[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) The unaudited condensed consolidated financial statements for The Oncology Institute, Inc. (TOI) as of March 31, 2025, and for the three months ended March 31, 2025 and 2024. For the first quarter of 2025, the company reported total revenues of $104.4 million, an increase from $94.7 million in the prior year period, and a net loss of $19.6 million, slightly improved from a net loss of $19.9 million in Q1 2024. Total assets decreased to $164.0 million from $172.7 million at year-end 2024, while total liabilities also decreased. The company secured additional liquidity through a private placement and a debt amendment during the quarter [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were $164.0 million, a decrease from $172.7 million at December 31, 2024. This was driven by a decrease in cash and cash equivalents from $49.7 million to $39.7 million. Total liabilities decreased to $158.9 million from $169.1 million, primarily due to a reduction in long-term debt. Total stockholders' equity increased from $3.6 million to $5.1 million Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $39,739 | $49,669 | | Accounts receivable, net | $49,320 | $48,335 | | Total current assets | $106,820 | $112,435 | | Total assets | $164,002 | $172,717 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $59,541 | $52,249 | | Long-term debt, net | $73,894 | $93,131 | | Total liabilities | $158,933 | $169,128 | | Total stockholders' equity | $5,069 | $3,589 | | Total liabilities and stockholders' equity | $164,002 | $172,717 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total operating revenue increased to $104.4 million from $94.7 million in the prior-year period, driven by a 24% increase in dispensary revenue. The loss from operations narrowed to $(9.9) million from $(18.0) million year-over-year, due to revenue growth and an 11% reduction in SG&A expenses. The net loss was $19.6 million, or $(0.21) per share, compared to a net loss of $19.9 million, or $(0.22) per share, in Q1 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Total operating revenue** | **$104,406** | **$94,666** | | Patient services revenue | $53,068 | $52,453 | | Dispensary revenue | $49,293 | $39,679 | | **Total operating expenses** | **$114,317** | **$112,638** | | Selling, general and administrative | $25,376 | $28,452 | | **Loss from operations** | **$(9,911)** | **$(17,972)** | | **Net loss** | **$(19,585)** | **$(19,889)** | | Net loss per share, basic & diluted | $(0.21) | $(0.22) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended March 31, 2025, net cash used in operating activities was $5.0 million, a significant improvement from $15.9 million used in the prior-year period. Net cash used in investing activities was $0.2 million. Net cash used in financing activities was $4.7 million, primarily due to a $20.0 million principal payment on long-term debt, offset by $15.4 million in net proceeds from a private placement. Cash and cash equivalents decreased by $9.9 million during the quarter, ending at $39.7 million Summary of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,988) | $(15,883) | | Net cash (used in) provided by investing activities | $(202) | $19,388 | | Net cash used in financing activities | $(4,740) | $(938) | | **Net (decrease) increase in cash** | **$(9,930)** | **$2,567** | | Cash at beginning of period | $49,669 | $33,488 | | **Cash at end of period** | **$39,739** | **$36,055** | - The company made a **$20.0 million principal payment** on long-term debt and received **$15.4 million in net proceeds** from a private placement during Q1 2025[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, and financial activities. Key events in Q1 2025 include amending its debt facility to remove a $40 million cash covenant and making a $20 million prepayment. The company also raised approximately $16.5 million in gross proceeds from a private placement. These actions improved liquidity, leading management to conclude it has sufficient funds for at least one year. A significant portion of revenue and payables are concentrated with a single payor and vendor, respectively. Subsequent to the quarter's end, the company entered an agreement to outsource its Clinical Trials segment operations - The company operates **67 clinics** across five states with **121 oncologists** and mid-level professionals[23](index=23&type=chunk) - Management concluded it has sufficient liquidity for at least one year following a debt amendment, a **$20 million debt prepayment**, and a private placement that raised approximately **$16.5 million in gross proceeds**[29](index=29&type=chunk) - Vendor A accounted for **99% of direct costs** for the three months ended March 31, 2025, and **71% of gross payables** as of that date[63](index=63&type=chunk) - On February 26, 2025, the company amended its Facility Agreement, removing the **$40 million minimum cash covenant** and making a **$20 million partial prepayment** on its Senior Secured Convertible Note[101](index=101&type=chunk)[103](index=103&type=chunk) - On March 24, 2025, the company entered into a securities purchase agreement for a private placement, resulting in gross proceeds of approximately **$16.5 million**[138](index=138&type=chunk) - Subsequent to the quarter end, on March 31, 2025, the company entered into a Research Services Agreement with Helios CR, Inc., to operate the Clinical Trials segment under a profit-sharing arrangement, effective May 5, 2025[184](index=184&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a 10.3% increase in total operating revenue to $104.4 million for Q1 2025, driven by a 24.2% growth in dispensary revenue. The company improved its operational efficiency, evidenced by a narrowed operating loss of $(9.9) million compared to $(18.0) million in Q1 2024, and a reduction in SG&A expenses by 10.8%. Adjusted EBITDA improved to $(5.1) million from $(10.9) million year-over-year. The company successfully bolstered its liquidity through a debt amendment, a $20 million debt prepayment, and a private placement raising $16.5 million, leading management to affirm its going concern status for the next year Revenue Comparison (in thousands) | Revenue Source | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Patient services | $53,068 | $52,453 | $615 | 1.2% | | Dispensary | $49,293 | $39,679 | $9,614 | 24.2% | | Clinical trials & other | $2,045 | $2,534 | $(489) | (19.3)% | | **Total operating revenue** | **$104,406** | **$94,666** | **$9,740** | **10.3%** | - The increase in dispensary revenue was primarily due to a **32.2% increase** in the number of fills, partially offset by a **6.0% decrease** in average revenue per fill[205](index=205&type=chunk) - Selling, general and administrative (SG&A) expense decreased by **10.8% year-over-year**, driven by a **64.3% reduction** in share-based compensation expense and a **3.4% decrease** in non-clinical payroll[207](index=207&type=chunk)[210](index=210&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(19,585) | $(19,888) | | Depreciation and amortization | $1,784 | $1,489 | | Interest expense, net | $5,570 | $1,985 | | Share-based compensation | $1,458 | $4,087 | | Changes in fair value of liabilities | $3,352 | $— | | Other adjustments | $2,300 | $1,478 | | **Adjusted EBITDA** | **$(5,109)** | **$(10,940)** | - The company improved cash flow from operations by approximately **$9.8 million** from Q4 2024 to Q1 2025 due to working capital management initiatives[221](index=221&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are related to interest rates, inflation, and potential asset impairment. Interest rate risk affects the company's cash and cash equivalents ($39.7 million as of March 31, 2025), but is considered minimal due to the short-term nature of these holdings. Inflation poses a risk by potentially increasing the costs of drugs, labor, and other business expenses faster than anticipated. Impairment risk involves the potential write-down of goodwill or intangible assets, which is assessed annually or if indicators arise, and could be triggered by underperformance, economic disruption, or rising interest rates - The company identifies its main market risks as interest rate risk, inflation risk, and impairment risk[252](index=252&type=chunk) - Interest rate risk is considered low due to the short-term nature of the company's **$39.7 million in cash and cash equivalents**[253](index=253&type=chunk) - Inflation could adversely affect the company by increasing costs for drugs, clinical trials, and administration, potentially accelerating cash use[254](index=254&type=chunk) - Impairment risk for goodwill and intangible assets is assessed annually and could result in a charge if reporting unit fair value falls below carrying value due to underperformance or adverse economic conditions[257](index=257&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of March 31, 2025. They concluded that these controls were effective in ensuring that information required for SEC reports is recorded, processed, and reported in a timely manner. There were no changes in the company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls. The company acknowledges the inherent limitations of any control system, which can only provide reasonable, not absolute, assurance of achieving its objectives - As of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[258](index=258&type=chunk) - There were no material changes to the company's internal control over financial reporting during the first quarter of 2025[259](index=259&type=chunk) [Part II – Other Information](index=49&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that are expected to have a material adverse effect on its business, financial condition, or results of operations - The company states it is not currently involved in any legal proceedings that would have a material adverse effect on its business[262](index=262&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - No material changes have been made to the risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2024[263](index=263&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[264](index=264&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[265](index=265&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[266](index=266&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) During the quarter ended March 31, 2025, no director or officer of the company adopted or terminated any Rule 10b5-1 trading plans or any non-Rule 10b5-1 trading arrangements - No director or officer adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during the quarter[267](index=267&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with or incorporated by reference into the Form 10-Q. Key exhibits include certifications by the Principal Executive Officer and Principal Financial Officer, and the Interactive Data File (XBRL) - This section provides a list of all exhibits filed as part of the quarterly report, including officer certifications and XBRL data files[268](index=268&type=chunk)[269](index=269&type=chunk)

