Enveric Biosciences Announces Data that Broadens Scope of Clinical Indication Potential for Lead Candidate EB-003
The study results demonstrated agonism of 5-HT1B by EB-003 (EC 50 = 110 nM) and added to the existing receptor engagement data supporting that EB-003 acts as a partial agonist of the 5-HT2A receptor, which is key to the compound's potential ability to elicit neuroplastogenic effects without inducing adverse hallucinogenic outcomes.
'The 5-HT1B receptor, found predominantly in the frontal cortex, basal ganglia and hippocampus, is a validated therapeutic target of some well-known CNS drugs,' said Joseph Tucker, Ph.D., CEO of Enveric. 'Enveric previously announced positive pharmacology, in vitro safety and oral bioavailability data of EB-003, including achieving therapeutically relevant brain exposure in rodent models. The newly revealed ability to target 5-HT1B illustrates EB-003's differentiated and multifaceted mechanism of action and broadens its utility and the range of potential target indications to pursue in future development.'
EB-003 is currently in preclinical development, with IND-enabling activities planned to continue through 2025. Enveric Biosciences will continue to explore strategic therapeutic opportunities in the psychiatric and neurological markets to strengthen the target product profile of this novel CNS drug candidate.
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of psychiatric and neurological disorders. Leveraging its unique discovery and development Psybrary™ platform, which houses proprietary information on the use and development of existing and novel molecules for specific mental health indications, Enveric seeks to develop a robust intellectual property portfolio of novel drug candidates. Enveric's lead molecule, EB-003, is a potential first-in-class neuroplastogen designed to promote neuroplasticity, without inducing hallucinations, in patients suffering from difficult-to-address mental health disorders. Enveric is focused on advancing EB-003 towards clinical trials for the treatment of neuropsychiatric disorders while out-licensing other novel, patented Psybrary™ platform drug candidates to third-party licensees advancing non-competitive market strategies for patient care. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "proposes," "budgets," "explores," "schedules," "seeks," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," or "believes," or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, should, would, or might occur or be achieved. Forward-looking statements may include statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to: finalize and submit its IND filing to the U.S. Food and Drug Administration; carry out successful clinical programs; achieve the value creation contemplated by technical developments; avoid delays in planned clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials; establish or maintain collaborations for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals to market potential products; obtain future funding for product development and working capital on commercially reasonable terms; scale-up manufacture of product candidates; respond to changes in the size and nature of competitors; hire and retain key executives and scientists; secure and enforce legal rights related to Enveric's products, including patent protection; identify and pursue alternative routes to capture value from its research and development pipeline assets; continue as a going concern; and manage its future growth effectively.
A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric's filings with the Securities and Exchange Commission, including Enveric's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Stock market today: Dow, S&P 500, Nasdaq hit pause as hot PPI inflation data cools rate-cut rally
US stocks mostly stalled on Thursday as Wall Street digested a much hotter-than-expected PPI inflation print, souring optimism around a large September rate cut. The major gauges wavered for much of the session, with the Dow Jones Industrial Average (^DJI) closing down slightly, and the benchmark S&P 500 (^GSPC) rising just above the flatline to notch a third record close in a row. The tech-heavy Nasdaq Composite (^IXIC) closed just below its record high. July's Producer Price Index (PPI) came in well above expectations, with month-over-month prices rising 0.9% compared to expectations of 0.2%. On an annual basis, prices rose 3.3%, the most since February. "Core" producer prices, which strip out the cost of food and energy, saw the largest increase in three years. Euphoria over a possible September rate cut had swept Wall Street over the past two sessions after July's Consumer Price Index report showed inflation rose as expected, but not dramatically. Traders had fully priced in a rate cut at the Fed's next meeting, even as some Fed policymakers continue to urge patience. By Thursday, the vast majority of bets were still on a cut, but nearly 10% of traders were pricing in a rate hold. Meanwhile, bets on a "jumbo" 50-basis-point cut evaporated. The inflation shock sapped some of the enthusiasm out of a roaring market this week. Stocks extended their rally on Wednesday, pushing the S&P 500 and Nasdaq to consecutive record highs. Bitcoin (BTC-USD) got a boost from mounting rate-cut bets, too, reaching a new record high Wednesday evening before rolling over. Friday's retail sales reading will serve as this week's final key economic data point. In corporate news, cryptocurrency exchange operator Bullish (BLSH) rose 10% on Thursday, hovering around $75, about double its IPO price of $37. Intel (INTC) shares jumped 7% after Bloomberg reported that the Trump administration is considering taking a stake in the US chipmaker. S&P 500 ekes out third record in a row, Nasdaq and Dow stall US stocks were mixed on Thursday, but the S&P 500 managed to eke out a record close as Wall Street digested a hotter-than-expected PPI inflation print, dampening optimism around a 50-basis-point cut in September. The Dow Jones Industrial Average (^DJI) fell slightly, while the benchmark S&P 500 (^GSPC) rose above the flatline to notch its third record in a row. The tech-heavy Nasdaq Composite (^IXIC) slipped below the flatline. Stocks wavered for much of the session as investors trimmed expectations of looser monetary policy after July's hot PPI print. Meanwhile, crypto tumbled as bitcoin (BTC-USD) retreated from a record high and ether (ETH-USD) also pulled back from near-record territory. Intel jumps 8% after report the Trump administration is in talks about stake in chip maker Intel (INTC) shares jumped 8% to a session high after Bloomberg reported that the Trump administration is considering taking a stake