Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash $ 25,012 $ 38,816
Restricted cash 795 5,286
Health plan receivable, net of allowance for credit losses of $281 and $150 as of December 31, 2025 and 2024, respectively 92,458 121,266
Clinic fees, insurance and other receivables 3,379 3,947
Prepaid expenses and other current assets 11,439 14,422
Assets held for sale 0 403
TOTAL CURRENT ASSETS 133,083 184,140
Property and equipment, net 3,374 5,734
Intangible assets, net 492,423 574,350
Other long-term assets 27,761 19,196
TOTAL ASSETS [1] 656,641 783,420
CURRENT LIABILITIES:    
Accounts payable 11,715 8,442
Accrued expenses and other current liabilities 42,391 29,416
Accrued payroll 1,950 2,722
Health plan settlements payable 69,830 55,565
Claims payable 287,790 255,089
Premium deficiency reserve 86,116 67,368
Accrued interest 429 2,305
Current portion of long-term debt 45,036 75,155
Liabilities held for sale 0 353
TOTAL CURRENT LIABILITIES 545,257 496,415
Other long-term liabilities 9,308 6,918
Operating lease liability 11,475 11,339
Warrant liabilities 2,462 10,312
Long-term debt, net 228,374 108,907
TOTAL LIABILITIES [1] 796,876 633,891
COMMITMENTS AND CONTINGENCIES (Note 14)
MEZZANINE EQUITY:    
Redeemable non-controlling interest 14,997 73,593
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Additional paid in capital 495,909 579,129
Accumulated deficit (651,141) (503,193)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY (155,232) 75,936
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 656,641 $ 783,420
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,286,000 3,257,000
Common stock, shares outstanding (in shares) 3,286,000 3,257,000
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Common stock $ 0 $ 0
Class V Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,919,000 3,919,000
Common stock, shares outstanding (in shares) 3,919,000 3,919,000
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Common stock $ 0 $ 0
[1] The Company’s consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 21 “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 consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $8.2 million and $9.3 million as of December 31, 2025 and 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 $6.6 million and $14.9 million as of December 31, 2025 and 2024, respectively. These VIE assets and liabilities do not include $46.8 million and $40.3 million of net amounts due to affiliates as of December 31, 2025 and 2024, respectively, as these are eliminated in consolidation and not presented within the consolidated balance sheets.
All periods presented have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025.