v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates its business and reports its results through three operating and reportable segments: specialty pharmacy, patient services, and clinical trials & other in accordance with ASC 280. See Note 2 for a summary of the Company’s policy on segment information.
Summarized financial information for the Company’s segments is shown in the following tables:
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue
Patient services$58,827 $55,891 $117,914 $108,959 
Specialty pharmacy98,608 62,573 186,149 111,866 
Clinical trials & other3,847 1,338 4,660 3,383 
Consolidated revenue$161,282 $119,802 $308,723 $224,208 
Direct costs
Intravenous (IV) drug costs$28,965 $32,800 $58,732 $64,213 
Clinician salaries and benefits16,431 14,011 31,769 28,085 
Network medical expense9,497 1,783 16,107 1,783 
Medical supplies and other1,878 2,556 3,546 4,149 
Total patient services (A)$56,771 $51,150 $110,154 $98,230 
Specialty pharmacy (B)77,346 51,086 148,089 90,949 
Clinical trials & other (C)— 65 — 279 
Total segment direct costs$134,117 $102,301 $258,243 $189,458 
Depreciation expense
Patient services$816 $767 $1,553 $1,522 
Specialty pharmacy3 4 6 6 
Clinical trials & other— — — 32 
Total segment depreciation expense$819 $771 $1,559 $1,560 
Amortization of intangible assets
Patient services$716 $718 $1,431 $1,437 
Clinical trials & other— 55 — 110 
Total segment amortization$716 $773 $1,431 $1,547 
Operating income
Patient services$524 $3,256 $4,776 $7,770 
Specialty pharmacy21,259 11,483 38,054 20,911 
Clinical trials & other3,847 1,218 4,660 2,962 
Total segment operating income$25,630 $15,957 $47,490 $31,643 
Other items not allocated to segments:
Selling, general and administrative expense$29,943 $26,907 $58,155 $52,283 
Non-segment depreciation and amortization303 261 464 482 
Total consolidated operating loss$(4,616)$(11,211)$(11,129)$(21,122)
Interest expense, net1,859 1,870 3,793 7,440 
Change in fair value of derivative warrant liabilities(6)53 (174)96 
Change in fair value of conversion option derivative liabilities3,243 3,987 (1,753)7,296 
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Other, net77 19 (714)771 
Consolidated loss before provision for income taxes$(9,789)$(17,140)$(12,281)$(36,725)
(in thousands)June 30, 2026December 31, 2025
Assets
Capitated accounts receivable$1,937 $3,213 
FFS accounts receivable29,385 35,376 
IV drug inventory8,984 8,079 
Other assets21,159 27,989 
Patient services61,465 74,657 
Oral drug accounts receivable18,564 7,457 
Oral drug inventory11,027 8,796 
Other assets9,493 431 
Specialty pharmacy39,084 16,684 
Clinical trials & other4,974 5,436 
Non-segment assets72,710 67,879 
Total assets$178,233 $164,656 
The Company’s chief operating decision maker "or CODM" is the Chief Executive Officer. The CODM uses segment operating income to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating income for evaluating drug pricing to assess each segment’s performance by comparing the results and return on assets of each segment with one another and in the compensation of specific employees.
(A) Direct costs - patient services primarily includes chemotherapy drug costs, clinician salaries and benefits, and medical supplies. Clinicians include oncologists, advanced practice providers such as physician assistants and nurse practitioners, and registered nurses employed by the Starling PCs. These costs are regularly provided to the CODM to evaluate IV drug costs and clinician performance.
(B) Direct costs - specialty pharmacy primarily includes the cost of oral medications dispensed in the Starling PCs’ clinic locations. The CODM regularly reviews these costs evaluate drug margins, compression, and to evaluate suppliers.
(C) Direct costs - clinical trials & other primarily includes costs related to clinical trial contracts and medical supplies.