v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash $ 21,272 $ 25,012
Restricted cash 922 795
Health plan receivable, net of allowance for credit losses of $281 135,273 92,458
Clinic fees, insurance and other receivable 9,354 3,379
Prepaid expenses and other current assets 12,517 11,439
TOTAL CURRENT ASSETS 179,338 133,083
Property and equipment, net 2,527 3,374
Intangible assets, net 452,405 492,423
Other long-term assets 20,122 27,761
TOTAL ASSETS [1] 654,392 656,641
CURRENT LIABILITIES:    
Accounts payable 7,569 11,715
Accrued expenses and other current liabilities 43,265 42,820
Accrued payroll 2,421 1,950
Health plan settlements payable 11,386 69,830
Claims payable 228,980 287,790
Premium deficiency reserve 72,742 86,116
Current portion of long-term debt 21,800 45,036
Short-term debt 418 0
TOTAL CURRENT LIABILITIES 388,581 545,257
Other long-term liabilities 9,308 9,308
Operating lease liability, net 10,417 11,475
Warrant liabilities 10,389 2,462
Long-term debt, net 98,054 228,374
TOTAL LIABILITIES [1] 516,749 796,876
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:    
Redeemable non-controlling interest 64,453 14,997
STOCKHOLDERS’ EQUITY (DEFICIT):    
Additional paid in capital 550,226 495,909
Accumulated deficit (642,474) (651,141)
Non-controlling interest 1,000 0
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) 73,190 (155,232)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) 654,392 656,641
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 $ 43,218 $ 0
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 3,910,000 3,286,000
Common stock, shares outstanding (in shares) 3,910,000 3,286,000
STOCKHOLDERS’ EQUITY (DEFICIT):    
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 (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 $30.3 million and $8.2 million as of June 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 $6.6 million and $6.6 million as of June 30, 2026 and December 31, 2025, respectively. These VIE assets and liabilities do not include $46.5 million and $46.8 million of net amounts due to affiliates as of June 30, 2026 and December 31, 2025, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.