TOI posts 28% revenue growth but burns $24.6M cash; exits clinical trials, raises $30M equity

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 26, 2025 · ~2 min read

Key Changes

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  Revenue grew 27.8% to $502.7M driven by specialty pharmacy expansion (up 49.6% to $269.2M), but operating loss remained at $36.1M (7.2% of revenue). Company raised ~$30M in new equity via private placement and ATM offering, prepaid $20M of debt, yet cash fell 32% to $33.6M and stockholders' equity turned negative (-$15.7M).

  MD&A: Financial Performance & Liquidity verify on EDGAR →
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  Company divested clinical trials segment to Helios under profit-sharing arrangement (effective May 2025), writing off $2.4M in net assets. Clinical trials revenue fell 47% to $4.6M as operations transferred out. Strategic exit from capital-intensive, low-margin business to focus on patient services and specialty pharmacy.

  Business & Notes: Clinical Trials Divestiture verify on EDGAR →
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  Headcount cut 22% from 825 to 641 employees while owned clinics fell from 72 to 65 and employed providers dropped from 119 to 116. Simultaneously, MSO-contracted independent clinics surged from 14 to 81, and company now manages 207 network providers in Florida. Shift to 'hybrid model' reduces labor costs but increases reliance on less-controllable network providers.

  Business: Hybrid Model & Workforce verify on EDGAR →