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Get filing alertsRed Flags Detected
- Going Concern (worsened) — Auditor raised going-concern flag for second consecutive year; cash fell 36%, debt doubled, working capital deficit widened $100M to $412M, and stockholders' equity turned negative $(155M).
- Material Weakness (removed) — All seven previously-disclosed material weaknesses in internal controls were remediated as of December 31, 2024; no material weaknesses reported in 2025 filing.
P3 Health Partners posts wider loss, doubles debt, cuts physician network 23% amid going-concern flag
Filed March 26, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 28, 2025 · ~2 min read
Key Changes
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Net loss widened to $323M (vs $310M prior year); accumulated deficit now $651M. Cash fell 36% to $25M while total debt more than doubled to $337M. Auditor raised going-concern flag for second consecutive year.
MD&A: Liquidity & Notes: Going Concern verify on EDGAR → -
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Physician network contracted 23% (3,100 to 2,400 PCPs); at-risk membership fell 7% (124K to 115K); retention rate dropped to 88% from cumulative 95%. Top-four payor concentration rose to 75% of revenue from 59%.
Business: Network Metrics verify on EDGAR → -
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Company raised $85M in new subordinated debt (VGS 4 & VGS 5) at 19.5% interest, plus $18M bridge in early 2026. Interest expense surged 148% to $55M. Lenders waived going-concern covenant breach for second year.
MD&A: Debt & Notes: VGS Facilities verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 3, 2026 11:38 PM