in the US chip-maker. On Tuesday the stock jumped after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation just last week. Cisco CFO sees big AI opportunities despite concerns about slowing core growth Yahoo Finance's Francisco Velasquez reports: Read more here. Netflix stock pops 3% after doubling ad commitments Netflix (NFLX) shares rose about 3% on Thursday after the streamer announced it had doubled its overall ad commitments during this year's US Upfront and finalized deals with all major holding companies and independent agencies. Amy Reinhard, president of Netflix advertising, said the results were in line with expectations, with brands eager to align with the platform's upcoming slate, which includes the final season of "Stranger Things" and new seasons of "Bridgerton," "Emily in Paris," and "Nobody Wants This." "We are committed to building a long-lasting ads business that not only drives impactful return on investment for our clients but also offers an entertaining and relevant experience for our members around the world," Reinhard said in a company blog post. Netflix executives are doubling down on their ad-supported tier as a key engine for future growth. On last month's second quarter earnings call, CFO Spencer Neumann said ad sales are showing "nice momentum," with the company expecting ad revenue to roughly double to about $3 billion in 2025. The push comes as Netflix continues to grow its ad tier audience, which hit 94 million global monthly active users, up from 70 million in November. Earlier this year, the streamer hiked prices across several US plans, including its ad-supported offering, which is still among the cheapest options at $7.99 per month. Netflix co-CEO Greg Peters noted that retention remains "stable and industry-leading" while overall engagement remains strong. Recent price hikes, he said, have performed in line with expectations, reinforcing Netflix's confidence in its monetization strategy even as the company keeps a close eye on broader consumer sentiment. Opendoor stock skyrockets more than 20% Opendoor Technologies (OPEN) gained more than 20% on Thursday, occupying a spot on the Yahoo Finance Trending Tickers page. The iBuyer platform's stock has gone from under $1 in July to more than $4.80 at the height of the meme craze last month. On Thursday, shares hovered just below $3 each, but they were still far below their all-time high of $39.24, reached in February 2021. Monterey Car Week 2025: 3 things to watch Pras Subramanian reports: Read more here. No crisis after all? Why Americans might be more prepared for retirement than you think. Yahoo Finance's Robert Powell reports: Read more here. Bitcoin retreats from record after hot PPI print, no plans for US to add to reserve through purchases Bitcoin (BTC-USD) fell 3% on Thursday, retreating from its record high after hotter-than-expected inflation soured expectations of a large rate cut in September. Treasury Secretary Scott Bessent indicated the US wouldn't buy any more tokens for its reserve, but it wouldn't sell any either. On Wednesday, bitcoin touched an all-time high record, surpassing $123,000 per token. Crypto rolled over after July's producer price index came in much higher than expected. During an interview with Fox Business this morning, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today's prices. "We've also started to get into the 21st century — a bitcoin strategic reserve. We're not going to be buying that, but we are going to use confiscated assets and continue to build that up. We're going to stop selling that," he said. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasurys, have driven up the price of the asset this year. The cryptocurrency has gained 25% year to date and has rallied roughly 57% since the April lows. Amazon could seize market share and drive down fees with its latest grocery bet Yahoo Finance's Francisco Velasquez reports: Read more here. Nvidia rises after denying Rubin chip delay Nvidia (NVDA) stock climbed nearly 1% Thursday morning after the company told Barron's and Seeking Alpha that its Rubin chip is "on track" after an analyst at Fubon Research indicated the GPU could be delayed. The company did not immediately respond to Yahoo Finance's request for comment. 'We think it is very likely that Rubin will be delayed," Fubon Research analyst Sherman Shang wrote in a research note seen by the outlets. "The first version of Rubin was already taped out in late June, but Nvidia is now redesigning the chip to better match AMD's upcoming MI450." "We think the next tape out schedule will be in late September or October, and based on the tape out schedule, the Rubin volume will be limited in 2026," Shang said. Nvidia said the report was incorrect in emailed statements to the outlets. Rubin is Nvidia's next-generation AI chip architecture, the successor to Blackwell, and it was unveiled during the company's annual GTC conference in 2025. stock continues freefall after 'brutal' preliminary financial results stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions. The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3. Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex wrote in a note to clients Monday. C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO, Tom Siebel, for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes (BKR). In 2023, short-selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis. Since C3 released its preliminary results last Friday, four investment firms, including Oppenheimer and DA Davidson, have downgraded C3 stock to Market Perform and Sell ratings. Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35. "This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," Dan Ives wrote in a note to clients Monday. America's favorite office lunch spots are having a challenging summer Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks fall at the open after latest inflation data shows rising producer prices US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September. The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%. Wholesale inflation rises more than expected in July The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022. That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022. Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June. Read more here. September rate hold? Investors say it's (sort of) back on the table Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in. Yesterday's odds: Today's odds (as of 9 a.m. ET): So the bets on a jumbo cut have in effect switched places with holding steady. Trending tickers in premarket trading: Bullish, Deere, Cisco Here's a look at the top stocks trending on Yahoo Finance this morning: Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here. (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however. Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected. Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading. Check out live coverage of corporate earnings here. Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday. As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800. "We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday. Stocks may be at all-time highs, but speculative froth isn't Yahoo Finance's Hamza Shaban reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July); Earnings: (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE) Here are some of the biggest stories you may have missed overnight and early this morning: These stock market all-time highs aren't quite frothy 117-year high at busiest port in the US Earnings: Foxconn beats on AI demand, Deere profit falls Bullish stock tops $75 after strong IPO debut US oil producers say OPEC+ 'price war' will halt shale boom Rate cut next month doesn't seem warranted: Fed's Daly Trump's Treasury set to decide fate of of wind, solar projects Trump-fueled crypto frenzy sparks rush to Wall Street IPOs 'Tesla shame' bypasses Norway as sales jump despite Musk's politics Amazon grocery push stocks still in focus When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up. The latest example came on Wednesday Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall. I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time. Evercore ISI analyst Michael Montani with some good thoughts this morning: S&P 500 ekes out third record in a row, Nasdaq and Dow stall US stocks were mixed on Thursday, but the S&P 500 managed to eke out a record close as Wall Street digested a hotter-than-expected PPI inflation print, dampening optimism around a 50-basis-point cut in September. The Dow Jones Industrial Average (^DJI) fell slightly, while the benchmark S&P 500 (^GSPC) rose above the flatline to notch its third record in a row. The tech-heavy Nasdaq Composite (^IXIC) slipped below the flatline. Stocks wavered for much of the session as investors trimmed expectations of looser monetary policy after July's hot PPI print. Meanwhile, crypto tumbled as bitcoin (BTC-USD) retreated from a record high and ether (ETH-USD) also pulled back from near-record territory. US stocks were mixed on Thursday, but the S&P 500 managed to eke out a record close as Wall Street digested a hotter-than-expected PPI inflation print, dampening optimism around a 50-basis-point cut in September. The Dow Jones Industrial Average (^DJI) fell slightly, while the benchmark S&P 500 (^GSPC) rose above the flatline to notch its third record in a row. The tech-heavy Nasdaq Composite (^IXIC) slipped below the flatline. Stocks wavered for much of the session as investors trimmed expectations of looser monetary policy after July's hot PPI print. Meanwhile, crypto tumbled as bitcoin (BTC-USD) retreated from a record high and ether (ETH-USD) also pulled back from near-record territory. Intel jumps 8% after report the Trump administration is in talks about stake in chip maker Intel (INTC) shares jumped 8% to a session high after Bloomberg reported that the Trump administration is considering taking a stake in the US chip-maker. On Tuesday the stock jumped after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation just last week. Intel (INTC) shares jumped 8% to a session high after Bloomberg reported that the Trump administration is considering taking a stake in the US chip-maker. On Tuesday the stock jumped after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation just last week. Cisco CFO sees big AI opportunities despite concerns about slowing core growth Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Netflix stock pops 3% after doubling ad commitments Netflix (NFLX) shares rose about 3% on Thursday after the streamer announced it had doubled its overall ad commitments during this year's US Upfront and finalized deals with all major holding companies and independent agencies. Amy Reinhard, president of Netflix advertising, said the results were in line with expectations, with brands eager to align with the platform's upcoming slate, which includes the final season of "Stranger Things" and new seasons of "Bridgerton," "Emily in Paris," and "Nobody Wants This." "We are committed to building a long-lasting ads business that not only drives impactful return on investment for our clients but also offers an entertaining and relevant experience for our members around the world," Reinhard said in a company blog post. Netflix executives are doubling down on their ad-supported tier as a key engine for future growth. On last month's second quarter earnings call, CFO Spencer Neumann said ad sales are showing "nice momentum," with the company expecting ad revenue to roughly double to about $3 billion in 2025. The push comes as Netflix continues to grow its ad tier audience, which hit 94 million global monthly active users, up from 70 million in November. Earlier this year, the streamer hiked prices across several US plans, including its ad-supported offering, which is still among the cheapest options at $7.99 per month. Netflix co-CEO Greg Peters noted that retention remains "stable and industry-leading" while overall engagement remains strong. Recent price hikes, he said, have performed in line with expectations, reinforcing Netflix's confidence in its monetization strategy even as the company keeps a close eye on broader consumer sentiment. Netflix (NFLX) shares rose about 3% on Thursday after the streamer announced it had doubled its overall ad commitments during this year's US Upfront and finalized deals with all major holding companies and independent agencies. Amy Reinhard, president of Netflix advertising, said the results were in line with expectations, with brands eager to align with the platform's upcoming slate, which includes the final season of "Stranger Things" and new seasons of "Bridgerton," "Emily in Paris," and "Nobody Wants This." "We are committed to building a long-lasting ads business that not only drives impactful return on investment for our clients but also offers an entertaining and relevant experience for our members around the world," Reinhard said in a company blog post. Netflix executives are doubling down on their ad-supported tier as a key engine for future growth. On last month's second quarter earnings call, CFO Spencer Neumann said ad sales are showing "nice momentum," with the company expecting ad revenue to roughly double to about $3 billion in 2025. The push comes as Netflix continues to grow its ad tier audience, which hit 94 million global monthly active users, up from 70 million in November. Earlier