0001140361-24-022988 | POS AM | XBRL Viewer | American Oncology Network INC

Year Ended December 31,

$1,149,670

$1,033,187

Net income

[1]	This activity reflects the issuance of the AON LLC Class C Units, the conversion of AON LLC Class C Units to AON LLC Series A Preferred Units, and the exchange of AON LLC Series A Preferred Units for Series A Preferred Stock, in accordance with the Business Combination. Refer to Note - 1 for the description of the Business Combination and Note 12 for the summary of equity instruments.
[2]	Includes related party operating right-of-use assets, net of $10,931 and $13,077 at December 31, 2023 and 2022, respectively
[3]	Includes amounts due to related party of $120,857 and $102,113 at December 31, 2023 and 2022, respectively
[4]	Includes related party current portion of operating lease liabilities of $1,888 and $1,836 at December 31, 2023 and 2022, respectively
[5]	Includes related party long-term operating lease liabilities of $9,472 and $11,631 at December 31, 2023 and 2022, respectively

Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

6. Marketable Securities

The following table summarizes the Company’s marketable securities financial assets that are measured at fair value on a recurring basis:

	As of December 31, 2023
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Cash equivalents⁽¹⁾
Level 1:
Overnight repurchase agreements	$28,593	$—	$—	$28,593
Money market funds	723	—	—	723
Level 1 total	29,316	$—	$—	29,316
Marketable securities
Level 2:
Corporate bonds	13,678	191	(9)	13,860
U.S. Treasury securities	21,318	211	21,529
Level 2 total	34,996	402	(9)	35,389
Total	$64,312	$402	$(9)	$64,705

	As of December 31, 2022
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Cash equivalents⁽¹⁾
Level 1:
Money market funds	$109	$—	$—	$109
Marketable securities
Level 2:
Corporate bonds	7,742	6	(125)	7,623
U.S. Treasury securities	2,226	6	(4)	2,228
Level 2 total	9,968	12	(129)	9,851
Total	$10,077	$12	$(129)	$9,960

(1)	Included in cash and cash equivalents in the consolidated balance sheets at December 31, 2023 and 2022.

The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments. The fair value of the Company’s Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs.

The fair value of the Company’s marketable securities as of December 31, 2023, by remaining contractual maturities, were as follows:

	Corporate Bonds	U.S. Treasuries	Total
Due in one year or less	$5,216	$17,828	$23,044
Due in one to five years	8,644	3,701	12,345
Total	$13,860	$21,529	$35,389

Basis of Presentation and Significant Accounting Policies -Earnings Per Share Narrative (Details) - $ / shares		9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 20, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Description Of Business And Significant Accounting Policies [Line Items]
Basic loss per share of Class A Common Stock (in dollars per share)			$ (1.36)	$ 0	$ 0
Diluted loss per share of Class A Common Stock (in dollars per share)			$ (1.36)	$ 0	$ 0
Accrued dividend rate (in percent)			8.00%
Preferred Class A
Description Of Business And Significant Accounting Policies [Line Items]
Accrued dividend rate (in percent)			8.00%
AON LLC \| Legacy AON Stockholders
Description Of Business And Significant Accounting Policies [Line Items]
Allocation of income to controlling and noncontrolling interests	80.80%	100.00%	67.80%		100.00%

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

11. Long-term Debt

Debt consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
PNC Facility	$81,250	$81,250
Total	81,250	81,250
Unamortized debt issuance costs	(609)	(949)
Total debt	$80,641	$80,301

Credit Facilities

On April 30, 2021, the Company entered into a Loan Facility with PNC (“PNC Loan Facility”) collateralized by the Company’s assets and outstanding patient accounts receivable. The PNC Loan Facility is guaranteed on a limited basis by the Company and stockholder of AON Partners and Partners of Maryland. $34.6 million of proceeds from the PNC Loan Facility was used to pay off the Company’s previous term loans and revolver with Truist Bank. The remaining funds were made available for working capital and acquisition of additional physician practices.

The PNC Loan Facility is interest-only with total principal due at maturity on April 30, 2024. Interest originally accrued at one-month LIBOR or an alternate base rate plus 1.45%. The maximum balance of the PNC Loan Facility (“Borrowing Base”) is limited to the lesser of the Facility Limit ($65.0 million) or the fair value of the Company’s patient accounts receivable. The Company must maintain a balance of the lesser of the Borrowing Base or 65% of the Facility Limit in the first year and 75% of the Facility Limit in subsequent years (“minimum funding threshold”). The Company can repay the PNC Loan Facility up to the minimum funding threshold at any time without penalty. In accordance with the PNC Loan Facility, the Company pledged $10.0 million of collateral as restricted cash to be released quarterly in increments of $2.5 million. The restricted cash was fully released as of December 31, 2023 and 2022.

On April 30, 2021, the Company entered into a $5.0 million revolving line of credit agreement (“PNC Line of Credit”). The PNC Line of Credit has an expiration date of April 30, 2024 and originally bore interest at a rate per annum equal to the sum of the daily LIBOR rate plus 1.65% or an alternate base rate plus 0.65% and is due on the first day of each month beginning June 1, 2021. Any outstanding principal and accrued interest will be due on the expiration date. Beginning July 1, 2021, quarterly bank fees equal to 1.65% per day per annum are due in arrears and will continue on the first day of each quarter thereafter. All debt related to the PNC Line of Credit is collateralized by the Company’s assets. As of December 31, 2023 and 2022, no draws had been made on the PNC Line of Credit. The Company is also subject to a 0.20% unused line fee calculated per annum on the unused balance of the PNC Line of Credit.

On July 29, 2021, the Company amended the PNC Loan Facility increasing the Facility Limit to $75.0 million. On February 14, 2022, the Company further amended the PNC Loan Facility and Line of Credit agreements. The primary changes included an increase of the Facility limit from $75.0 million to $125.0 million, an increase of the PNC Line of Credit availability from $5.0 million to $10.0 million, interest charges to be calculated based on the Bloomberg Short-Term Bank Yield Index plus 1.65% and certain financial covenants. As part of the amendment, the Company drew an additional $16.3 million in proceeds under the Loan Facility. On August 15, 2022, the PNC Loan Facility and Line of Credit agreements were amended again to reduce the availability under the PNC Line of Credit from $10.0 million to $1.0 million.

Effective November 23, 2022, the Company entered into Waiver and Amendment No. 6 (“Waiver and Amendment”) under its PNC Loan Facility as the Company was not in compliance with the Delinquency Ratio financial covenant for the period ending October 31, 2022 and the requirement to provide certain annual financial statements. The Waiver and Amendment waives each event of default and also revised future delinquency percentages and financial statement requirements.

On June 30, 2023, the Company entered into Amendment No. 7 (“Amendment 7”) to its PNC Loan Facility which extended the maturity date from April 30, 2024 to June 30, 2026. In connection with Amendment 7, the Company paid additional debt issuance costs of $0.4 million which will be amortized over the revised remaining life of the Loan Facility. In addition, Amendment 7 revised the definition of the minimum funding threshold to limit the threshold multiplier to 65% of the Facility Limit.

On January 16, 2024, the Company entered into Amendment No. 3 (“Amendment 3”) to its PNC Line of Credit to modify certain definitions such as “change in control”. In addition, the Amendment 3 also amended certain debt covenants, such as EBITDA thresholds. The effective date of Amendment 3 is December 31, 2023.

The PNC Loan Facility and PNC Line of Credit nonfinancial covenants include restrictions related to unpermitted property liens and the requirement of audited financial statements. Both agreements also contain several financial covenants, including the following ratios: accounts receivable default, delinquency, dilution, days sales outstanding, leverage, and fixed charge coverage. As of December 31, 2023, the Company was in compliance with all financial and nonfinancial debt covenants as required by both loan agreements.

Variable Interest Entities - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 28,539	$ 26,926
Inventories	44,569	36,476
Goodwill and intangibles, net	1,230	1,230
Total assets	374,453	326,228
Liabilities
Other long-term liabilities	14,251	5,749
Total liabilities	303,740	264,212
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	26,574	26,844
Accounts receivable	129,151	136,098
Inventories	44,569	36,476
Prepaid expenses and other current assets	895	846
Goodwill and intangibles, net	180	180
Other receivables	33,809	28,139
Other assets	2,091	1,489
Total assets	237,269	230,072
Liabilities
Accounts payable	122,324	102,783
Accrued compensation and benefits	21,380	6,021
Accrued other	16,723	15,926
Other long-term liabilities	273	452
Due to AON LLC and subsidiaries, net	117,194	128,204
Total liabilities	$ 277,894	$ 253,386

Basis of Presentation and Significant Accounting Policies - Debt Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 07, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Description Of Business And Significant Accounting Policies [Line Items]
Amortization of debt issuance costs		$ 787	$ 627	$ 363
Stock issuance costs		800
Deferred offering costs			300
Issuance of redeemable convertible Class C Units		64,996	$ 0	$ 0
Series C Preferred Stock
Description Of Business And Significant Accounting Policies [Line Items]
Deferred offering costs	$ 300
Net proceeds from issuance of redeemable convertible stock	64,500
Issuance of redeemable convertible Class C Units	65,000
Offering costs	$ 500	$ 800

Basis of Presentation and Significant Accounting Policies - Recently Adopted Accounting Pronouncements Narrative (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Jan. 01, 2022

Description Of Business And Significant Accounting Policies [Line Items]

Operating lease right-of-use assets

^[1]

$ 43,349

$ 43,724

Prepaid expenses and other current assets

4,277

2,670

Current portion of operating lease liabilities

^[2]

6,692

9,177

Long-term lease liabilities, net of current portion

^[3]

39,803

37,224

Present value of lease liabilities

5,737

Other long-term liabilities

$ 14,251

$ 5,749

Cumulative Effect, Period of Adoption, Adjustment

Description Of Business And Significant Accounting Policies [Line Items]

Operating lease right-of-use assets

$ 44,400

Prepaid expenses and other current assets

(1,200)

Current portion of operating lease liabilities

8,000

Long-term lease liabilities, net of current portion

38,000

Present value of lease liabilities

2,500

Other long-term liabilities

$ 2,800

[1]	Includes related party operating right-of-use assets, net of $10,931 and $13,077 at December 31, 2023 and 2022, respectively
[2]	Includes related party current portion of operating lease liabilities of $1,888 and $1,836 at December 31, 2023 and 2022, respectively
[3]	Includes related party long-term operating lease liabilities of $9,472 and $11,631 at December 31, 2023 and 2022, respectively

Business Combinations - 2021 Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Purchase considerations
Cash transferred upon closing	$ 0	$ 5	$ 3,215
Assumed capital lease liabilities	$ 0	$ 0	1,097
2021 Business Acquisitions
Purchase considerations
Cash transferred upon closing			3,215
Assumed capital lease liabilities			1,097
Total consideration transferred			4,312
Net assets acquired
Inventories			2,211
Other assets			180
Property and equipment			1,371
Total net assets acquired			3,762
Amount assigned to goodwill			$ 550

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events Subsequent to December 31, 2023, under the Company’s 2023 Incentive Equity Plan, which was adopted by the Board of Directors and approved by stockholders in connection with the Business Combination, the Company granted 3.5 million shares of Common Stock in the form of restricted stock units (“RSUs”) to employees. The RSUs are valued using the closing price of a share of the Company’s Common Stock on the grant date. Portions of the RSUs granted subsequent to December 31, 2023 vested immediately on the grant date and remaining portions will vest over one to two years following the grant date. Approximately 1.8 million shares vested during the three months ended March 31, 2024 resulting in a total vest date value of $10.5 million, and 0.5 million shares were withheld to cover withholding taxes of approximately $3.2 million. The weighted average grant date fair value of the RSUs was $5.75 per share and the Company expects to record a stock-based compensation charge of approximately $11.9 million related to these RSUs during the three months ended March 31, 2024.

Reverse Recapitalization - Narrative (Details) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 20, 2023 USD ($)	Dec. 31, 2023 USD ($) person	Dec. 31, 2023 USD ($) person	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Gain (loss) on reverse recapitalization				$ 18,200
Transaction expenses		$ 13,000		31,236	$ 3,277	$ 0
Fair value adjustment of warrants				$ 8,376
Public and Private Warrants
Restructuring Cost and Reserve [Line Items]
Gain (loss) on issuance of warrants			$ (5,200)
Fair value adjustment of warrants	$ 4,300
AON Inc.
Restructuring Cost and Reserve [Line Items]
Number of board of managers designated by company \| person			3	3
AON Common Unit
Restructuring Cost and Reserve [Line Items]
Number of board of managers designated by majority common unit holders \| person			2	2

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

For the table below, the Company has presented the acquired locations collectively.

			2021 Acquired Locations
Purchase considerations
Cash transferred upon closing			$3,215
Assumed capital lease liabilities			1,097
Total consideration transferred			4,312
Net assets acquired
Inventories			2,211
Other assets			180
Property and equipment			1,371
Total net assets acquired			3,762
Amount assigned to goodwill			$550

Schedule of Pro Forma Revenue

The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported pro forma revenue and net income.

Reverse Recapitalization (Tables)

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Schedule of Reverse Recapitalization

The following table provides the historical cost of assets and liabilities of AON Inc. as of September 20, 2023.

			As of September 20, 2023
Cash and Cash Equivalents			$1,493
Current Liabilities			(13,295)
Long Term Liabilities			(6,791)
Total Net Liabilities			$(18,593)

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Debt consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
PNC Facility	$81,250	$81,250
Total	81,250	81,250
Unamortized debt issuance costs	(609)	(949)
Total debt	$80,641	$80,301

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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+ Details

Accrued Other

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Other

10. Accrued Other

Accrued other consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Refund liability	$15,078	$14,544
Deferred social security taxes - COVID	—	378
Excise taxes payable	2,700	—
Current portion of finance lease liabilities	1,189	425
Other	3,360	2,453
Total accrued other	$22,327	$17,800

Business Combinations - Pro Forma (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 1,149,670	$ 1,033,187
Net income	$ 2,589	$ 1,289

Income Taxes - Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.01%	(11.94%)	(97.95%)
State rate change	(0.05%)	(2.15%)	(3.41%)
Revisions to prior years' estimates	(0.38%)	(3.71%)	(0.38%)
Nontaxable passthrough LLC income	(10.41%)	(87.14%)	(658.26%)
Change in valuation allowance	(6.93%)	83.94%	864.95%
Other	0.00%	0.00%	3.38%
Transaction related expenses	(0.0457)	0	0
Revaluation of warrants	(0.0029)	0	0
Effective tax rate	(0.62%)	0.00%	129.33%

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenue

Total revenue

$ 1,279,185

$ 1,149,670

$ 943,747

Costs and expenses

Cost of revenue

^[1],[2]

1,196,389

1,054,217

865,788

General and administrative expenses

100,714

86,610

77,048

Transaction expenses

31,236

3,277

Total costs and expenses

1,328,339

1,144,104

942,836

Income (loss) from operations

(49,154)

5,566

911

Other income (expense)

Interest expense

(6,417)

(3,417)

(1,419)

Interest income

1,326

151

127

Other (expense) income, net

^[3]

(8,262)

289

736

Income (loss) before income taxes, equity loss in affiliate, and noncontrolling interest

(62,507)

2,589

355

Income tax expense (benefit)

384

460

Income (loss) before equity loss in affiliate and noncontrolling interest

(62,891)

2,589

(105)

Equity in loss of affiliate

(259)

Net income (loss) before noncontrolling interest

(63,150)

2,589

(105)

Net income attributable to noncontrolling interest

321

Net income (loss) before redeemable noncontrolling interest

(63,471)

2,589

(105)

Net income (loss) and noncontrolling interest attributable to Legacy AON Stockholders prior to the reverse recapitalization

(27,080)

2,589

(105)

Net income (loss) attributable to redeemable noncontrolling interest

(30,849)

Net loss attributable to Class A Common Stockholders, Diluted

(5,542)

Net loss attributable to Class A Common Stockholders, Basic

$ (5,542)

$ 0

Loss per share of Class A Common Stock:

Basic (usd per share)

$ (1.36)

$ 0

Diluted (usd per share)

$ (1.36)

$ 0

Weighted average shares of Class A Common Stock Outstanding:

Basic (in shares)

6,685,515

Diluted (in shares)

6,685,515

Other comprehensive income (loss):

Unrealized gains (losses) on marketable securities

$ 510

$ (117)

$ 0

Other comprehensive gain (loss)

510

(117)

Comprehensive income (loss)

(62,961)

2,472

(105)

Other comprehensive income (loss) attributable to Legacy AON Stockholders

(26,901)

2,472

(105)

Other comprehensive loss attributable to redeemable noncontrolling interests

(30,580)

Total comprehensive loss attributable to Class A Common Stockholders

(5,480)

Patient service revenue, net

Revenue

Total revenue

1,265,719

1,137,932

938,242

Other revenue

Revenue

Total revenue

$ 13,466

$ 11,738

$ 5,505

[1]	Includes related party inventory expense of $1,056,343, $922,148, and $718,675 for the years ended December 31, 2023, 2022, and 2021, respectively.
[2]	Includes related party rent of $2,716, $2,643, and $2,319 for the years ended December 31, 2023, 2022, and 2021, respectively.
[3]	Includes non-cash expense of $8,376 related to the fair value adjustment of the Class A-1 & Class C derivative liability.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) in 2023, 2022, and 2021 consisted of the following:

	Year Ended December 31,
	2023	2022	2021
Current
Federal	$—	$—	$(306)
State	—	—	(20)
	—	—	(326)
Deferred
Federal	400	—	433
State	(16)	—	353
	384	—	786
Total income tax expense	$384	$—	$460

Schedule of Effective Income Tax Rate Reconciliation

The differences between the federal tax rate and the Company’s effective tax rate for the years ended December 31, 2023, 2022, and 2021 are as follows:

	Year Ended December 31,
	2023	2022	2021
Federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.01	-11.94	-97.95
State rate change	-0.05	-2.15	-3.41
Revisions to prior years' estimates	-0.38	-3.71	-0.38
Nontaxable passthrough LLC income	-10.41	-87.14	-658.26
Change in valuation allowance	-6.93	83.94	864.95
Other	0.00	0.00	3.38
Transaction related expenses	-4.57	0.00	0.00
Revaluation of warrants	-0.29	0.00	0.00
Effective tax rate	(0.62)%	—%	129.33 %

Schedule of Deferred Tax Assets and Liabilities

Components of the net deferred tax assets and liabilities at December 31, 2023, 2022, and 2021 are as follows:

	As of December 31
	2023	2022
Deferred tax assets
Investment in partnership	$9,337	$—
Net operating loss carryforwards	10,092	6,589
Accrued expenses	160	165
Start-up costs	748	—
Gross deferred tax assets	20,337	6,754
Valuation allowance	(17,443)	(5,835)
Total deferred tax assets (after valuation allowance)	2,894	919
Deferred tax liabilities
Accounting method change	—	918
Fixed assets	—	1
Total deferred tax liabilities	—	919
Net deferred tax asset	$2,894	$—

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 28, 2024
Forecast
Subsequent Event [Line Items]
Shares vested (in shares)	1.8
Value of shares vested	$ 10.5
Shares withheld for tax withholding obligation (in shares)	0.5
Withholding taxes	$ 3.2
Minimum
Subsequent Event [Line Items]
Award vesting period (in years)		1 year
Maximum
Subsequent Event [Line Items]
Award vesting period (in years)		2 years
Restricted Stock
Subsequent Event [Line Items]
Grants in period (in shares)		3.5
Restricted Stock \| Forecast
Subsequent Event [Line Items]
Weighted average grant date fair value (usd per share)	$ 5.75
Expected stock based compensation charge	$ 11.9

Basis of Presentation and Significant Accounting Policies - Useful Lives Of PP&E (Details)	Dec. 31, 2023
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	15 years
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years
Medical equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years
Medical equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years
Signs
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years
Automobiles
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years
Software
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

7. Inventories

Inventory consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Intravenous drugs	$32,388	$25,674
Oral pharmaceuticals	12,181	10,802
Total inventories	$44,569	$36,476

Other Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Other Receivables

Other receivables consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Rebates receivable	$33,708	$27,955
Other	566	246
Total other receivables	$34,274	$28,201

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from operating activities

Net income (loss) before noncontrolling interest

$ (63,150)

$ 2,589

$ (105)

Adjustments to reconcile net income (loss) to net cash used in operating activities

Depreciation and amortization

8,450

6,719

6,079

Amortization of debt issuance costs

787

627

363

Deferred income taxes

384

786

Amortization of operating right-of-use assets

^[1]

8,289

10,364

Loss on change in fair value of derivatives

10,204

Stock compensation

4,874

Loss on extinguishment of debt financing costs

Equity in loss of affiliate

259

Gain on sale of property and equipment

(289)

