Its Part D dispensing platform generated nearly $270 million in revenue and contributed close to $50 million in gross profit for the year, benefiting from reduced prescription leakage and growth in patient encounters under capitated agreements. During 2025, the company secured nine new capitated contracts, adding coverage for approximately 260,000 patient lives and strengthening its value-based care footprint in key markets through partnerships with Humana, Care Plus, and Elevance. The firm reduced convertible preferred debt by $24 million and ended the year with $33.6 million in cash; however, management anticipates a Q1 2026 adjusted EBITDA loss due to deductible resets, potential mid-year margin pressures from contract ramps, and modest fee-for-service growth. The Oncology Institute posted its first adjusted EBITDA profit as a public company in Q4 2025, driven by a 28% year-over-year revenue increase to over $500 million, marking its highest quarterly top-line performance.