Thyme Care
A Nashville cancer care navigator paid by health plans to cut oncology costs. It says it is profitable, passed $125 million in revenue in 2025, and doubled its valuation to over $2 billion in Sept 2026.
CNBC (company repost), Sep 2, 2026- Valuation
- $2B+ set by the Sept 2026 Series E, about double the more than $1B of the Series D a year earlier.
- Raised
- About $400M $275M through the Series D (including $40M of bank debt in 2024) plus the $125M+ Series E; our sum, no company total published.
- Revenue
- $125M+ (2025) about five times the prior year, per CNBC; profitable with positive free cash flow, the company says.
- Watch
- New CEO, new parent Brad Diephuis became CEO Sept 1, 2026; co-founder Robin Shah now chairs a new parent, Thyme Companies, building side businesses.
- AI
- Triage engine an in-house AI Acuity Engine ranks which patients its care team calls first; engineers build on Amazon Bedrock.
- Liquidity
- None found no staff tender offer reported; Shah said there is no near-term view on an IPO.
- Hiring
- 49 → 52 remote listings since Oct 10.
Health plans pay it to keep cancer patients out of the hospital.
Thyme Care signs value-based contracts with health plans, employers and risk-bearing providers. Patients get a free 24/7 oncology-trained care team (nurses, social workers, navigators) that works alongside their own oncologist. Thyme Care earns more when total cost of care falls, so its revenue rides on fewer ER visits and admissions. It says it manages over $7B of yearly oncology spend for 10.5M+ people in all 50 states.
Thyme Care release, Sep 2, 2026; Humana, Feb 26, 2025- 1Its customers are also its shareholdersHumana, CVS Health Ventures and JPMorgan's Morgan Health invested, and Humana and its CenterWell clinics use Thyme Care for members in 13 states between them.Humana releases, Feb 26 and Dec 15, 2025
- 2Inside the oncologist's office, not around itIts Thyme Care Oncology Partners network had 1,000+ oncologists in Sept 2025, and its Signal tool shows Thyme Care activity inside a practice's EHR.HIT Consultant, Sep 26, 2025; thymecare.com Signal page
- 3Payer-grade quality badgesNCQA gave it three-year Case Management and Population Health accreditations in Aug 2026, the longest term NCQA awards.Thyme Care, Aug 26, 2026
- McKesson$116Blisted, Oct 30 close
- Thyme Care$2.00BSeries E, Sep 2
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Thyme Care is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $2.00B
- latest valuation, Series E Sep 2
- $400M
- raised in all
- $125M
- annual revenue, as of Jan 1
- +400%
- growth, as reported
- 800
- employees, as reported
Company says it is profitable with positive free cash flow; it first reached profitability in 2025.
CNBC (company repost); MobiHealthNews Q&A (staff); total is our sumPost-money valuations as reported. The line starts at zero. Rounds without a reported valuation are left off.
- Sep 2Series E$125M at $2.00BLed by Morgan Health (JPMorganChase). About 6% of the company, if all new sharesOver $125M at more than $2B; Humana, CVS Health Ventures, HealthQuest (new) and existing VCs joined.Thyme Care release, Sep 2, 2026
- Sep 26Series D$97M at $1.00BAbout 10% of the company, if all new sharesMostly strategic money: Morgan Health, Humana, Texas Oncology and Memorial Hermann new; valuation over $1B, double July 2024.HLTH, Sep 26, 2025
- Jul 17Series C$95MLed by Concord Health Partners$55M equity plus $40M debt from Banc of California; SignalFire new. Total raised then $178M.MedCity News, Jul 17, 2024; HIT Consultant
- Aug 24Series B$60MLed by Foresite Capital and Town Hall Venturesa16z, AlleyCorp, Casdin and Frist Cressey returned; CVS Health Ventures and Echo Health Ventures added a strategic piece in May 2024.The Cancer Letter, Sep 2023; HLTH, Aug 24, 2023
- Oct 5Series A$22MLed by Andreessen HorowitzForm D shows $13.8M of an $18M Series A preferred offering sold by Nov 2021, first sale May 2021.SEC Form D, filed Nov 30, 2021; Private Equity International, Oct 5, 2021
- Down or flat round?Up round. The Series E valuation of more than $2B roughly doubled the more than $1B set by the Series D, which itself doubled July 2024.CNBC (company repost); HLTHClear
