Quarterly report [Sections 13 or 15(d)]

Variable Interest Entities - Balance Sheet (Details)

v3.25.2
Variable Interest Entities - Balance Sheet (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
ASSETS          
Cash $ 38,581   $ 38,581   $ 38,816
Health plan receivable 93,463   93,463   121,266
Prepaid expenses and other current assets 16,169   16,169   14,422
Property and equipment, net 4,687   4,687   5,734
Other long-term assets 36,967   36,967   19,196
TOTAL ASSETS [1] 731,585   731,585   783,420
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 14,395   14,395   8,442
Accrued expenses and other current liabilities 29,716   29,716   29,416
Accrued payroll 1,162   1,162   2,722
Claims payable 256,037   256,037   255,089
Other long-term liabilities 22,157   22,157   26,001
TOTAL LIABILITIES [1] 644,407   644,407   633,891
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY $ 731,585   $ 731,585   $ 783,420
Accounts Payable, Noncurrent, Related Party [Extensible Enumeration] Affiliated Entity [Member]   Affiliated Entity [Member]   Affiliated Entity [Member]
TOTAL OPERATING REVENUE $ 355,788 $ 379,157 $ 729,013 $ 767,645  
Expense 389,912 410,491 801,225 842,810  
Net loss (43,665) (28,774) (87,911) (78,380)  
VIE          
ASSETS          
Cash 4,561   4,561   $ 5,216
Clinic fees, insurance and other receivable 2,851   2,851   2,440
Prepaid expenses and other current assets 468   468   447
Property and equipment, net 32   32   37
Other long-term assets 2,069   2,069   1,116
TOTAL ASSETS 9,981   9,981   9,256
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 311   311   4,521
Accrued expenses and other current liabilities 1,074   1,074   677
Accrued payroll 564   564   3,795
Claims payable 3,691   3,691   5,004
Other long-term liabilities 835   835   919
Due to consolidated entities of P3 48,265   48,265   40,264
TOTAL LIABILITIES 54,740   54,740   55,180
MEMBERS’ DEFICIT (44,759)   (44,759)   (45,924)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY 9,981   9,981   $ 9,256
TOTAL OPERATING REVENUE 5,395 9,354 13,554 19,118  
Expense 4,525 9,803 12,679 19,700  
Net loss $ 870 $ (449) $ 875 $ (582)  
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 13 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $10.0 million and $9.3 million as of June 30, 2025 and December 31, 2024, respectively, and total liabilities of P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $6.5 million and $14.9 million as of June 30, 2025 and December 31, 2024, respectively. These VIE assets and liabilities do not include $48.3 million and $40.3 million of net amounts due to affiliates as of June 30, 2025 and December 31, 2024, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.