Oncology Institute, Inc. (TOI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 07, 2026

Risk Assessment Details

Potential Dilution: 55.63% of current shares
Recent Dilution: 39.12% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
100M
Potential Supply
57M
Additional shares possible
Splits
None
Past 2 years

Summary

TOI currently has 102M outstanding shares. with significant dilution risk as 56.6M authorized shares could dilute existing holders by 55.6%. The company has significantly diluted shareholders by 39.12% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 07, 2026

10-Q filing | 101.8M shares outstanding

100M 57M
Mar 12, 2026

10-K filing | 92.4M shares outstanding

92M 57M
Nov 13, 2025

10-Q filing | 97.5M shares outstanding

97M 57M
Aug 13, 2025

10-Q filing | 93.2M shares outstanding

93M 57M
Jun 16, 2025

S-3/A filing: The Oncology Institute, Inc. may offer and sell up to $50,000,000 in the aggregate of its common stock from time to time in one or more offerings as well as shares of common stock having an aggregate offering price of up to $15,000,000 in an at-the-market offering that may be made from time to time through or to its sales agent, BTIG, as agent.

92M 57M
Jun 06, 2025

S-3 filing: The Oncology Institute, Inc. may offer and sell up to $50,000,000 in the aggregate of its common stock from time to time. An "at-the-market" offering may be made from time to time through or to the sales agent, BTIG, as agent, for up to $15,000,000.

92M 57M
May 14, 2025

10-Q filing | 89.2M shares outstanding

89M 51M
May 08, 2025

S-3 filing: This S-3 filing pertains to the resale of up to 27,924,611 shares of common stock by selling securityholders, including shares presently issued and outstanding, issuable upon the exercise of outstanding pre-funded warrants and common warrants, and issuable upon the conversion of Series A Common Equivalent Convertible Preferred Stock.

89M 51M
Mar 26, 2025

10-K filing | 75.0M shares outstanding

75M 23M
Nov 13, 2024

10-Q filing | 75.5M shares outstanding

76M 23M
Aug 13, 2024

10-Q filing | 74.7M shares outstanding

75M 23M
May 14, 2024

10-Q filing | 74.2M shares outstanding

74M 23M
Mar 28, 2024

10-K filing | 73.7M shares outstanding

74M 23M
Nov 08, 2023

10-Q filing | 73.5M shares outstanding

73M 23M
Aug 30, 2023

8-K filing: The Oncology Institute, Inc. authorized a share repurchase program to purchase up to 2 million shares of its common stock at a price not to exceed $1.00 per share, with repurchased shares returned to authorized but unissued status.

74M 23M
Aug 09, 2023

10-Q filing | 74.1M shares outstanding

74M 23M
Jun 15, 2023

8-K filing: The Oncology Institute, Inc. authorized a share repurchase program for up to 5 million shares of its common stock at a price not to exceed $0.75 per share, with repurchased shares returned to authorized but unissued status. A limited consent agreement with Deerfield Partners, L.P. permits the repurchase by the Company on or prior to June 16, 2023, of up to 5,000,000 shares of the Company's Common Stock in one or more open market or negotiated purchases, in each case at price per share not to exceed $0.75.

73M 23M
May 10, 2023

10-Q filing | 73.4M shares outstanding

73M 23M
Mar 16, 2023

10-K filing | 72.8M shares outstanding

73M 23M
Jan 30, 2023

POS AM filing: The Oncology Institute, Inc. is offering 1,227,161 shares of common stock by the Registered Holders. The company will not receive any proceeds from the sale of shares.

76M 23M
Jan 30, 2023

POS AM filing: Extracted offering data from POS AM filing on 2023-01-30.

74M 23M
Dec 30, 2022

POS AM filing: This POS AM filing relates to the offering of up to 20,459,040 shares of common stock issuable upon conversion or exercise of Convertible Notes or DF Warrants by the Registered Holders.

74M 25M
Nov 09, 2022

10-Q filing | 72.2M shares outstanding

72M 45M
Sep 23, 2022

S-1/A filing: This prospectus relates to the offer and sale from time to time by the selling securityholders of up to 20,459,040 shares of our common stock, issuable upon the conversion or exercise of or otherwise pursuant to the Convertible Notes or DF Warrants issued in connection with the Facility Agreement.