- How much the last round soldAbout 6% if the $2B is post-money ($125M of $2B). The company says only more than $2B and does not say pre or post.Thyme Care release, Sep 2, 2026Clear
- Time since the last raiseTwo months since the Sept 2026 Series E, and the company says it is profitable with positive free cash flow, so it is not raising to survive.Thyme Care release, Sep 2, 2026Clear
- Unusual terms or debt-heavy?No preference or ratchet terms reported. $40M of the 2024 Series C was Banc of California debt; its terms were not disclosed.MedCity News, Jul 17, 2024Open
- Who ledMorgan Health led the Series E after first investing in the Series D, alongside paying customers Humana and CVS. A different lead each round: a16z, Foresite and Town Hall, Concord, Morgan Health.MedCity News, Sep 2026Clear
- Can staff sell shares?No tender offer or employee secondary found in company releases or press. Careers page says pay can include equity.Thyme Care careersOpen
- Layoffs in the last 12 months?None found in press or the newsroom. The new CEO says headcount grew from about 70 when he joined in 2022 to over 800.MobiHealthNews Q&A, Sep 11, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
No filing reported; Shah said no near-term view on an IPO (Sep 2026)
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Revenue passed $125M in 2025, five times the year before.
CNBC (company repost), Sep 2, 2026CNBC reported the figure with the Series E, and the company says it is profitable with positive free cash flow.
Rare for a value-based care startup. These are company-supplied numbers, not audited accounts, and risk contracts can swing year to year.
- 02Watch
The founder handed over the CEO job in Sept 2026.
HIT Consultant, Jul 15, 2026President and COO Brad Diephuis, a former CMMI senior advisor, became CEO Sept 1, 2026. Co-founder Robin Shah became executive chairman, and Marcia Macphearson joined as COO.
An internal, planned handoff to the operator who has run the business. Founder attention now splits across new ventures.
- 03Neutral
A new parent company will launch separate oncology businesses.
HIT Consultant, Sep 2, 2026Thyme Companies will build independent units, first on clinical trial enrollment, then on faster uptake of lower-cost biosimilars. The first was due to launch later in 2026.
New bets mean new roles, but check which entity an offer and its equity come from: Thyme Care or the parent.
- 04Watch
A small number of clients pay the bills.
MobiHealthNews Q&A, Sep 11, 2026The CEO says it has 14 clients and over 125,000 members, up from two payer contracts in 2022. Humana is both a major client and an investor.
Each contract is large, so losing or repricing one would show. Client names beyond those announced are not public.
- 05Good
Won Blue Cross Massachusetts' first oncology outcomes contract.
Thyme Care newsroom, Jun 9, 2026In June 2026 Blue Cross Blue Shield of Massachusetts signed its first oncology-focused, outcomes-based contract, with Thyme Care. Premera Blue Cross expanded its program in Jan 2026.
Commercial plans, not just Medicare Advantage, are now buying, which the CEO named as a priority.
- 06Good
Showed savings on Keytruda dosing with Texas Oncology.
Thyme Care, Oct 15, 2026Switching eligible doses to weight-based dosing saved over $723,000, or 7.3% versus projected costs, across 613 administrations (Sept 2025 to Apr 2026).
A concrete drug-cost lever beyond nursing calls; it is the company's own analysis, presented at an ASCO symposium.
- 07Neutral
Calls itself hybrid, though many roles are posted as remote.
Thyme Care careers; Built In postingThe careers page describes a hybrid company and culture. A 2025 AI engineering posting was listed as remote or hybrid in the U.S.; some care roles are field based.
Check each posting's location; remote is role by role, not company wide.
Other is paid 3% under market.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Thyme Care?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Open to crawlers, closed to agents. Robots.txt allows AI bots, but no llms.txt, API or MCP server; referrals run through forms and EHR tools.