this year, the streamer hiked prices across several US plans, including its ad-supported offering, which is still among the cheapest options at $7.99 per month. Netflix co-CEO Greg Peters noted that retention remains "stable and industry-leading" while overall engagement remains strong. Recent price hikes, he said, have performed in line with expectations, reinforcing Netflix's confidence in its monetization strategy even as the company keeps a close eye on broader consumer sentiment. Opendoor stock skyrockets more than 20% Opendoor Technologies (OPEN) gained more than 20% on Thursday, occupying a spot on the Yahoo Finance Trending Tickers page. The iBuyer platform's stock has gone from under $1 in July to more than $4.80 at the height of the meme craze last month. On Thursday, shares hovered just below $3 each, but they were still far below their all-time high of $39.24, reached in February 2021. Opendoor Technologies (OPEN) gained more than 20% on Thursday, occupying a spot on the Yahoo Finance Trending Tickers page. The iBuyer platform's stock has gone from under $1 in July to more than $4.80 at the height of the meme craze last month. On Thursday, shares hovered just below $3 each, but they were still far below their all-time high of $39.24, reached in February 2021. Monterey Car Week 2025: 3 things to watch Pras Subramanian reports: Read more here. Pras Subramanian reports: Read more here. No crisis after all? Why Americans might be more prepared for retirement than you think. Yahoo Finance's Robert Powell reports: Read more here. Yahoo Finance's Robert Powell reports: Read more here. Bitcoin retreats from record after hot PPI print, no plans for US to add to reserve through purchases Bitcoin (BTC-USD) fell 3% on Thursday, retreating from its record high after hotter-than-expected inflation soured expectations of a large rate cut in September. Treasury Secretary Scott Bessent indicated the US wouldn't buy any more tokens for its reserve, but it wouldn't sell any either. On Wednesday, bitcoin touched an all-time high record, surpassing $123,000 per token. Crypto rolled over after July's producer price index came in much higher than expected. During an interview with Fox Business this morning, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today's prices. "We've also started to get into the 21st century — a bitcoin strategic reserve. We're not going to be buying that, but we are going to use confiscated assets and continue to build that up. We're going to stop selling that," he said. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasurys, have driven up the price of the asset this year. The cryptocurrency has gained 25% year to date and has rallied roughly 57% since the April lows. Bitcoin (BTC-USD) fell 3% on Thursday, retreating from its record high after hotter-than-expected inflation soured expectations of a large rate cut in September. Treasury Secretary Scott Bessent indicated the US wouldn't buy any more tokens for its reserve, but it wouldn't sell any either. On Wednesday, bitcoin touched an all-time high record, surpassing $123,000 per token. Crypto rolled over after July's producer price index came in much higher than expected. During an interview with Fox Business this morning, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today's prices. "We've also started to get into the 21st century — a bitcoin strategic reserve. We're not going to be buying that, but we are going to use confiscated assets and continue to build that up. We're going to stop selling that," he said. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasurys, have driven up the price of the asset this year. The cryptocurrency has gained 25% year to date and has rallied roughly 57% since the April lows. Amazon could seize market share and drive down fees with its latest grocery bet Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Nvidia rises after denying Rubin chip delay Nvidia (NVDA) stock climbed nearly 1% Thursday morning after the company told Barron's and Seeking Alpha that its Rubin chip is "on track" after an analyst at Fubon Research indicated the GPU could be delayed. The company did not immediately respond to Yahoo Finance's request for comment. 'We think it is very likely that Rubin will be delayed," Fubon Research analyst Sherman Shang wrote in a research note seen by the outlets. "The first version of Rubin was already taped out in late June, but Nvidia is now redesigning the chip to better match AMD's upcoming MI450." "We think the next tape out schedule will be in late September or October, and based on the tape out schedule, the Rubin volume will be limited in 2026," Shang said. Nvidia said the report was incorrect in emailed statements to the outlets. Rubin is Nvidia's next-generation AI chip architecture, the successor to Blackwell, and it was unveiled during the company's annual GTC conference in 2025. Nvidia (NVDA) stock climbed nearly 1% Thursday morning after the company told Barron's and Seeking Alpha that its Rubin chip is "on track" after an analyst at Fubon Research indicated the GPU could be delayed. The company did not immediately respond to Yahoo Finance's request for comment. 'We think it is very likely that Rubin will be delayed," Fubon Research analyst Sherman Shang wrote in a research note seen by the outlets. "The first version of Rubin was already taped out in late June, but Nvidia is now redesigning the chip to better match AMD's upcoming MI450." "We think the next tape out schedule will be in late September or October, and based on the tape out schedule, the Rubin volume will be limited in 2026," Shang said. Nvidia said the report was incorrect in emailed statements to the outlets. Rubin is Nvidia's next-generation AI chip architecture, the successor to Blackwell, and it was unveiled during the company's annual GTC conference in 2025. stock continues freefall after 'brutal' preliminary financial results stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions. The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3. Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex wrote in a note to clients Monday. C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO, Tom Siebel, for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes (BKR). In 2023, short-selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis. Since C3 released its preliminary results last Friday, four investment firms, including Oppenheimer and DA Davidson, have downgraded C3 stock to Market Perform and Sell ratings. Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35. "This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," Dan Ives wrote in a note to clients Monday. stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions. The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3. Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex wrote in a note to clients Monday. C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO, Tom Siebel, for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes (BKR). In 2023, short-selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis. Since C3 released its preliminary results last Friday, four investment firms, including Oppenheimer and DA Davidson, have downgraded C3 stock to Market Perform and Sell ratings. Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35. "This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," Dan Ives wrote in a note to clients Monday. America's favorite office lunch spots are having a challenging summer Yahoo Finance's Brooke DiPalma reports: Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks fall at the open after latest inflation data shows rising producer prices US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September. The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%. US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September. The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%. Wholesale inflation rises more than expected in July The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022. That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022. Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June. Read more here. The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022. That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022. Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June. Read more here. September rate hold? Investors say it's (sort of) back on the table Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in. Yesterday's odds: Today's odds (as of 9 a.m. ET): So the bets on a jumbo cut have in effect switched places with holding steady. Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in. Yesterday's odds: Today's odds (as of 9 a.m. ET): So the bets on a jumbo cut have in effect switched places with holding steady. Trending tickers in premarket trading: Bullish, Deere, Cisco Here's a look at the top stocks trending on Yahoo Finance this morning: Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here. (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however. Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected. Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading. Check out live coverage of corporate earnings here. Here's a look at the top stocks trending on Yahoo Finance this morning: Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here. (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however. Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected. Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading. Check out live coverage of corporate earnings here. Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday. As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800. "We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday. Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday. As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800. "We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday. Stocks may be at all-time highs, but speculative froth isn't Yahoo Finance's Hamza Shaban reports: Read more here. Yahoo Finance's Hamza Shaban reports: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July); Earnings: (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE) Here are some of the biggest stories you may have missed overnight and early this morning: These stock market all-time highs aren't quite frothy 117-year high at busiest port in the US Earnings: Foxconn beats on AI demand, Deere profit falls Bullish stock tops $75 after strong IPO debut US oil producers say OPEC+ 'price war' will halt shale boom Rate cut next month doesn't seem warranted: Fed's Daly Trump's Treasury set to decide fate of of wind, solar projects Trump-fueled crypto frenzy sparks rush to Wall Street IPOs 'Tesla shame' bypasses Norway as sales jump despite Musk's politics Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July); Earnings: (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE) Here are some of the biggest stories you may have missed overnight and early this morning: These stock market all-time highs aren't quite frothy 117-year high at busiest port in the US Earnings: Foxconn beats on AI demand, Deere profit falls Bullish stock tops $75 after strong IPO debut US oil producers say OPEC+ 'price war' will halt shale boom Rate cut next month doesn't seem warranted: Fed's Daly Trump's Treasury set to decide fate of of wind, solar projects Trump-fueled crypto frenzy sparks rush to Wall Street IPOs 'Tesla shame' bypasses Norway as sales jump despite Musk's politics Amazon grocery push stocks still in focus When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up. The latest example came on Wednesday Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall. I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time. Evercore ISI analyst Michael Montani with some good thoughts this morning: When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up. The latest example came on Wednesday Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall. I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time. Evercore ISI analyst Michael Montani with some good thoughts this morning:
Yahoo
11 minutes ago
- Yahoo
EDS Service Solutions Named to the Inc. 5000 List for Third Consecutive Year
ATLANTA, August 14, 2025--(BUSINESS WIRE)--EDS Service Solutions has been recognized on the 2025 Inc. 5000 list, the annual ranking of the nation's fastest-growing private companies, for the third year in a row. EDS ranked No. 3607 overall, No. 154 in the Atlanta–Sandy Springs–Alpharetta, Georgia market, No. 362 in the Business Products and Services industry, and No. 173 in Georgia. The Inc. 5000 provides a data-driven look at the most successful privately held, independent businesses in the economy's most dynamic sectors. Many well-known companies first gained national exposure as Inc. 5000 honorees. "Being recognized on the Inc. 5000 list for the third consecutive year is a powerful testament to our team's unwavering resilience, creativity, and relentless commitment," said Sonya Locke, CEO of EDS Service Solutions. "This sustained growth and ranking among the nation's fastest-growing companies underscores the immense value we deliver to our client partnerships every day. Our continued growth is a testament to our expertise in providing top-tier staffing solutions services and human capital management across various industries. We are proud to stand alongside so many innovative organizations that are driving economic