Starling Oncology (STLN) Investor presentation summary

Investment highlights and market positioning

• Operates a leading national value-based care (VBC) oncology platform with a 19-year history of differentiated care delivery, cost control, and improved outcomes.

• Addresses a large and growing total addressable market (TAM) driven by secular trends such as an aging population and rising cancer incidence.

• Multiple growth channels include capitation, specialty pharmacy, ancillary services, and clinical research.

• Management team and board have deep industry experience, supporting execution and strategic growth.

• Achieved 28% revenue growth in 2025, breakeven Adjusted EBITDA in 4Q25, and expects positive Adjusted EBITDA in 2026.

Business model and operations

• Comprehensive, scalable network spans 122 employed and 200+ network providers across five states, covering 2 million value-based lives.

• Embedded specialty pharmacy with $269M annual volume, driving cost savings and improved medication adherence.

• Utilizes both narrow network and delegated open-network capitation models, with recurring fixed payments and scalable revenue.

• Maintains a profitable fee-for-service (FFS) practice to support community demand and payors not ready for value-based models.

• Technology stack and AI adoption drive operational efficiencies, patient engagement, and care coordination.

Financial performance and growth

• Revenue grew from $393M in 2024 to $503M in 2025, with a 41% CAGR since 2007.

• Specialty pharmacy revenue up 77.6% YoY in 1Q26, with ~19% gross margin.

• SG&A as a percentage of revenue declined to 19.1% in 1Q26, reflecting improved operating leverage.

• Reduced debt by $24M in 2025 and strengthened balance sheet through capital markets issuances.

• Florida market reached profitability, with anticipated expansion to 200K+ Medicare Advantage lives.