Starling Oncology (STLN) Investor presentation summary

Investment highlights

• National value-based care platform with 19 years of differentiated oncology care and cost control.

• Multiple growth channels and diversified business model across geographies and payor types.

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

• Management team with deep industry experience and proven leadership.

Business model and market opportunity

• Operates in a large, fast-growing oncology market with a 13% CAGR, driven by demographic and cost trends.

• Value-based contracts cover 2 million lives, with a scalable network of 122 employed and 200+ network providers in five states.

• Revenue mix in 2025: 54% specialty pharmacy, 29% fee-for-service, 16% capitation, 1% clinical trials and other.

• Significant whitespace remains, with only 7.3% penetration in California and 2.2% outside California.

Growth drivers and specialty pharmacy

• Growth model starts with capitation, enhanced by specialty pharmacy and wraparound services.

• Specialty pharmacy is a key differentiator, lowering patient costs, improving adherence, and reducing payor expenses.

• Script volume and revenue per script have grown significantly, with future expansion opportunities in network distribution.