Still Remote read- YesLets AI crawlers read its siterobots.txt has one rule for all user agents, blocking only HubSpot preview and preference pages. No AI bots named. Same file on blog.thymecare.com.checked Nov 3, 2026
- Not foundA site summary AI tools can readthymecare.com/llms.txt and blog.thymecare.com/llms.txt both return 404.checked Nov 3, 2026
- Not foundAn MCP server or public APINo developer docs, public API or MCP server linked from the site.checked Nov 3, 2026
- MixedMachine-to-machine data with practicesThyme Care Signal shows eligibility, enrollment and outreach inside a practice's EHR, but for human clinicians, not as an agent interface.checked Nov 3, 2026
Where Thyme Care puts AI to work.
- 1AI decides who gets a call firstIts AI Acuity Engine combines claims, clinical and social-needs data to rank patients by risk in real time and route 40+ social workers to members heading for a crisis.HIT Consultant, Mar 6, 2026
- 2LLM tools for the care teamA 2025 posting described an AI platform on Amazon Bedrock with RAG, LLM automation and agents for clinical users. The Series D was pitched partly on automating documentation.Built In posting (removed Sep 8, 2025); HIT Consultant, Sep 26, 2025
More listings than on Sep 7, led by clinical.
What Thyme Care puts on its own channel.
Short videos from Thyme Care's official YouTube channel, played here. We only use a channel that links thymecare.com and carries the company's name.
- Struggling to think of what to get your cancer care team?23 views
- Small ways to stay active during cancer treatment13 views
- What is difference between grade vs stage?5 views
- Myth vs Fact: the more treatment you get, the better your chances of prostate cancer survival14 views
- If someone you love is going through cancer treatment, get your flu shot.17 views
- How important is sleep during cancer treatment?24 views
- Benefits of the flu shot for people with cancer28 views
- 3 things about prostate cancer35 views
What has to be true for $2 billion to hold?
The starting revenue is Thyme Care's own reported figure. A way to think, not a forecast, and not investment advice.
At 16x, Thyme Care needs $125 million of revenue to be worth $2 billion. Your world gets there with $781 million, so the next round likely prices above the last.
$100,000 of equity valued at the $2.00B Series E price would be worth about $625,000 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
CNBC (company repost); Thyme Care release, Sep 2, 2026The signals, and which way they push.
- TailwindReach keeps widening.
Lives covered rose from 8M (Sept 2025) to 10.5M+ (Sept 2026), and oncology spend managed from $5B+ to $7B+.
- TailwindPayers are buying in, literally.
Humana, CVS Health Ventures and Morgan Health all invested, and Humana extended the service to its CenterWell clinics in Dec 2025.
- TailwindProfitable growth.
Profitable since 2025 with positive free cash flow, per the company, while revenue grew about fivefold.
- HeadwindLeadership is spreading out.
A new CEO took over the core business as the founder moved to build separate ventures under a new parent, all within one month.
Where Thyme Care ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Thyme Care or its parent lists publicly by 2031.
Coin flip 50%IPOIt is profitable with $125M+ of 2025 revenue growing fast, which fits an IPO profile. But Shah said there is no near-term view on an IPO, and strategic owners could prefer a sale.
CNBC (company repost), Sep 2, 2026 - 2
An insurer or care company among its investors buys Thyme Care.
Coin flip 50%M&AHumana and CVS are both investors, and Humana is also a large client. Insurers have a history of buying the care-management vendors they rely on.
MedCity News, Sep 2026 - 3
Clinical trial matching and biosimilar switching become real revenue lines under Thyme Companies.
Likely 72%ProductsBoth are named as active development areas, with the trial business slated first. The Keytruda dosing work shows it already earns savings on drug spend.
HIT Consultant, Sep 2, 2026 - 4
AI takes over most triage and documentation, and each nurse covers far more members.
Likely 72%AIIts acuity engine already ranks outreach and it hires for LLM and agent work. Members grew far faster than staff: 125,000+ members against 800+ employees.
MobiHealthNews Q&A, Sep 11, 2026 - 5
A big listed rival such as Evolent pushes Thyme Care out of major Medicare Advantage plans.
Long shot 16%CompetitionThyme Care's investor-clients give it an inside track, and it keeps adding plans like BCBS Massachusetts. Evolent's market value has fallen to about $500M, limiting its firepower.
Stock Analysis, Nov 3, 2026; Thyme Care newsroom
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.