Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 114

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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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 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 nine months ended September 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 EventIn November 2025, the Company, through its subsidiary, P3 Health Partners REACH ACO, LLC, entered into a agreement with Commonwealth Primary Care ACO, LLC (“CPC ACO”) which resulted in the formation of P3 Commonwealth Innovation MSO, LLC (the “MSO”).  The MSO was created to engage in the management, administration, and coordination of activities on behalf of accountable care organizations intended to improve the performance and quality of the parties’ respective ACO programs. To this end, the MSO entered