CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Revenues: | ||||||
| Premiums earned, net (Net of ceded premiums: 2020: $599; 2019: $832) | $ 203,657 | $ 167,075 | $ 598,390 | $ 501,100 | $ 665,698 | $ 456,926 |
| Other income | 859 | 1,994 | 2,550 | 5,555 | 4,214 | 801 |
| Investment income, net | 179 | 823 | 340 | 2,226 | 2,976 | 4,539 |
| Total revenues | 427,163 | 169,069 | 1,039,960 | 506,655 | 672,888 | 462,266 |
| Expenses: | ||||||
| Net medical claims incurred | 436,422 | 144,846 | 1,109,375 | 410,540 | 590,468 | 450,645 |
| Salaries and benefits | 73,364 | 16,628 | 201,555 | 57,339 | 71,256 | 91,626 |
| General and administrative expenses | 45,749 | 29,847 | 129,983 | 79,798 | 120,444 | 94,757 |
| Premium deficiency reserve (benefit) expense | 20,761 | (772) | 48,661 | (16,357) | (17,128) | 7,523 |
| Depreciation and amortization | 120 | 138 | 398 | 413 | 555 | 551 |
| Other expense | 0 | 0 | 191 | 0 | 0 | 363 |
| Total expenses | 576,416 | 190,687 | 1,490,163 | 531,733 | 765,595 | 645,465 |
| Loss from operations | (149,253) | (21,618) | (450,203) | (25,078) | (92,707) | (183,199) |
| Change in fair value of warrants expense | (115,152) | 20,029 | (66,146) | 31,903 | 80,328 | 2,909 |
| Interest expense | 413 | 9,268 | 2,817 | 25,560 | 35,990 | 23,155 |
| Amortization of notes and securities discount | 21,118 | 15,913 | ||||
| (Gain) loss on derivative | 0 | (68,081) | 0 | (87,475) | (93,751) | 138,561 |
| Net loss | $ (34,527) | $ 12,758 | $ (400,555) | $ (10,001) | $ (136,392) | $ (363,737) |
| Per share data: | ||||||
| Net loss per share attributable to common shareholders - basic (in dollars per share) | $ (0.08) | $ 0.06 | $ (0.98) | $ (0.11) | $ (1.54) | $ (4.14) |
| Net loss per share attributable to common shareholders - diluted (in dollars per share) | $ (0.08) | $ 0.02 | $ (0.98) | $ (0.11) | $ (1.54) | $ (4.14) |
| Weighted average number of common shares outstanding | ||||||
| Basic weighted average number of common shares and common shares equivalents outstanding, after reverse capitalization (in shares) | 414,572,706 | 88,863,244 | 410,417,493 | 88,616,116 | 88,691,582 | 87,829,419 |
| Diluted weighted average number of common shares and common shares equivalents outstanding, after reverse capitalization (in shares) | 414,572,706 | 248,133,335 | 410,417,493 | 88,616,116 | 88,691,582 | 87,829,419 |
| Unrealized (loss) gain on available-for-sale investments | $ (197) | $ (611) | $ (620) | $ 718 | $ (36) | $ 46 |
| Comprehensive loss | $ (34,724) | $ 12,147 | $ (401,175) | $ (9,283) | $ (136,428) | $ (363,691) |