EX-99.1 2 piii-20260515ex991.htm EX-99.1

EX 99.1

P3 HEALTH PARTNERS INC. and SUBSIDIARIES

PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except per share amounts)

(unaudited)

			AS REPORTED															PRO FORMA
			March 31, 2026						Debt Conversion			Series D Issuance						March 31, 2026
ASSETS
CURRENT ASSETS:
Cash			$	25,497					$	—		$	30,000					$	55,497
Restricted cash			605						—			—						605
Health plan receivable, net of allowance for credit losses of $281			124,894						—			—						124,894
Clinic fees, insurance and other receivable			9,060						—			—						9,060
Prepaid expenses and other current assets			12,154						—			—						12,154
TOTAL CURRENT ASSETS			172,210						—			30,000						202,210
Property and equipment, net			2,964						—			—						2,964
Intangible assets, net			472,989						—			—						472,989
Other long-term assets			25,994						—			—						25,994
TOTAL ASSETS			$	674,157					$	—		$	30,000					$	704,157
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY
CURRENT LIABILITIES:
Accounts payable			$	11,672					$	—		$	—					$	11,672
Accrued expenses and other current liabilities			43,224						—			—						43,224
Accrued payroll			2,773						—			—						2,773
Health plan settlements payable			48,245						—			—						48,245
Claims payable			285,898						—			—						285,898
Premium deficiency reserve			81,402						—			—						81,402
Current portion of long-term debt			51,436						—			—						51,436
Short-term debt			835						—			—						835
TOTAL CURRENT LIABILITIES			525,485						—			—						525,485
Operating lease liability, net			10,830						—			—						10,830
Warrant liabilities			2,132						—			—						2,132
Long-term debt, net			259,569						(195,662)			—						63,907
Other long-term liabilities			9,308						—			—						9,308
TOTAL LIABILITIES			807,324						(195,662)			—						611,662
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:
Redeemable non-controlling interest			10,381						—			—						10,381
STOCKHOLDERS’ (DEFICIT) EQUITY:
Class A common stock, $0.0001 par value; 800,000 shares authorized; 3,294 shares issued and outstanding as of March 31, 2026			—						—			—						—
Class V common stock, $0.0001 par value; 205,000 shares authorized; 3,919 shares issued and outstanding as of March 31, 2026			—						—			—						—
Series A Preferred Stock			—						21,293			—						21,293
Series B Preferred Stock			—						18,802			—						18,802
Series C Preferred Stock			—						81,669			—						81,669
Series D Preferred Stock			—						—			30,000						30,000
Additional paid in capital			505,010						73,898			—						578,908
Accumulated deficit			(649,918)						—			—						(649,918)
Non-controlling interest			1,360						—			—						1,360
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY			(143,548)						195,662			30,000						82,114
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY			$	674,157					$	—		$	30,000					$	704,157