Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 163

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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 2024. The Company recorded accrued expenses of $4.1 million and $2.7 million as of June 30, 2025 and December 31, 2024, respectively. There was no accounts payable as of June 30, 2025 and December 31, 2024.Nevada Behavioral Health SystemsThe Company has a managed behavioral health agreement in place with NBHS whereby NBHS is delegated to provide or arrange for the provision of all behavioral health services needed for the Company’s fully delegated members in the Nevada market. The Company recorded NBHS service expense of $0.1 million and $0.3 million for the three and six months ended June 30, 2024, respectively, which are included in medical expenses in the condensed consolidated statements of operations. An immaterial amount of service expense was recorded for the three and six months ended June 30, 2025. There were no accounts payable or accrued expenses recorded as of June 30, 2025 and December 31, 2024.

Note 15: Income TaxesThe Company’s tax rate is affected primarily by the recognition of a valuation allowance and the portion of income and expense allocated to the non-controlling interest. It is also affected by discrete items that may occur in any given year such as benefits from changes in the fair value of private placement and public warrants. During the three and six months ended June 30, 2025, the Company’s tax rate was impacted by the valuation allowance placed on deferred tax assets in prior periods and state taxes.

Note 16: Subsequent Events

In connection with the VGS 5 Promissory Note, the second tranche was fully funded as of August 14, 2025. Refer to Note 8 “Debt” for additional information.  

P3 Health Partners Inc. | Q2 2025 Form 10-Q | 22

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis is intended to provide the reader with an understanding of our business, including an overview of our results of operations and liquidity and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Form 10-Q, as well as our audited financial statements and related notes and in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Form 10-K. This discussion contains forward-looking statements