2] - The company operates under a value-based care model, which rewards healthcare providers for delivering good patient outcomes rather than a fee-for-service model [2] Market Position and Growth Potential - The Oncology Institute is currently treating 1.9 million patients across five states, indicating substantial growth potential as it expands its coverage [3] - The stock is currently priced at $3.24 with a market cap of $0 billion, and it has a price-to-sales ratio of 0.6, suggesting it may not be overvalued [4][6] Financial Performance - In Q3, The Oncology Institute reported revenue of $137 million, a year-over-year increase of nearly 37%, with gross profit rising nearly 32% [5] - The company recorded a net loss of $16.5 million, which is wider than the previous year, but the growth rate was faster than in the previous quarter [5] - The CEO highlighted advancements in leveraging artificial intelligence to enhance operational efficiency and patient experience, contributing to an optimistic outlook for Q4 adjusted EBITDA [5]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders before the market opens [1] Premarket Gainers - Cidara Therapeutics, Inc. (CDTX) is up 91% at $203.18 - Binah Capital Group, Inc. (BCG) is up 45% at $2.07 - Invivyd, Inc. (IVVD) is up 42% at $2.52 - Omeros Corporation (OMER) is up 15% at $7.25 - The Oncology Institute, Inc. (TOI) is up 12% at $3.47 - AlphaVest Acquisition Corp (ATMV) is up 11% at $7.99 - ARB IOT Group Limited (ARBB) is up 7% at $7.31 - Hyperion DeFi, Inc. (HYPD) is up 6% at $5.27 - TruGolf Holdings, Inc. (TRUG) is up 6% at $2.02 - Boqii Holding Limited (BQ) is up 5% at $2.24 [3] Premarket Losers - TSS, Inc. (TSSI) is down 40% at $9.12 - StubHub Holdings, Inc. (STUB) is down 20% at $15.02 - ESS Tech, Inc. (GWH) is down 20% at $3.38 - Red Cat Holdings, Inc. (RCAT) is down 17% at $6.38 - WhiteFiber, Inc. (WYFI) is down 15% at $16.81 - New Era Energy & Digital, Inc. (NUAI) is down 13% at $3.66 - NET Power Inc. (NPWR) is down 11% at $2.62 - Korro Bio, Inc. (KRRO) is down 9% at $5.90 - Anavex Life Sciences Corp. (AVXL) is down 8% at $5.20 - Interactive Strength Inc. (TRNR) is down 5% at $2.47 [4]

Core Insights - The Oncology Institute, Inc. reported a quarterly loss of $0.14 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.12, but an improvement from a loss of $0.18 per share a year ago [1] - The company achieved revenues of $136.56 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 11.71% and showing a significant increase from $99.9 million in the same quarter last year [2] - The stock has increased approximately 1010% year-to-date, significantly outperforming the S&P 500's gain of 16.5% [3] Financial Performance - Over the last four quarters, The Oncology Institute has not surpassed consensus EPS estimates, indicating challenges in meeting earnings expectations [2] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $127 million, and for the current fiscal year, it is -$0.55 on revenues of $473.45 million [7] Market Outlook - The company's earnings outlook and management's commentary on the earnings call will be crucial for understanding future stock movements [3][4] - The Zacks Rank for The Oncology Institute is currently 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6] - The Medical Services industry, to which The Oncology Institute belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, which may impact the stock's performance [8]

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $137 million, a 23% increase compared to the previous year, driven by a 42% growth in the pharmacy business and a 13% growth in the fee-for-service business [4][14] - Adjusted EBITDA loss improved to $3.5 million, a $4.7 million improvement year-over-year, with expectations to achieve profitability in Q4 and become free cash flow positive in 2026 [5][20] - Total revenue for Q3 was $136.6 million, representing a 36.7% year-over-year growth [14] Business Line Data and Key Metrics Changes - Patient services revenue, including capitation and fee-for-service, totaled $60.2 million, accounting for 44.1% of total revenue, with a 21% year-over-year increase [15] - Pharmacy revenue reached $75.9 million, representing 55.6% of total revenue, and increased 57.4% year-over-year due to higher prescription volumes [16] Market Data and Key Metrics Changes - The company expanded its MSO network in Florida to over 200 providers and opened a new pharmacy location to serve network providers [6] - New capitation contracts signed in 2025 are expected to contribute an estimated $19 million in full-year revenue, a 29% increase compared to 2024 [6] Company Strategy and Development Direction - The company is focusing on expanding its delegated capitation model, particularly in Florida, which is expected to become its primary model across all markets [12][13] - The integration of AI into operations is anticipated to enhance performance and reduce costs, with significant operational efficiencies expected from the new AI model [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA profitability in Q4 and highlighted the strong momentum built over the past year [10][20] - The company is optimistic about the impact of recent healthcare policy changes, believing they will lower drug costs and enhance accessibility [40][41] Other Important Information - A cybersecurity incident at a key vendor temporarily affected billing for fee-for-service claims, but the company managed to minimize operational disruptions [9][10] - The company ended the quarter with $27.7 million in cash and cash equivalents, with $86 million of convertible debt outstanding [18] Q&A Session Summary Question: Can you describe the reserve for fee-for-service revenue? - The reserve was a $1.8 million adjustment that impacted adjusted EBITDA, but normalized performance was significantly better [24][26] Question: How sustainable is the first month of profitability in September? - The company expects to achieve break-even EBITDA in Q4 and anticipates positive adjusted EBITDA in 2026 [28][29] Question: What is the current PM/PM trend on new contracts? - PM/PM is dependent on market location, with most contracts having escalators for annual increases [42] Question: How will changes in payer behavior impact the business? - The overall trend towards lower-cost drugs and simplified reimbursement processes is expected to be net favorable for the company [40][41] Question: What is the outlook for new contracts and covered lives? - The company continues to see strong interest in its model and expects top-line growth to mirror previous years, with no slowdown in value-based contracting opportunities [48][49]

