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

Variable Interest Entities - Balance Sheet (Details)

v3.26.1
Variable Interest Entities - Balance Sheet (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash $ 25,012 $ 38,816
Health plan receivable 92,458 121,266
Prepaid expenses and other current assets 11,439 14,422
Property and equipment, net 3,374 5,734
Other long-term assets 27,761 19,196
TOTAL ASSETS [1] 656,641 783,420
LIABILITIES AND MEMBERS’ DEFICIT    
Accounts payable 11,715 8,442
Accrued expenses and other current liabilities 42,391 29,416
Accrued payroll 1,950 2,722
Claims payable 287,790 255,089
Other long-term liabilities 9,308 6,918
TOTAL LIABILITIES [1] 796,876 633,891
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 656,641 $ 783,420
Accounts Payable, Noncurrent, Related Party [Extensible Enumeration] Affiliated Entity [Member] Affiliated Entity [Member]
TOTAL OPERATING REVENUE $ 1,459,080 $ 1,500,455
Expense 1,729,381 1,821,113
Net loss (323,086) (310,378)
Intangible assets, net 492,423 574,350
VIE    
ASSETS    
Cash 4,776 5,216
Clinic fees, insurance and other receivable 785 2,440
Prepaid expenses and other current assets 487 447
Property and equipment, net 32 37
Other long-term assets 1,433 1,116
TOTAL ASSETS 8,173 9,256
LIABILITIES AND MEMBERS’ DEFICIT    
Accounts payable 394 4,521
Accrued expenses and other current liabilities 241 677
Accrued payroll 887 3,795
Claims payable 4,199 5,004
Other long-term liabilities 922 919
Due to consolidated entities of P3 46,774 40,264
TOTAL LIABILITIES 53,417 55,180
MEMBERS’ DEFICIT (45,244) (45,924)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY 8,173 9,256
TOTAL OPERATING REVENUE 27,644 36,187
Expense 27,465 39,520
Net loss 179 (3,333)
Intangible assets, net 660 $ 0
VIE | P3 Commonwealth Innovation MSO, LLC    
ASSETS    
TOTAL ASSETS 6,100  
LIABILITIES AND MEMBERS’ DEFICIT    
TOTAL LIABILITIES $ 5,100  
[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.