Revenue

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The Company recognizes revenue in accordance with ASC 606 on the basis of its satisfaction of outstanding performance obligations. The Company typically fulfills its performance obligations over time, either over the course of a single treatment (fee-for-service or "FFS"), a month (capitation), or a number of months (clinical research). The Company also has revenue that is satisfied at a point in time (dispensary).

Disaggregation of Revenue

The Company categorizes revenue based on various factors such as the nature of contracts, payors, order to billing arrangements, and cash flows received by the Company, as follows:

(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Patient services
Capitated revenue	$	18,843	$	18,702	$	36,338	$	36,369
FFS revenue	37,048		33,759		72,621		68,545
Subtotal	55,891		52,461		108,959		104,914
Dispensary revenue	62,573		44,440		111,866		84,119
Clinical research trials and other revenue	1,338		1,677		3,383		4,211
Total	$	119,802	$	98,578	$	224,208	$	193,244

Refer to Note 19 for Segment Reporting for disaggregation of revenue by reporting segment.

Contract Asset and Liabilities

Under ASC 606, contract assets represent rights to payment for performance contingent on something other than the passage of time and accounts receivable are rights to payment for performance without contingencies. The Company does not have any contract assets as of June 30, 2025, January 1, 2024, and December 31, 2024. Refer to Note 4 for accounts receivable as of June 30, 2025 and December 31, 2024.

Contract liabilities represent cash that has been received for contracts, but for which performance is still unsatisfied. Contract liabilities consist of estimated deductions and expenses related to capitation contracts. As of June 30, 2025 and

December 31, 2024, contract liabilities amounted to $5,198 and $2,351, respectively. As of January 1, 2024, the contract liabilities amounted to $545. During the three and six months periods ended June 30, 2025 and 2024, the Company recognized revenue of $0 and $489, respectively, related to deferred capitation revenue received (contract liability) as of the beginning of each respective period.

Remaining Unsatisfied Performance Obligations

The accounting terms for the Company’s patient services and dispensary contracts do not extend past a year in duration. Additionally, the Company applies the ‘as invoiced’ practical expedient to its clinical research contracts.