73M 45M
Sep 08, 2022

S-1 filing: The Oncology Institute, Inc. is offering up to 20,459,040 shares of common stock issuable upon the conversion or exercise of Convertible Notes or DF Warrants by selling securityholders.

73M 45M
Aug 10, 2022

8-K filing: The Oncology Institute, Inc. entered into a Facility Agreement with Deerfield Partners, L.P. for the issuance and sale of $110 million of 4.0% secured senior convertible notes, which are convertible into common stock at an initial conversion price of $8.567 per share, and also provides for the issuance of warrants to purchase common stock upon prepayment of obligations under the Facility Agreement. ($107.0M proceeds)

73M 25M
Aug 09, 2022

10-Q filing | 73.0M shares outstanding

73M 25M
May 19, 2022

S-1 filing: This S-1 filing relates to the offer and sale from time to time by the selling securityholders of up to an aggregate of 1,342,076 shares of common stock.

74M 25M
May 12, 2022

8-K filing: The Oncology Institute, Inc. authorized a share repurchase program of up to $20 million of its common stock and agreed to repurchase 1,900,000 shares at $6.00 per share from affiliates of Dr. Richy Agajanian in a privately-negotiated transaction. ($11.4M proceeds)

73M 23M
May 10, 2022

10-Q filing | 73.3M shares outstanding

73M 23M
Apr 29, 2022

POS AM filing: This is a POS AM filing for up to 90,477,403 shares of common stock and 3,177,542 warrants.

75M 23M
Mar 11, 2022

10-K filing | 66.2M shares outstanding

66M 130M
Feb 09, 2022

S-1/A filing: This S-1/A filing registers for resale (a) up to 8,927,543 shares of common stock issuable upon the exercise of warrants, (b) up to 91,009,656 shares of common stock held by selling securityholders, and (c) up to 3,177,543 warrants held by selling securityholders.

75M 130M
Dec 17, 2021

S-1 filing: This S-1 filing includes the issuance of up to 8,927,543 shares of common stock upon exercise of warrants, and the offer and sale of 86,733,593 shares of common stock and 3,177,543 warrants by selling securityholders.

75M 120M
Nov 08, 2021

10-Q filing | 5.8M shares outstanding

5.8M 23M
Aug 16, 2021

10-Q filing | 2.9M shares outstanding

2.9M 23M
Jun 29, 2021

8-K filing: DFP Healthcare Acquisitions Corp. entered into a merger agreement with TOI Parent, Inc., involving First Merger Sub and Second Merger Sub, with DFP to be renamed The Oncology Institute, Inc. Additionally, DFP entered into subscription agreements to sell shares of DFP Class A Common Stock. ($275.0M proceeds)

23M 23M
May 28, 2021

10-Q filing | 23.0M shares outstanding

23M 23M
Mar 30, 2021

10-K filing | 5.8M shares outstanding

5.8M 23M
Nov 13, 2020

10-Q filing | 23.0M shares outstanding

23M 23M
Aug 13, 2020

10-Q filing | 23.0M shares outstanding

23M 23M
May 08, 2020

10-Q filing | 23.0M shares outstanding

23M 23M
Mar 19, 2020

8-K filing: DFP Healthcare Acquisitions Corp. consummated its initial public offering of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000, and completed a private sale of 3,733,334 warrants to DFP Sponsor LLC at $1.50 per warrant, generating gross proceeds of $5,600,000. ($235.6M proceeds)

5.8M 23M
Mar 13, 2020

8-K filing: DFP Healthcare Acquisitions Corp. consummated its initial public offering of 23,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000 and completed the private sale of 3,733,334 warrants to DFP Sponsor LLC at $1.50 per warrant, generating gross proceeds of $5,600,000. ($235.6M proceeds)

5.8M 23M
Mar 04, 2020

S-1/A filing: S-1/A filing on 2020-03-04 describes units containing warrants exercisable for Class A common stock with an exercise price of $11.50 per share.

5.8M 23M
Feb 21, 2020

S-1 filing: Initial public offering of units, each consisting of one share of Class A common stock and one-fourth of one redeemable warrant, with the business purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

5.8M 23M
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