0001628280-25-015237 | 10-K | XBRL Viewer | American Oncology Network INC

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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, 2024
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

Equity-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning period (in shares) \| shares	0
Granted (in shares) \| shares	4,760,521
Vested (in shares) \| shares	(2,398,005)
Forfeited/Cancelled (in shares) \| shares	(36,729)
Outstanding, ending period (in shares) \| shares	2,325,787
Weighted Average Grant Date Fair Value
Beginning Balance (in usd per share) \| $ / shares	$ 0
Granted (in usd per share) \| $ / shares	4.82
Vested (in usd per share) \| $ / shares	5.47
Forfeited/Cancelled (in usd per share) \| $ / shares	0
Ending Balance (in usd per share) \| $ / shares	$ 4.15

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Mar. 24, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	American Oncology Network, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3984427
Entity Address, Address Line One	14543 Global Parkway
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Fort Myers
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33913
City Area Code	833
Local Phone Number	886-1725
Title of 12(b) Security	None
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 7,988,383
Central Index Key	0001839998
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,087,737
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,867,850

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal net operating loss carryforwards	$ 53,400,000	$ 40,000,000
State net operating loss carryforwards	57,500,000	38,600,000
Valuation allowance, deferred tax asset, increase (decrease), amount	15,200,000	11,600,000
Liabilities related to uncertain tax positions	0	0
Unrecognized tax benefits, income tax penalties and interest expense	0	0
Unrecognized tax benefits, income tax penalties and interest accrued	$ 0	$ 0

Reverse Recapitalization

12 Months Ended

Dec. 31, 2024

Reverse Recapitalization [Abstract]

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 Shareholders, 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 Shareholders 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 Shareholders 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 DTOC 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 805. DTOC 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 DTOC, accompanied by a recapitalization. The net assets of DTOC were recorded at historical cost on the condensed 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 Note 1.

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.

Long-term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term Debt

Debt consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
PNC Facility	$	81,250	$	81,250
Notes Payable - Acquisitions	9,617		—
Total	90,867		81,250
Unamortized debt issuance costs	—		(609)
Less current portion	(3,744)		—
Total debt	$	87,123	$	80,641

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, 2024 and 2023.

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, 2024 and 2023, 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.

On September 11, 2024, the Company also entered into Amendment No. 9 (“Amendment 9”) to its PNC Loan

Facility to modify certain definitions and expand upon “Unlisted Accounts” which allowed collections received

into unlisted accounts to be eligible receivables of pool balance at the end of every month up to a certain threshold. The effective date of Amendment 9 was September 11, 2024.

Refer to FN 22 Subsequent Events for additional information on Company’s Loan Agreement.

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, 2024, the Company was in compliance with all financial and nonfinancial debt covenants as required by both loan agreements.

Notes Payable

As a result of the acquisition of HCC, the Company assumed a note payable with a face value of $4.7 million and

fair value of $4.5 million. A payment of $1.0 million was made upon closing of the acquisition on April 1, 2024

with the remaining payments being due in 18 monthly installments of $0.2 million representing principal and

interest at the Company’s variable cost of borrowing. As of December 31, 2024, $1.9 million of the note is

included within current portion of long-term debt on the consolidated balance sheet.

Additionally, the Company entered into a note to the CGCC Shareholders with a face value of $6.4 million and fair

value of $6.5 million. The note is payable in 60 installments of $0.1 million and bears interest at the Company’s

variable cost of borrowing. As of December 31, 2024, $1.3 million of the note is included within current portion

of long-term debt on the consolidated balance sheets and $4.4 million is included within long-term debt,

net.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities Financial Assets That Are Measured At Fair Value On A Recurring Basis

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, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents (1)
Level 1:
Overnight repurchase agreements (2)	$	62,729	$	-	$	-	$	62,729
Money market funds	382		-		-		382
Level 1 total	63,111		$	—	$	—	63,111
Marketable securities
Level 2:
U.S. Treasury securities	9,786		5		—		9,791
Level 2 total	9,786		5		—		9,791
Total	$	72,897	$	5	$	—	$	72,902


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents (1)
Level 1:
Overnight repurchase agreements (2)	$	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

(1)Included in cash and cash equivalents in the consolidated balance sheets at December 31, 2024 and 2023.

(2)Cash equivalents as of December 31, 2024 included overnight repurchase agreements in which cash from the Company's main operating checking account is invested overnight in highly liquid, short-term investments sponsored by a large financial institution.

