Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash $ 40,082 $ 38,816
Restricted cash 1,211 5,286
Health plan receivable, net of allowance for credit losses of $150 129,350 121,266
Clinic fees, insurance and other receivable 5,409 3,947
Prepaid expenses and other current assets 14,980 14,422
Total assets 403 403
TOTAL CURRENT ASSETS 191,435 184,140
Property and equipment, net 5,308 5,734
Intangible assets, net 553,889 574,350
Other long-term assets 33,238 19,196
TOTAL ASSETS [1] 783,870 783,420
CURRENT LIABILITIES:    
Accounts payable 11,503 8,442
Accrued expenses and other current liabilities 27,971 29,416
Accrued payroll 3,216 2,722
Health plan settlements payable 56,715 55,565
Claims payable 268,664 255,089
Premium deficiency reserve 60,406 67,368
Accrued interest 12,410 12,460
Current portion of long-term debt 65,000 65,000
Short-term debt 796 0
Liabilities held for sale 353 353
TOTAL CURRENT LIABILITIES 507,034 496,415
Other long-term liabilities 31,665 26,001
Operating lease liability 10,981 11,339
Warrant liabilities 6,990 10,312
Long-term debt, net 106,121 89,824
TOTAL LIABILITIES [1] 662,791 633,891
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:    
Redeemable non-controlling interest 57,829 73,593
STOCKHOLDERS’ EQUITY:    
Additional paid in capital 586,923 579,129
Accumulated deficit (523,673) (503,193)
TOTAL STOCKHOLDERS’ EQUITY 63,250 75,936
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY $ 783,870 $ 783,420
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,263,000 3,257,000
Common stock, shares outstanding (in shares) 3,263,000 3,257,000
STOCKHOLDERS’ 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’ 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 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 $10.7 million and $9.3 million as of March 31, 2025 and December 31, 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 $15.6 million and $14.9 million as of March 31, 2025 and December 31, 2024, respectively. These VIE assets and liabilities do not include $41.1 million and $40.3 million of net amounts due to affiliates as of March 31, 2025 and December 31, 2024, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.