Quarterly report [Sections 13 or 15(d)]

Variable Interest Entities - Balance Sheet (Details)

v3.25.3
Variable Interest Entities - Balance Sheet (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
ASSETS          
Cash $ 37,714 $ 62,962 $ 37,714 $ 62,962 $ 38,816
Health plan receivable 82,024   82,024   121,266
Prepaid expenses and other current assets 11,407   11,407   14,422
Property and equipment, net 3,902   3,902   5,734
Intangible assets, net 512,912   512,912   574,350
Other long-term assets 31,119   31,119   19,196
TOTAL ASSETS [1] 683,564   683,564   783,420
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 9,929   9,929   8,442
Accrued expenses and other current liabilities 35,832   35,832   29,416
Accrued payroll 1,349   1,349   2,722
Claims payable 253,664   253,664   255,089
Other long-term liabilities 6,918   6,918   6,918
TOTAL LIABILITIES [1] 664,636   664,636   633,891
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 683,564   $ 683,564   $ 783,420
Accounts Payable, Noncurrent, Related Party [Extensible Enumeration] Affiliated Entity [Member]   Affiliated Entity [Member]   Affiliated Entity [Member]
TOTAL OPERATING REVENUE $ 345,253 362,124 $ 1,074,266 1,129,769  
Expense 389,476 469,114 1,190,701 1,311,924  
Net loss (69,461) (102,850) (157,372) (181,230)  
VIE          
ASSETS          
Cash 5,582   5,582   $ 5,216
Clinic fees, insurance and other receivable 3,114   3,114   2,440
Prepaid expenses and other current assets 480   480   447
Property and equipment, net 32   32   37
Intangible assets, net 688   688   0
Other long-term assets 2,064   2,064   1,116
TOTAL ASSETS 11,960   11,960   9,256
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 566   566   4,521
Accrued expenses and other current liabilities 961   961   677
Accrued payroll 831   831   3,795
Claims payable 3,566   3,566   5,004
Other long-term liabilities 929   929   919
Due to consolidated entities of P3 49,653   49,653   40,264
TOTAL LIABILITIES 56,506   56,506   55,180
MEMBERS’ DEFICIT (44,546)   (44,546)   (45,924)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY 11,960   11,960   $ 9,256
TOTAL OPERATING REVENUE 6,581 8,923 20,135 28,041  
Expense 6,579 8,379 19,258 28,079  
Net loss $ 2 $ 544 $ 877 $ (38)  
[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.