Quarterly report [Sections 13 or 15(d)]

Variable Interest Entities - Balance Sheet (Details)

v3.26.3
Variable Interest Entities - Balance Sheet (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
ASSETS          
Cash $ 43,900 $ 37,714 $ 43,900 $ 37,714 $ 25,012
Health Plan Settlement Receivables, Current 134,384   134,384   92,458
Prepaid expenses and other current assets 15,739   15,739   11,439
Property and equipment, net 2,145   2,145   3,374
Intangible assets, net 431,821   431,821   492,423
Other long-term assets 19,726   19,726   27,761
TOTAL ASSETS [1] 669,719   669,719   656,641
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 7,695   7,695   11,715
Accrued expenses and other current liabilities (40,639)   (40,639)   (42,820)
Accrued payroll 3,470   3,470   1,950
Claims payable 221,401   221,401   287,790
Other long-term liabilities $ 9,308   $ 9,308   $ 9,308
Accounts Payable, Noncurrent, Related Party [Extensible Enumeration] Affiliated Entity [Member]   Affiliated Entity [Member]   Affiliated Entity [Member]
TOTAL LIABILITIES [1] $ 469,004   $ 469,004   $ 796,876
Non-controlling interest 3,185   3,185   0
Accumulated deficit (626,853)   (626,853)   (651,141)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) 669,719   669,719   656,641
TOTAL OPERATING REVENUE 396,344 345,253 1,169,115 1,074,266  
Expense 373,364 389,476 1,096,672 1,190,701  
Net income (loss) 30,777 (69,461) 49,468 (157,372)  
VIE          
ASSETS          
Cash 5,748   5,748   4,776
Clinic fees, insurance and other receivables 391   391   785
Prepaid expenses and other current assets 104   104   487
Property and equipment, net 70   70   32
Intangible assets, net 578   578   660
Other long-term assets 1,415   1,415   1,433
TOTAL ASSETS 8,306   8,306   8,173
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 406   406   394
Accrued expenses and other current liabilities (1,653)   (1,653)   (241)
Accrued payroll 641   641   887
Claims payable 4,267   4,267   4,199
Other long-term liabilities 901   901   922
Due to consolidated entities of P3 47,148   47,148   46,774
TOTAL LIABILITIES 55,016   55,016   53,417
MEMBERS’ DEFICIT (46,710)   (46,710)   (45,244)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) 8,306   8,306   $ 8,173
TOTAL OPERATING REVENUE 6,214 6,581 18,687 20,135  
Expense 8,149 6,579 19,948 19,258  
Net income (loss) (1,935) $ 2 (1,261) $ 877  
VIE | MSO          
ASSETS          
Cash 513   513    
Health Plan Settlement Receivables, Current 20,746   20,746    
Prepaid expenses and other current assets 112   112    
Intangible assets, net 862   862    
Goodwill, net 4,990   4,990    
Due from consolidated entities of P3 714   714    
TOTAL ASSETS 27,937   27,937    
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 173   173    
Accrued expenses and other current liabilities (7,623)   (7,623)    
Claims payable 4,723   4,723    
Due to consolidated entities of P3 3,495   3,495    
TOTAL LIABILITIES 16,014   16,014    
Non-controlling interest 0   0    
Accumulated deficit 11,923   11,923    
MEMBERS’ DEFICIT 11,923   11,923    
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) 27,937   27,937    
TOTAL OPERATING REVENUE 111,595   299,158    
Expense 99,537   288,233    
Net income (loss) $ 12,058   $ 10,925    
[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.