Core Insights - The Oncology Institute, Inc. (TOI) reported a strong start to 2025, with expectations for sustained cash flow positivity and profitability in the second half of the year, driven by operational efficiencies and strategic market expansion [4][5][6] - The company anticipates adding approximately $50 million in new revenue from new capitation contracts projected for the first half of 2025, with a potential increase of 100,000 lives in the second half of the year [4][6] Recent Operational Highlights - TOI achieved consolidated revenue of $104.4 million in Q1 2025, a 10.3% increase from $94.7 million in Q1 2024 [8] - The retail pharmacy and dispensary segment generated $49.3 million in revenue, growing over 20% year-over-year [6][9] - Fee-for-service revenue grew by 9% in Q1 2025 compared to Q4 2024, reflecting investments in referral management and call center expansion [6] Financial Performance - Gross profit for Q1 2025 was $17.2 million, a 44.1% increase from the prior year quarter [10] - The net loss for Q1 2025 was $19.6 million, slightly improved from a net loss of $19.9 million in Q1 2024 [12] - Adjusted EBITDA improved to $(5.1) million in Q1 2025 from $(10.9) million in Q1 2024 [12][20] Guidance for Fiscal Year 2025 - TOI expects full-year revenue to be between $460 million and $480 million, with gross profit projected between $73 million and $82 million [7] - The company anticipates Adjusted EBITDA to range from $(8) million to $(17) million for the year [7] Key Business Metrics - As of March 31, 2025, TOI operated 81 clinics across 18 markets, serving approximately 1.9 million lives under value-based contracts [32] - Cash and cash equivalents stood at $39.7 million as of March 31, 2025, down from $49.7 million at the end of 2024 [33]

