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

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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 to curtail planned activities, divest certain operations, sell certain assets or reduce our costs, which will likely have an unfavorable effect on our ability to execute on our business plan, and have an adverse effect on our business, results of operations, and future prospects.

P3 Health Partners Inc. | Q3 2025 Form 10-Q | 39

The unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q have been prepared assuming we will continue as a going concern and do not include any adjustments that might result from the outcome of these uncertainties.

Cash Flows

The following table summarizes our cash flows:

Nine Months Ended September 30,20252024(in thousands)Net cash used in operating activities$(65,511)$(52,890)Net cash (used in) provided by investing activities(69)15,000 Net cash provided by financing activities59,940 65,054 Net change in cash and restricted cash$(5,640)$27,164 

Operating Activities

Net cash used in operating activities was $65.5 million for the nine months ended September 30, 2025, compared to net cash used in operating activities of $52.9 million for the nine months ended September 30, 2024. Significant changes impacting net cash used in operating activities during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 were primarily due to changes in working capital and an increase in net loss.

Investing Activities

Net cash used in investing activities was $0.1 million for the nine months ended September 30, 2025 compared to net cash provided by investing activities of $15.0 million for the nine months ended September 30, 2024, consisting of purchase price received in advance of the sale of our Florida operations.

Financing Activities

Net cash provided by financing activities was $59.9 million for the nine months ended September 30, 2025, primarily consisting of proceeds from the borrowings on the VGS 4 Promissory Note, VGS 5 Promissory Note, and short-term financing agreements for the funding of certain insurance policies. Net cash provided by financing activities was $65.1 million for the nine months ended September 30, 2024, consisting of proceeds from the sale of Class A common stock and warrants in May 2024 with aggregate proceeds of $39.8 million, net of $2.4 million in offering