growth and shaping the future of business." On the 2025 Inc. 5000 list, the median revenue growth rate for honorees was 169 percent for the three-year period from 2021 to 2024. Hundreds of top-ranking companies achieved growth rates more than 100 times that median. This level of growth is particularly notable given the economic volatility, rapid innovation, political uncertainty, and other challenges businesses have navigated over the past several years. About EDS Service Solutions EDS Service Solutions, a women-led enterprise headquartered in Atlanta, Georgia, specializes in labor outsourcing and business process optimization. The company serves industries including car rental, automotive, hospitality, aviation, travel, and logistics, operating in the U.S. Top 30 airports with over 150 locations nationwide. EDS combines business process outsourcing, human capital management, recruitment process outsourcing, and staff augmentation into a unified strategy that improves operational efficiency and advances client success. To learn more, visit Methodology Companies on the 2025 Inc. 5000 are ranked according to percentage revenue growth from 2021 to 2024. To qualify, companies must be U.S.-based, privately held, for-profit, and independent, not subsidiaries or divisions of other companies, as of December 31, 2024. They must have generated revenue by March 31, 2021, with a minimum of $100,000 in 2021 and $2 million in 2024. About Inc. Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its award-winning journalism, Inc. informs, educates, and elevates the profile of risk-takers, innovators, and ultra-driven go-getters shaping the future. Its proprietary Inc. 5000 list, produced every year since 1982, ranks the fastest-growing privately held businesses in the United States. Inclusion provides founders with access to an exclusive community of peers and credibility that can help drive sales and attract talent. For more information, visit View source version on Contacts Media Contact:Sophia Sasso404-567-6657ssasso@
Yahoo
11 minutes ago
- Yahoo
P3 Health Partners Announces Second Quarter 2025 Results
Core Business Demonstrates Strength with Flat Medical Cost Trends Despite Industry Inflation $120-$170 Million in Additional EBITDA Opportunities Identified for 2026 Adjusted Full Year Guidance Reflects Prior Period Headwinds Management to Host Conference Call and Webcast August 14, 2025 at 4:30 PM ET HENDERSON, Nev., August 14, 2025--(BUSINESS WIRE)--P3 Health Partners Inc. ("P3" or the "Company") (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the second quarter ended June 30, 2025. "Our core business continues to strengthen as we execute on our $130 million EBITDA improvement plan," said Aric Coffman, CEO of P3. "While we faced prior period headwinds, we've successfully managed medical cost trends to remain flat while improving funding across our membership on a per-member basis. With an additional $120 to $170 million in identified EBITDA opportunities and three of our four markets already EBITDA positive or breakeven, P3 is well-positioned to achieve sustained profitability in 2026 and beyond." Second Quarter 2025 Financial Results Average at-risk membership was approximately 115,000 members for the second quarter, a decrease of 9% compared to prior year. The decrease reflects previously disclosed network and payer rationalization. Total revenue was $355.8 million, a decrease of 6% compared to the second quarter of the prior year, driven by the decline in membership. On a per-member basis, funding improved 10% from prior year, when adjusted for prior-period items. Medical margin(1) was $30.6 million, or $89 PMPM. Excluding prior-period adjustments, medical margin(1) was $39.3 million, or $114 PMPM. Adjusted EBITDA loss(1) was $17.1 million, or $50 PMPM. Excluding prior-period adjustments, Adjusted EBITDA loss for the quarter was a loss of $8.5 million, or $25 PMPM. Adjusted full year guidance reflects impact from prior-period adjustments and underperformance of a single payer. Revised Fiscal 2025 Guidance Year Ended December 31, 2025 Low High At-risk Members(2) 109,000 119,000 Total Revenues (in millions) $ 1,350 $ 1,500 Medical Margin(1)(3) (in millions) $ 124 $ 154 Medical Margin(3) PMPM $ 90 $ 111 Adjusted EBITDA(3) (in millions) $ (69 ) $ (39 ) (1) Adjusted EBITDA, Adjusted EBITDA per member, per month ("PMPM"), medical margin, and medical margin PMPM are non-GAAP financial measures. For reconciliations of these measures to the most directly comparable GAAP measures, if applicable, and more information regarding the Company's use of non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures." (2) See "Key Performance Metrics" for additional information on how the Company defines "at-risk members." (3) The Company is not able to provide a quantitative reconciliation of guidance for Adjusted EBITDA, medical margin and medical margin PMPM to net income (loss), gross profit and gross profit PMPM, the most directly comparable GAAP measures, respectively, and has not provided forward-looking guidance for net income (loss), because of the uncertainty around certain items that may impact net income (loss), gross profit (loss) or gross profit (loss) PMPM that are not within our control or cannot be reasonably predicted without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Non-GAAP Financial Measures" below. The foregoing 2025 outlook statement represents management's current estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the "Cautionary Note Regarding Forward-Looking Statements" included in this release. Management does not assume any obligation to update these estimates. Management to Host Conference Call and Webcast on August 14, 2025 at 4:30 PM ET Title & Webcast P3 Health Second Quarter 2025 Earnings Conference Call Date & Time August 14, 2025, 4:30pm Eastern Time Conference Call Details Toll-Free 1-833-316-0546 (US) International 1-412-317-0692 Ask to be joined into the P3 Health Partners call The conference call will also be webcast live in the "Events & Presentations" section of the Investor page of the P3 website ( The Company's press release will be available on the Investor page of P3's website in advance of the conference call. An archived recording of the webcast will be available on the Investor page of P3's website for a period of 90 days following the conference call. About P3 Health Partners (NASDAQ: PIII) P3 Health Partners Inc. is a leading population health management company committed to transforming healthcare by improving the lives of both patients and providers. Founded and led by physicians, P3 has an expansive network of more than 2,800 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of thousands of patients