Oncology Institute Inc
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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FY2023 · Filed Mar 28, 2024
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Consolidated Balance Sheets as of December 31, 202 and
| THE ONCOLOGY INSTITUTE, INC.CONSOLIDATED BALANCE SHEETS(US Dollars in thousands, except share data) | ||
|---|---|---|
| December 31, 2023 | December 31, 2022 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $33,488 | $14,010 |
| Marketable securities | 49,367 | 59,796 |
| Accounts receivable, net | 42,360 | 39,816 |
| Other receivables | 551 | 617 |
| Inventories | 13,678 | 9,261 |
| Prepaid expenses and other current assets | 4,049 | 6,918 |
| Total current assets | 143,493 | 130,418 |
| Non-current investments | — | 58,354 |
| Property and equipment, net | 10,883 | 8,547 |
| Operating right of use assets | 29,169 | 24,494 |
| Intangible assets, net | 17,904 | 17,957 |
| Goodwill | 7,230 | 21,418 |
| Other assets | 561 | 477 |
| Total assets | $209,240 | $261,665 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $14,429 | $9,372 |
| Current portion of operating lease liabilities | 6,363 | 5,498 |
| Income taxes payable | — | 255 |
| Accrued expenses and other current liabilities | 13,996 | 14,595 |
| Total current liabilities | 34,788 | 29,720 |
| Operating lease liabilities | 26,486 | 22,060 |
| Derivative warrant liabilities | 636 | 350 |
| Derivative earnout liabilities | — | 803 |
| Conversion option derivative liabilities | 3,082 | 3,960 |
| Long-term debt, net of unamortized debt issuance costs | 86,826 | 80,621 |
| Other non-current liabilities | 365 | 868 |
| Deferred income taxes liability | 32 | 108 |
| Total liabilities | 152,215 | 138,490 |
| Commitments and contingencies (Note 15) | — | — |
| Stockholders’ equity: | ||
| Common Stock, 0.0001 par value, authorized 500,000,000 shares; 75,879,025 shares issued and 74,145,251 shares outstanding at December 31, 2023 and 73,265,621 shares issued and outstanding at December 31, 2022 | 8 | 7 |
| Series A Convertible Preferred Stock, 0.0001 par value, authorized 10,000,000 shares; 165,045 shares issued and outstanding at December 31, 2023 and December 31, 2022 | — | — |
| Additional paid-in capital | 204,186 | 186,250 |
| Treasury Stock at cost, 1,733,774 and 0 shares at December 31, 2023 and December 31, 2022 | (1,019) | — |
| Accumulated deficit | (146,150) | (63,082) |
| Total stockholders’ equity | 57,025 | 123,175 |
| Total liabilities and stockholders’ equity | $209,240 | $261,665 |
Note: The Company’s consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). The consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $71,305 and $70,994 as of December 31, 2023 and December 31, 2022, respectively, and total liabilities of the Company’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaling $210,422 and $154,572 as of December 31, 2023 and December 31, 2022, respectively. See Note 17 for further details.
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