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    Robert LeBoyer • NOBLE Capital Markets

    Robert LeBoyer's questions to Oncology Institute Inc (TOI) leadership

    Robert LeBoyer's questions to Oncology Institute Inc (TOI) leadership • Q2 2025

    Question

    Robert Leboyer of Noble Capital Markets questioned the mix of new versus continuing patients from recent and upcoming contracts and sought more detail on the scale of the expansion in Florida, including the number of new patient lives.

    Answer

    CEO Dan Vernick explained that the primary growth in 2025 is from Medicare Advantage and Medicaid contracts outside of California, which carry higher PMPMs and thus higher per-member revenue. Specifically for Florida, Mr. Vernick projected that TOI would end the year with approximately 100,000 Medicare Advantage lives under risk, a doubling from the current level. He noted this 50,000-life increase in Florida represents about a 2.5% growth in TOI's total portfolio of 1.9 million risk-based lives.

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    Robert LeBoyer's questions to Oncology Institute Inc (TOI) leadership • Q1 2025

    Question

    Robert LeBoyer sought clarification on whether the newly announced lives under contract are simply additive to the previous total. He also asked about any seasonality trends observed in the business and requested the revenue concentration percentage for the company's top three payer clients.

    Answer

    CFO Rob Carter confirmed that the new lives are additive to the existing base, noting the nuance that PMPM reimbursement is higher in new markets like Nevada and Florida. Carter also explained that Q1 is seasonally the lowest quarter for encounter volume and revenue, with progressive improvement expected throughout the year. He estimated that the top three contracts account for approximately 20% of total capitated revenue.

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    Robert LeBoyer's questions to Oncology Institute Inc (TOI) leadership • Q4 2024

    Question

    Robert LeBoyer asked for a breakdown of the 2025 revenue guidance by individual business segments, including patient services, dispensary, and clinical trials.

    Answer

    CFO Rob Carter stated that The Oncology Institute is not providing guidance for specific segments at this time. He reiterated that the capitated contracts will be the largest contributor to profitability improvement, followed by the dispensary segment and then fee-for-service, both of which are expected to see organic growth.

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    Robert LeBoyer's questions to Ocugen Inc (OCGN) leadership

    Robert LeBoyer's questions to Ocugen Inc (OCGN) leadership • Q1 2025

    Question

    Robert LeBoyer sought clarification on whether recent European regulatory commentary pertained to OCU410ST and asked about any changes in the company's relationship with the NIAID following recent overhauls at U.S. health agencies.

    Answer

    CEO Dr. Shankar Musunuri clarified that the positive EMA communication was for OCU400, not OCU410ST, for which discussions with the EMA are ongoing. Regarding the NIAID, both Dr. Musunuri and CSO Dr. Arun Upadhyay affirmed that their relationship remains strong and unaffected by agency changes, with increased engagement and plans to initiate the Phase I influenza trial on track for Q2 2025.

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    Robert LeBoyer's questions to Ocugen Inc (OCGN) leadership • Q4 2024

    Question

    Robert LeBoyer of NOBLE Capital Markets asked whether Ocugen would recognize grant revenue associated with the NIAID-sponsored Phase I trial for its OCU500 vaccine candidate.

    Answer

    CEO Dr. Shankar Musunuri clarified that the NIAID is directly sponsoring and funding the Phase I clinical program. He stated that Ocugen has completed its obligations and will transfer the program to the agency, so the company will not record the funding as revenue.

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