Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash $ 25,497 $ 25,012
Restricted cash 605 795
Health plan receivable, net of allowance for credit losses of $281 124,894 92,458
Clinic fees, insurance and other receivable 9,060 3,379
Prepaid expenses and other current assets 12,154 11,439
TOTAL CURRENT ASSETS 172,210 133,083
Property and equipment, net 2,964 3,374
Intangible assets, net 472,989 492,423
Other long-term assets 25,994 27,761
TOTAL ASSETS [1] 674,157 656,641
CURRENT LIABILITIES:    
Accounts payable 11,672 11,715
Accrued expenses and other current liabilities 43,224 42,820
Accrued payroll 2,773 1,950
Health plan settlements payable 48,245 69,830
Claims payable 285,898 287,790
Premium deficiency reserve 81,402 86,116
Current portion of long-term debt 51,436 45,036
Short-term debt 835 0
TOTAL CURRENT LIABILITIES 525,485 545,257
Other long-term liabilities 9,308 9,308
Operating lease liability, net 10,830 11,475
Warrant liabilities 2,132 2,462
Long-term debt, net 259,569 228,374
TOTAL LIABILITIES [1] 807,324 796,876
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:    
Redeemable non-controlling interest 10,381 14,997
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Additional paid in capital 505,010 495,909
Accumulated deficit (649,918) (651,141)
Non-controlling interest 1,360 0
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY (143,548) (155,232)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 674,157 $ 656,641
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,294,000 3,286,000
Common stock, shares outstanding (in shares) 3,294,000 3,286,000
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Common stock $ 0 $ 0
Class V Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares)   3,919,000
Common stock, shares outstanding (in shares)   3,919,000
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Common stock $ 0 $ 0
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 11 “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 $26.7 million and $8.2 million as of March 31, 2026 and December 31, 2025, 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 $7.1 million and $6.6 million as of March 31, 2026 and December 31, 2025, respectively. These VIE assets and liabilities do not include $47.2 million and $46.8 million of net amounts due to affiliates as of March 31, 2026 and December 31, 2025, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.