Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 166

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 166
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45,924)TOTAL LIABILITIES AND MEMBERS’ DEFICIT$11,960 $9,256 Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)Revenue$6,581 $8,923 $20,135 $28,041 Expense6,579 8,379 19,258 28,079 Net income (loss)$2 $544 $877 $(38)

Note 14: Related PartiesChicago Pacific Founders (“CPF”), a principal equity holder of the Company, has an equity investment in Allymar Health Solutions ("Allymar") and Nevada Behavioral Health Systems ("NBHS").Allymar Health SolutionsThe Company has a master services agreement in place with Allymar whereby Allymar provides support services and tools for the Company and its contracted providers in arranging for or delivering services to its members.  The Company recorded Allymar service expenses of $3.8 million for the three months ended September 30, 2025 and $5.1 million for the nine months ended September 30, 2025, which are included in medical expenses in the condensed consolidated statements of operations. There were no service expenses for the same periods in 2024. The Company recorded accrued expenses of $2.8 million and $2.7 million as of September 30, 2025 and December 31, 2024, respectively. There were no accounts payable as of September 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 $0.4 million for the three and nine months ended September 30, 2024, respectively, which are included in medical expenses in the condensed consolidated 

P3 Health Partners Inc. | Q3 2025 Form 10-Q | 23

statements of operations. An immaterial amount of service expense was recorded for the three and nine months ended September 30, 2025. There were no accounts payable or accrued expenses recorded as of September 30, 2025 and December 31, 2024.

Note 15: Income TaxesThe Company’s tax rate is affected primarily by the recognition of a valuation allowance