(121)

(79)

Deferred rent

1,293

Changes in operating assets and liabilities, net of reverse recapitalization:

Patient accounts receivable, net

6,947

(24,873)

(30,803)

Inventories

^[2]

(8,090)

(1,947)

(10,260)

Prepaid expenses and other current assets

(1,607)

607

(1,883)

Other receivables

(5,759)

(3,123)

(8,095)

Other assets

(2,649)

(1,748)

(1,021)

Accounts payable

^[3]

20,067

14,077

21,679

Accrued compensation related costs

3,944

(1,435)

2,093

Accrued other

5,495

4,008

5,568

Operating lease liabilities

^[4]

(7,754)

(10,485)

Medicare advance payments

(3,742)

(13,447)

Other long-term liabilities

1,480

1,699

1,394

Net cash used in operating activities

(18,118)

(6,784)

(26,338)

Cash flows from investing activities

Purchase of property and equipment

(12,283)

(7,193)

(8,322)

Proceeds from disposals of property and equipment

704

2,084

683

Purchases of marketable securities

(67,395)

(12,619)

Proceeds from sales of marketable securities

42,320

2,652

Acquisition of physician practices

(5)

(3,215)

Issuance of notes receivable - related parties

(55)

(243)

(1,263)

Collections on notes receivable - related parties

1,175

1,333

1,423

Net cash used in investing activities

(35,534)

(13,991)

(10,694)

Cash flows from financing activities

Repayments of revolving line of credit

(10,000)

Borrowings on long-term debt

16,250

65,000

Repayments of long-term debt

(27,098)

Proceeds from reverse recapitalization

1,493

Repurchases of Class A Common Stock

(89)

Class A and A-1 preferred returns and tax distributions

(9,480)

Repayments on finance and capital leases

(593)

(426)

Repayments on finance and capital leases

(205)

Issuance of redeemable convertible Class C Units

64,996

Cash paid for debt financing costs

(446)

(271)

(1,153)

Contribution from noncontrolling interest

134

Net cash provided by financing activities

55,265

15,347

26,544

Net increase (decrease) in cash and cash equivalents

1,613

(5,428)

(10,488)

Beginning of period

26,926

32,354

42,842

End of period

28,539

26,926

32,354

Supplemental consolidated cash flow information

Cash paid for interest

5,847

2,184

1,378

Cash paid for income taxes

577

Supplemental noncash investing and financing activities

Unpaid offering costs relating to the reverse recapitalization

2,745

Right-of-use assets and lease liabilities removed in termination of lease

2,128

Deemed dividend for Series A Preferred Stock extinguishment

2,089

Assumed capital lease liabilities in acquisition of physician practice

1,097

Changes in accounts payable for capital additions to property and equipment

1,131

623

890

Payables for deferred offering costs

133

Disposal of property and equipment in exchange for reduction in finance lease liability

Capital Unit, Class C

Cash flows from financing activities

Cash paid for deferred offering costs/stock offering costs

(206)

Series A Preferred Stock

Cash flows from financing activities

Cash paid for deferred offering costs/stock offering costs

$ (750)

$ 0

[1]	Includes related party amortization of operating right-of-use assets of $2,146 and $2,059 for the years ended December 31, 2023 and 2022, respectively.
[2]	Includes changes in related party balances of ($7,688), $(1,850), and $(11,848) for the years ended December 31, 2023, 2022, and 2021, respectively.
[3]	Includes changes in related party balances of $18,744, $13,314, and $23,309 for the years ended December 31, 2023, 2022, and 2021, respectively.
[4]	Includes changes in related party balances of ($2,381) and ($1,995) for the years ended December 31, 2023 and 2022, respectively.

Business (Details) $ / shares in Units, $ in Thousands		12 Months Ended
Business (Details) $ / shares in Units, $ in Thousands	Sep. 20, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) practice state $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Number of oncology practices \| practice		32
Number of states in which entity operates \| state		19
Reverse recapitalization, equity conversion ratio		1
Number of securities called by each warrant (in shares)		1
Transaction expenses \| $	$ 13,000	$ 31,236	$ 3,277	$ 0
Sponsor Earnout Shares
Business Acquisition [Line Items]
Earnout period (in years)	5 years
Percentage of stock subject to vesting (in percent)	0.35
Number of shares subject to vesting (in shares)	2,839,375
Stock price trigger (in usd per share) \| $ / shares	$ 13.5
Earnout period, trading days (in days)	20 days
Earnout period, threshold trading day period (in days)	30 days
Earnout period, number of months after closing (in months)	60 months
AON LLC
Business Acquisition [Line Items]
Reverse recapitalization costs \| $		31,900	3,500
Transaction expenses \| $		31,100	3,200
Accrued transaction costs \| $		900	$ 300
AON LLC \| Temporary Equity
Business Acquisition [Line Items]
Adjustment to APIC, transaction costs \| $		$ 800
Common Class A
Business Acquisition [Line Items]
Shares issued (in shares)	1,047,343
Common stock, shares outstanding (in shares)		9,517,816
Series A Preferred Stock
Business Acquisition [Line Items]
Stock price (in usd per share) \| $ / shares		$ 10
Class B Common Stock
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)		25,109,551
Legacy AON Stockholders \| Class B Prefunded Warrants
Business Acquisition [Line Items]
Class of warrant outstanding (in warrants)	3,000,245
Legacy AON Stockholders \| AON LLC
Business Acquisition [Line Items]
Common unit, units outstanding (in units)	28,109,796
Legacy AON Stockholders \| Class B Common Stock
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	25,109,551
AON Inc. \| AON LLC
Business Acquisition [Line Items]
Common unit, units outstanding (in units)	9,532,354
AON Inc. \| AON LLC \| Series A Preferred Stock
Business Acquisition [Line Items]
Preferred units, outstanding (in units)	6,651,610
Digital Transformation Opportunities Corp. ("DTOC") \| Class B Common Stock
Business Acquisition [Line Items]
Reverse recapitalization, equity conversion ratio	1
DTOC Unredeemed Shareholders \| Common Class A
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	147,511
DTOC Sponsor \| Private Placement Warrants
Business Acquisition [Line Items]
Class of warrant outstanding (in warrants)	6,113,333
DTOC Sponsor \| Public Warrant
Business Acquisition [Line Items]
Class of warrant outstanding (in warrants)	8,337,500
Warrant, exercise period, after initial public offering	12 months
Warrant, exercise period, after business combination	30 days
Warrant, term	5 years
DTOC Sponsor \| Common Class A
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	5,498,125
Earnout shares not outstanding (in shares)	2,839,375
Stock price (in usd per share) \| $ / shares	$ 11.5
DTOC Sponsor \| Common Class A \| Public Warrant
Business Acquisition [Line Items]
Number of securities called by each warrant (in shares)	1
AEA Growth Management LP \| Series A Preferred Stock
Business Acquisition [Line Items]
Shares issued (in shares)	6,651,610
AON LLC
Business Acquisition [Line Items]
Reverse recapitalization, equity conversion ratio	1
AON LLC \| Class B Prefunded Warrants
Business Acquisition [Line Items]
Class of warrant outstanding (in warrants)	3,000,245
AON LLC \| Common Class A
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	1,047,343
AON LLC \| Class B Common Stock
Business Acquisition [Line Items]
Stock price (in usd per share) \| $ / shares	$ 0.01
AON LLC \| Class B Common Stock \| Class B Prefunded Warrants
Business Acquisition [Line Items]
Number of securities called by each warrant (in shares)	1

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties

14. Related Parties

Transactions Notes Receivable

The Company enters into promissory notes with physicians of the Company. The notes receivable balances are satisfied through cash payments or settlements through the physicians’ compensation as part of their employee agreement. The notes receivable are amortized over a 60-month period as a reduction of compensation. The notes bear interest at the Company’s incremental borrowing rate (7.18% at December 31, 2023 and 1.57% at December 31, 2022, respectively).

	As of December 31, 2023	As of December 31, 2022	Original Principal	Issue Date	Maturity Date
Notes receivable
Note 2	$656	$1,057	$5,355	5/1/2019	4/30/2024
Note 3	17	119	491	6/1/2019	5/31/2024
Note 6	—	351	1,111	5/22/2020	5/22/2023
Note 8	2,081	2,221	2,816	5/1/2020	5/1/2025
Note 9	—	125	125	1/24/2022	6/30/2023

Total notes receivables	$2,754	$3,873
Less: Current portion of notes receivable	$(1,604)	$(1,797)
Notes receivable, less current portion	$1,150	$2,076

Leases

The Company has operating leases for ten of the office facilities owned by employees of the Company. Total cash was approximately $2.7 million, $2.5 million, and $2.3 million paid for leases to related parties for the years ended December 31, 2023, 2022, and 2021, respectively.

Inventory Purchases/Concentration Risk

The Company purchases the majority of pharmaceuticals inventory from a subsidiary under common control of a Legacy AON Stockholder. During the years ended December 31, 2023, 2022, and 2021, the Company purchased from the related party approximately $1,064.0 million, $924.0 million, and $731.0 million respectively. These purchases were approximately 89%, 88% and 83% as a percentage of cost of revenue for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, the Company had $120.9 million and $102.1 million, respectively, included in accounts payable for invoices from the related party, representing 95% and 96% of accounts payable at each period-end, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Business (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Affiliation Agreements

During the years ended December 31, 2023, 2022, and 2021, the Company entered into affiliation agreements with or acquired the following oncology practices.

Year Ended
December 31, 2021	December 31, 2022	December 31, 2023
State	State	State
Maryland	Arizona	Texas^(a)
Arizona	Georgia^(a)	Florida^(a)
Washington	Louisiana^(a)	Arizona^(a)
Georgia^(a)	Georgia^(a)
Arizona	Georgia^(a)
	Georgia^(a)

(a)	The Company entered into affiliation agreements with the physicians for these respective practices. The Company evaluated each of the affiliation agreements and determined that the transactions did not represent a business combination.

Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Rebates receivable	$ 33,708	$ 27,955
Other	566	246
Total other receivables	$ 34,274	$ 28,201

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,574	$ 12,590
Operating cash flows from finance leases	135	79
Financing cash flows from finance leases	593	426
ROU assets obtained in exchange for new lease liabilities
ROU assets obtained in exchange for new operating lease liabilities	9,959	9,811
ROU assets obtained in exchange for new finance lease liabilities	$ 4,290	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The income tax expense (benefit) in 2023, 2022, and 2021 consisted of the following:

	Year Ended December 31,
	2023	2022	2021
Current
Federal	$—	$—	$(306)
State	—	—	(20)
	—	—	(326)
Deferred
Federal	400	—	433
State	(16)	—	353
	384	—	786
Total income tax expense	$384	$—	$460

The differences between the federal tax rate and the Company’s effective tax rate for the years ended December 31, 2023, 2022, and 2021 are as follows:

	Year Ended December 31,
	2023	2022	2021
Federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.01	-11.94	-97.95
State rate change	-0.05	-2.15	-3.41
Revisions to prior years' estimates	-0.38	-3.71	-0.38
Nontaxable passthrough LLC income	-10.41	-87.14	-658.26
Change in valuation allowance	-6.93	83.94	864.95
Other	0.00	0.00	3.38
Transaction related expenses	-4.57	0.00	0.00
Revaluation of warrants	-0.29	0.00	0.00
Effective tax rate	(0.62)%	—%	129.33 %

The Company is subject to U.S. federal income taxes, as well as certain state and local income taxes, on its allocable share of taxable income of American Oncology Network, LLC. Additionally, other corporate entities within the Company's structure are subject to income taxes. These corporate entities continue to generate losses and continue to maintain a valuation allowance against their net deferred tax assets.

Components of the net deferred tax assets and liabilities at December 31, 2023, 2022, and 2021 are as follows:

	As of December 31
	2023	2022
Deferred tax assets
Investment in partnership	$9,337	$—
Net operating loss carryforwards	10,092	6,589
Accrued expenses	160	165
Start-up costs	748	—
Gross deferred tax assets	20,337	6,754
Valuation allowance	(17,443)	(5,835)
Total deferred tax assets (after valuation allowance)	2,894	919
Deferred tax liabilities
Accounting method change	—	918
Fixed assets	—	1
Total deferred tax liabilities	—	919
Net deferred tax asset	$2,894	$—

As of December 31, 2023, the Company had federal and state net operating loss (“NOL”) carryforwards of $40.0 million and $38.6 million, respectively. As of December 31, 2022, the Company had federal and state net operating loss (“NOL”) carryforwards of $25.4 million and $26.8 million, respectively. The federal NOL carryforwards can be carried forward indefinitely and the state NOL carryforwards begin to expire in 2028.

During the year ended December 31, 2023 and 2022, the Company recorded an increase in the valuation allowance of $11.6 million and $2.2 million, respectively. The increase is primarily related to additional tax losses generated during the year and the investment in the American Oncology Network, LLC partnership deferred tax asset recorded during the year. Since a portion of the investment in partnership deferred tax asset is considered to be capital in nature, it’s realizability is predicated on future capital gain income. Due to an insufficient history of capital gain income as well as limited projected future capital gain income, the Company has recorded a valuation allowance against the investment in partnership deferred tax asset considered to be capital in nature.

As of December 31, 2022 and 2021, there are no liabilities related to uncertain tax positions. The Company recognizes interest and penalties related to unrecognized tax liabilities as a component of income tax expense, if any. The Company recognized no material interest and penalties during the years ended December 31, 2023, 2022, and 2021 and had no accrued interest or penalties as of December 31, 2023 and 2022.

The Company files income tax returns in the U.S. Federal jurisdiction and various state and local jurisdictions. The U.S. Federal and state and local tax returns are subject to examination for years 2019 and later. The Company does not currently have any open audits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business

American Oncology Network, Inc. (“AON”, “New AON”, “AON Inc.”, or the “Company”), through its subsidiary companies and variable interest entities (together, “its subsidiaries”), is an alliance of physicians and seasoned healthcare leaders who provide comprehensive oncology services across 32 oncology practices located in nineteen states (Arizona, Arkansas, Florida, Georgia, Iowa, Idaho, Indiana, Louisiana, Maryland, Missouri, Michigan, North Carolina, Nevada, Nebraska, Ohio, South Carolina, Texas, Virginia, Washington, and the District of Columbia). The Company also provides expertise in drug procurement and payor contracting, along with practice diversification through centralized laboratory and pathology services, as well as specialty pharmacy services, clinical research, radiation oncology, and imaging. During the years ended December 31, 2023, 2022, and 2021, the Company entered into affiliation agreements with or acquired the following oncology practices.

Year Ended
December 31, 2021	December 31, 2022	December 31, 2023
State	State	State
Maryland	Arizona	Texas^(a)
Arizona	Georgia^(a)	Florida^(a)
Washington	Louisiana^(a)	Arizona^(a)
Georgia^(a)	Georgia^(a)
Arizona	Georgia^(a)
	Georgia^(a)

(a)	The Company entered into affiliation agreements with the physicians for these respective practices. The Company evaluated each of the affiliation agreements and determined that the transactions did not represent a business combination.

The operations of the practices that were acquired have been included in the Company’s consolidated financial statements since the date of acquisition.

Business Combination Agreements

Digital Transformation Opportunities Corp. (“DTOC”), American Oncology Network, LLC (“AON LLC”), GEF AON Holdings Corp. (“AON Class C Preferred Investor”), and DTOC Merger Sub, Inc., a direct, wholly owned subsidiary of DTOC (“Merger Sub”) entered into a Business Combination Agreement (the “Business Combination Agreement”), dated as of June 14, 2023 (which further amended and restated the Business Combination Agreement entered into by DTOC and AON LLC as of October 5, 2022, and amended and restated on January 6, 2023, and April 27, 2023), pursuant to which, among other transactions, on September 20, 2023 (the “Closing Date”), DTOC and AON LLC undertook a series of transactions (the “Business Combination”) resulting in the organization of the combined post-business combination company as an umbrella partnership C corporation, in which substantially all of the assets and the business of the combined company are held by AON LLC, and DTOC became a member of AON LLC. In connection with the closing of the Business Combination (“the Closing”), DTOC changed its name to “American Oncology Network, Inc.”. The Business Combination was completed on September 20, 2023.

As a result of, and in connection with, the Closing, among other things, (i) AON LLC amended and restated its operating agreement (the “Amended and Restated AON LLC Agreement”) to reclassify its existing Class A units, Class A-1 units and Class B units into a single class of AON LLC common units (“AON LLC Common Units”) that can be exchanged on a one-to-one basis for shares of New AON Class A common stock (“New AON Class A Common Stock”) and its existing AON LLC Class C units into AON LLC Series A preferred units (AON LLC Series A Preferred Units”); (ii) AON LLC converted profit pool units of certain of AON LLC’s subsidiaries into an equal number of AON LLC Common Units and shares of New AON Class B common stock (“New AON Class B Common Stock”), which together are exchangeable into shares of New AON Class A Common Stock (together with the New AON Class B Common Stock, the “New AON Common Stock”); (iii) New AON amended and restated its charter (the “Charter”) to provide for (a) the conversion of all existing shares of DTOC Class B common stock into shares of New AON Class A Common Stock on a one-to-one basis, (b) amendment of the terms of New AON Class B Common Stock to provide holders voting rights but no economic rights and (c) designation of a new series of New AON preferred stock as Series A convertible preferred stock (the “New AON Series A Preferred Stock” or “Series A Preferred Stock”) with such rights and preferences as provided for in the certificate of designation of the New Aon Series A Preferred Stock (the “New AON Series A Certificate of Designation”); and (iv) among other things,

F-10

TABLE OF CONTENTS

(a) AON LLC issued common units to New AON in exchange for a combination of cash and shares of New AON Class B Common Stock and warrants to acquire shares of New AON Class B Common Stock (the “Class B Prefunded Warrants”), (b) New AON was admitted as a member of AON LLC, (c) AON LLC distributed shares of New AON Class B common stock or Class B Prefunded Warrants, as applicable, to AON LLC equity holders, (d) New AON reserved a specified number of additional shares of New AON Class A Common Stock after the Closing for issuance to eligible participants, (e) Merger Sub merged with and into the AON Class C Preferred Investor whereby the separate existence of Merger Sub ceased and New AON issued a number of shares of New AON Series A Preferred Stock equal to the number of AON LLC Series A preferred units held by the AON Class C Preferred Investor to AEA Growth Management LP, the parent of AON Class C Preferred Investor (“AEA Growth”) in exchange for all the shares of common stock held by AEA Growth in the AON Class C Preferred Investor (the “First Step”), (f) promptly after the First Step, the AON Class C Preferred Investor merged with and into New AON whereby the separate existence of the AON Class C Preferred Investor ceased and New AON held all the AON LLC Series A preferred units and (g) from and after the Closing (but subject to lock-up restrictions), the AON LLC common equity holders (other than New AON), referred to herein as “Legacy AON Stockholders” (former AON LLC Class A, Class A-1, and Class B unit holders), will have the right (but not the obligation) to exchange AON LLC Common Units together with an equal number of shares of New AON Class B Common Stock (whether held directly or indirectly through Class B Prefunded Warrants) for shares of New AON Class A Common Stock.

In addition, in connection with the Closing, DTOC completed the offer to the holders of AON LLC Class B-1 units to exchange their AON LLC Class B-1 units for such number of newly issued shares of New AON Class A Common Stock equal to the ratio set forth in the Business Combination Agreement (such offer, the “Exchange Offer”). DTOC and AON LLC solicited consents from the holders of AON LLC Class B-1 units to make certain amendments to the terms of the awards and the unit grant agreements pursuant to which the AON LLC Class B-1 units were granted, which provided for the automatic exchange, as of immediately prior to the adoption of the Amended and Restated AON LLC Agreement, of all outstanding AON LLC Class B-1 units into shares of New AON Class A Common Stock (collectively, the “Proposed Amendments”). The requisite number of holders of Class B-1 units provided their consent to the Proposed Amendments, and as a result, in connection with the Closing, all AON LLC Class B-1 units were exchanged for an aggregate of 1,047,343 shares of New AON Class A Common Stock.

Upon the consummation of the Business Combination, the outstanding membership units in AON LLC and the outstanding shares in AON Inc. (New AON) are as follows:

•	AON LLC Common Units held by the Legacy AON Stockholders - 28,109,796

•	AON LLC Common Units held by New AON - 9,532,354

•	AON LLC Series A Preferred Units held by New AON - 6,651,610

•	Class A Common Stock held by the former AON LLC Class B-1 unit holders - 1,047,343

•	Class A Common Stock held by the DTOC unredeemed stockholders - 147,511

•	Class A Common Stock held by the DTOC Sponsor and their permitted transferees - 5,498,125^(a)

•	Class B Common Stock held by Legacy AON Stockholders - 25,109,551^(b)

•	New AON Series A Preferred Stock held by AEA Growth Management LP - 6,651,610

(a)	Sponsor Earnout Shares of 2,839,375 are subject to vesting and forfeiture provisions and are not outstanding for GAAP purposes as of the Closing Date.