in 24 counties across four states. P3 supports primary care providers with value-based care coordination and administrative services that improve patient outcomes and lower costs. Through partnerships with these local providers, the P3 care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient's care within the healthcare system. For more information, visit and follow us on LinkedIn and Facebook. Non-GAAP Financial Measures In addition to the financial results prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), this press release contains certain non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and Adjusted EBITDA PMPM, medical margin, medical margin PMPM, and adjusted operating expense. EBITDA is defined as GAAP net income (loss) before (i) interest, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA, further adjusted to exclude the effect of certain supplemental adjustments, such as (i) mark-to-market warrant gain/loss, (ii) premium deficiency reserves, (iii) equity-based compensation expense, (iv) certain transaction and other related costs and (v) certain other items that we believe are not indicative of our core operating performances. Adjusted EBITDA PMPM is defined as Adjusted EBITDA divided by the number of at-risk Medicare members each month divided by the number of months in the period. We believe these non‐GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other similar companies. Medical margin represents the amount earned from capitation revenue after medical claims expenses are deducted and medical margin PMPM is defined as medical margin divided by the number of at-risk Medicare members each month divided by the number of months in the period. Medical claims expenses represent costs incurred for medical services provided to our members. As our platform grows and matures over time, we expect medical margin to increase in absolute dollars; however, medical margin PMPM may vary as the percentage of new members brought onto our platform fluctuates. New membership added to the platform is typically dilutive to medical margin PMPM. Adjusted operating expense is defined as total operating expense excluding depreciation and amortization and costs that management believes are non-core to the underlying operations of the Company, consisting of (i) medical expense, (ii) premium deficiency reserves, (iii) equity-based compensation, and (iv) certain other items that we believe are not indicative or our core operating performance. We do not consider these non‐GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non‐GAAP financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. The tables at the end of this press release present a reconciliation of Adjusted EBITDA to net income (loss), medical margin to gross profit, and adjusted operating expense to operating expense, which are the most directly comparable financial measures calculated in accordance with GAAP. Key Performance Metrics In addition to our GAAP and non-GAAP financial information, the Company also monitors "at-risk members" to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. At-risk membership represents the approximate number of Medicare members for whom we receive a fixed percentage of premium under capitation arrangements as of the end of a particular period. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements address various matters, including the Company's future expected growth strategy and operating performance; and the Company's ability to execute on its identified strategic improvement opportunities, all of which reflect the Company's expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected or estimated and you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, our ability to continue as a going concern; our potential need to raise additional capital to fund our existing operations or develop and commercialize new services or expand our operations; our ability to achieve or maintain profitability; our ability to maintain compliance with our debt covenants in the future, or obtain required waivers from our lenders if future operating performance were to fall below current projections, and if there are material changes to management's assumptions, we could be required to recognize non-cash charges to operating earnings for goodwill and/or other intangible asset impairment; our ability to identify and develop successful new geographies, physician partners, payors and patients; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to fund our growth and expand our operations; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payors; the impact of fluctuations in risk adjustments; our ability to establish and maintain effective internal controls and the impact of material weaknesses we have identified; our ability to maintain the listing of our securities on Nasdaq; increased labor costs and medical expense; our ability to recruit and retain qualified team members and independent physicians; and the factors described under Part I, Item 1A. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2024, and in our subsequent filings with the SEC. All information in this press release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release. P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash $ 38,581 $ 38,816 Restricted cash 746 5,286 Health plan receivable, net of allowance for credit losses of $150 93,463 121,266 Clinic fees, insurance and other receivable 7,572 3,947 Prepaid expenses and other current assets 16,169 14,422 Assets held for sale — 403 TOTAL CURRENT ASSETS 156,531 184,140 Property and equipment, net 4,687 5,734 Intangible assets, net 533,400 574,350 Other long-term assets 36,967 19,196 TOTAL ASSETS (1) $ 731,585 $ 783,420 LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 14,395 $ 8,442 Accrued expenses and other current liabilities 29,716 29,416 Accrued payroll 1,162 2,722 Health plan settlements payable 41,871 55,565 Claims payable 256,037 255,089 Premium deficiency reserve 54,439 67,368 Accrued interest 26,923 12,460 Current portion of long-term debt 80,000 65,000 Short-term debt 455 — Liabilities held for sale — 353 TOTAL CURRENT LIABILITIES 504,998 496,415 Operating lease liability 10,308 11,339 Warrant liabilities 4,988 10,312 Long-term debt, net 101,956 89,824 Other Long-Term Liabilities 22,157 26,001 TOTAL LIABILITIES (1) 644,407 633,891 COMMITMENTS AND CONTINGENCIES MEZZANINE EQUITY: Redeemable non-controlling interest 42,719 73,593 STOCKHOLDERS' EQUITY: Class A common stock, $0.0001 par value; 800,000 shares authorized; 3,268 and 3,257 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Class V common stock, $0.0001 par value; 205,000 shares authorized; 3,919 shares issued and outstanding as of June 