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Leasehold improvements	$	35,553	$	32,490
Furniture, fixtures and equipment	2,997		2,607
Medical equipment	10,460		8,566
Computer equipment	3,933		3,285
Signs	313		153
Automobiles	101		59
Software	8,487		7,829
Construction-in-progress	9,077		2,985
Finance Right of Use Assets	7,242		7,100
Property and equipment, gross	78,163		65,074

Accumulated depreciation and amortization	(29,789)		(24,635)
Property and equipment, net	$	48,374	$	40,439

For the years ended December 31, 2024 and 2023, depreciation expense was approximately $8.1 million and $7.2 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 (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, are as follows:


	As of December 31, 2024		As of December 31, 2023
Assets
Cash and cash equivalents	$	41,595	$	26,574
Accounts receivable	129,233		129,151
Inventories	60,712		44,569
Prepaid expenses and other current assets	5,738		895
Other receivables	58,321		33,809
Other assets	22,411		2,091
Goodwill	9,850		—
Intangibles, net	2,476		180
Total assets	$	330,336	$	237,269

The liabilities of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2024 and 2023, are as follows:


	As of December 31, 2024		As of December 31, 2023
Liabilities
Accounts payable	$	160,378	$	122,324
Accrued compensation and benefits	43,219		21,380
Accrued other	11,339		16,723
Other long-term liabilities	551		273
Due to AON LLC and subsidiaries, net	143,470		117,194
Total liabilities	$	358,957	$	277,894

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Affiliation Agreements

During the years ended December 31, 2024 and 2023 the Company entered into affiliation agreements with or acquired the following oncology practices.



			December 31, 2023						December 31, 2024
			State						State
			Texas(a)						Maryland(a)
			Florida(a)						Texas(a)
			Arizona(a)						Hawaii(b)
									Georgia(b)

(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.

(b)The Company completed acquisitions which were accounted for as business combinations with the physicians

for these respective practices (See Note 5 for further discussion).

Net Loss per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share of Class A Common Stock. 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, Restricted Stock Units, Stock Options, 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.


$ in thousands, except share and per share data	Year Ended December 31,
	2024		2023
Net loss attributable to AON Inc.	$	(3,973)	$	(5,542)
Less: Series A Preferred Cumulative Dividends	(5,550)		(1,493)
Less: Series A Preferred Deemed Dividend	—		(2,089)
Net loss attributable to Class A Common Stockholders	$	(9,523)	$	(9,124)
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Common Stock	(19,770)		—
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Prefunded Warrants	(3,990)
Net loss attributable to Class A Common Stockholders for diluted loss per share	$	(33,283)	$	(9,124)
Weighted-average shares for basic loss per share	13,717,309		6,685,515

Effect of dilutive securities:
Class B Common Stock	20,787,257		—
Class B Prefunded warrants	3,000,245		—
Weighted average shares for diluted loss per share	$	37,504,811	$	6,685,515

Basic loss per share of Class A Common Stock	$	(0.69)	$	(1.36)
Dilutive loss per share of Class A Common Stock	$	(0.89)	$	(1.36)

Net loss attributable to AON Inc. for basic loss per share is allocated based on the controlling interest ownership in AON Inc. For dilutive loss per share, the NCI, which represents the Class B Common Stock and Class B Prefunded warrants, is converted into Class A Common Stock, therefore eliminating the NCI. As a result, net loss previously attributable to AON LLC is reallocated to the controlling interest, AON Inc. This reallocation of loss from AON LLC to AON Inc. adds incremental loss to the numerator of the dilutive net loss per share calculation, which ultimately yields dilutive EPS, despite basic already being in a net loss position. 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.


	2024	2023
Series A Preferred Stock	7,720,899	6,651,610
Class B Common Stock	—	25,109,551
Class B Prefunded Warrants	—	3,000,245
Public and Private Warrants	14,450,833	14,450,833
Restricted Stock Units	1,949,301	—
Options	385,000	—

