Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash $ 43,900 $ 25,012
Restricted cash 1,902 795
Health plan receivable, net of allowance for credit losses of $1,556 and $281 as of September 30, 2026 and December 31, 2025, respectively 134,384 92,458
Clinic fees, insurance and other receivable 20,102 3,379
Prepaid expenses and other current assets 15,739 11,439
TOTAL CURRENT ASSETS 216,027 133,083
Property and equipment, net 2,145 3,374
Intangible assets, net 431,821 492,423
Other long-term assets 19,726 27,761
TOTAL ASSETS [1] 669,719 656,641
CURRENT LIABILITIES:    
Accounts payable 7,695 11,715
Accrued expenses and other current liabilities 40,639 42,820
Accrued payroll 3,470 1,950
Health plan settlements payable 4,119 69,830
Claims payable 221,401 287,790
Premium deficiency reserve 44,792 86,116
Current portion of long-term debt 84,428 45,036
Short-term debt 104 0
TOTAL CURRENT LIABILITIES 406,648 545,257
Other long-term liabilities 9,308 9,308
Operating lease liability, net 9,994 11,475
Warrant liabilities 5,723 2,462
Long-term debt, net 37,331 228,374
TOTAL LIABILITIES [1] 469,004 796,876
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:    
Redeemable non-controlling interest $ 90,256 14,997
Common stock, shares issued (in shares) 140,000  
STOCKHOLDERS’ EQUITY (DEFICIT):    
Additional paid in capital $ 548,885 495,909
Accumulated deficit (626,853) (651,141)
Non-controlling interest 3,185 0
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) 110,459 (155,232)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) 669,719 656,641
Series A Preferred Stock    
STOCKHOLDERS’ EQUITY (DEFICIT):    
Preferred stock 21,186 0
Series B Preferred Stock    
STOCKHOLDERS’ EQUITY (DEFICIT):    
Preferred stock 18,717 0
Series C Preferred Stock    
STOCKHOLDERS’ EQUITY (DEFICIT):    
Preferred stock 81,317 0
Series D Preferred Stock    
STOCKHOLDERS’ EQUITY (DEFICIT):    
Preferred stock $ 54,748 $ 0
Series D-1 Preferred Stock    
MEZZANINE EQUITY:    
Common stock, shares outstanding (in shares) 140,000  
STOCKHOLDERS’ EQUITY (DEFICIT):    
Preferred stock $ 9,274  
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 4,016,000 3,286,000
Common stock, shares outstanding (in shares) 4,016,000 3,286,000
STOCKHOLDERS’ EQUITY (DEFICIT):    
Common stock $ 0 $ 0
Class V Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,245,000 3,919,000
Common stock, shares outstanding (in shares) 3,245,000 3,919,000
STOCKHOLDERS’ EQUITY (DEFICIT):    
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 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 $36.2 million and $8.2 million as of September 30, 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 $7.9 million and $6.6 million as of September 30, 2026 and December 31, 2025, respectively. These VIE assets and liabilities do not include $50.6 million and $46.8 million of net amounts due to affiliates as of September 30, 2026 and December 31, 2025, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.