Revenue Growth - For the three months ended September 30, 2025, total operating revenue increased by 36.7% to $136.564 million compared to $99.901 million in the same period of 2024[209]. - Patient services revenue for the three months ended September 30, 2025, was $60.195 million, reflecting a 21.0% increase from $49.752 million in the prior year[209]. - Dispensary revenue for the three months ended September 30, 2025, rose by 57.4% to $75.895 million, up from $48.210 million in the same quarter of 2024[209]. - Total operating revenue for the nine months ended September 30, 2025, was $360.772 million, a 23.1% increase from $293.145 million in the same period of 2024[209]. Expenses and Costs - Total operating expenses for Q3 2025 were $144.6 million, an increase of 27.1% from $113.8 million in Q3 2024[213]. - Patient services costs increased by 17.7% in Q3 2025, primarily due to rising intravenous drug costs, while clinical payroll costs decreased by 1.8%[214]. - Dispensary costs rose by 97.7% in Q3 2025 due to a significant increase in the number of prescriptions filled, despite a 20.4% decrease in average prescription costs[215]. - Selling, general and administrative expenses were 18.5% of total operating revenue for the three months ended September 30, 2025, compared to 26.7% in the same period of 2024[208]. - Selling, general and administrative (SG&A) expenses decreased by 4.5% in Q3 2025 to $25.4 million, attributed to cost discipline and operational efficiency[216]. Profitability and Loss - The company reported a net loss of 12.2% for the three months ended September 30, 2025, compared to a net loss of 16.2% in the same period of 2024[208]. - The net loss for the nine months ended September 30, 2025, was $53.1 million, a slight increase of 3.1% from $51.5 million in the same period of 2024[227]. - Adjusted EBITDA for Q3 2025 was $(3.46) million, a 57.8% improvement from $(8.20) million in Q3 2024[226]. Cash Flow and Liquidity - As of September 30, 2025, the company had cash and cash equivalents of $27,658 and an accumulated deficit of $263,911, with a net loss of $53,098 for the nine months ended September 30, 2025[229]. - The company improved cash flow from operations by approximately $2,904, a 9% reduction in cash used compared to the same period in the prior year[231]. - Net cash used in operating activities decreased to $27,820 for the nine months ended September 30, 2025, compared to $30,724 in the prior year, reflecting a 9% improvement[236]. - The company expects sufficient liquidity to fund operations for at least one year from the issuance date of the financial statements[232]. - Cash provided by accounts payable and accrued expenses increased by $1,027 for the nine months ended September 30, 2025, due to cash management initiatives[240]. Market and Operational Insights - The number of fills in the dispensary increased by 97.7% for the three months ended September 30, 2025, contributing to the revenue growth despite a 20.4% decrease in average revenue per fill[211]. - The number of clinics remained stable at 80, while the number of markets expanded to 22 from 14 in the prior year[222]. - The company anticipates continued increases in selling, general and administrative expenses due to costs associated with being a public company and business growth[206]. Financial Instruments and Risks - Interest expense for the nine months ended September 30, 2025, increased by 47.9% to $9.36 million compared to $6.33 million in the prior year[219]. - The fair value of conversion option derivative liabilities increased by $5.98 million in Q3 2025 due to a rise in stock price[220]. - Total material cash requirements over the next five years are estimated at $125,380, including $93,227 for convertible notes and $31,667 for operating leases[241]. - Inflation has increased costs for drugs and clinical trials, potentially leading to faster depletion of cash reserves[266]. - Impairment risk is assessed annually, with potential economic disruptions and rising interest rates posing threats to goodwill and intangible assets[267]. Revenue Recognition - The transaction price for FFS arrangements is variable, based on patient encounters and provider costs, with revenue recognized only when significant reversal of cumulative revenue is unlikely[252]. - Revenue for dispensed prescriptions is based on fee schedules set by PBMs, with DIR fees impacting the transaction price[256]. - Clinical research contracts are recognized as a single performance obligation, with revenue invoiced periodically based on trial progress[257].

