Variable Interest Entities

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company prepares its condensed consolidated financial statements in accordance with Accounting Standards Codification Topic No. 810, Consolidations (“ASC 810”), which provides for the consolidation of VIEs of which an entity is the primary beneficiary.

Pursuant to the MSAs established with the Starling PCs, one of the Company's wholly owned subsidiaries [Starling Management LLC ("Starling Management')], is entitled to receive a management fee, which represents a variable interest in and the right to receive the benefits of the Starling PCs. Through the terms of the MSAs, Starling Management receives the right to direct the most significant activities of the Starling PCs. Therefore, the Starling PCs are variable interest entities and Starling Management is the primary beneficiary that consolidates the Starling PCs, and their subsidiaries.

The condensed consolidated financial statements include the accounts of Starling and its subsidiaries and VIEs. All inter-company profits, transactions, and balances have been eliminated upon consolidation.


(in thousands)	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash	$	14,667	$	4,133
Accounts receivable, net	66,311		59,103
Other receivables	—		268
Inventories	20,006		16,874
Prepaid expenses and other current assets	541		790
Total current assets	101,525		81,168
Property and equipment, net	12		29
Other assets	605		554
Intangible assets, net	4,066		4,376
Goodwill	2,679		2,679
Total assets	$	108,887	$	88,806
Liabilities
Current liabilities:
Accounts payable	$	58,951	$	40,864

Accrued expenses and other current liabilities	23,406		14,546

Amounts due to affiliates	263,814		254,396
Total current liabilities	346,171		309,806
Other non-current liabilities	25		—

Total liabilities	$	346,196	$	309,806

Single physician holders, who are officers of the Company, retain equity ownership in Starling CA, Starling FL, Starling TX, and Starling OR, which represents nominal noncontrolling interests. However, the noncontrolling interests do not participate in the profit or loss of Starling CA, Starling FL, Starling TX, and Starling OR.