30, 2025 and December 31, 2024 — — Additional paid in capital 588,494 579,129 Accumulated deficit (544,035 ) (503,193 ) TOTAL STOCKHOLDERS' EQUITY 44,459 75,936 TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY $ 731,585 $ 783,420 (1) The Company's condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities ("VIEs"). As discussed in Note 13 "Variable Interest Entities," P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC's consolidated VIEs totaling $10.0 million and $9.3 million as of June 30, 2025 and December 31, 2024, respectively, and total liabilities of P3 LLC's consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $6.5 million and $14.9 million as of June 30, 2025 and December 31, 2024, respectively. These VIE assets and liabilities do not include $48.3 million and $40.3 million of net amounts due to affiliates as of June 30, 2025 and December 31, 2024, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets. All periods presented have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 OPERATING REVENUE: Capitated revenue $ 351,724 $ 374,306 $ 721,241 $ 758,440 Other patient service revenue 4,064 4,851 7,772 9,205 TOTAL OPERATING REVENUE 355,788 379,157 729,013 767,645 OPERATING EXPENSE: Medical expense 351,350 365,171 723,393 747,228 Premium deficiency reserve (5,967 ) (3,397 ) (12,929 ) (2,397 ) Corporate, general and administrative expense 23,295 26,610 48,294 54,011 Sales and marketing expense 151 414 332 736 Depreciation and amortization 21,083 21,693 42,135 43,232 TOTAL OPERATING EXPENSE 389,912 410,491 801,225 842,810 OPERATING LOSS (34,124 ) (31,334 ) (72,212 ) (75,165 ) OTHER INCOME (EXPENSE): Interest expense, net (10,145 ) (5,436 ) (18,870 ) (9,692 ) Mark-to-market of stock warrants 2,002 8,673 5,324 8,889 Other 583 291 901 628 TOTAL OTHER (EXPENSE) INCOME (7,560 ) 3,528 (12,645 ) (175 ) LOSS BEFORE INCOME TAXES (41,684 ) (27,806 ) (84,857 ) (75,340 ) INCOME TAX PROVISION (1,981 ) (968 ) (3,054 ) (3,040 ) NET LOSS (43,665 ) (28,774 ) (87,911 ) (78,380 ) LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST (23,303 ) (16,754 ) (47,069 ) (47,660 ) NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST $ (20,362 ) $ (12,020 ) $ (40,842 ) $ (30,720 ) NET LOSS PER SHARE: Basic $ (6.23 ) $ (4.40 ) (12.52 ) (12.02 ) Diluted $ (6.23 ) $ (7.37 ) (12.52 ) (15.19 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 3,267 2,732 3,263 2,556 Diluted 3,267 2,822 3,263 2,601 All periods presented have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (87,911 ) $ (78,380 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 42,135 43,232 Equity-based compensation 3,271 3,073 Amortization of original issue discount and debt issuance costs 402 (91 ) Mark-to-market adjustment of stock warrants (5,324 ) (8,889 ) Premium deficiency reserve (12,929 ) (2,397 ) Changes in operating assets and liabilities: Health plan receivable 27,803 (34,762 ) Clinic fees, insurance, and other receivable (3,625 ) 775 Prepaid expenses and other current assets (1,747 ) (4,865 ) Other long-term assets (14,464 ) 60 Accounts payable, accrued expenses, and other current liabilities 6,200 30 Accrued payroll (1,560 ) 238 Health plan settlements payable (13,694 ) (12,141 ) Claims payable 948 55,752 Accrued interest 10,619 8,257 Operating lease liability (223 ) (164 ) Net cash used in operating activities (50,099 ) (30,272 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from asset sale 50 — Net cash provided by investing activities 50 — CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term debt, net of original issue discount 45,000 25,000 Payment of debt issuance costs (181 ) — Proceeds from liability-classified warrants and private placement offering, net of offering costs paid — 42,234 Proceeds from at-the-market sales, net of offering costs paid — 33 Deferred offering costs paid — (455 ) Payment of tax withholdings upon settlement of restricted stock unit awards — (103 ) Repayment of short-term and long-term debt (682 ) (1,040 ) Proceeds from short-term debt 1,137 1,871 Net cash provided by financing activities 45,274 67,540 Net change in cash and restricted cash (4,775 ) 37,268 Cash and restricted cash, beginning of period 44,102 40,934 Cash and restricted cash, end of period $ 39,327 $ 78,202 RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA LOSS (in thousands, except PMPM) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (43,665 ) $ (28,774 ) $ (87,911 ) $ (78,380 ) Interest expense, net 10,145 5,436 18,870 9,692 Depreciation and amortization 21,083 21,693 42,135 43,232 Income tax provision 1,981 968 3,054 3,040 Mark-to-market of stock warrants (2,002 ) (8,673 ) (5,324 ) (8,889 ) Premium deficiency reserve (5,967 ) (3,397 ) (12,929 ) (2,397 ) Equity-based compensation 1,463 1,624 3,271 3,073 Other(1) (148 ) 2,276 (466 ) 2,012 Adjusted EBITDA loss $ (17,110 ) $ (8,847 ) $ (39,300 ) $ (28,617 ) Adjusted EBITDA loss PMPM $ (50 ) $ (23 ) $ (57 ) $ (38 ) (1) Other during the three and six months ended June 30, 2025 consisted of (i) interest income partially offset by (ii) severance expense in connection with reorganization of workforce and (iii) legal settlements and valuation allowance on our notes receivable. Other during the three and six months ended June 30, 2024 consisted of (i) interest income partially offset by (ii) severance and related expense in connection with our chief executive officer transition and (iii) legal settlements and valuation allowance on our notes receivable. MEDICAL MARGIN (in thousands, except PMPM) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Capitated revenue $ 351,724 $ 374,306 $ 721,241 $ 758,440 Less: medical claims expense (321,109 ) (333,217 ) (673,426 ) (680,799 ) Medical margin $ 30,615 $ 41,089 $ 47,815 $ 77,641 Medical margin PMPM $ 89 $ 107 $ 69 $ 102 RECONCILIATION OF GROSS PROFIT (LOSS) TO MEDICAL MARGIN (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Gross profit (loss) $ 4,438 $ 13,986 $ 5,620 $ 20,417 Other patient service revenue (4,064 ) (4,851 ) (7,772 ) (9,205 ) Other medical expense 30,241 31,954 49,967 66,429 Medical margin $ 30,615 $ 41,089 $ 47,815 $ 77,641 RECONCILIATION OF TOTAL OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Total operating expense $ 389,912 $ 410,491 $ 801,225 $ 842,810 Medical expense (351,350 ) (365,171 ) (723,393 ) (747,228 ) Depreciation and amortization (21,083 ) (21,693 ) (42,135 ) (43,232 ) Premium deficiency reserve 5,967 3,397 12,929 2,397 Equity-based compensation (1,463 ) (1,624 ) (3,271 ) (3,073 ) Other (244 ) (2,541 ) (182 ) (2,593 ) Adjusted operating expense $ 21,739 $ 22,859 $ 45,173 $ 49,081 View source version on Contacts Ryan HalstedInvestor RelationsGilmartin Groupir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