(b)	Certain Legacy AON Stockholders hold 3,000,245 Class B Prefunded Warrants, which underlying shares of Class B common stock are not outstanding as of the Closing Date.

Accounting Treatment for the Business Combination

As AON LLC does not meet any of the characteristics of a VIE under ASC 810, the Business Combination was evaluated under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations. Notwithstanding the legal form of the Business Combination pursuant to the Business Combination Agreement, the Business Combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, DTOC was treated as the acquired company and AON LLC was considered the acquirer for financial statement reporting purposes. AON LLC was determined to be the accounting acquirer based on, in summary, an evaluation of the following primary facts and circumstances:

•	AON LLC’s directors will represent a majority of the board seats for New AON’s board of directors;

F-11

TABLE OF CONTENTS

•	AON LLC’s senior management will be the senior management of the combined company;

•	AON LLC’s operations comprising the ongoing operations of the post-combination company; and

•	AON LLC’s relative size (i.e., assets, revenues, and earnings) is significantly larger compared to DTOC.

Accordingly, for accounting purposes, the financial statements of the post-combination entity will represent a continuation of the financial statements of AON LLC with the acquisition being treated as the equivalent of AON LLC issuing stock for the net assets of DTOC, accompanied by a recapitalization. The net assets of DTOC are stated at historical cost, with no goodwill or other intangible assets recorded. Refer to Note 3 for additional information.

Accounting for the Earnout Shares

Following the Closing and for five years thereafter, the DTOC Sponsor agreed to subject 35%, or 2,839,375 shares of New AON Class A common stock held by it as of the Closing (the “Sponsor Earnout Shares”) to the following vesting and forfeiture provisions:

•	the Sponsor Earnout Shares will vest when the volume-weighted average price of the New AON Class A common stock equals or exceeds $13.50 per share for any 20 trading days within any 30 trading day period beginning after the Closing and ending 60 months following the Closing;

•	the Sponsor Earnout Shares will be released immediately upon the consummation of a change of control transaction within the 60-month period following the Closing; and

•	if the Sponsor Earnout Shares are not released pursuant to the foregoing provisions on or before the date that is 60 months after the Closing, then the Sponsor Earnout Shares will be forfeited immediately following such date.

As the Business Combination was accounted for as a reverse recapitalization, the issuance of the Sponsor Earnout Shares to the Company’s existing stockholders will be accounted for as an equity transaction. The accounting for the Sponsor Earnout Shares was evaluated under ASC Topic 480, Distinguishing Liabilities from Equity, and ASC Subtopic 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity, to determine if the Sponsor Earnout Shares should be classified as a liability or within equity. As part of that analysis, it was determined that the Sponsor Earnout Shares are freestanding, do not meet the criteria within ASC 480 to be classified as a liability, and meet the criteria in ASC 815-40 to be considered indexed to the post-combination entity’s common stock and classified within equity.

Warrants

As of the Closing Date, New AON assumed the outstanding warrants (Public Warrants and Private Placement Warrants) that were issued by DTOC as part of DTOC’s IPO. Further, New AON issued the Class B Prefunded Warrants to former Class A-1 unit holders, in lieu of New AON Class B Common Stock. The accounting treatment for the Public Warrants, the Private Placement Warrants, and the Class B Prefunded Warrants, collectively referred to as “the Warrants”, is disclosed in Note 2.

Public Warrants

As of the Closing Date, New AON assumed 8,337,500 public warrants (the “Public Warrants”) issued by DTOC in its IPO. Each whole warrant entitles the holder to purchase one share of New AON Class A Common Stock at a price of $11.50 per share, subject to adjustment. The warrants will become exercisable on the later of 12 months from the closing of the DTOC Initial Public Offering or 30 days after the completion of its initial business combination and will expire five years after the Closing of the Business Combination, or earlier upon redemption or liquidation.

Private Warrants

As of the Closing Date, New AON assumed 6,113,333 Private Placement Warrants held by the DTOC Sponsor (the “Private Placement Warrants” or “Private Warrants”). The Private Placement Warrants will be non-redeemable in certain circumstances so long as they are held by the Sponsor or its permitted transferees. The Private Placement Warrants may also be exercised by the Sponsor and its permitted transferees for cash or on a cashless basis. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants, including as to exercise price, exercisability, and exercise period.

F-12

TABLE OF CONTENTS

Class B Prefunded Warrants

As of the Closing Date, New AON issued 3,000,245 of Class B Prefunded Warrants to former AON Class A-1 unitholders. Because the Class B Warrants are prefunded, there was not any cash consideration exchanged as part of the Class B Warrant issuance. Each Class B Prefunded Warrant entitles the holder to purchase one share of New AON Class B common stock at a price of $0.01 per share. The exercise term of the Class B Warrant shall continue indefinitely so long as the holder of the Class B Warrant is also the holder of an AON LLC Common Unit, provided that the number of shares of Common Stock that this Warrant is exercisable for shall not exceed the number of AON LLC Common Units held by holder.

Transaction Expenses

In connection with the Reverse Recapitalization, AON LLC incurred costs of $31.9 million and $3.5 million during the years ended December 31, 2023 and 2022, respectively. Of the total costs incurred during the year ended December 31, 2023, $31.1 million were reported as transaction expenses in the consolidated statements of operations and comprehensive loss and $0.8 million were reported as a reduction of Series A Preferred Stock presented as mezzanine equity on the consolidated balance sheets at December 31, 2023. Additionally, at December 31, 2023 there were $0.9 million of outstanding transaction expenses included within accrued other on the consolidated balance sheets. At December 31, 2022, the Company had accrued $0.3 million of transaction costs related to the Reverse Recapitalization, which were reported as other assets on the consolidated balance sheets. AON LLC recorded $3.2 million of transaction expenses in connection with the Reverse Recapitalization during the year ended December 31, 2022, which were reported as transaction expenses in the consolidated statements of operations and comprehensive loss.

Related Parties - Narrative (Details)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 20, 2023

Dec. 31, 2023

USD ($)

office

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Notes receivable, amortization period (in months)

60 months

Incremental borrowing rate

7.18%

1.57%

Payments for operating leases

$ 10,574

$ 12,590

Cost of revenue

^[1],[2]

$ 1,196,389

1,054,217

$ 865,788

AON LLC | Legacy AON Stockholders

Allocation of income to controlling and noncontrolling interests

80.80%

100.00%

67.80%

100.00%

Number of offices with operating lease | office

Payments for operating leases

$ 2,700

2,500

$ 2,300

Cost of revenue

1,056,343

922,148

718,675

Cost of revenue

1,064,000

924,000

$ 731,000

Accounts payable

$ 120,900

$ 102,100

Concentration risk (in percent)

89.00%

88.00%

83.00%

Concentration risk (in percent)

95.00%

96.00%

[1]	Includes related party inventory expense of $1,056,343, $922,148, and $718,675 for the years ended December 31, 2023, 2022, and 2021, respectively.
[2]	Includes related party rent of $2,716, $2,643, and $2,319 for the years ended December 31, 2023, 2022, and 2021, respectively.

Equity - Narrative (Details) - USD ($)					2 Months Ended	3 Months Ended	4 Months Ended	12 Months Ended
Equity - Narrative (Details) - USD ($)	Sep. 21, 2023	Sep. 20, 2023	Jun. 07, 2023	Mar. 04, 2020	Jul. 31, 2023	Sep. 30, 2023	Sep. 20, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Invested capital contributions								$ 65,000,000
Accrued dividend rate (in percent)								8.00%
Stockholders equity, conversion period								5 years
Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit, units outstanding (in units)								0	19,495,376		19,495,376	19,495,376
Accrued dividend rate (in percent)				8.00%
Class A and A-1 preferred returns and tax distributions			$ 4,000,000
Common stock, shares issued (in shares)	718,549		439,176
Common Class A-1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit, units outstanding (in units)								0	1,842,520		1,842,520	1,842,520
Shares issued (in shares)	284		174
Accrued dividend rate (in percent)				4.00%
Class A and A-1 preferred returns and tax distributions			$ 4,100,000
Shares issued (in shares)		$ 7,200,000	$ 2,500,000				$ 9,700,000
Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit, units outstanding (in units)								0	4,703,628		4,703,628	3,218,336
Class B-1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense								$ 4,900,000
Grants in period (in units)					415
Class C
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Temporary equity, redeemable period								5 years
Option to purchase additional units (in shares)			378
Purchase price of additional units (in dollars per share)			$ 26,423
Anti-dilution feature at fair value										$ 1,400,000
Stockholders
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of days after five year anniversary								30 days
AON Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' equity, conversion, threshold volume weighted average price period								30 days
Stockholders' equity, conversion, threshold stock price (in dollars per share) (less than) (greater than)								$ 16
Anti-Dilution Feature
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gain (loss) on derivative								$ (9,800,000)
Option Feature
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gain (loss) on derivative						$ 1,400,000
AON LLC \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit authorized (in units)									19,495,376
Issuance of units (in units)									19,495,376
Common unit, units outstanding (in units)									19,495,376
AON LLC \| Common Class A-1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit authorized (in units)									3,000,245
Issuance of units (in units)									1,842,520
Common unit, units outstanding (in units)									1,842,520
AON LLC \| Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of units (in units)									5,614,176
Units vested (in units)									4,703,628
Units vested upon consummation of business combination (in units)									910,548
Stock compensation expense									$ 100,000
Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares)		1,047,343
Stockholders' equity, conversion, threshold volume weighted average price period								5 days
Common stock, shares issued (in shares)								9,517,816
Series A Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Series A deemed dividend								$ 2,089,000
Class A-1 distribution (in shares)		151,610
Stock price (in usd per share)								$ 10
Series A Preferred Stock \| Stockholders
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders' equity, conversion, threshold volume weighted average price period								30 days
Stockholders' equity, conversion, threshold stock price (in dollars per share) (less than) (greater than)								$ 10
Threshold stock price, conversion price adjustment (in usd per share)								$ 5
Series A Preferred Stock \| AEA Growth Management LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued (in shares)		6,651,610
Series A Preferred Stock \| Dividends Paid, Event Prior to June 7, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)								125.00%
Series A Preferred Stock \| Dividends Paid, Event Prior to June 7, 2025, After June 7, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)								120.00%
Series A Preferred Stock \| Dividends Paid, Event Prior to June 7, 2026, After June 7, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)								115.00%
Series A Preferred Stock \| Dividends Paid, Event Prior to June 7, 2027, After June 7, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)								110.00%
Series A Preferred Stock \| Dividends Paid, Event Prior to June 7, 2028, After June 7, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)								105.00%
Series A Preferred Stock \| Dividends Paid, Event After June 7, 2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)								100.00%

Professional Liability Insurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Malpractice Insurance [Line Items]
Malpractice loss contingency, gross recovery	$ 2.8	$ 2.2
Malpractice loss contingency, reserve liability	4.7	3.7
Malpractice loss contingency, net retail liability for claims in prior years	1.9	1.6
Professional Malpractice Liability Insurance
Malpractice Insurance [Line Items]
Malpractice insurance, coverage per claim	1.0	1.0
Malpractice insurance, limit per policy period	3.0	3.0
Directors and Officers Liability Insurance
Malpractice Insurance [Line Items]
Malpractice insurance, coverage per claim	2.0
Malpractice insurance, limit per policy period	4.0
General Liability
Malpractice Insurance [Line Items]
Malpractice insurance, coverage per claim	2.0	2.0
Malpractice insurance, limit per policy period	$ 4.0	$ 4.0

Other Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Other Receivables

8. Other Receivables

Other receivables consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Rebates receivable	$33,708	$27,955
Other	566	246
Total other receivables	$34,274	$28,201

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

15. Equity

Prior Period Presentation

For periods prior to the Reverse Recapitalization, AON LLC had equity and stock-based compensation described below authorized, issued and outstanding. As discussed in Note 1, upon the Closing of the Business Combination, Legacy AON Stockholders received Class A Common Stock, Class B Common Stock, or Class B Prefunded Warrants and AON LLC reclassified their existing Class A, Class A-1, and Class B Units into AON LLC Common Units, pursuant to the terms of the Business Combination Agreement.

The Company recasted Historical AON LLC Equity outstanding for the periods prior to the Reverse Recapitalization, equal to the Per Company Unit Exchange Ratio, pursuant to the Business Combination, that was applied to the Class A, Class A-1, and Class B Units. The historical AON LLC units disclosed in this note give effect to the conversion for all periods presented, as follows.

Class A Units

AON LLC had authorized 19,495,376 units of Class A Units, of which 19,495,376 units were issued and were outstanding as of December 31, 2022.

Class A-1 Units

AON LLC had authorized 3,000,245 units of Class A-1 Units, of which 1,842,520 units were issued and were outstanding as of December 31, 2022.

Class B Units (Profit Interest)

The Class B units were issued through the 2017 Profits Interest Plan adopted by the Company in October 2017. The Class B Units represented a non-voting equity interest in AON LLC that entitled the holder to appreciation in the equity value of AON LLC arising after the date of grant and after such time as an applicable hurdle amount is met. AON LLC recognized the cost of services received in exchange for Class B Units based on the grant-date fair value. That cost was recognized over the period during which the service provider is required to provide service in exchange for the award over the requisite service period or based on performance. AON LLC used the Black-Scholes-Merton pricing model to estimate the fair value of profits interest unit awards. On an as converted basis, as of December 31, 2022, AON LLC issued 5,614,176 Class B Units, of which 4,703,628 were vested and outstanding; the remaining 910,548 of Class B units vested upon consummation of the Business Combination. The stock compensation expense that was recognized for the vesting of the Class B Units was less than $0.1 million.

The following table summarizes the changes to AON LLC’s Class A, Class A-1, and Class B Units for the years ended December 31, 2023, 2022, and 2021.

in thousands, except for share and per share amounts	Year ended December 31,
	2023	2022	2021
Class A Units, value
Beginning of Period	$7,725	$7,725	$7,725
Issuance of Units	—	—	—
Impact of the Reverse Recapitalization	(7,725)	—	—
End of Period	$—	$7,725	$7,725

Class A Units, units
Beginning of Period	19,495,376	19,495,376	19,495,376
Issuance of Units	—	—	—
Impact of the Reverse Recapitalization	(19,495,376)	—	—
End of Period	—	19,495,376	19,495,376

in thousands, except for share and per share amounts	Year ended December 31,
	2023	2022	2021
Class A-1 Units, value
Beginning of Period	$28,500	$28,500	$28,500
Issuance of Units	9,725	—	—
Impact of the Reverse Recapitalization	(38,225)	—	—
End of Period	$—	$28,500	$28,500

Class A-1 Units, units
Beginning of Period	1,842,520	1,842,520	1,842,520
Issuance of Units	1,157,725	—	—
Impact of the Reverse Recapitalization	(3,000,245)	—	—
End of Period	—	1,842,520	1,842,520

in thousands, except for share and per share amounts	Year ended December 31,
	2023	2022	2021
Class B Units, value
Beginning of Period	$80	$80	$60
Equity based compensation	10	—	—
Impact of the Reverse Recapitalization	(90)	—	20
End of Period	$—	$80	$80

Class B Units, units
Beginning of Period	4,703,628	4,703,628	3,218,336
Units Vested	910,548	—	1,485,292
Impact of the Reverse Recapitalization	(5,614,176)	—	—
End of Period	—	4,703,628	4,703,628

Class B-1 Units

In June and July of 2023, the Company granted a total of 415 AON LLC Class B-1 Units to certain employees under the 2017 Profits Interest Plan (the “Plan”). The Class B-1 Units vested upon the consummation of the Business Combination, therefore, $4.9 million of expense has been recognized in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. Upon the closing of the Business Combination, the vested Class B-1 Units were reclassified to AON LLC Common Units and exchanged for newly issued shares of Class A Common Stock equal to the Per Company Unit Exchange Ratio, pursuant to the Business Combination Agreement, which resulted in the issuance of 1,047,343 shares of New AON Class A Common Stock.

Mezzanine Equity Class C Units

As described in Note 1, the AON LLC Class C Units were converted into AON LLC Series A Preferred Units as of the Closing Date. Concurrently, New AON issued a number of shares of New AON Series A Preferred Stock equal to the number of AON LLC Series A Preferred Units held by the AON Class C Preferred Investor to AEA Growth Management LP, the parent of AON Class C Preferred Investor (“AEA Growth”) in exchange for all the shares of common stock held by AEA Growth in the AON Class C Preferred Investor. Promptly after the First Step, the AON Class C Preferred Investor merged with and into New AON whereby the separate existence of the AON Class C Preferred Investor ceased and New AON held all the AON LLC Series A Preferred Units. On an as converted basis, as of September 20, 2023, 6,651,610 Series A Preferred Stock were issued to AEA Growth Management LP.

The AON LLC Class C Units were contingently redeemable convertible preferred units and classified as mezzanine equity on the consolidated balance sheet as of June 30, 2023 because the units were redeemable five years from the issuance date, at the option of the holder. As of June 30, 2023, the AON LLC Class C Units were recorded at their initial carrying value, net of offering costs. The Class C Units were not being accreted to redemption value, as the redemption was not probable due to the removal of the redemption right pursuant to the Business Combination. See discussion below.

The Class C Units had primarily, but not materially, the same rights as the Series A Preferred Stock issued by the Company to AEA Growth Management LP, the parent of the AON Class C Preferred Investor, with the exception of the “AON LLC Class C Unit Redemption Right” and the “Class C Option to Purchase Additional Shares”, discussed below. Further, the Class C Units did not contain a mandatory conversion feature that allowed AON LLC to force the Class C Investor to convert the Class C Units into another equity unit in AON LLC and the Class C Units did not have a one time conversion price adjustment.

Class C Unit Redemption Right

After the fifth anniversary of the Effective Date (June 7, 2028), the holders of a majority of the Class C Units had the right to cause the Company to redeem all of the Class C Units. The redemption price per Class C Unit was equal to the greater of (i) the Class C Liquidation Preference and (ii) the Fair Market Value of a Class C Unit (the “Class C Redemption Price”). The Class C Liquidation Preference is defined as an amount equal to the sum of (a) the Class C Preferred Return of such Class C Member and (b) the amount of such Class C Member’s Net Invested Capital Contributions of $65.0 million. The Class C Unit Preferred Return is defined as the cumulative, semiannually-compounded return of 8% per annum based on the original Net Invested Capital Contributions of $65.0 million. The Class C Unit Redemption Right was removed as of the Closing of the Business Combination.

Class C Unit Option to Purchase Additional Units

In accordance with the terms of the Amended and Restated Class C Convertible Preferred Unit Purchase Agreement dated June 7, 2023, the Class C Preferred Investor had an option to purchase an additional 378 AON Class C Units until the Closing of the Business Combination at a purchase price of $26,423 per Unit (“Option Feature”). The Company determined that this Option Feature was required to be accounted for as a derivative in accordance with ASC 815. The fair value of the derivative was estimated to be $1.4 million as of June 30, 2023. The Class C Preferred Investor did not exercise this option prior to the Closing of the Business Combination. As a result, the Company recognized a gain of $1.4 million in other (expense) income, net in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. The Class C Unit Option expired as of the Closing of the Business Combination.

Series A Preferred Stock (Mezzanine Equity)

New AON Series A Preferred Stock is redeemable for cash or the value of the property, rights or securities to be paid or distributed in the event of a Deemed Liquidation Event (which outside of the Company’s control). As a result, the Company has determined that the New AON Series A Preferred Stock should be classified as mezzanine equity. At the closing of the Business Combination, the Company exchanged existing AON LLC Class C Units for Series A Preferred Stock in the Company. Based on the qualitative changes to the instrument, this exchange is considered an extinguishment for accounting purposes, with the Company recording a deemed dividend of $2.1 million to account for the difference between the carrying value of the Class C Units and the fair value of the Series A Preferred Stock at the transaction date. This amount is reflected in the consolidated statements of mezzanine and stockholders’ equity as part of the reverse recapitalization, net. See further discussion on the PIK Dividend discussed below. The Series A Preferred Stock are not being accreted to redemption value, as the Series A Preferred Stock are not redeemable, nor are they probable of becoming redeemable.

Dividends

The Series A Preferred Stock accrue dividends at a cumulative, semiannually-compounded return of 8%per annum based on the original Net Invested Capital Contributions from the Class C Units of $65.0 million. These dividends may be paid in cash or accumulate into the Accrued Value at the option of New AON. The accrual shall be calculated on June 30 and December 31 and with respect to the semiannually-compounded return, no interest is required to be paid on any present or future Series A Preferred Stock accrued dividends. The Series A Preferred Stock also participate in distributions with the Class A Common stockholders.

