STLN Starling Oncology, Inc.

Overview and Growth

Starling Oncology, Inc. generated $502.73M of revenue in fiscal 2025, with net loss of $60.61M and an operating cash outflow of $24.59M. Revenue of $502.73M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 27.8% from $393.41M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$0.54, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $164.66M, framing the scale of the company’s operating and financing commitments. Asset turnover was 3.05x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The company recorded an operating loss of $36.08M after the reported operating expense base. An operating margin of -7.2% reflected costs exceeding revenue-level gross profit by 7.2% of sales. The bottom-line result was a net loss of $60.61M after operating, financing, tax, and other recognized items. The net loss equaled 12.1% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $60.74M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 12.1%. An income-tax benefit of $131.00K improved the final result relative to pretax income or loss. The loss-to-assets relationship was 36.8%, placing the bottom-line deficit against the company’s resource base. Compared with a $64.66M net loss in fiscal 2024, the current loss improved to $60.61M.

Liquidity and Capital Structure

Total assets were $164.66M, supported by $180.38M of liabilities and -$15.72M of shareholder equity. The company reported negative equity of -$15.72M, a capital deficit that reduces its ability to absorb losses through book equity. At period end, current assets of $112.75M compared with current liabilities of $70.96M, defining the company’s short-term resource position. At 1.59x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $33.56M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 47.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $77.40M of total debt at period end, which frames its leverage and debt-service burden. Relative to total assets, debt measured 47.0%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was -9.5%, placing book capital against the total resource base. Liabilities represented 109.5% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 20.4%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 4.7% lower than fiscal 2024 assets of $172.72M, measuring the company’s own balance-sheet change. Reported equity changed 538.0% from $3.59M in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 32.4% from $49.67M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $24.59M, rather than cash generation from operations. Capital expenditures used $3.20M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $27.79M cash deficit after capital spending. The free-cash-flow deficit equaled 5.5% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 16.9% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.