Is Starling Oncology going out of business?

Starling Oncology, Inc. (TOI) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

Starling Oncology, Inc. (TOI) scores 25 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)

Five questions, kept separate

Survival - Fragile

15-21 mo of estimated runway from 2026-06-30, based on $41.1M of cash and short-term investments against $27.8M of annual burn. A disclosed filing event caps this reading; Event Risk carries the detail.

Business quality - Poor

-7.2% operating margin and -5.5% FCF margin produce a poor Business Quality assessment.

Trajectory - Accelerating

Revenue, operating margin and cash margin improved together. Revenue improved 38.4%; operating margin improved 6.6pp; FCF margin improved 8.4pp. The TTM window includes a mixed-basis Q4 estimate.

Valuation - Evidence incomplete

A positive current market capitalization is unavailable, so price-to-fundamentals evidence cannot be computed.

Event risk - Critical event risk

Going-Concern Warning is the decisive filing event; one adverse event family is active. It appears across 2 scanned filings. Favorable events are shown separately and do not offset adverse risk.

What the rules read

• Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)
• Filing event risk: Going-Concern Warning (-8 pts)
• Revenue CAGR (3Y): 25.81%
• Shares dilution YoY: 20.22% (YoY)
• Return on Assets: -34.00%
• Debt Maturity Runway: 100% long-term (Long-term focused)
• Revenue growth YoY: 34.62% (YoY)
• FCF margin: -5.53% (Inv. Mode)
• Cash Burn Deceleration: 7.03% QoQ improvement
• Working Capital Efficiency: 17.46x (Well-funded)
• Revenue per Asset Efficiency: 3.25% QoQ
• Revenue Quality: Acceptable quality (DSO +0d, Rev +35%)

Read from filings through 2026-09-02.

Price as of 2026-01-05.