Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (43,665) $ (28,774) $ (87,911) $ (78,380)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 21,083 21,693 42,135 43,232
Equity-based compensation     3,271 3,073
Amortization of original issue discount and debt issuance costs     402 (91)
Mark-to-market adjustment of stock warrants (2,002) (8,673) (5,324) (8,889)
Premium deficiency reserve (5,967) (3,397) (12,929) (2,397)
Changes in operating assets and liabilities:        
Health plan receivable     27,803 (34,762)
Clinic fees, insurance, and other receivable     (3,625) 775
Prepaid expenses and other current assets     (1,747) (4,865)
Other long-term assets     (14,464) 60
Accounts payable, accrued expenses, and other current liabilities     6,200 30
Accrued payroll     (1,560) 238
Health plan settlements payable     (13,694) (12,141)
Claims payable     948 55,752
Accrued interest     10,619 8,257
Operating lease liability     (223) (164)
Net cash used in operating activities     (50,099) (30,272)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from asset sale   0 50  
Net cash provided by investing activities     50 0
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from long-term debt, net of original issue discount     45,000 25,000
Payment of debt issuance costs     (181) 0
Proceeds from liability-classified warrants and private placement offering, net of offering costs paid     0 42,234
Proceeds from at-the-market sales, net of offering costs paid     0 33
Deferred offering costs paid     0 (455)
Payment of tax withholdings upon settlement of restricted stock unit awards     0 (103)
Repayment of short-term and long-term debt     (682) (1,040)
Proceeds from short-term debt     1,137 1,871
Net cash provided by financing activities     45,274 67,540
Net change in cash and restricted cash     (4,775) 37,268
Cash and restricted cash, beginning of period     44,102 40,934
Cash and restricted cash, end of period 39,327 78,202 39,327 78,202
Reconciliation of cash and restricted cash:        
Cash 38,581   38,581  
Restricted cash 746   746  
Total cash and restricted cash $ 39,327 $ 78,202 $ 39,327 $ 78,202