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands							2 Months Ended	3 Months Ended		12 Months Ended
	Nov. 12, 2024	Oct. 04, 2024	Sep. 21, 2023	Sep. 20, 2023	Jun. 07, 2023	Mar. 04, 2020	Jul. 31, 2023	Sep. 30, 2024	Sep. 20, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Invested capital contributions										$ 65,000
Accrued dividend rate (in percent)										8.00%
Stockholders equity, conversion period										5 years
Issuance of Class A Common Stock										$ 28,313
Equity Financing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued (in shares)	8,500,000
Price per share (in dollars per share)	$ 6.00
Gross proceeds	$ 51,000
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit, units outstanding (in units)											0	19,495,376
Accrued dividend rate (in percent)						8.00%
Payment of tax withholding obligation on net RSU settlements					$ 4,000
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
Issuance of Class A Common Stock (in shares)			284		174
Accrued dividend rate (in percent)						4.00%
Payment of tax withholding obligation on net RSU settlements					$ 4,100
Issuance of Class A Common Stock				$ 7,200	$ 2,500				$ 9,700
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
Class B-1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense											$ 4,900
Granted (in shares)							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
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)										$ 16.00
AEA Parties \| AON Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding voting power owned		30.00%
AEA Parties \| AON Inc. \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold voting percentage		40.00%
The Investor \| AON Inc. \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold voting percentage	10.00%
Anti-Dilution Feature
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gain (loss) on derivative										$ (9,800)
Option Feature
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gain (loss) on derivative								$ 1,400
AON LLC \| Class A Common Stock
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
AON LLC \| AON Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit, units outstanding (in units)				9,532,354					9,532,354
AEA Growth Management LP \| AON LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common unit purchased (in units)		5,407,155
Common unit, purchase price per unit (in dollars per share)		$ 4.00
Common unit, units converted (in units)		5,407,155
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of Class A Common Stock (in shares)				1,047,343
Stockholders' equity, conversion, threshold volume weighted average price period										5 days
Common stock, shares issued (in shares)										30,192,847	9,517,816
Class A Common Stock \| AEA Growth Management LP \| AON Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of Class A Common Stock (in shares)		2,809,338
Series A Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Series A deemed dividend										$ 2,100
Class A-1 distribution (in shares)				151,610
Stock price (in usd per share)										$ 10.00
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)										$ 10.00
Threshold stock price, conversion price adjustment (in usd per share)										$ 5.00
Series A Preferred Stock \| AEA Growth Management LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of Class A Common Stock (in shares)				6,651,610
Series A Preferred Stock \| O 2024 Q2 Dividends
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)										125.00%
Series A Preferred Stock \| O 2025 Q2 Dividends
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)										120.00%
Series A Preferred Stock \| O 2026 Q2 Dividends
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)										115.00%
Series A Preferred Stock \| O 2027 Q2 Dividends
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)										110.00%
Series A Preferred Stock \| O 2028 Q2 Dividends
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)										105.00%
Series A Preferred Stock \| O 2029 Q2 Dividends
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued dividend rate (in percent)										100.00%

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2024, these consolidated financial statements reflect the consolidated results of operations, comprehensive income (loss), cash flows and changes in stockholder’s equity of AON Inc. and its consolidated subsidiaries. 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, 2024. 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.

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.

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, 2024, $-4.0 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 35.7% of the consolidated net loss of AON LLC. For the year ended December 31, 2024, $-23.8 million of the consolidated net losses of AON LLC were attributable to noncontrolling interest, and reflects the Legacy AON Stockholders’ absorption of 64.3% of the consolidated net losses of AON LLC.

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 January 1, 2024 through December 31, 2024, the condensed consolidated financial statements include the accounts of the Company, American Oncology Network, LLC (“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.

The accounting treatment of the Business Combination was a Reverse Recapitalization.

For the periods prior to the Reverse Recapitalization, the consolidated financial statements of the Company comprise the accounts of AON LLC and its wholly-owned subsidiaries. All intercompany accounts and transactions among AON LLC and its consolidated subsidiaries were eliminated.

The Company accounts for American Oncology Network, LLC, AON Partners, Partners of Maryland, AON Central Services, and MIBA in accordance with Financial Accounting Standards Board (“FASB”) ASC 810. 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. As of September 30, 2024, MIBA had no significant operating activity. The Company concluded that AON LLC had a controlling financial interest in MIBA and has consolidated the entity since inception and recorded the noncontrolling interest in 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 condensed consolidated financial statements.

Refer to Note 4 for further information on the VIEs.

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

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM is the highest level of management responsible for assessing the Company’s overall performance, and making operational decisions such as resource allocations related to operations, prioritization and delegations of authority. The CODM has determined that the Company operates in a single operating and reportable segment and manages segment profit (loss) based upon consolidated net income (loss). The CODM considers variances in our consolidated net income compared to budget and forecast when making decisions about reinvesting profits into the segment or for other purposes, including acquisitions. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets that are all located within the United States. The CODM reviews consolidated expense information as part of the evaluation of segment performance. There are no other significant segment expenses beyond what is presented on the face of the income statement. See the Consolidated Financial Statements for the Company's segment revenue, significant segment expenses, other segment expenses and net income.

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 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, 2024, and 2023 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, 2024. Approximately $1,190.3 million, and $933.9 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, 2024, and 2023, 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, 2024, and 2023 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.

The Company contracts with third-party healthcare organizations to provide professional services (“PSA”) including direct patient care, overseeing medical directorships, procurement and other administrative support. Performance obligations are satisfied over a period of time, typically daily, and are often dependent on the achievement of metrics such as relative value units or hours worked.

