Quarterly report [Sections 13 or 15(d)]

Property, Plant, and Equipment

v3.25.2
Property, Plant, and Equipment
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
Note 6: Property and Equipment
The Company’s property and equipment balances consisted of the following:
June 30, 2025 December 31, 2024
(in thousands)
Leasehold improvements $ 2,375  $ 2,332 
Furniture & fixtures 964  1,106 
Computer equipment & software 7,054  7,060 
Medical equipment 1,027  1,082 
Software (development in process) 343  343 
Vehicles 632  659 
12,395  12,582 
Less: accumulated depreciation (7,708) (6,848)
Property and equipment, net $ 4,687  $ 5,734 
Total depreciation of property and equipment recognized on the condensed consolidated statements of operations was $0.6 million for each of the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $1.1 million for the six months ended June 30, 2025 and 2024, respectively.
Assets Held for Sale
On November 30, 2024, the Company and certain of its subsidiaries (the “Sellers”) entered into an asset purchase agreement with certain entities affiliated with an entity in which Chicago Pacific Founders (“CPF”), the Company’s principal stockholder, has an ownership interest (the “Buyers”), which was amended on December 30, 2024, effective as of December 5, 2024 (as amended, the “Florida Asset Purchase Agreement”). Pursuant to the Florida Asset Purchase Agreement, the Sellers sold to the Buyers all of the assets, clinical and non-clinical, exclusively or primarily used by the Company’s MA-related business operated out of Eagle Park, Florida (the “Florida Assets”). On May 1, 2025, the Company’s subsidiary, P3 Health Partners-Florida, LLC (“P3 Florida”), entered into an asset purchase agreement with Invictus Equity Group, LLC (“Invictus”) for the purchase of the remaining assets previously held for sale. Pursuant to the asset purchase agreement, P3 Florida sold to Invictus the assets, clinical and non-clinical, exclusively or primarily used by the MA-related businesses operated out of Apollo Beach and Clearwater, Florida, for a purchase price of approximately $0.1 million. An immaterial loss on disposal was recognized and is included in other income (expenses) in the Company’s condensed consolidated statements of operations.
Net assets classified as held for sale for the Company’s remaining Florida operations are summarized as follows:
June 30, 2025 December 31, 2024
(in thousands)
Assets:
Property and equipment, net $ —  $ 571 
Intangible assets, net —  7,576 
Other long-term assets —  314 
Accumulated impairment —  (8,058)
Total assets $ —  $ 403 
Liabilities:
Accrued expenses and other current liabilities $ —  $ 56 
Operating lease liability —  297 
Total liabilities $ —  $ 353 
Net assets $ —  $ 50