Financial Performance - Consolidated revenue for Q3 2025 was $136.6 million, a 36.7% increase from $99.9 million in Q3 2024[4] - Fee-for-service revenue grew by 13% compared to Q3 2024, driven by organic growth in Florida and Oregon[4] - Retail Pharmacy and Dispensary generated $75.9 million in revenue and $12.8 million in gross profit during Q3[4] - Total operating revenue for Q3 2025 was $136,564,000, a 36.6% increase from $99,901,000 in Q3 2024[23] - Net loss for Q3 2025 was $16,504,000, compared to a net loss of $16,113,000 in Q3 2024, reflecting a 2.4% increase in losses[23] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $(3.5) million, an improvement from $(8.2) million in Q3 2024[4] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(12,555,000), an improvement from $(27,847,000) in the same period of 2024[23] - The company expects Adjusted EBITDA of approximately $0 to $2 million in Q4 2025[5] Cash and Assets - Cash and cash equivalents stood at $27.7 million as of September 30, 2025[4] - Cash and cash equivalents decreased to $27,658,000 as of September 30, 2025, down from $49,669,000 at the end of 2024[22] - Total assets decreased to $163,619,000 as of September 30, 2025, from $172,717,000 at the end of 2024[22] Liabilities and Receivables - Total current liabilities rose to $65,580,000 as of September 30, 2025, up from $52,215,000 at the end of 2024, reflecting increased operational costs[22] - Accounts receivable increased to $59,639,000 as of September 30, 2025, compared to $48,335,000 at the end of 2024, indicating improved revenue collection[22] Company Updates - The company updated its full-year 2025 revenue guidance to $495 to $505 million, up from the previous guidance of $460 to $480 million[3] - The company welcomed Kristin England as the new Chief Administrative Officer to oversee operations and technology strategy[4] - The company is leveraging AI to enhance operational efficiencies and improve patient experience[6] Operational Activities - The company reported a net cash used in operating activities of $(27,820,000) for the nine months ended September 30, 2025, compared to $(30,724,000) in the same period of 2024[24] - The number of lives under value-based contracts remained stable at 1.9 million for both Q3 2025 and Q3 2024[21] - The company issued 2,695,000 shares for options exercised during the nine months ended September 30, 2025[24]

Core Insights - The Oncology Institute, Inc. (TOI) reported strong financial results for Q3 2025, with consolidated revenue of $136.6 million, a 36.7% increase from $99.9 million in Q3 2024, and a net loss of $16.5 million compared to a net loss of $16.1 million in the prior year [3][4][20] - The company updated its full-year 2025 guidance, raising revenue expectations to between $495 million and $505 million, while Adjusted EBITDA guidance was adjusted to a loss of $11 million to $13 million [3][4] - TOI's fee-for-service revenue grew by 13% year-over-year, driven by organic growth in Florida and Oregon, and the retail pharmacy and dispensary segment set records with $75.9 million in revenue [4][5] Financial Performance - Consolidated revenue for Q3 2025 was $136.6 million, up from $99.9 million in Q3 2024, while gross profit increased to $18.9 million, a 31.7% rise [4][20] - The net loss for Q3 2025 was $16.5 million, slightly higher than the $16.1 million loss in Q3 2024, with basic and diluted loss per share improving to $(0.14) from $(0.18) [4][20] - Adjusted EBITDA for Q3 2025 was $(3.5) million, an improvement from $(8.2) million in Q3 2024 [4][20] Operational Highlights - The company signed several new in-network MSO providers in Florida and opened a new pharmacy location in the state [4][5] - TOI welcomed Kristin England as the new Chief Administrative Officer, focusing on enterprise operations and technology strategy [4][5] - The company reported a total of 80 clinics and 22 markets, maintaining the number of lives under value-based contracts at approximately 1.9 million [4][17] Guidance and Outlook - TOI expects Adjusted EBITDA of approximately $0 to $2 million in Q4 2025, reflecting a positive outlook for the remainder of the year [3][4] - The updated guidance for 2025 reflects the company's confidence in achieving revenue and profitability growth, despite potential risks in the operating environment [3][4]