On September 20, 2023, the Company issued 6,651,610 Series A Preferred Stock to AEA Growth Management LP. The number of Series A Preferred Stock shares issued at the Closing of the Business Combination was equal to the aggregate Class C Liquidation Preference pursuant to the Business Combination Agreement. As a result, the issuance of the Series A Preferred Stock effectively included an in-kind payout (“PIK”) of the accrued dividend since the calculation of the amount issued was based on the Class C Liquidation Preference. As of the Closing, the Company recorded a dividend of 151,610 Series A Preferred Stock PIK shares with respect to the accrued dividends on the Series A Preferred Stock (the “PIK Dividend”).

Voting

The holders of the Preferred Stock are entitled to elect and appoint one of the directors (“Series A Director”) to the Board of Directors. All other directors are appointed by the Class A and Class B Common stockholders. There are no restrictions on which matters the Series A Preferred stockholders are entitled to vote. The Series A Preferred stockholders are entitled to the number of votes equal to the number of shares of Common Stock into which the Series A Preferred Stock would be convertible on the record date of the vote.

Conversion Rights

The Series A Preferred Stock is convertible, at the option of the holder, at any time, and without the payment of additional consideration by the holder, into such number of fully-paid Class A Common Stock as is determined by dividing the Accrued Value by the Conversion Price in effect at the time of conversion (“Conversion Ratio”). The Accrued Value is the Original Issue Price (which is $10.00 per share of Preferred Stock, as adjusted for any stock split, stock dividend, combination, or other recapitalization) plus any unpaid dividends, compounded semi-annually. The Conversion Price is initially $10.00 per Preferred Share subject to adjustment for dilutive issuances of additional shares, dividends to common stockholders, stock splits, mergers, and a five-year anniversary special adjustment based on the volume weighted average price of the common stock. These dividends may be paid in cash or accumulate into the Accrued Value, at the option of New AON, on June 30 and December 31 of each year. The Conversion Rights shall terminate at the close of business on the day prior to the date of a Change of Control.

If at any time on or after the 30th day after the five-year anniversary of the issue date, any of the Series A Preferred Stock remain outstanding and the 30-Day VWAP of the Common Stock is less than $10.00 (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification), then the Conversion Price shall be adjusted to the greater of (x) the 30-Day VWAP on such date of determination and (y) $5.00 (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification).

New AON also has the right on or after the third-year anniversary of the date of issuance to cause all (but not less than all) of the outstanding shares of Series A Preferred Stock to be converted into shares of Class A Common Stock for each share of Series A Preferred Stock at the Conversion Ratio detailed above. The Company may only convert shares of Series A Preferred Stock into shares of Common Stock if the 30-Day VWAP of the Common Stock immediately prior to the Company Conversion Date is greater than $16.00 (as adjusted for any stock split, stock dividend, combination, or other recapitalization).

Liquidation Preferences

In the event of voluntary or involuntary liquidation, dissolution or winding up of the Company or an Initial Public Offering (IPO) or Exit Event, the Series A Preferred Stock have preferential liquidation rights. If a Deemed Liquidation Event were to occur, each Series A Preferred stockholder is entitled to be paid out of the assets of the Company available for distribution, equal to the greater of the following:

(i)	The Original Issue Price of $10 per Series A Preferred Stock multiplied by the Applicable Percentage plus any Accrued Dividends on such share of Series A Preferred Stock; or

(ii)	Such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Common Stock immediately prior to such Deemed Liquidation Event.

The Series A Preferred Stock Applicable Percentage is defined as a percentage equal to (a) one hundred twenty-five percent (125%) if an Exit Event, dissolution, liquidation, or winding-up occurs prior to June 7, 2024, (b) one hundred twenty percent (120%) if an Exit Event, dissolution, liquidation, or winding up occurs after June 7, 2024, but prior to June 7, 2025, (c) one hundred fifteen percent (115%) if an Exit Event, dissolution, liquidation, or winding-up occurs after June 7, 2025, but prior to June 7, 2026, (d) one hundred ten percent (110%) if an Exit Event, dissolution, liquidation, or winding up occurs after June 7, 2026, but prior to June 7, 2027, (e) one hundred five percent (105%) if an Exit Event, dissolution, liquidation, or winding-up occurs after June 7, 2027, but prior to June 7, 2028, (f) one hundred percent (100%) if an Exit Event, dissolution, liquidation, or winding-up occurs after June 7, 2028.

Distributions to Class A and Class A-1 Members

On March 4, 2020, the AON LLC entered into the Second Amended and Restated Limited Liability Agreement (“Second Operating Agreement”) which established another class of equity, Class A-1 Units. The Second Operating Agreement provided, among other things, that the Class A and A-1 Units would receive a cumulative, annually-compounded, preferred return of 8.0% and 4.0%, respectively, on capital contributions when and if distributions are declared by the Board of the Company.

Prior to the issuance of the Class C Units on June 7, 2023 as discussed above, the Class A and A-1 unitholders were paid a cash distribution of $4.0 million and $4.1 million, respectively, representing the cumulative accrued preferred return to June 7, 2023.

On June 7, 2023, in connection with the issuance of the Class C Units, AON LLC entered into the Third Amended and Restated Limited Liability Agreement (“Third Operating Agreement”) which, among other things, eliminated any provisions for future preferred returns on Class A and A-1 units.

Class A-1 Anti-Dilution Feature

Prior to the Closing, in the event AON LLC, prior to a Qualified IPO, issued additional membership equity (“Additional Issuance”) at a valuation that represents a purchase price that is less than the New Unit Purchase Price, as defined, AON LLC was obligated to issue additional Class A-1 Units, for no consideration, such that the Class A-1 unitholder maintains the same percentage ownership as prior to the Additional Issuance (“Anti-Dilution Feature”).

The Company determined that the Anti-Dilution Feature met the definition of a derivative in accordance with ASC 815. The total loss on derivatives for the year ended December 31, 2023 relating to this feature is $9.8 million, and was recorded in other (expense) income, net in the consolidated statements of operations and comprehensive loss.

As a result of the Anti-Dilution Feature, upon the issuance of the Class C Units on June 7, 2023 and the Closing of the Business Combination on September 20, 2023, the Company issued an additional 174 and 284 Class A-1 Units, that were subsequently converted into 439,176 and 718,549 AON Common Units using the Per Company Unit Exchange Ratio, pursuant to the Business Combination Agreement. The total fair value of the issuance of additional Class A-1 shares on June 7, 2023 and September 20, 2023 was $2.5 million and $7.2 million,respectively, for a cumulative $9.7 million recorded as Class A-1 member equity in the consolidated statements of mezzanine and stockholders’ equity. Upon the Closing of the Business Combination, the Class A-1 Anti-dilution Feature was eliminated and the derivative liability was fully extinguished.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Basis of Presentation and Significant Accounting Policies - Professional Liability Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Professional Malpractice Liability Insurance
Description Of Business And Significant Accounting Policies [Line Items]
Malpractice insurance, coverage per claim	$ 1.0	$ 1.0
Malpractice insurance, limit per policy period	3.0	$ 3.0
Directors and Officers Liability Insurance
Description Of Business And Significant Accounting Policies [Line Items]
Malpractice insurance, coverage per claim	2.0
Malpractice insurance, limit per policy period	$ 4.0

Marketable Securities - Measured at Fair Value (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Debt Securities, Available-for-Sale [Line Items]

Cash and cash equivalents

$ 28,539

$ 26,926

Gross Unrealized Gains

402

Gross Unrealized Losses

(9)

(129)

Estimated Fair Value

35,389

9,851

Cash and cash equivalents and available-for-sale securities, amortized cost

64,312

10,077

Cash and cash equivalents and marketable securities, aggregate fair value

64,705

9,960

Level 1

Debt Securities, Available-for-Sale [Line Items]

Cash and cash equivalents

^[1]

29,316

Cash and cash equivalents, aggregate fair value

^[1]

29,316

Level 1 | Overnight Repurchase Agreements

Debt Securities, Available-for-Sale [Line Items]

Cash and cash equivalents

^[1]

28,593

Cash and cash equivalents, aggregate fair value

^[1]

28,593

Level 1 | Money market funds

Debt Securities, Available-for-Sale [Line Items]

Cash and cash equivalents

^[1]

723

109

Cash and cash equivalents, aggregate fair value

^[1]

723

109

Level 2

Debt Securities, Available-for-Sale [Line Items]

Amortized Cost

34,996

9,968

Gross Unrealized Gains

402

Gross Unrealized Losses

(9)

(129)

Estimated Fair Value

35,389

9,851

Level 2 | Corporate bonds

Debt Securities, Available-for-Sale [Line Items]

Amortized Cost

13,678

7,742

Gross Unrealized Gains

191

Gross Unrealized Losses

(9)

(125)

Estimated Fair Value

13,860

7,623

Level 2 | U.S. Treasury securities

Debt Securities, Available-for-Sale [Line Items]

Amortized Cost

21,318

2,226

Gross Unrealized Gains

211

Gross Unrealized Losses

(4)

Estimated Fair Value

$ 21,529

$ 2,228

[1]	Included in cash and cash equivalents in the consolidated balance sheets at December 31, 2023 and 2022.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal net operating loss carryforwards	$ 40,000,000	$ 25,400,000
State net operating loss carryforwards	38,600,000	26,800,000
Valuation allowance, deferred tax asset, increase (decrease), amount	11,600,000	2,200,000
Liabilities related to uncertain tax positions		0	$ 0
Unrecognized tax benefits, income tax penalties and interest expense	0	0	$ 0
Unrecognized tax benefits, income tax penalties and interest accrued	$ 0	$ 0

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

4.	Variable Interest Entities

AOMC is a wholly owned subsidiary of AON LLC and neither AOMC nor AON LLC has ownership interest in AON Partners and Partners of Maryland. Both AON Partners and Partners of Maryland are fully owned by physicians. AON LLC operates its physician practices through the MSAs and other contractual agreements between AOMC, AON Partners, and Partners of Maryland. The responsibilities of AOMC include, but are not limited to, negotiating provider and payor contracts, employment and compensation decisions, billing and collections, furnishing all supplies and equipment necessary for the respective practice’s operations as well as, necessary real estate, contracting on behalf of AON Partners and Partners of Maryland, entering into leases, holding a power of attorney to perform the above activities, preparing, maintaining and administering all accounting records (including financial reporting), expense payment, and maintenance of all information systems/software. AON LLC is paid a management fee to compensate AOMC for the services provided. AON Central Services is 80% physician owned and

F-24

TABLE OF CONTENTS

20% owned by AON LLC. AOMC entered into an agreement with AON Central Services, effective January 1, 2023, to provide qualified non-clinical and non-medical employees to AOMC to support the operation of the physician practices. AOMC pays a monthly management fee to AON Central Services equal to the aggregate cost of compensation, benefits and all other costs related to these employees. AON LLC invested $0.2 million in MIBA, a newly formed LLC, during the second quarter of 2023 in exchange for 56% equity ownership. The Company evaluated AON LLC’s relationship with MIBA under the VIE model and determined it was a VIE and the Company is the primary beneficiary based on its financial controlling interest.

Based on various quantitative and qualitative factors, including assessment of certain services performed and relationships held above, management has determined that AON Partners, Partners of Maryland, AON Central Services, and MIBA are all variable interest entities and AOMC is the primary beneficiary who holds the decision-making rights over the activities that most significantly impact the economic performance of AON Partners, Partners of Maryland, AON Central Services, and MIBA through the MSAs and other contractual agreements. Accordingly, the results of AON Partners, Partners of Maryland, AON Central Services, and MIBA have been consolidated with the Company for the years ended December 31, 2023, 2022, and 2021.

The assets of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2023 and 2022, are as follows:

	As of December 31, 2023	As of December 31, 2022
Assets
Cash and cash equivalents	$26,574	$26,844
Accounts receivable	129,151	136,098
Inventories	44,569	36,476
Prepaid expenses and other current assets	895	846
Goodwill and intangibles, net	180	180
Other receivables	33,809	28,139
Other assets	2,091	1,489
Total assets	$237,269	$230,072

The liabilities of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2023 and 2022, are as follows:

	As of December 31, 2023	As of December 31, 2022
Liabilities
Accounts payable	$122,324	$102,783
Accrued compensation and benefits	21,380	6,021
Accrued other	16,723	15,926
Other long-term liabilities	273	452
Due to AON LLC and subsidiaries, net	117,194	128,204
Total liabilities	$277,894	$253,386

All intercompany transactions and balances with the VIEs are eliminated in consolidation.

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Reverse Recapitalization, Changes in Units

The following table summarizes the changes to AON LLC’s Class A, Class A-1, and Class B Units for the years ended December 31, 2023, 2022, and 2021.

in thousands, except for share and per share amounts	Year ended December 31,
	2023	2022	2021
Class A Units, value
Beginning of Period	$7,725	$7,725	$7,725
Issuance of Units	—	—	—
Impact of the Reverse Recapitalization	(7,725)	—	—
End of Period	$—	$7,725	$7,725

Class A Units, units
Beginning of Period	19,495,376	19,495,376	19,495,376
Issuance of Units	—	—	—
Impact of the Reverse Recapitalization	(19,495,376)	—	—
End of Period	—	19,495,376	19,495,376

in thousands, except for share and per share amounts	Year ended December 31,
	2023	2022	2021
Class A-1 Units, value
Beginning of Period	$28,500	$28,500	$28,500
Issuance of Units	9,725	—	—
Impact of the Reverse Recapitalization	(38,225)	—	—
End of Period	$—	$28,500	$28,500

Class A-1 Units, units
Beginning of Period	1,842,520	1,842,520	1,842,520
Issuance of Units	1,157,725	—	—
Impact of the Reverse Recapitalization	(3,000,245)	—	—
End of Period	—	1,842,520	1,842,520

in thousands, except for share and per share amounts	Year ended December 31,
	2023	2022	2021
Class B Units, value
Beginning of Period	$80	$80	$60
Equity based compensation	10	—	—
Impact of the Reverse Recapitalization	(90)	—	20
End of Period	$—	$80	$80

Class B Units, units
Beginning of Period	4,703,628	4,703,628	3,218,336
Units Vested	910,548	—	1,485,292
Impact of the Reverse Recapitalization	(5,614,176)	—	—
End of Period	—	4,703,628	4,703,628

Basis of Presentation and Significant Accounting Policies - Warrant Liability Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) shares
Description Of Business And Significant Accounting Policies [Line Items]
Number of securities called by each warrant (in shares) \| shares	1
Reverse recapitalization, equity conversion ratio	1
Public Warrant
Description Of Business And Significant Accounting Policies [Line Items]
Fair value of warrants	$ 1.9
Private Placement Warrants
Description Of Business And Significant Accounting Policies [Line Items]
Fair value of warrants	$ 1.4
Private Placement Warrants \| Measurement Input, Expected Dividend Rate
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	0
Private Placement Warrants \| Measurement Input, Price Volatility
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	0.205
Private Placement Warrants \| Measurement Input, Risk Free Interest Rate
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	0.0384
Private Placement Warrants \| Measurement Input, Expected Term
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	5

Marketable Securities - Remaining Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Total	$ 35,389	$ 9,851
Level 2
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	23,044
Due in one to five years	12,345
Total	35,389	9,851
Corporate bonds \| Level 2
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	5,216
Due in one to five years	8,644
Total	13,860	7,623
U.S. Treasury securities \| Level 2
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less	17,828
Due in one to five years	3,701
Total	$ 21,529	$ 2,228

Leases - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term for operating leases (in years)	6 years 11 months 4 days	5 years 8 months 4 days
Weighted-average remaining lease term for finance leases (in years)	4 years 9 months 3 days	5 years 4 months 13 days
Weighted-average discount rate for operating leases (in percent)	6.64%	4.88%
Weighted-average discount rate for finance leases (in percent)	6.30%	3.60%

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Leasehold improvements	$32,490	$26,076
Furniture, fixtures and equipment	2,607	2,669
Medical equipment	15,666	11,003
Computer equipment	3,285	3,115
Signs	153	129
Automobiles	59	69
Software	7,829	4,834
Construction-in-progress	2,985	1,433
Property and equipment, gross	65,074	49,328

Accumulated depreciation and amortization	(24,635)	(17,348)
Property and equipment, net	$40,439	$31,980

Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of Reverse Recapitalization, Ownership Summary

The following table summarizes the economic ownership of AON LLC, for the period beginning September 20, 2023, the Closing Date of the Reverse Recapitalization, and ending December 31, 2023 (Refer to Note 1).

	Period beginning September 20, 2023 and ending December 31, 2023
	AON Inc.	AON LLC Units Legacy AON Stockholders	Total
Beginning of Period	—	—	—
Common Units Issued as of Reverse Recapitalization⁽¹⁾	6,692,979	28,109,796	34,802,775
Additional Common Units Issued	191	—	191
Repurchases of Common Units	(14,729)	—	(14,729)
Total Common Units as of December 31, 2023	6,678,441	28,109,796	34,788,237
Series A Preferred Units Issued	6,651,610	—	6,651,610
Total Units Issued	13,330,051	28,109,796	41,439,847
End of Period	13,330,051	28,109,796	41,439,847
Allocation of income to controlling and noncontrolling interests	32.2%	67.8%	100.0%
Allocation of losses to controlling and noncontrolling interests⁽²⁾	19.2%	80.8%	100.0%

(1)	The 6,692,979 of AON Inc. Common Units issued as of the Reverse Recapitalization excludes 2,839,375 units, which is equivalent to the number of Sponsor Earnout Shares, that do not participate in profits and losses and are not included in the controlling interest percentage.

(2)

As discussed in Note 15, Series A Preferred Stock are considered participating securities for basic and diluted loss per share, but do not participate in losses. As a result, the consolidated net loss of AON LLC, during the period of September 21, 2023 through December 31, 2023, were allocated to the NCI to reflect the absorption of the Legacy AON Stockholders to a portion of the consolidated net loss of AON LLC. Net losses were not attributed to Series A Preferred Stock.

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The consolidated financial statements and related notes thereto give effect to the conversion for all periods presented, without any change to par value or per unit amounts. The consolidated financial statements do not necessarily represent the capital structure of New AON had the Reverse Recapitalization occurred in prior periods. The Company has not made retroactive adjustments related to the historical book values of Historical AON LLC Equity as the adjustments were considered immaterial.

For the year ended December 31, 2023, $5.5 million of the consolidated net loss of AON LLC were attributable to the Class A Common Stockholders, and reflects the Class A Common Stockholders’ absorption of 19.2% of the consolidated net loss of AON LLC for the period of September 21, 2023 through December 31, 2023. For the year ended December 31, 2023, $30.8 million of the consolidated net losses of AON LLC were attributable to noncontrolling interest, and reflects the Legacy AON Stockholders’ absorption of 80.8% of the consolidated net losses of AON LLC for the period of September 21, 2023 through December 31, 2023.

For the year ended December 31, 2023, $27.1 million of the consolidated net losses of AON LLC were attributable to the Legacy AON Stockholders, to reflect their absorption of 100% of the consolidated net losses of AON LLC pertaining to the days prior to the Reverse Recapitalization. For the year ended December 30, 2022 and December 31, 2021, net income and loss of $2.6 million and $0.1 million, respectively, were attributable to the Legacy AON Stockholders to reflect their absorption of 100% of AON LLC’s net income and loss pertaining to the periods prior to the Reverse Recapitalization.

Principles of Consolidation

For the period of September 21, 2023 through December 31, 2023, the consolidated financial statements include the accounts of the Company, AON, Inc., AON LLC, and its wholly owned subsidiary American Oncology Management Company, LLC (“AOMC”), and its consolidated variable interest entities (“VIEs”) American Oncology Partners, P.A. (“AON Partners”), American Oncology Partners of Maryland, P.A. (“Partners of Maryland”), AON Central Services, LLC (“AON Central Services”), and Meaningful Insights Biotech Analytics, LLC (“MIBA”). All intercompany accounts and transactions between the entities have been eliminated in consolidation.

Refer to Note 1 for the accounting treatment of the Business Combination.

The Company accounts for American Oncology Network, LLC, AON Partners, Partners of Maryland, AON Central Services, and MIBA in accordance with ASC 810, Consolidations. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a VIE. A VIE is broadly defined as an entity that has any of the following three characteristics: (i) the equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (ii) substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights; or (iii) the equity investors as a group lack any of the following, the power through voting or similar rights to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the expected losses of the entity, or the right to receive the expected residual returns of the entity. The Company consolidates a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively, if any.

