Starling Oncology, Inc. balance sheet
At the end of fiscal 2025, Starling Oncology, Inc. had total assets of $165m, total liabilities of $180m and shareholders' equity of −$15.7m. It held $33.6m in cash against $85.9m of debt.
Balance sheet
| Fiscal year | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1 | 115 | 14 | 33 | 50 | 34 | 41 |
| Receivables | 17 | 20 | 40 | 42 | 48 | 59 | 66 |
| Inventory | 4 | 6 | 9 | 14 | 10 | 17 | 20 |
| Total current assets | 30 | 154 | 130 | 143 | 112 | 113 | 129 |
| Goodwill | 14 | 27 | 21 | 7 | 7 | 7 | 7 |
| Total assets | 66 | 203 | 262 | 209 | 173 | 165 | 178 |
| Accounts payable | 13 | 16 | 9 | 14 | 24 | 43 | 60 |
| Deferred revenue (current) | — | 0 | 1 | 1 | 2 | 2 | — |
| Total current liabilities | 29 | 30 | 30 | 35 | 52 | 71 | 95 |
| Short-term debt | 5 | 0 | 0 | — | — | — | — |
| Long-term debt | 7 | 0 | 81 | 87 | 93 | 77 | 80 |
| Total debt | 12 | 0 | 110 | 110 | 110 | 86 | 86 |
| Total liabilities | 38 | 99 | 138 | 152 | 169 | 180 | 203 |
| Shareholders' equity | 28 | 104 | 123 | 57 | 4 | −16 | −25 |
| Shares outstanding | 58m | 73m | 73m | 74m | 76m | 99m | 100m |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Receivables | 55 | 48 | 49 | 56 | 60 | 59 | 58 | 66 |
| Inventory | 10 | 10 | 12 | 16 | 19 | 17 | 24 | 20 |
| Total current assets | 116 | 112 | 107 | 105 | 110 | 113 | 117 | 129 |
| Goodwill | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Total assets | 179 | 173 | 164 | 160 | 164 | 165 | 168 | 178 |
| Accounts payable | 25 | 24 | 29 | 35 | 36 | 43 | 48 | 60 |
| Deferred revenue (current) | 1 | 2 | 4 | 5 | 5 | 2 | — | — |
| Total current liabilities | 47 | 52 | 60 | 65 | 66 | 71 | 79 | 95 |
| Long-term debt | 92 | 93 | 74 | 75 | 76 | 77 | 79 | 80 |
| Total debt | 92 | 93 | 74 | 75 | 76 | 77 | 79 | 80 |
| Total liabilities | 164 | 169 | 159 | 169 | 176 | 180 | 185 | 203 |
| Shareholders' equity | 15 | 4 | 5 | −9 | −12 | −16 | −16 | −25 |
| Shares outstanding | 76m | 76m | 89m | 93m | 98m | 99m | 100m | 100m |
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