Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash $ 37,714 $ 38,816
Restricted cash 748 5,286
Health plan receivable, net of allowance for credit losses of $150 82,024 121,266
Clinic fees, insurance and other receivable 3,738 3,947
Prepaid expenses and other current assets 11,407 14,422
Total assets 0 403
TOTAL CURRENT ASSETS 135,631 184,140
Property and equipment, net 3,902 5,734
Intangible assets, net 512,912 574,350
Other long-term assets 31,119 19,196
TOTAL ASSETS [1] 683,564 783,420
CURRENT LIABILITIES:    
Accounts payable 9,929 8,442
Accrued expenses and other current liabilities 35,832 29,416
Accrued payroll 1,349 2,722
Health plan settlements payable 53,480 55,565
Claims payable 253,664 255,089
Premium deficiency reserve 30,703 67,368
Accrued interest 271 2,305
Current portion of long-term debt 38,612 75,155
Short-term debt 114 0
Liabilities held for sale 0 353
TOTAL CURRENT LIABILITIES 423,954 496,415
Other long-term liabilities 6,918 6,918
Operating lease liability 12,053 11,339
Warrant liabilities 7,528 10,312
Long-term debt, net 214,183 108,907
TOTAL LIABILITIES [1] 664,636 633,891
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:    
Redeemable non-controlling interest 37,614 73,593
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Additional paid in capital 556,936 579,129
Accumulated deficit (575,622) (503,193)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY (18,686) 75,936
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 683,564 $ 783,420
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,268,000 3,257,000
Common stock, shares outstanding (in shares) 3,268,000 3,257,000
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 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 $12.0 million and $9.3 million as of September 30, 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 $6.9 million and $14.9 million as of September 30, 2025 and December 31, 2024, respectively. These VIE assets and liabilities do not include $49.7 million and $40.3 million of net amounts due to affiliates as of September 30, 2025 and December 31, 2024, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.