AON LLC has contractual relationships with AON Partners, Partners of Maryland and AON Central Services and the physician owners through management service agreements (“MSAs”) and other contractual agreements to provide all practice management services outside of medical services provided by the physicians. In addition, despite not being required by the contractual relationships, AON LLC regularly provides funding to support AON Partners and Partners of Maryland’s operations and acquisitions of physician practices. AON Central Services was formed July 15, 2022 and, effective January 1, 2023, entered into an agreement with AOMC to provide qualified non-clinical and non-medical employees to AOMC to support the operation of the physician practices. MIBA was established during the first quarter of 2023 for the purpose of developing intellectual property to synergize the collection, de-identification, and dissemination of the Company’s patient data for sale to external parties for research, development, and clinical decisions. In May 2023, the Company contributed $0.2 million for a 56% interest in the equity of MIBA. The Company concluded that AON LLC had a controlling financial interest in MIBA and has consolidated the entity at December 31, 2023 and recorded the noncontrolling interest in permanent equity.

The Company has concluded that AON Partners, Partners of Maryland, AON Central Services, and MIBA are all VIEs in which AON LLC has the characteristics of a controlling financial interest and is deemed to be the primary beneficiary. The variable interest subjects AON LLC to all potential losses in the entities and, therefore, requires AON LLC, and in turn AON Inc., to consolidate the results of AON Partners, Partners of Maryland, AON Central Services, and MIBA in its consolidated financial statements.

Accounting Estimates and Assumptions

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Segments

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (the “CODM”). The Company’s CODM is its chief executive officer who reviews financial information together with certain operating metrics principally to make decisions about how to allocate resources and to measure the Company’s performance. The Company has one operating segment and one reportable segment that are structured around the organizational management of oncology practice operations. All revenue and assets are in the United States.

Revenue Recognition

Revenue is recognized under Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (“Topic 606”). Patient service revenue is presented net of the estimated provision for contractual adjustments and uncollectible amounts. The Company determines the transaction price based upon standard charges for goods and services with anticipated consideration due from patients, third-party payors (including health insurers and government agencies) and others. The Company’s revenue is primarily derived from patient service revenues, which encompass oncology services provided during patient visits and shipments of pharmacy prescriptions. Performance obligations for the Company’s services provided to patients and most procedures, are satisfied over the time of visit which is the same day services are performed. Performance obligations relating to pharmacy revenue are considered fully satisfied at a point in time upon the customer receiving delivery of the prescription. Accordingly, the Company does not anticipate a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and any such revenue recognized during the years ended December 31, 2023, 2022, and 2021 was immaterial. Additionally, the Company does not expect to recognize material revenue in the future related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2023. Approximately $933.9 million, $818.5 million, and $683.0 million of the Company’s revenues are generated from services performed during patient visits with the remainder primarily generated from shipments of pharmacy prescriptions for the years ended December 31, 2023, 2022, and 2021, respectively.

As services are performed and prescriptions are shipped, timely billing occurs for services rendered and prescriptions shipped less discounts provided to uninsured patients and contractual adjustments to third-party payors based upon prospectively determined rates and discounted charges. Payment is requested at the time of service for self-paying patients and for patients covered by third-party payors that are responsible for paying deductibles and coinsurance.

The Company monitors revenue and receivables to prepare estimated contractual allowances for the anticipated differences between billed and reimbursed amounts. Payments from third-party payors and Government programs including Medicare and Medicaid may be subject to audit and other retrospective adjustments. Such amounts are considered on an estimated basis when net patient revenue is recorded and are adjusted as final adjustments are determined. For the years ended December 31, 2023, 2022, and 2021 such resulting historic adjustments have been immaterial to the consolidated financial statements.

In assessing who is the principal in providing patient services and pharmacy prescriptions, the Company considered who controls the provision of services and prescriptions. The Company has determined they are acting as a principal in these relationships.

In April 2022, the Company entered into a long-term arrangement to sponsor and manage a clinical trial. The Company subsequently contracted with a third-party to provide the clinical research services and is the principal in this arrangement. The performance of clinical research services are considered a single performance obligation because the Company provides a highly-integrated service. Revenue is recognized for the single performance obligation over time due to the Company’s right to payment for work performed to date. The contract provides for invoices based on predetermined milestones.

The Company uses the cost-to-cost measure of progress for the Company’s contract because it best depicts the transfer of control to the customer as the performance obligation is fulfilled. For this method, the Company compares the contract costs incurred to date to the estimated total contract costs through completion. As part of the client proposal and contract negotiation process, the Company develops a detailed project budget for the direct costs and reimbursable costs based on the scope of the work, the complexity of the study, the geographical location involved and the Company’s historical experience. The estimated total contract costs at the project level are reviewed and revised periodically throughout the life of the contract, with adjustments to revenue resulting from such revisions being recorded on a cumulative basis in the period in which the revisions are identified. Contract costs consist primarily of direct labor and other reimbursable project-related costs such as travel, third-party vendor costs and investigator fees. The Company establishes pricing based on the Company’s internal pricing guidelines, discount agreements, if any, and negotiations with the client. The transaction price is the contractually defined amount. Revenue related to the clinical trial, which is included within other revenue, was $3.7 million and $4.3 million for the years ended December 31, 2023 and 2022, respectively.

The Company has a system and estimation process for recording Medicare net patient service revenue and estimated recoupments as it relates to value-based care (“VBC”) revenue included in patient service revenue in the consolidated statements of operations and comprehensive loss. The Company’s VBC revenue is primarily generated through its participation in the CMS Oncology Care Model (“OCM”) which is an episode-based payment model to promote high-quality cancer care. Participants enter 6-month episode periods, and the Company bills a monthly fee during the 6-month period based on a fixed rate per participant per month and the total number of participants. Certain quality and compliance metrics are tracked as part of the program and submitted to CMS at the end of the episode period which may result in recoupment of funds. The Company estimates the recoupment amount by developing a recoupment percentage for each period based on historical known recoupment from CMS and applies the recoupment percentage against total fees for the period. Based on the estimate, the Company accrues a liability representing the expected final recoupments based on historical settlement trends.

Short-term Marketable Securities

Investments in marketable securities consist of corporate bonds and U.S. Treasury securities.

Management determines the appropriate classification of investments at the time of purchase and reevaluates such determination at each balance sheet date. Marketable securities are classified as available-for-sale and are carried at fair value in the consolidated balance sheets. The marketable securities are classified as short-term based on management’s intent to convert such securities within one year and the ability to convert them within two to three days.

Certain of our available-for-sale securities are debt securities. For an available-for-sale debt security with an amortized cost that exceeds its fair value, the Company first determines if it intends to sell or will more-likely-than-not be required to sell the security before the expected recovery of its amortized cost. If it intends to sell or will more-likely-than-not be required to sell the security, then the Company recognizes the impairment as a credit loss in the consolidated statements of operations and comprehensive loss by writing down the security’s amortized cost to its fair value. If it does not intend to sell or it is not more-likely-than-not that it will be required to sell the security before the expected recovery of its amortized cost, the Company recognizes the portion of the impairment that is due to a credit loss, if any, in the consolidated statements of operations and comprehensive loss through an allowance. The portion of the impairment that is due to factors other than a credit loss is recognized in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss as an unrealized loss.

Equity Investment in Affiliate

In January 2023, the Company contributed noncash consideration, with a fair value of approximately $2.3 million, in return for a 49% equity interest in OCP Management Arizona, LLP. Investments in entities over which the Company has the ability to exercise significant influence but does not control the entity are accounted for using the equity method. Equity method investments are included with other assets in the consolidated balance sheets. The carrying amount of the investment is adjusted to reflect the Company’s proportionate share of the net earnings or losses and reduced by any dividends received. The Company’s share of income or loss related to this investment is reported as an equity in loss of affiliate in the consolidated statements of operations and comprehensive loss.

Noncontrolling Interests

The Company consolidates the results of entities in which it has a controlling financial interest. Refer to Note 17 for additional considerations and presentation for noncontrolling interest.

Mezzanine Equity and Treasury Stock

Mezzanine Equity

Treasury Stock

We account for treasury stock purchased under the cost method and include treasury stock as a component of accumulated paid in capital. Treasury stock purchased with intent to retire (whether or not the retirement is actually accomplished) is charged to common stock. The Company repurchased 14,729 shares of class A common stock at the spot rate as of each transaction date for a total cost of less than $0.1 million for the year ended December 31, 2023.

Business Combinations

The Company evaluates acquired practices in accordance with ASU 2017-01, Business Combinations (Topic 805)-Clarifying the Definition of a Business. This standard clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Because substantially all of the value of each acquired practice did not relate to a similar group of assets and as each acquired practice contained both inputs and processes necessary to provide economic benefits to the Company, it was determined that each acquisition represents a business combination. Therefore, the transactions have been accounted for using the acquisition method of accounting, which requires, with limited exceptions, that assets acquired, and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Any excess of the consideration transferred over the estimated fair values of the net assets acquired is recorded as goodwill. Transaction costs related to business combinations are expensed in the period in which they are incurred.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash or deposits with financial institutions and deposits in highly liquid money market securities. Deposits with financial institutions are insured by the Federal Deposit Insurance Corporation up to certain defined limits. Bank deposits at times may exceed federally insured limits. The Company has not experienced any losses in these accounts.

Accounts Receivable

Accounts receivable from patients are carried at the original charge for the services provided, and an adjustment is made to the receivable in a contra account based on the historical collection rate for the provider and payor combination. This adjustment takes into consideration any allowance for doubtful accounts. Management determines the allowance for uncollectible accounts based on historical experience.

As of December 31, 2023 and 2022, the accounts receivable, net balances were $129.2 million and $136.1 million, respectively.

Inventories

Inventories, consisting primarily of pharmaceuticals finished goods, are valued at the lower of cost or net realizable value, with cost being determined on a first-in, first-out basis. Obsolescence for inventories is estimated based on expiration dates and slow-moving inventory. No obsolescence allowances have been recorded as of December 31, 2023 and 2022. If the Company determines that an item is obsolete, or the expected net realizable value upon sale is lower than the currently recorded cost, a write-down is recorded and charged to cost of revenue to reduce the inventory to its net realizable value and a new cost basis is established. The majority of the Company’s inventories are purchased from a related party (See Note 14).

Other Receivables

Other receivables consist primarily of rebates on drug purchases made in the current period which are offered as an incentive by the distributor and/or manufacturer and are not yet paid as of year-end.

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. A summary of the lives used for computing depreciation is as follows:

Leasehold improvements			1 - 15 years
Furniture, fixtures and equipment			7 years
Medical equipment			5 - 10 years
Computer equipment			5 years
Signs			7 years
Automobiles			5 years
Software			7 years

Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related lease, which may include one or more option renewal periods. Maintenance and repairs that do not improve service potential or extend economic life are expensed as incurred. Expenditures for major improvements and additions are capitalized. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In assessing long-lived assets for impairment, assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability is measured by a comparison of the carrying amount of an asset group to the undiscounted future net cash flows expected to be generated by the asset group. If estimated future undiscounted cash flows are not sufficient to recover the carrying value of the assets, impairment is measured by comparing the carrying amount of the assets to the estimated fair value, obtained through appraisal or market quotations, or discounted future net cash flow estimates. The Company did not recognize any long-lived asset impairments during 2023, 2022, and 2021.

Goodwill

Goodwill arising from business combinations represents the excess of the fair value of consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed as of the acquisition date. Goodwill amounts are not amortized, but rather tested for impairment annually, on October 1, or more often if circumstances indicate that the carrying value may not be recoverable. There was no impairment of goodwill during any of the periods presented.

Leases

Effective January 1, 2022, the Company adopted ASU 2016-02, Leases and the subsequently issued supplemental and/or clarifying ASUs known as ASC Topic 842 (collectively “ASC 842”) using the modified retrospective approach. See Recently Adopted Accounting Pronouncements below, which discusses the initial adoption of this new guidance.

The Company’s lease portfolio primarily consists of office and equipment leases for its practice facilities. The Company evaluates whether a contract is or contains a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As the Company’s operating leases do not generally provide an implicit rate, the incremental borrowing rate is used based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of the Company’s operating leases include the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the operating lease right-of-use (“ROU”) assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.

The Company elected not to recognize operating lease ROU assets and lease liabilities for all short-term leases (leases with an initial lease term of 12 months or less). The Company recognizes the lease payments associated with short-term leases as an expense over the lease term.

The operating lease ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The operating lease ROU assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The operating lease liabilities are initially measured at the present value of the unpaid lease payments at the lease commencement date.

Income Taxes

The Company accounts for its income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not that the Company will not realize those tax assets through future operations.

The Company is a member of American Oncology Network, LLC, which is treated as a partnership for U.S. federal and certain state and local income taxes. As a partnership, American Oncology Network, LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by American Oncology Network, LLC is passed through to and included in the taxable income of its members, including the Company, in accordance with the partnership agreement. The Company is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to the allocable share of any taxable income of American Oncology Network, LLC. Additionally, other corporate entities within the Company’s structure are subject to income taxes.

Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Although certain cash accounts exceed the federally insured deposit amount, management has not previously experienced nonperformance by any financial institution

Equity-Based Compensation

The Company measures the compensation cost of all equity awards at the estimated fair value of the award on the date of grant and records the related expense in the accompanying consolidated statements of operations and comprehensive loss on a straight-line basis over the applicable service period. Prior to the closing of the Business

Combination, the Company used an option pricing method to value its common stock. This method allocates the fair value of total equity to the various components of equity based on an estimated liquidity event. This option pricing method first values the Company at the enterprise level, and then values breakpoints based on the liquidation preferences of the Class A, Class A-1, and Class B units. An allocation of total equity (enterprise value) is then performed to the various equity components based on the relative rights and privileges of each class of equity. The Company was assisted by third-party valuation experts to apply the above models to calculate the fair value estimate. Forfeitures are accounted for as they occur.

After consummation of the Business Combination, the Company issued an equity incentive plan (“2023 Incentive Equity Plan”). The purpose of the 2023 Incentive Equity Plan is to attract and retain personnel for positions with the Company, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business. The Plan permits the grant of Incentive Stock Options (“ISO”) to any ISO Employee and the grant of Non statutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, and Performance Awards to any Service Provider. As of December 31, 2023, no awards have been granted from the 2023 Incentive Equity Plan.

Debt Issuance Costs

Debt issuance costs consist of legal fees and other professional services and are capitalized. Debt issuance costs are presented in the consolidated balance Sheets as a direct deduction from the carrying value of the associated debt liability and amortized to interest expense in the consolidated statements of operations and comprehensive loss. The costs related to the term loans are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related debt. The amortization related to the debt issuance costs included in interest expense within the accompanying consolidated statements of operations and comprehensive loss was $0.8 million in 2023, $0.6 million in 2022, and $0.4 million in 2021.

Offering Costs

The Company defers specific incremental costs directly attributable to proposed offerings of securities. These costs consist of legal, accounting, and other similar expenses incurred through the balance sheet date that are directly related to a potential offering. If the offering is completed, these costs will be charged against the gross proceeds of the offering. These offering costs will be allocated to the separable financial instruments issued in the transaction on a relative fair value basis of the securities issued, compared to total proceeds received. Offering costs associated with any instruments classified as liabilities will be expensed as incurred, presented as non-operating expenses in the consolidated statements of operations and comprehensive loss.

During the year ended December 31, 2023, the Company incurred additional deferred offering costs of approximately $0.8 million which were recorded as an offset to the net proceeds of the AON LLC Class C Units (discussed below) in mezzanine equity on the consolidated balance sheets as of December 31, 2023. At December 31, 2022, the Company had incurred approximately $0.3 million of offering costs, which are included in other assets in the accompanying consolidated balance sheets.

As discussed in Note 1, on June 7, 2023, AON LLC issued Redeemable Convertible Preferred Class C Units (“Class C Units” or “AON LLC Class C Units”) for net proceeds of approximately $64.5 million ($65.0 million in gross proceeds, net of $0.5 million in offering costs). The Company determined that an additional $0.3 million of costs incurred through June 7, 2023 related to the process of raising the proceeds generated by the issuance of the Class C Units. Accordingly, these deferred offering costs have been reclassified from other assets to mezzanine equity, for a total of $0.8 million in Class C Unit offering costs. The Class C Units were subsequently converted to AON LLC Series A Preferred Units upon the Closing of the Business Combination, which were subsequently exchanged for Series A Preferred Stock.

Professional Liability

The Company maintains insurance policies for exposure to professional malpractice insurance risk. The limits of malpractice insurance provide each physician/advanced practice provider with a dedicated $1.0 million limit per claim and a $3.0 million limit in the aggregate per policy period – on a first dollar basis, as no deductible applies. The policy further then extends coverage to the Company, by providing a $2.0 million limit per claim and a $4.0 million limit in the aggregate per policy period - on a first dollar basis, additionally, as no deductible applies. Reserves are established for estimates of the loss that will ultimately be incurred on claims that have been reported

but not paid and claims that have been incurred but not reported. These reserves are established based on consultation with a third-party actuary. The actuarial valuations consider a number of factors, including historical claims payment patterns, changes in case reserves and the assumed rate of increase in healthcare costs. Management believes the use of actuarial methods to account for these reserves provides a consistent and effective way to measure these subjective accruals. However, due to the sensitive nature of this estimation technique, recorded reserves could differ from ultimate costs related to these claims due to changes in claims reporting, claims payment and settlement practices and differences in assumed future cost increases. Accrued unpaid claims and expenses that are expected to be paid within the next twelve months are classified as current liabilities and included in accrued other. All other accrued unpaid claims and expenses are classified as long-term liabilities and included in other long-term liabilities. Insurance recoveries associated with the unpaid claims are classified as long-term assets included in other assets.

Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

Accounting guidance establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:

Level 1

Inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market.

Level 2

Inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities being measured within the fair value hierarchy.

Our financial instruments include cash, short-term marketable securities, accounts receivable, notes receivable, accounts payable, accrued expenses, long-term debt and contractual agreements that resulted in derivative liabilities. Our nonfinancial assets such as property and equipment are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that impairment may exist.

The carrying amounts of cash, accounts receivable, accounts payable, notes receivable, and accrued expenses approximate their fair value because of the short-term maturity and highly liquid nature of these instruments. We determine the fair value of long-term debt and marketable securities based on various factors including maturity schedules and current market rates.

See Note 6 for a discussion of the Company’s Level 1 and Level 2 Marketable Securities as of December 31, 2023 and 2022. See below for a discussion of the Company’s Level 1 and Level 3 warrant liabilities as of December 31, 2023. As of December 31, 2023 and 2022, there were no Level 3 financial instruments. There were no transfers between any levels of the hierarchy during any periods presented.

Warrant Liabilities

The Company evaluated the Public Warrants and Private Placement Warrants and the Class B Prefunded Warrants, collectively referred to herein as “Warrants”, in accordance with ASC 815-40, “Derivatives and Hedging —- Contracts in Entity’s Own Equity”, and concluded that a provision in the warrant agreements related to potential net cash settlement of the warrants upon an exchange or tender offer that may not result in a change in control of the entity precludes the warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as long term liabilities on the consolidated

balance sheets and measured at fair value at inception and at each reporting date in accordance with ASC 820, “Fair Value Measurement”, with changes in fair value recognized in other income (expense), net on the consolidated statements of operations and comprehensive loss in the period of change.

As of December 31, 2023, the Public Warrants were trading separately from the Class A Common Stock and the quoted market price was used to establish fair value. As such, the Public Warrants fair value was determined using a Level 1 input. The fair value of the Public Warrants is $1.9 million and recorded in other long-term liabilities on the consolidated balance sheets.

Management has utilized the public warrant price to value the private warrants and believes the public and private warrants have materially consistent fair values given the existence of the make-whole redemption feature. As of December 31, 2023, a valuation of the private warrants was performed which confirmed the private warrant value was materially consistent with the public warrants. The details of this valuation are included in the paragraph below.

The fair value of the Private Placement warrants was determined using Level 3 inputs. As of December 31, 2023, the fair value of the Private Placement Warrants was estimated to be $1.4 million and recorded in other long-term liabilities on the consolidated balance sheets. The fair value was estimated at December 31, 2023, using the Black-Scholes Option Pricing model using the following assumptions:

Expected annual dividend yield – 0.0%

Expected volatility – 20.50%

Risk-free rate of return – 3.84%

Expected Option Term – 5 years

The AON Class B Prefunded Warrants are exercisable into one share of New AON Class B Common Stock. A share of New AON Class B Common Stock, together with an AON LLC Common Unit, may be exchanged for one share of New AON Class A Common Stock. Considering New AON Class B Common Stock has no economic rights and limited liquidity or value if the holder does not also possess an AON LLC Common Unit, and because the AON Class B Prefunded Warrants are exercisable into New AON Class B Common Stock, the Company has estimated fair value of the Class B Prefunded Warrants to be immaterial.