CERRITOS, Calif., May 14, 2025 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI”), one of the largest value-based oncology groups in the United States, announced today that Dr. Jeffrey Langsam will assume the role of enterprise Chief Clinical Officer effective May 13th, 2025. The CCO role will oversee therapeutics including pathway and procurement decisions, utilization management, and MSO practice clinical engagement. Dr. Langsam joins TOI from Cigna Healthcare, where he was the Nationa ...

Company Overview - Topicus.com Inc. is a leading pan-European provider of vertical market software and platforms, serving clients in both public and private sectors [3] - The company focuses on acquiring, building, and managing software companies that deliver specialized, mission-critical, and high-impact software solutions tailored to customer needs [3] Board of Directors - At the annual general meeting held on May 13, 2025, all five director nominees were elected to the board: John Billowits, Alex Macdonald, Lori O'Neill, Donna Parr, and Robin van Poelje [1] - Jane Holden did not stand for re-election, and the company expressed gratitude for her contributions as a board member [2]

CERRITOS, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI”), one of the largest value-based oncology groups in the United States, today announced that Dr. Daniel Virnich, Chief Executive Officer, and Rob Carter, Chief Financial Officer, will participate in B. Riley’s 25th Annual Institutional Investor Conference in Marina Del Rey, CA on May 21st, 2025. About The Oncology Institute Founded in 2007, TOI is advancing oncology by delivering highly specialized, value-bas ...

CERRITOS, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI)(“TOI”), one of the largest value-based oncology groups in the United States, announced today that it has been selected to present an abstract at the upcoming ASCO Annual Meeting further validating cost savings and reduced hospitalizations associated with its unique High-Value Cancer Care (HVCC) model*. The study shares new data supporting prior publications which demonstrate superior outcomes for acute-care patient ...

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the first quarter ended March 31, 2025. Please note that all amounts referred to in this press release are in Euros unless otherwise stated. The following press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements for the thre ...

TORONTO, May 01, 2025 (GLOBE NEWSWIRE) -- Topicus.com Inc. (TSXV:TOI) (the “Company”) announced today that the release of its first quarter results will be rescheduled. The Company will defer the release of its results from the originally planned date of May 2, 2025 in order to allow the Company to finalize its analysis and accounting for certain Q1 2025 complex transactions impacting the condensed consolidated interim financial statements. The Company’s quarterly results are expected to be disseminated via ...

Core Viewpoint - The Oncology Institute, Inc. (TOI) will announce its first quarter 2025 financial results on May 14, 2025, after market close, followed by a conference call at 5:00 p.m. Eastern Time [1]. Group 1: Financial Results Announcement - TOI is set to release its Q1 2025 financial results on May 14, 2025, after the market closes [1]. - A conference call will take place on the same day at 5:00 p.m. Eastern Time to discuss the results [1]. Group 2: Conference Call Access - The conference call can be accessed by dialing 1-877-407-0789 for domestic callers and 1-201-689-8562 for international callers [2]. - A replay of the call will be available two hours after it concludes, accessible at 1-844-512-2921 for domestic and 1-412-317-6671 for international callers, with a passcode of 13752832 [2]. - The replay will be available until May 21, 2025 [2]. Group 3: Webcast Information - Interested parties can also listen to a simultaneous webcast of the conference call via the Investor Relations section of TOI's website [3]. Group 4: Company Overview - Founded in 2007, TOI specializes in value-based cancer care, serving over 1.8 million patients with advanced oncology services [4]. - The company employs over 120 clinicians and has more than 700 staff across over 70 clinic locations [4].

Group 1 - Topicus.com Inc. plans to release its first quarter results on May 2, 2025 [1] - The quarterly results will be available via press release and on the Company's website and SEDAR website after market close on May 2, 2025 [1] - Topicus' subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol "TOI" [2] Group 2 - Topicus focuses on acquiring, managing, and building vertical market software businesses [2]