Earnings Per Share

The Company recast Historical AON LLC Equity as AON Inc. common equity for all periods prior to the Reverse Recapitalization, refer to Note 2. However, as 100% of the net losses of AON LLC prior to the Reverse Recapitalization were absorbed by the Legacy AON Stockholders, basic and diluted earnings (loss) per share is zero for the year ended December 31, 2022 and 2021 and basic and diluted earnings (loss) per share for the year ended December 31, 2023 represents only the period from September 21, 2023 to December 31, 2023, the period where the Company had earnings (loss) attributable to Class A Common Stockholders. Class B Common Stock does not have economic rights in AON Inc., including rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted earnings (loss) per share. As such, basic and diluted earnings (loss) per share of Class B Common Stock has not been presented.

As discussed in Note 1, the Company has issued and outstanding Sponsor Earnouts, which are subject to forfeiture if the achievement of certain stock price thresholds are not met. In accordance with ASC Topic 260, “Earnings Per Share,” the Sponsor Earnouts are excluded from weighted-average shares outstanding to calculate basic earnings (loss) per share as they are considered contingently issuable shares due to their potential forfeiture. Sponsor Earnouts will be included in weighted-average shares outstanding to calculate basic earnings (loss) per share as of the date of their stock price thresholds are met and they are no longer subject to forfeiture.

Basic and diluted earnings (loss) per share is computed by use of the two-class method as a result of outstanding Series A Preferred Stock, which accrue dividends at the annual rate of 8% of the original price per share, participate with common stock on all other dividends, and accordingly have participation rights in undistributed earnings as if all such earnings had been distributed during the period (see Note 16). Under such method income available to common stockholders is computed by deducting both dividends declared or, if not declared, accumulated on Series A Preferred Stock from net income. Loss attributable to common stockholders is computed by increasing net loss by such dividends. Since the participating Series A Preferred Stock has no contractual obligation to share in the losses of the Company, there is no loss allocation between Class A Common Stock and Series A Preferred Stock.

Basic earnings (loss) per share is based on the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted earnings (loss) per share is based on the weighted-average number of shares of Class A Common Stock used for the basic earnings (loss) per share calculation, adjusted for the dilutive effect of the Public and Private Warrants and Sponsor Earnout, if any, using the “treasury stock” method and the convertible Series A Preferred Stock and, exchangeable Class B Common Stock and Class B Prefunded Warrants, if any, using the “if-converted” method. Net earnings (loss) for diluted loss per share is adjusted for the Company’s share of AON LLC’s consolidated net earnings (loss), net of AON Inc. taxes, after giving effect to the Class B Common Stock and Class B Prefunded Warrants that are exchanged into potential shares of Class A Common Stock, Public and Private Warrants that are liability classified, and Series A Preferred Stock, to the extent it is dilutive.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial instruments-Credit Losses” (“ASU 2016- 13”). ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures relating to significant estimates and judgments used in estimating credit losses, as well as the credit quality. ASU 2016-13 is effective for the Company for annual reporting periods beginning after December 15, 2022. ASU 2016-13 was adopted by the Company effective January 1, 2023 with no material impact on the Company’s consolidated financial statements and related disclosures.

On January 1, 2022, the Company adopted ASU 2016-02, “Leases” (Topic 842), using the modified retrospective approach for leases that existed on January 1, 2022. ASC 842 requires lessees to recognize assets and liabilities for most leases.

The Company elected to adopt the leasing package of practical expedients, which provides for not retroactively reassessing: i) any expired or existing contracts containing leases under the new definition of a lease; ii) the lease classification for any expired or existing leases; and iii) initial direct costs for any expired or existing leases. The Company also elected to adopt practical expedients around land easements and the combination of lease and non-lease components for its real estate leases. These practical expedients were applied consistently to all applicable leases.

Upon adoption of ASC 842, the Company recorded an initial adjustment to the opening balance sheet of $44.4 million to operating ROU assets, ($1.2) million to prepaid expenses and other current assets, $8.0 million to current portion of operating lease liabilities, $38.0 million to long-term operating lease liabilities, $2.5 million in ROU assets and lease liabilities related to the Company’s finance leases; and $2.8 million to other long-term liabilities. The impact of ASC 842 was not material to the consolidated statements of operations and comprehensive loss.

Recently Issued Accounting Pronouncements

In October 2021, the FASB issued ASU 2021-08, “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which provides that an acquirer must recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2023, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures. This update enhances disclosure requirements through enhanced disclosures about significant reportable segment expenses and other segment disclosures under ASC 280. This update is applicable to all public entities and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods commencing after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively for all periods presented in the financial statements. The Company is currently evaluating the impact the new accounting guidance will have on the disclosures within its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes-Improvements to Income Tax Disclosures, an update which enhances income tax disclosures. This guidance requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. This update is applicable to all public

entities and is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. The Company is currently evaluating the impact the new accounting guidance will have on the disclosures within its consolidated financial statements.

Noncontrolling Interest - Narrative (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2023

Sep. 20, 2023

Dec. 31, 2023

Dec. 31, 2021

Noncontrolling Interest [Line Items]

Redemption ratio

Number of days after redemption notice date that redemption must be settled

10 years

Redemption value of noncontrolling interest

$ 167,000

Excess redeemable noncontrolling interest over carrying amount

160,700

Adjustments to additional paid in capital, fair value adjustment, redeemable noncontrolling interest

160,733

Additional Paid in Capital

Noncontrolling Interest [Line Items]

Adjustments to additional paid in capital, fair value adjustment, redeemable noncontrolling interest

17,601

^[1]

17,600

Retained Earnings (Deficit)

Noncontrolling Interest [Line Items]

Adjustments to additional paid in capital, fair value adjustment, redeemable noncontrolling interest

$ 143,132

$ 143,100

Common Class A

Noncontrolling Interest [Line Items]

Common stock, shares outstanding (in shares)

9,517,816

Stockholders' equity, conversion, threshold volume weighted average price period

5 days

Legacy AON Stockholders | AON LLC

Noncontrolling Interest [Line Items]

Common unit, units outstanding (in units)

28,109,796

Allocation of income to controlling and noncontrolling interests (in percent)

80.80%

100.00%

67.80%

100.00%

Common stock, shares outstanding (in shares)

25,109,551

Class of warrant outstanding (in warrants)

3,000,245

LLC ownership threshold, percentage

50.00%

[1]	The acronyms in the tables above are defined as follows:APIC - Accumulated paid in capitalAOCI - Accumulated other comprehensive incomeNCI - Mezzanine equity classified noncontrolling interest

Earnings Per Unit

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Unit

16. Earnings Per Unit

The following table sets forth the computation of basic and diluted net loss per share of Class A Common Stock and represents the period from September 21, 2023 to December 31, 2023, the period where the Company had Class A and Class B common stock outstanding. Class B Common Stock does not have economic rights in AON Inc., including rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted loss per share. As such, basic and diluted loss per share of Class B Common Stock has not been presented. Series A Preferred Stock are considered participating securities for basic and diluted loss per share, but do not participate in losses. As such, basic and diluted loss per share is computed using the two-class method. For additional information, see Notes 1 and 2.

Basic loss per share is based on the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted loss per share is based on the weighted-average number of shares of Class A Common Stock used for the basic loss per share calculation, adjusted for the dilutive effect of Public and Private Warrants and Sponsor Earnouts, if any, using the “treasury stock” method and the convertible Series A Preferred Stock, Class B Common Stock, and Class B Prefunded Warrants, if any, using the “if-converted” method. Net loss for diluted loss per share is adjusted for the Company’s share of AON LLC’s consolidated net loss, net of AON Inc. taxes, after giving effect to Class B Common Stock and Class B Prefunded Warrants that are exchanged into potential shares of Class A Common Stock, Public and Private Warrants that are liability classified, and Series A Preferred Stock that accrue dividends, to the extent it is dilutive.

Net loss attributable to Class A Common Stockholders for basic and diluted earnings per share			$(5,542,929)
Series A Preferred Cumulative Dividends			(1,492,917)
Series A Preferred Deemed Dividend			(2,089,000)
Undistributed loss for basic earnings per share			$(9,124,846)
Weighted-average shares for basic earnings per share			6,685,515
Basic and Diluted loss per share of Class A Common Stock			$(1.36)

The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted loss per share for the period presented as they were anti-dilutive. Note that the Sponsor Earnouts are excluded from the calculation of weighted-average shares for diluted loss per share as the contingency had not been met as of the period end.

Series A Preferred Stock			6,651,610
Class B Common Stock			25,109,551
Class B Prefunded Warrants			3,000,245
Public and Private Warrants			14,450,833

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

13. Leases

The Company currently leases office facilities and equipment for its practices under noncancelable operating and finance lease agreements expiring on various dates through 2038. Certain of the leases contain renewal options which are exercisable at the Company’s discretion. These renewal options are considered in determining the lease term if it is reasonably certain that the Company will exercise such options. Additionally, the Company leases certain other office and medical equipment under month-to-month lease agreements.

Right-of-use assets and lease liabilities consist of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Assets
Operating lease right-of-use assets, net	$43,349	$43,724
Finance lease right-of-use assets, net (included in property and equipment, net)	5,794	1,998
Total right-of-use assets	$49,143	$45,722

Liabilities
Current
Current portion of operating lease liabilities	$6,692	$9,177
Current portion of finance lease liabilities (included in accrued other)	1,189	425
Total current lease liabilities	7,881	9,602
Long-term
Long-term operating lease liabilities	39,803	37,224
Long-term finance lease liabilities (included in other long-term liabilities)	4,548	1,619
Total lease liabilities	$52,232	$48,445

The components of lease costs recognized in the consolidated statements of operations and comprehensive loss consist of the following for the years ended December 31, 2023 and 2022 and are included in selling, general, and administrative expenses unless otherwise noted:

	Years Ended December 31,
	2023	2022
Operating lease costs	$11,193	$12,465
Finance lease costs
Amortization of finance lease right-of-use assets	538	523

Interest on finance lease liabilities (included in interest expense)	135	79
Variable lease costs	2,303	2,737
Total lease costs	$14,169	$15,804

The following table reconciles the undiscounted cash flows expected to be paid in each of the next five years and thereafter recorded in the consolidated balance sheets for operating and finance leases as of December 31, 2023:

	Operating Lease	Finance Leases
2024	$9,458	$1,509
2025	9,652	1,487
2026	9,252	1,249
2027	8,036	1,185
2028	5,968	948
Thereafter	18,135	263
Total lease payments	60,501	6,641
Less: amount representing interest	(14,006)	(904)
Present value of lease liabilities	46,495	5,737
Less: current portion of lease liabilities	(6,692)	(1,189)
Long-term lease liabilities, net of current portion	$39,803	$4,548

The weighted-average remaining lease term as of December 31, 2023 and 2022 was 6.93 years and 5.68 years for operating leases and 4.76 years and 5.37 years for finance leases, respectively. The weighted-average discount rate as of December 31, 2023 and 2022 was 6.64% and 4.88% for operating leases and 6.30%and 3.60% for finance leases, respectively.

The cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023 and 2022 is as follows:

	Years Ended December 31,
	2023	2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$10,574	$12,590
Operating cash flows from finance leases	135	79
Financing cash flows from finance leases	593	426
ROU assets obtained in exchange for new operating lease liabilities	9,959	9,811
ROU assets obtained in exchange for new finance lease liabilities	4,290	—

Business Combinations - Narrative (Details)			12 Months Ended
Business Combinations - Narrative (Details)	Nov. 16, 2023 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) practice	Dec. 31, 2023 USD ($)	Jun. 14, 2023
Business Acquisition [Line Items]
Number of businesses acquired \| practice				4
Pro forma information, revenue of acquiree since acquisition date			$ 22,900,000	$ 55,700,000
Northern Arizona Hematology and Oncology
Business Acquisition [Line Items]
Purchase price (less than)	$ 1,000,000	$ 100,000
Unwind agreement, liability			$ 0		$ 0
Clinical and Nonclinical Assets
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired (in percent)						100.00%

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

5.	Business Combinations

2023 Acquisitions

The Company did not have any ASC 805 acquisitions during the year ended December 31, 2023.

2022 Acquisitions

During the year ended December 31, 2022, the Company entered into a purchase agreement acquiring control of Northern Arizona Hematology and Oncology on January 1, 2022 for an aggregate purchase price of less than $0.1 million. Because the acquisition of Northern Arizona Hematology and Oncology was on the first day of the fiscal period, the Company’s results for the year ended December 31, 2022 include the results of the acquired practice.

2021 Acquisitions

During 2021 the Company entered into Asset Purchase Agreements (“Transactions”) acquiring control of four (4) oncology practices. The Transactions allow the Company to expand domestic reach related to its comprehensive oncology and practice management services. As described in Note 2, the Company evaluated each of the Transactions and determined each acquisition represents a business combination. This standard also establishes principles and requirements for how the acquirer recognizes and measures in its financial statements the identifiable assets and goodwill acquired, the liabilities assumed, and any noncontrolling interest in the acquiree. ASC 805 also determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination.

In connection with each of the Transactions, the Company acquired 100% of both the clinical and nonclinical assets of the respective seller. The clinical assets, acquired by AON Partners, primarily consist of medical supplies and drugs. Nonclinical assets, acquired by AOMC, primarily consist of tangible fixed assets and equipment. The following table summarizes the amounts of the assets acquired and consideration transferred on acquisitions disclosed in Note 1, the accounting for which is completed as of December 31, 2022. For the table below, the Company has presented the acquired locations collectively.

			2021 Acquired Locations
Purchase considerations
Cash transferred upon closing			$3,215
Assumed capital lease liabilities			1,097
Total consideration transferred			4,312
Net assets acquired
Inventories			2,211
Other assets			180
Property and equipment			1,371
Total net assets acquired			3,762
Amount assigned to goodwill			$550

The following table presents revenue and net income for the years ended December 31, 2022, and 2021, respectively, as if the fiscal 2022 acquisitions had occurred as of January 1, 2021, and the fiscal 2021 acquisitions had occurred as of January 2020.

The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transactions been completed as of the dates indicated or that may be achieved in the future. The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business combinations included in the reported pro forma revenue and net income.

From the dates of acquisition through December 31, 2022 and December 31, 2021, revenue attributable to 2022 and 2021 acquired businesses was $22.9 million, and $55.7 million, respectively. It was impracticable to determine the effect on the Company’s net income (loss) of the acquired businesses as their operations have been integrated into the Company’s ongoing operations since the dates of acquisition.

In connection with each of the Company’s business combinations, the Company executed employment agreements with the selling physicians to become employees of AON Partners and/or Partners of Maryland. Additionally, for each transaction the Company and selling physicians entered into a separate unwind agreement granting each other a unilateral option that may be exercised by either party and effectively returns the acquired business to the selling physicians if exercised. In the event the Company or seller exercise their unwind rights, the

selling physicians are required to repay the original purchase price for the assets that were sold in the Transaction plus any assets that were acquired after the Transaction, less any accumulated depreciation or amortization with respect to the assets. The selling physicians are also required to assume all contracts associated with their practice. Additionally, in the event of unwind, the selling physicians are entitled to any severance amounts that are due to them under their employment agreement with AON Partners and their employment is terminated on the unwind date. As of December 31, 2022, no liability has been recorded related to the unwind agreements as neither the Company nor any selling physicians exercised their unwind rights and therefore no payments are considered probable to the selling physicians. During the year ended December 31, 2023, one group of physicians exercised their unwind rights and the practice was sold on November 16, 2023 for total consideration of $1.0 million. No liability was recorded for this transaction as there were no severance amounts due to the physicians under their employment agreements as of December 31, 2023.

Long-term Debt - Narrative (Details) - Line of Credit				12 Months Ended
Long-term Debt - Narrative (Details) - Line of Credit	Jun. 30, 2023 USD ($)	Feb. 14, 2022 USD ($)	Apr. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 15, 2022 USD ($)	Jul. 29, 2021 USD ($)
PNC Loan Facility
Debt Instrument [Line Items]
Proceeds from facility			$ 34,600,000
Maximum borrowing capacity		$ 125,000,000	65,000,000				$ 75,000,000
Pledged collateral			10,000,000
Quarterly collateral released			$ 2,500,000
Proceeds from lines of credit		16,300,000
Unamortized debt issuance costs	$ 400,000
PNC Loan Facility \| Debt Instrument, Threshold Limit, Period One
Debt Instrument [Line Items]
Minimum funding threshold (in percent)	0.65		0.65
PNC Loan Facility \| Debt Instrument, Threshold Limit, Period Two
Debt Instrument [Line Items]
Minimum funding threshold (in percent)			0.75
PNC Loan Facility \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread (in percent)			1.45%
Revolving Credit Facility \| PNC Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000	$ 5,000,000			$ 1,000,000
Bank fee (in percent)			1.65%
Proceeds from lines of credit				$ 0	$ 0
Unused line fee (in percent)			0.20%
Revolving Credit Facility \| PNC Line of Credit \| London Interbank Offered Rate (LIBOR) 1
Debt Instrument [Line Items]
Basis spread (in percent)			1.65%
Revolving Credit Facility \| PNC Line of Credit \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread (in percent)			0.65%
Revolving Credit Facility \| PNC Line of Credit \| Bloomberg Short-Term Bank Yield Index
Debt Instrument [Line Items]
Basis spread (in percent)		1.65%

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Total inventories	$ 44,569	$ 36,476
Intravenous drugs
Inventory [Line Items]
Total inventories	32,388	25,674
Oral pharmaceuticals
Inventory [Line Items]
Total inventories	$ 12,181	$ 10,802

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 7.2	$ 6.7	$ 6.1

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Assets and Liabilities

Right-of-use assets and lease liabilities consist of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Assets
Operating lease right-of-use assets, net	$43,349	$43,724
Finance lease right-of-use assets, net (included in property and equipment, net)	5,794	1,998
Total right-of-use assets	$49,143	$45,722

Liabilities
Current
Current portion of operating lease liabilities	$6,692	$9,177
Current portion of finance lease liabilities (included in accrued other)	1,189	425
Total current lease liabilities	7,881	9,602
Long-term
Long-term operating lease liabilities	39,803	37,224
Long-term finance lease liabilities (included in other long-term liabilities)	4,548	1,619
Total lease liabilities	$52,232	$48,445

Lease, Cost

	Years Ended December 31,
	2023	2022
Operating lease costs	$11,193	$12,465
Finance lease costs
Amortization of finance lease right-of-use assets	538	523

Interest on finance lease liabilities (included in interest expense)	135	79
Variable lease costs	2,303	2,737
Total lease costs	$14,169	$15,804

The cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023 and 2022 is as follows:

	Years Ended December 31,
	2023	2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$10,574	$12,590
Operating cash flows from finance leases	135	79
Financing cash flows from finance leases	593	426
ROU assets obtained in exchange for new operating lease liabilities	9,959	9,811
ROU assets obtained in exchange for new finance lease liabilities	4,290	—

Lessee, Operating Lease, Liability, to be Paid, Maturity

	Operating Lease	Finance Leases
2024	$9,458	$1,509
2025	9,652	1,487
2026	9,252	1,249
2027	8,036	1,185
2028	5,968	948
Thereafter	18,135	263
Total lease payments	60,501	6,641
Less: amount representing interest	(14,006)	(904)
Present value of lease liabilities	46,495	5,737
Less: current portion of lease liabilities	(6,692)	(1,189)
Long-term lease liabilities, net of current portion	$39,803	$4,548

Finance Lease, Liability, to be Paid, Maturity

	Operating Lease	Finance Leases
2024	$9,458	$1,509
2025	9,652	1,487
2026	9,252	1,249
2027	8,036	1,185
2028	5,968	948
Thereafter	18,135	263
Total lease payments	60,501	6,641
Less: amount representing interest	(14,006)	(904)
Present value of lease liabilities	46,495	5,737
Less: current portion of lease liabilities	(6,692)	(1,189)
Long-term lease liabilities, net of current portion	$39,803	$4,548

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The assets of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2023 and 2022, are as follows:

	As of December 31, 2023	As of December 31, 2022
Assets
Cash and cash equivalents	$26,574	$26,844
Accounts receivable	129,151	136,098
Inventories	44,569	36,476
Prepaid expenses and other current assets	895	846
Goodwill and intangibles, net	180	180
Other receivables	33,809	28,139
Other assets	2,091	1,489
Total assets	$237,269	$230,072

The liabilities of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2023 and 2022, are as follows:

	As of December 31, 2023	As of December 31, 2022
Liabilities
Accounts payable	$122,324	$102,783
Accrued compensation and benefits	21,380	6,021
Accrued other	16,723	15,926
Other long-term liabilities	273	452
Due to AON LLC and subsidiaries, net	117,194	128,204
Total liabilities	$277,894	$253,386

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Investment in partnership	$ 9,337	$ 0
Net operating loss carryforwards	10,092	6,589
Accrued expenses	160	165
Start-up costs	748	0
Gross deferred tax assets	20,337	6,754
Valuation allowance	(17,443)	(5,835)
Total deferred tax assets (after valuation allowance)	2,894	919
Deferred tax liabilities
Accounting method change	0	918
Fixed assets	0	1
Total deferred tax liabilities	0	919
Net deferred tax asset	$ 2,894	$ 0

Consolidated Statements of Cash Flows - Parenthetical - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Amortization of operating right-of-use assets

^[1]

$ 8,289

$ 10,364

Inventories

^[2]

(8,090)

(1,947)

$ (10,260)

Accounts payable

^[3]

20,067

14,077

21,679

Operating lease liabilities

^[4]

(7,754)

(10,485)

2,146

2,059

Inventories

(7,688)

(1,850)

(11,848)

Accounts payable

18,744

13,314

$ 23,309

Operating lease liabilities

$ (2,381)

$ (1,995)

[1]	Includes related party amortization of operating right-of-use assets of $2,146 and $2,059 for the years ended December 31, 2023 and 2022, respectively.
[2]	Includes changes in related party balances of ($7,688), $(1,850), and $(11,848) for the years ended December 31, 2023, 2022, and 2021, respectively.
[3]	Includes changes in related party balances of $18,744, $13,314, and $23,309 for the years ended December 31, 2023, 2022, and 2021, respectively.
[4]	Includes changes in related party balances of ($2,381) and ($1,995) for the years ended December 31, 2023 and 2022, respectively.

Reverse Recapitalization

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Reverse Recapitalization

3.	Reverse Recapitalization

As discussed in Note 1, AON LLC merged with DTOC, with AON LLC surviving the Merger. AON LLC is governed by a board of managers composed of three (3) persons that were designated by New AON and two (2) persons that were designated by holders of a majority of the AON LLC Common Units, held by members of AON LLC other than New AON. Management determined AON LLC was not a variable interest entity (Refer to Note 2), and as result, identified AON LLC as the accounting acquirer of the Merger in accordance ASC Topic 805. Management concluded that AON LLC was the accounting acquirer due to (i) the Legacy AON Stockholders, defined as the former AON Class A, Class A-1, and Class B unit holders, receiving the largest portion of the voting rights in the combined company, New AON, (ii) significantly all of the Legacy AON Stockholders retained their equity interest as stockholders in New AON, (iii) AON LLC’s operations prior to the Reverse Recapitalization comprising the only ongoing operations of New AON, (iv) the Legacy AON Stockholders have the right to appoint a majority of the directors of New AON, (v) the executive management of AON LLC will become the executive management of New AON and (vi) AON LLC is significantly larger than New AON in terms of revenue, total assets, and employees. Therefore, the Merger was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with ASC Topic 805. New AON was treated as the “acquired” company for financial reporting purposes, and for accounting purposes, the Reverse Recapitalization was treated as the equivalent of AON LLC issuing stock for the net assets of New AON, accompanied by a recapitalization. The net assets of New AON were recorded at historical cost on the consolidated balance sheet as of September 20, 2023, the Closing Date of the Reverse Recapitalization, with no goodwill or other intangible assets recorded. For additional information on the capitalization of New AON and AON LLC immediately following the Closing of the Reverse Recapitalization, see Notes 1 and 2.

The following table provides the historical cost of assets and liabilities of AON Inc. as of September 20, 2023.

			As of September 20, 2023
Cash and Cash Equivalents			$1,493
Current Liabilities			(13,295)
Long Term Liabilities			(6,791)
Total Net Liabilities			$(18,593)

The Company recorded a Day 1 expense as of the Closing of the Business Combination equal to $18.2 million. Of that total amount, $13.0 million was recorded in transaction expenses on the consolidated statement of operations and comprehensive loss. The remaining $5.2 million was recorded in other income (expense) net on the consolidated statement of operations and comprehensive loss. This amount represented the loss on the issuance of Public and Private Warrants, as of the Closing, net of cash received. The Company also recorded a $4.3 million gain in other income (expense), net related to the change in the fair value of the Public and Private Warrants during the period of September 21, 2023 through September 30, 2023.

Consolidated Statements of Mezzanine and Members Equity - USD ($)
$ in Thousands

Total

Capital Unit, Class A

Capital Unit, Class A-1

Capital Unit, Class B

Common Class A

Class B Common Stock

Common Stock

Common Class A

Common Stock

Class B Common Stock

Common Units

Capital Unit, Class A

Common Units

Capital Unit, Class A-1

Common Units

Capital Unit, Class B

Common Units

Capital Unit, Class B-1

Additional Paid in Capital

AOCI

^[1]

Noncontrolling Interest

Retained Earnings (Deficit)

Beginning balance (in units) at Dec. 31, 2020

19,495,000

1,843,000

3,218,000

Beginning balance at Dec. 31, 2020

$ 59,629

$ 7,725

$ 28,500

$ 60

$ 23,344

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss attributable to Legacy AON Stockholders prior to the reverse recapitalization

(105)

Equity based compensation (in shares)

1,485,000

Equity based compensation

$ 20

Other comprehensive income (loss)

Ending balance (in units) at Dec. 31, 2021

19,495,000

1,843,000

4,703,000

Ending balance at Dec. 31, 2021

59,544

$ 7,725

$ 28,500

$ 80

23,239

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss attributable to Legacy AON Stockholders prior to the reverse recapitalization

2,589

Other comprehensive income (loss)

(117)

$ (117)

Ending balance (in units) at Dec. 31, 2022

19,495,376

1,842,520

4,703,628

19,495,000

1,843,000

4,703,000

Ending balance at Dec. 31, 2022

$ 62,016

$ 7,725

$ 28,500

$ 80

(117)

25,828

Redeemable Preferred Stock

Issuance of Class C Units, net of offering costs (in shares)

^[2]

6,500,000

Issuance of Class C Units, net of offering costs

^[2]

$ 62,897

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Class A and A-1 preferred returns

(8,174)

Issuance of additional Class A-1 Units pursuant to the Anti-Dilution Feature (in shares)

1,157,000

Issuance of additional Class A-1 Units pursuant to the Anti-Dilution Feature

$ 9,725

Tax distributions

(1,306)

Capital contribution from noncontrolling interest member

$ 134

Accumulated Other Comprehensive Income

179

Net loss attributable to Legacy AON Stockholders prior to the reverse recapitalization

(27,081)

(26)

(27,055)

Equity based compensation (in shares)

911,000

1,047,000

Equity based compensation

$ 4,874

$ 10

$ 4,864

Ending Balance (in shares) at Dec. 31, 2023

^[2]

6,652,000

Ending Balance at Dec. 31, 2023

^[2]

$ 64,986

Increase (Decrease) In Noncontrolling Interest [Roll Forward]

Net loss after the reverse recapitalization

(30,800)

Ending Balance at Dec. 31, 2023

^[1]

167,025

Beginning balance (in units) at Dec. 31, 2022

19,495,376

1,842,520

4,703,628

19,495,000

1,843,000

4,703,000

Beginning balance at Dec. 31, 2022

62,016

$ 7,725

$ 28,500

$ 80

(117)

25,828

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss)

510

Fair value adjustment to redeemable noncontrolling interest

$ (17,600)

(143,100)

Ending balance (in shares) at Dec. 31, 2023

9,517,816

25,109,551

6,678,000

25,110,000

Ending balance (in units) at Dec. 31, 2023

Ending balance at Dec. 31, 2023

$ (161,298)

$ 1

$ 3

^[1]

429

(161,812)

Redeemable Preferred Stock

Reverse Recapitalization, net (in shares)

^[2]

152,000

Reverse Recapitalization, net

^[2]

$ 2,089

Ending Balance (in shares) at Dec. 31, 2023

^[2]

6,652,000

Ending Balance at Dec. 31, 2023

^[2]

$ 64,986

Increase (Decrease) In Noncontrolling Interest [Roll Forward]

Reverse Recapitalization, net

^[1]

36,872

Other comprehensive income

^[1]

268

Net loss after the reverse recapitalization

^[1]

(30,848)

Fair value adjustment to redeemable noncontrolling interest

^[1]

160,733

Ending Balance at Dec. 31, 2023

^[1]

167,025

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity based compensation

^[1]

743(b) tax adjustment

(254)

^[1]

(254)

Reverse Recapitalization, net (in shares)

6,693,000

25,110,000

(19,495,000)

(3,000,000)

(5,614,000)

(1,047,000)

Reverse Recapitalization, net

(35,430)

$ 1

$ 3

$ (7,725)

$ (38,225)

$ (90)

$ (4,864)

17,601

^[1]

(42)

(2,089)

Other comprehensive income (loss)

Repurchases of Class A Common Stock (in shares)

(15,000)

Repurchases of Class A Common Stock

(89)

^[1]

(89)

Net loss after the reverse recapitalization

(5,222)

321

(5,543)

Fair value adjustment to redeemable noncontrolling interest

(160,733)

(17,601)

^[1]

(143,132)

Ending balance (in shares) at Dec. 31, 2023

9,517,816

25,109,551

6,678,000

25,110,000

Ending balance (in units) at Dec. 31, 2023

Ending balance at Dec. 31, 2023

$ (161,298)

$ 1

$ 3

$ 0

^[1]

$ 81

$ 429

$ (161,812)

[1]	The acronyms in the tables above are defined as follows:APIC - Accumulated paid in capitalAOCI - Accumulated other comprehensive incomeNCI - Mezzanine equity classified noncontrolling interest
[2]	This activity reflects the issuance of the AON LLC Class C Units, the conversion of AON LLC Class C Units to AON LLC Series A Preferred Units, and the exchange of AON LLC Series A Preferred Units for Series A Preferred Stock, in accordance with the Business Combination. Refer to Note - 1 for the description of the Business Combination and Note 12 for the summary of equity instruments.

Commitment and Contingencies (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 31, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Costs incurred		$ 100,714	$ 86,610	$ 77,048
Florida Cancer Specialists, P.L.
Loss Contingencies [Line Items]
Term of services agreement (in years)	5 years
Written notice to terminate services agreement (in months)	12 months
Costs incurred				4,700
Security deposit				$ 1,000

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Florida Cancer Specialists Service In October 2017, the Company entered into a Services Agreement (“Agreement’) with Florida Cancer Specialists, P.L. (“FCS”). FCS provides certain medical services and practice management and administration services to the various physician practices. These services included but were not limited to insurance billing, collections, accounts payable, purchasing, payroll processing, and compliance and coding support. The initial agreement had a five-year term which renewed annually unless either party terminated with twelve months written notice. Fees for services were based on a percentage of full-time equivalent (“FTE”) revenue, as defined, subject to a maximum percentage per FTE at defined revenue levels. For the year ended December 31, 2021, AON Partners and Partners of Maryland collectively incurred costs of approximately $4.7 million related to this Agreement which are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. As additional security for payments under the Agreement, AON LLC deposited $1.0 million with FCS. During 2021, the agreement was terminated, and the Company settled with FCS. Contingencies The Company, through its arrangements with certain contracts, is subject to the Medicare and Medicaid fraud and abuse laws which prohibit, among other things, any false claims, or any bribe, kick- back or rebate in return for the referral of Medicare and Medicaid patients. Violation of these prohibitions may result in civil and criminal penalties and exclusion from participation in the Medicare and Medicaid programs. Management has implemented policies and procedures they believe will assure that the Company is in substantial compliance with these laws. From time to time, the Company may receive requests for information from government agencies pursuant to their regulatory or investigational authority. Such requests can include subpoenas or demand letters for documents to assist the government in audits or investigations. Management believes that the outcome of any of these investigations would not have a material adverse effect on the Company. Laws and regulations governing the Medicare program are complex and subject to interpretation. The Company believes that it is complying in all material respects with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing that would have a material effect on the Company’s consolidated financial statements. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties, and exclusion from the Medicare Program. The Company and its affiliates are subject to various legal proceedings and claims arising in the normal course of their business. In the opinion of management, the amount of the ultimate liability, if any, with respect to these lawsuits and claims will not have a material effect on the consolidated financial statements of the Company.

Professional Liability Insurance	12 Months Ended
Professional Liability Insurance	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Professional Liability Insurance	19. Professional Liability Insurance The Company has purchased claims-made professional liability insurance coverage through December 31, 2023 and 2022, covering up to $1.0 million per incident and $3.0 million in annual aggregate for each physician and covering up to $2.0 million per incident and $4.0 million in the aggregate at the entity level. The policy does not require a deductible per incident. As of December 31, 2023 and 2022, the gross malpractice insurance recovery balance was $2.8 million and $2.2 million, respectively, and the malpractice insurance reserve liability balance totaled $4.7 million and $3.7 million, respectively. The Company has a net retail liability of approximately $1.9 million and $1.6 million, respectively, for claims arising from incidents prior to December 31, 2023 and 2022 that are not yet reported as of December 31, 2023 and 2022.

Noncontrolling Interest - Schedule of Ownership (Details) - AON LLC	3 Months Ended
	Dec. 31, 2023 shares	Sep. 30, 2023 shares
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance (in units)	0
Common Units Issued as of Reverse Recapitalization (in units)	34,802,775
Additional Common Units Issued (in units)	191
Repurchases of Common Units (in units)	(14,729)
Common Units Issued (in units)	34,788,237
Series A Preferred Units Issued	6,651,610
Total Units Issued	41,439,847
Ending balance (in units)	41,439,847
Allocation of income to controlling and noncontrolling interests (in percent)	1
Allocation of losses to controlling and noncontrolling interests (in percent)	1
AON Inc.
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance (in units)	0
Common Units Issued as of Reverse Recapitalization (in units)	6,692,979
Additional Common Units Issued (in units)	191
Repurchases of Common Units (in units)	(14,729)
Common Units Issued (in units)	6,678,441	6,692,979
Series A Preferred Units Issued	6,651,610
Total Units Issued	13,330,051
Ending balance (in units)	13,330,051
Allocation of income to controlling and noncontrolling interests (in percent)	0.322
Allocation of losses to controlling and noncontrolling interests (in percent)	0.192
Common unit excluded from issuance (in units)		2,839,375
Legacy AON Stockholders
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance (in units)	0
Common Units Issued as of Reverse Recapitalization (in units)	28,109,796
Additional Common Units Issued (in units)	0
Repurchases of Common Units (in units)	0
Common Units Issued (in units)	28,109,796
Series A Preferred Units Issued	0
Total Units Issued	28,109,796
Ending balance (in units)	28,109,796
Allocation of income to controlling and noncontrolling interests (in percent)	0.678
Allocation of losses to controlling and noncontrolling interests (in percent)	0.808

Related Parties - Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 24, 2022	May 22, 2020	May 01, 2020	Jun. 01, 2019	May 01, 2019
Related Party Transaction [Line Items]
Total notes receivables	$ 2,754	$ 3,873
Less: Current portion of notes receivable	(1,604)	(1,797)
Notes receivable, less current portion	1,150	2,076
Note 2
Related Party Transaction [Line Items]
Total notes receivables	656	1,057
Original Principal							$ 5,355
Note 3
Related Party Transaction [Line Items]
Total notes receivables	17	119
Original Principal						$ 491
Note 6
Related Party Transaction [Line Items]
Total notes receivables	0	351
Original Principal				$ 1,111
Note 8
Related Party Transaction [Line Items]
Total notes receivables	2,081	2,221
Original Principal					$ 2,816
Note 9
Related Party Transaction [Line Items]
Total notes receivables	$ 0	$ 125
Original Principal			$ 125

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Intravenous drugs	$32,388	$25,674
Oral pharmaceuticals	12,181	10,802
Total inventories	$44,569	$36,476

Accrued Other (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Other Accrued Liabilities, Current

Accrued other consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Refund liability	$15,078	$14,544
Deferred social security taxes - COVID	—	378
Excise taxes payable	2,700	—
Current portion of finance lease liabilities	1,189	425
Other	3,360	2,453
Total accrued other	$22,327	$17,800

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cost of revenue

^[1],[2]

$ 1,196,389

$ 1,054,217

$ 865,788

General and administrative expenses

100,714

86,610

77,048

Fair value adjustment of warrants

8,376

Related Party

Cost of revenue

1,056,343

922,148

718,675

General and administrative expenses

$ 2,716

$ 2,643

$ 2,319

[1]	Includes related party inventory expense of $1,056,343, $922,148, and $718,675 for the years ended December 31, 2023, 2022, and 2021, respectively.
[2]	Includes related party rent of $2,716, $2,643, and $2,319 for the years ended December 31, 2023, 2022, and 2021, respectively.

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Useful Lives

A summary of the lives used for computing depreciation is as follows:

Leasehold improvements			1 - 15 years
Furniture, fixtures and equipment			7 years
Medical equipment			5 - 10 years
Computer equipment			5 years
Signs			7 years
Automobiles			5 years
Software			7 years

Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

9. Property and Equipment, net

Property and equipment, net consisted of the following at December 31, 2023 and 2022:

	As of December 31, 2023	As of December 31, 2022
Leasehold improvements	$32,490	$26,076
Furniture, fixtures and equipment	2,607	2,669
Medical equipment	15,666	11,003
Computer equipment	3,285	3,115
Signs	153	129
Automobiles	59	69
Software	7,829	4,834
Construction-in-progress	2,985	1,433
Property and equipment, gross	65,074	49,328

Accumulated depreciation and amortization	(24,635)	(17,348)
Property and equipment, net	$40,439	$31,980

For the years ended December 31, 2023, 2022 and 2021, depreciation expense was approximately $7.2 million, $6.7 million, and $6.1 million, respectively, and is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Construction-in-progress consists primarily of capital expenditures on new physician practice facilities which have not yet been opened and improvements to existing practice facilities which are not complete at year-end.

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2023	Jun. 30, 2023	Dec. 31, 2023
AON Central
Variable Interest Entity [Line Items]
Ownership interest (in percent)			20.00%
MIBA
Variable Interest Entity [Line Items]
Payments to acquire interest in subsidiary	$ 0.2	$ 0.2
Allocation of income to controlling and noncontrolling interests (in percent)	56.00%
MIBA \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Allocation of income to controlling and noncontrolling interests (in percent)		56.00%
Physician Owned \| AON Central
Variable Interest Entity [Line Items]
Ownership interest (in percent)			80.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Reverse Recapitalization - Schedule of Historical Cost (Details) $ in Thousands	Sep. 20, 2023 USD ($)
Reverse Recapitalization [Abstract]
Cash and cash equivalents	$ 1,493
Current Liabilities	(13,295)
Long Term Liabilities	(6,791)
Total Net Liabilities	$ (18,593)

Income Taxes - Provision/Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 0	$ 0	$ (306)
State	0	0	(20)
Total current income tax expense (benefit)	0	0	(326)
Deferred
Federal	400	0	433
State	(16)	0	353
Total deferred income tax expense (income)	384	0	786
Total income tax expense	$ 384	$ 0	$ 460

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 81,250	$ 81,250
Unamortized debt issuance costs	(609)	(949)
Total debt	80,641	80,301
PNC Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Total	$ 81,250	$ 81,250

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

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-Paragraph 1
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

	As of December 31, 2023	As of December 31, 2022	Original Principal	Issue Date	Maturity Date
Notes receivable
Note 2	$656	$1,057	$5,355	5/1/2019	4/30/2024
Note 3	17	119	491	6/1/2019	5/31/2024
Note 6	—	351	1,111	5/22/2020	5/22/2023
Note 8	2,081	2,221	2,816	5/1/2020	5/1/2025
Note 9	—	125	125	1/24/2022	6/30/2023

Total notes receivables	$2,754	$3,873
Less: Current portion of notes receivable	$(1,604)	$(1,797)
Notes receivable, less current portion	$1,150	$2,076

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

For the year ended December 31, 2023, these consolidated financial statements reflect the consolidated results of operations, comprehensive income (loss), cash flows and changes in equity of AON LLC and its wholly-owned subsidiaries for the period of January 1, 2023 through September 20, 2023, the Closing Date of the Reverse Recapitalization, and the consolidated results of operations, comprehensive income (loss), cash flows and changes in stockholders’ equity of AON Inc. and its consolidated subsidiaries, including AON LLC, for the period of September 21, 2023 through December 31, 2023. The consolidated balance sheet at December 31, 2023 presents the financial condition of AON Inc. and its consolidated subsidiaries, including AON LLC, and reflects the initial recording of the assets and liabilities of AON Inc. at their historical cost (see Note 3). All intercompany balances and transactions of AON LLC prior to the Reverse Recapitalization have been eliminated. All intercompany balances and transactions of AON Inc. after the Reverse Recapitalization have been eliminated.

For the years ended December 31, 2022 and 2021, these consolidated financial statements present the consolidated results of operations, comprehensive income (loss), cash flows and changes in equity of AON LLC. The consolidated balance sheet as of December 31, 2022 presents the financial condition of AON LLC and its wholly-owned subsidiaries. All intercompany balances and transactions of AON LLC have been eliminated.

In accordance with ASC 805, Business Combinations, the historical equity of AON LLC has been recasted in all periods up to the Closing Date, to reflect the number of shares of New AON’s Class A Common Stock and Class B Common Stock issued to Legacy AON Stockholders in connection with the Reverse Recapitalization. The Company recasted the units outstanding related to the historical AON LLC Class A, Class A-1, and Class B units prior to the Reverse Recapitalization (“Historical AON LLC Equity”) as common equity of New AON, equal to the Per Company Class Unit Exchange Ratio, pursuant to the Business Combination Agreement.

The Per Company Unit Exchange Ratio at which AON LLC Class A units and Class A-1 units were reclassified is equal to 2,524 AON Common Units. The Per Company Unit Exchange Ratio at which AON LLC Class B units were reclassified varied depending on participation threshold, and is equal to 2,524, 2,453, or 1,976, AON Common Units. The Per Company Unit Exchange Ratio at which Class C units were reclassified is equal to 2,705 AON LLC Series A Preferred Units.

Principles of Consolidation

Refer to Note 1 for the accounting treatment of the Business Combination.

Refer to Note 4 for further information on the VIEs. Refer to Note 1 for the accounting treatment of the Reverse Recapitalization.

Significant Accounting Policies

Accounting Estimates and Assumptions

Segments

Revenue Recognition

Short-term Marketable Securities

Investments in marketable securities consist of corporate bonds and U.S. Treasury securities.

Equity Investment in Affiliate

Noncontrolling Interests

The Company consolidates the results of entities in which it has a controlling financial interest. Refer to Note 17 for additional considerations and presentation for noncontrolling interest.

Mezzanine Equity

Treasury Stock

Business Combinations

Cash and Cash Equivalents

Accounts Receivable

As of December 31, 2023 and 2022, the accounts receivable, net balances were $129.2 million and $136.1 million, respectively.

Inventories

Other Receivables

Property and Equipment

Leasehold improvements			1 - 15 years
Furniture, fixtures and equipment			7 years
Medical equipment			5 - 10 years
Computer equipment			5 years
Signs			7 years
Automobiles			5 years
Software			7 years

Goodwill

Leases

Income Taxes

Concentration of Credit Risk

Equity-Based Compensation

Debt Issuance Costs

Offering Costs

Professional Liability

Fair Value of Financial Instruments

Level 1

Inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market.

Level 2

Level 3

Warrant Liabilities

Expected annual dividend yield – 0.0%

Expected volatility – 20.50%

Risk-free rate of return – 3.84%

Expected Option Term – 5 years

Earnings Per Share

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Noncontrolling Interest

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest

17. Noncontrolling Interest

Legacy AON Stockholders own 28,109,796 AON LLC Common Units, equal to a 67.8% of the economic interest in AON LLC. Legacy AON Stockholders also own 25,109,551 shares of Class B Common Stock and 3,000,245 Class B Prefunded Warrants, which, together with the AON LLC Common Units, may be redeemed at the option of the Legacy AON Stockholder on a one-for-one basis for shares of Class A Common Stock or the cash equivalent thereof (based on the market price of the shares of Class A Common Stock at the time of redemption) as determined by New AON. If New AON elects the redemption to be settled in cash, the cash used to settle the redemption must be funded through a private or public offering of Class A Common Stock no later than ten (10) business days after the redemption notice date. Upon the redemption of the AON LLC Common Units and Class B Common Stock for shares of Class A Common Stock or the equivalent thereof, all redeemed shares of Class B Common Stock will be cancelled. The redemption value is determined based on a five-day volume weighted average price (“VWAP”) of the Class A common shares, subject to customary conversion rate adjustments for share splits, share dividends, and similar events affecting Class A Common Stock.

When applying SEC guidance concerning mezzanine classification, the Company understands that due to the NCI holders having control of the Board, if there is a sequence of remotely possible events that could trigger a redemption, this requires the instrument to be classified as temporary equity, without any regard to probability. Accordingly, though the redemption would require such a remotely possible sequence of events, and such remote sequence of events would also require, in management’s view, the Company to take extraordinary actions in order to allow such sequence of events to be remotely possible, the noncontrolling interest is currently classified as temporary equity. In the event that the Legacy AON Stockholders own less than 50% of the outstanding economic interest in AON LLC Common Units due to future redemptions, the noncontrolling interest will be presented as permanent equity.

The redeemable noncontrolling interest is recognized at the greater of (1) its initial fair value plus accumulated earnings/(losses) associated with the noncontrolling interest or (2) the redemption value as of the balance sheet date. At December 31, 2023, the redeemable noncontrolling interest was recorded based on its redemption value of $167.0 million which was greater than its carrying value by $160.7 million. This measurement adjustment decreased additional paid in capital by $17.6 million and retained earnings (deficit) by $143.1 million.

	Period beginning September 20, 2023 and ending December 31, 2023
	AON Inc.	AON LLC Units Legacy AON Stockholders	Total
Beginning of Period	—	—	—
Common Units Issued as of Reverse Recapitalization⁽¹⁾	6,692,979	28,109,796	34,802,775
Additional Common Units Issued	191	—	191
Repurchases of Common Units	(14,729)	—	(14,729)
Total Common Units as of December 31, 2023	6,678,441	28,109,796	34,788,237
Series A Preferred Units Issued	6,651,610	—	6,651,610
Total Units Issued	13,330,051	28,109,796	41,439,847
End of Period	13,330,051	28,109,796	41,439,847
Allocation of income to controlling and noncontrolling interests	32.2%	67.8%	100.0%
Allocation of losses to controlling and noncontrolling interests⁽²⁾	19.2%	80.8%	100.0%

(1)	The 6,692,979 of AON Inc. Common Units issued as of the Reverse Recapitalization excludes 2,839,375 units, which is equivalent to the number of Sponsor Earnout Shares, that do not participate in profits and losses and are not included in the controlling interest percentage.

(2)

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023
Cover [Abstract]
Document Type	POS AM
Amendment Flag	false
Entity Registrant Name	American Oncology Network, Inc.
Entity Central Index Key	0001839998
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Basis of Presentation and Significant Accounting Policies - Segments Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

Earnings Per Unit - Calculation Of Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to Class A Common Stockholders for basic loss per share	$ (5,542,000)	$ 0	$ 0
Net loss attributable to Class A Common Stockholders for diluted loss per share	(5,542,000)	$ 0	$ 0
Undistributed loss for basic earnings per share	$ (9,124,846)
Weighted-average shares for basic earnings per share (in shares)	6,685,515	0	0
Basic loss per share of Class A Common Stock (in dollars per share)	$ (1.36)	$ 0	$ 0
Diluted loss per share of Class A Common Stock (in dollars per share)	$ (1.36)	$ 0	$ 0
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to Class A Common Stockholders for basic loss per share	$ (5,542,929)
Net loss attributable to Class A Common Stockholders for diluted loss per share	$ (5,542,929)
Basic loss per share of Class A Common Stock (in dollars per share)	$ (1.36)
Diluted loss per share of Class A Common Stock (in dollars per share)	$ (1.36)
Series A Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Series A Preferred Cumulative Dividends	$ (1,492,917)
Series A Preferred Deemed Dividend	$ (2,089,000)

Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Operating Lease

$ 9,458

9,652

9,252

8,036

5,968

18,135

60,501

Less: amount representing interest

(14,006)

Present value of lease liabilities

46,495

Less: current portion of lease liabilities

^[1]

(6,692)

$ (9,177)

Long-term lease liabilities, net of current portion

^[2]

39,803

37,224

Finance Leases

1,509

1,487

1,249

1,185

948

263

6,641

Less: amount representing interest

(904)

Present value of lease liabilities

5,737

Less: current portion of lease liabilities

(1,189)

(425)

Long-term lease liabilities, net of current portion

$ 4,548

$ 1,619

[1]	Includes related party current portion of operating lease liabilities of $1,888 and $1,836 at December 31, 2023 and 2022, respectively
[2]	Includes related party long-term operating lease liabilities of $9,472 and $11,631 at December 31, 2023 and 2022, respectively

Accrued Other (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Refund liability	$ 15,078	$ 14,544
Deferred social security taxes - COVID	0	378
Excise taxes payable	2,700	0
Current portion of finance lease liabilities	$ 1,189	$ 425
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued other	Total accrued other
Other	$ 3,360	$ 2,453
Total accrued other	$ 22,327	$ 17,800

Leases - Right-of-use Assets And Lease Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Assets

Operating lease right-of-use assets, net

^[1]

$ 43,349

$ 43,724

Finance lease right-of-use assets, net (included in property and equipment, net)

5,794

1,998

Total right-of-use assets

49,143

45,722

Current

Current portion of operating lease liabilities

^[2]

6,692

9,177

Current portion of finance lease liabilities

1,189

425

Total current lease liabilities

7,881

9,602

Long-term

Long-term operating lease liabilities

^[3]

$ 39,803

$ 37,224

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Other long-term liabilities

Long-term finance lease liabilities (included in other long-term liabilities)

$ 4,548

$ 1,619

Total lease liabilities

$ 52,232

$ 48,445

[1]	Includes related party operating right-of-use assets, net of $10,931 and $13,077 at December 31, 2023 and 2022, respectively
[2]	Includes related party current portion of operating lease liabilities of $1,888 and $1,836 at December 31, 2023 and 2022, respectively
[3]	Includes related party long-term operating lease liabilities of $9,472 and $11,631 at December 31, 2023 and 2022, respectively

Basis of Presentation and Significant Accounting Policies - Revenue Recognition Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Description Of Business And Significant Accounting Policies [Line Items]
Revenue	$ 1,279,185	$ 1,149,670	$ 943,747
Patient Visits
Description Of Business And Significant Accounting Policies [Line Items]
Revenue	933,900	818,500	$ 683,000
Clinical Trials
Description Of Business And Significant Accounting Policies [Line Items]
Revenue	$ 3,700	$ 4,300

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 11,193	$ 12,465
Amortization of finance lease right-of-use assets	538	523
Interest on finance lease liabilities (included in interest expense)	135	79
Variable lease costs	2,303	2,737
Total lease costs	$ 14,169	$ 15,804

Equity - Schedule of Changes in Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Class A
Reverse Recapitalization, Change In Value Of Units [Roll Forward]
Beginning of Period	$ 7,725	$ 7,725	$ 7,725
Issuance of Units	0	0	0
Impact of the Reverse Recapitalization	(7,725)	0	0
End of Period	$ 0	$ 7,725	$ 7,725
Reverse Recapitalization, Change In Units [Roll Forward]
Beginning balance (in units)	19,495,376	19,495,376	19,495,376
Issuance of units (in units)	0	0	0
Impact of the Reverse Recapitalization (in units)	(19,495,376)	0	0
Ending balance (in units)	0	19,495,376	19,495,376
Common Class A-1
Reverse Recapitalization, Change In Value Of Units [Roll Forward]
Beginning of Period	$ 28,500	$ 28,500	$ 28,500
Issuance of Units	9,725	0	0
Impact of the Reverse Recapitalization	(38,225)	0	0
End of Period	$ 0	$ 28,500	$ 28,500
Reverse Recapitalization, Change In Units [Roll Forward]
Beginning balance (in units)	1,842,520	1,842,520	1,842,520
Issuance of units (in units)	1,157,725	0	0
Impact of the Reverse Recapitalization (in units)	(3,000,245)	0	0
Ending balance (in units)	0	1,842,520	1,842,520
Class B Common Stock
Reverse Recapitalization, Change In Value Of Units [Roll Forward]
Beginning of Period	$ 80	$ 80	$ 60
Issuance of Units	10	0	0
Impact of the Reverse Recapitalization	(90)	0	20
End of Period	$ 0	$ 80	$ 80
Reverse Recapitalization, Change In Units [Roll Forward]
Beginning balance (in units)	4,703,628	4,703,628	3,218,336
Issuance of units (in units)	910,548	0	1,485,292
Impact of the Reverse Recapitalization (in units)	(5,614,176)	0	0
Ending balance (in units)	0	4,703,628	4,703,628

Basis of Presentation and Significant Accounting Policies - Goodwill Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill, impairment loss	$ 0	$ 0	$ 0

Basis of Presentation and Significant Accounting Policies - Basis of Presentation and Principles of Consolidation Narrative (Details) - USD ($)
shares in Thousands, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

May 31, 2023

Dec. 31, 2023

Jun. 30, 2023

Sep. 20, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Description Of Business And Significant Accounting Policies [Line Items]

Recapitalization exchange ratio, units

2,524

Net income (loss) attributable to common shareholders

$ 5,500

Net income attributable to noncontrolling interest

$ 30,848

^[1]

30,800

Net income (loss) and noncontrolling interest attributable to Legacy AON Stockholders prior to the reverse recapitalization

$ (27,080)

$ 2,589

$ (105)

AON LLC | AON Inc.

Description Of Business And Significant Accounting Policies [Line Items]

Allocation of income to controlling and noncontrolling interests

19.20%

AON LLC | Legacy AON Stockholders

Description Of Business And Significant Accounting Policies [Line Items]

Allocation of income to controlling and noncontrolling interests

80.80%

100.00%

67.80%

100.00%

MIBA

Description Of Business And Significant Accounting Policies [Line Items]

Allocation of income to controlling and noncontrolling interests

56.00%

Payments to acquire interest in subsidiary

$ 200

AON LLC | Series A Preferred Stock

Description Of Business And Significant Accounting Policies [Line Items]

Recapitalization exchange ratio, units

2,705

Participating Threshold, 1

Description Of Business And Significant Accounting Policies [Line Items]

Recapitalization exchange ratio, units

2,524

Participating Threshold, 2

Description Of Business And Significant Accounting Policies [Line Items]

Recapitalization exchange ratio, units

2,453

Participating Threshold, 3

Description Of Business And Significant Accounting Policies [Line Items]

Recapitalization exchange ratio, units

1,976

[1]	The acronyms in the tables above are defined as follows:APIC - Accumulated paid in capitalAOCI - Accumulated other comprehensive incomeNCI - Mezzanine equity classified noncontrolling interest

Earnings Per Unit - Antidilutive Securities (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	6,651,610
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	25,109,551
Class B Prefunded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	3,000,245
Public and Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	14,450,833

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 65,074	$ 49,328
Accumulated depreciation and amortization	(24,635)	(17,348)
Property and equipment, net	40,439	31,980
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,490	26,076
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,607	2,669
Medical equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,666	11,003
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,285	3,115
Signs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	153	129
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59	69
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,829	4,834
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,985	$ 1,433

Earnings per Unit (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Unit

Net loss for diluted loss per share is adjusted for the Company’s share of AON LLC’s consolidated net loss, net of AON Inc. taxes, after giving effect to Class B Common Stock and Class B Prefunded Warrants that are exchanged into potential shares of Class A Common Stock, Public and Private Warrants that are liability classified, and Series A Preferred Stock that accrue dividends, to the extent it is dilutive.

Net loss attributable to Class A Common Stockholders for basic and diluted earnings per share			$(5,542,929)
Series A Preferred Cumulative Dividends			(1,492,917)
Series A Preferred Deemed Dividend			(2,089,000)
Undistributed loss for basic earnings per share			$(9,124,846)
Weighted-average shares for basic earnings per share			6,685,515
Basic and Diluted loss per share of Class A Common Stock			$(1.36)

Series A Preferred Stock			6,651,610
Class B Common Stock			25,109,551
Class B Prefunded Warrants			3,000,245
Public and Private Warrants			14,450,833

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale

The following table summarizes the Company’s marketable securities financial assets that are measured at fair value on a recurring basis:

	As of December 31, 2023
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Cash equivalents⁽¹⁾
Level 1:
Overnight repurchase agreements	$28,593	$—	$—	$28,593
Money market funds	723	—	—	723
Level 1 total	29,316	$—	$—	29,316
Marketable securities
Level 2:
Corporate bonds	13,678	191	(9)	13,860
U.S. Treasury securities	21,318	211	21,529
Level 2 total	34,996	402	(9)	35,389
Total	$64,312	$402	$(9)	$64,705

	As of December 31, 2022
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Cash equivalents⁽¹⁾
Level 1:
Money market funds	$109	$—	$—	$109
Marketable securities
Level 2:
Corporate bonds	7,742	6	(125)	7,623
U.S. Treasury securities	2,226	6	(4)	2,228
Level 2 total	9,968	12	(129)	9,851
Total	$10,077	$12	$(129)	$9,960

(1)	Included in cash and cash equivalents in the consolidated balance sheets at December 31, 2023 and 2022.

The fair value of the Company’s marketable securities as of December 31, 2023, by remaining contractual maturities, were as follows:

	Corporate Bonds	U.S. Treasuries	Total
Due in one year or less	$5,216	$17,828	$23,044
Due in one to five years	8,644	3,701	12,345
Total	$13,860	$21,529	$35,389

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Basis of Presentation and Significant Accounting Policies - Equity Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023
Description Of Business And Significant Accounting Policies [Line Items]
Repurchase of shares (in shares)		14,729
Repurchase of shares, value (less than)		$ 0.1
Preferred Class A
Description Of Business And Significant Accounting Policies [Line Items]
Offering costs		$ 0.8
OCP Management Arizona, LLP
Description Of Business And Significant Accounting Policies [Line Items]
Noncash consideration of equity method investment	$ 2.3
Equity method investment (in percent)	49.00%

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 28,539

$ 26,926

Short-term marketable securities

35,389

9,851

Patient accounts receivable, net

129,151

136,098

Inventories

44,569

36,476

Other receivables

34,274

28,201

Prepaid expenses and other current assets

4,277

2,670

Current portion of notes receivable - related parties

1,604

1,797

Total current assets

277,803

242,019

Property and equipment, net

40,439

31,980

Operating lease right-of-use assets

^[1]

43,349

43,724

Notes receivable - related parties

1,150

2,076

Other assets

7,588

5,199

Goodwill and intangibles, net

1,230

Deferred tax asset, net

2,894

Total assets

374,453

326,228

Current liabilities

Accounts payable

^[2]

127,645

106,495

Accrued compensation related costs

11,410

7,466

Accrued other

22,327

17,800

Excise taxes payable

971

Current portion of operating lease liabilities

^[3]

6,692

9,177

Total current liabilities

169,045

140,938

Long-term debt, net

80,641

80,301

Long-term operating lease liabilities

^[4]

39,803

37,224

Other long-term liabilities

14,251

5,749

Total liabilities

303,740

264,212

Mezzanine equity

Series A convertible preferred stock; $0.0001 par value; 25,000,000 shares authorized; 6,651,610 issued and outstanding at December 31, 2023, with an aggregate liquidation preference of $68,009,015 at December 31, 2023.

^[5]

64,986

Redeemable noncontrolling interest

^[6]

167,025

Stockholders' equity

Additional paid-in capital

Accumulated other comprehensive income (loss)

(117)

Retained earnings (deficit)

(161,812)

25,828

Total AON stockholders' equity

(161,727)

Total AON stockholders' equity

62,016

Noncontrolling interest

429

Total AON stockholders' equity

(161,298)

Total liabilities, mezzanine equity, noncontrolling interest, and stockholders' equity

374,453

326,228

Capital Unit, Class A

Stockholders' equity

Common unit, value

7,725

Capital Unit, Class A-1

Stockholders' equity

Common unit, value

28,500

Capital Unit, Class B

Stockholders' equity

Common unit, value

$ 80

Common Class A

Stockholders' equity

Common stock, value

Class B Common Stock

Stockholders' equity

Common stock, value

$ 3

[1]	Includes related party operating right-of-use assets, net of $10,931 and $13,077 at December 31, 2023 and 2022, respectively
[2]	Includes amounts due to related party of $120,857 and $102,113 at December 31, 2023 and 2022, respectively
[3]	Includes related party current portion of operating lease liabilities of $1,888 and $1,836 at December 31, 2023 and 2022, respectively
[4]	Includes related party long-term operating lease liabilities of $9,472 and $11,631 at December 31, 2023 and 2022, respectively
[5]	This activity reflects the issuance of the AON LLC Class C Units, the conversion of AON LLC Class C Units to AON LLC Series A Preferred Units, and the exchange of AON LLC Series A Preferred Units for Series A Preferred Stock, in accordance with the Business Combination. Refer to Note - 1 for the description of the Business Combination and Note 12 for the summary of equity instruments.
[6]	The acronyms in the tables above are defined as follows:APIC - Accumulated paid in capitalAOCI - Accumulated other comprehensive incomeNCI - Mezzanine equity classified noncontrolling interest