Data information and analytical tools are licensed to third-party customers through the Company’s joint venture Meaningful Insights Business Analytics (“MIBA”). Revenue is recognized based on satisfaction of project milestones and delivery of data to customers.

PSA and MIBA revenues are included in Other Revenue on the Consolidated Statements of Operations and Comprehensive Loss.

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 business 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 (income) loss. The Company divested its relationship with OCP Management Arizona, LLP during the twelve months ended December 31, 2024 and recorded a small gain reported as equity in income (loss) of affiliate in the consolidated statements of operations and comprehensive (income) loss.

Noncontrolling Interests

The Company consolidates the results of entities in which it has a controlling financial interest. Refer to Note 18 for additional considerations and presentation for noncontrolling interest.

Mezzanine Equity and Treasury Stock

Mezzanine Equity

not probable. The Series A Preferred Stock are classified outside of stockholders’ equity on the consolidated balance sheets. Refer to Note 18 for mezzanine equity presentation considerations for redeemable noncontrolling interest.

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. For the twelve months ended December 31, 2024 the Company repurchased an additional 126,728 shares of Class A common stock at the spot rate as of each transaction date for a total cost of less than $0.4 million. To date, the Company has repurchased a total of 141,457 shares.

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.

Inventories

Inventories, consisting 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, 2024 and 2023. 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.

Other Assets

Other assets primarily consists of consideration recorded as a result of the Company’s business combinations that is being amortized over time, ranging from three to twelve years.

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. Capitalized software primarily represents costs incurred through third-party vendors in the development and deployment of applications for internal use. Perpetual license fees for software applications are also capitalized and amortized over time. 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 2024 and 2023.

Goodwill

Goodwill and Intangible Assets

Goodwill and indefinite-lived identifiable intangible assets

Goodwill represents the fair value of acquired businesses in excess of the fair value of the individually identified net assets acquired. Goodwill is not amortized but is tested for impairment annually or whenever indications of impairment exist. Impairment exists when the carrying amount, including goodwill, of the reporting unit exceeds its fair value, resulting in an impairment charge for this excess. The Company can elect to qualitatively assess goodwill for impairment if it is more likely than not that the fair value of its reporting unit exceeds its carrying

value. When performing a qualitative assessment, the Company considers relevant events or circumstances that affect the fair value or carrying amount of a reporting unit. If goodwill is more likely than not impaired, the Company must then complete a quantitative analysis. When performing a quantitative impairment test, the Company utilizes the market approach in estimating the fair values of its reporting unit. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recognized equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying value of goodwill of the reporting unit. The Company has determined that it has only one reporting unit for purposes of evaluating goodwill impairment. The Company’s annual impairment testing date is October 1.

Indefinite-Lived Intangible Assets

Other indefinite-lived intangible assets consist of a certificate of need acquired in an asset acquisition and is not subject to amortization. The Company has concluded that the certificate of need has an indefinite life because there are no legal, regulatory, contractual, economic or other factors that would limit the useful life, and the Company intends to renew and operate the certificate of need indefinitely. Indefinite-lived intangible assets are reviewed annually for impairment or more frequently if circumstances indicate impairment may have occurred.

Finite-Lived Identifiable Intangible Assets

Finite-lived identifiable intangible assets

Finite-lived intangible assets consist of trade names acquired in business combinations and are recorded at fair value. Finite-lived intangible assets are amortized using the straight-line method over the estimated economic life of the assets, which best reflects the pattern of use. Trade names are amortized over an estimated useful life of ten years. The Company’s finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets or asset groups may not be recoverable. If the expected undiscounted future cash flows are less than the carrying amount of such assets or asset groups, the Company recognizes an impairment loss to the extent the carrying amount exceeds its estimated fair value

Leases

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, cash equivalents, 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 issues stock-based awards to employees and directors in the form of stock options and restricted stock units. The Company measures and recognizes compensation expense for its stock-based awards granted to its employees and directors based on the estimated grant date fair value in accordance with ASC 718, Compensation-Stock Compensation, and determines the fair value of restricted stock units based on the fair value of its common stock. The Company measures all share-based options granted to employees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. The fair value of stock options is determined by the Company's stock price, historical stock price volatility, the expected term of the award, risk-free interest rates and expected dividends. Compensation expense of those awards is recognized over the requisite service period, which is generally the vesting period of the respective award. The Company records the expense for awards with service-based conditions using the straight-line method over the requisite service period, net of any actual forfeitures. For awards with performance conditions, the number of restricted stock units expected to vest may change over time depending upon the performance level expected to be achieved. The Company classifies share-based compensation expense in its consolidated statements of operations and comprehensive (income) loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

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.

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.

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, 2024, the Company incurred additional $1.0 million of offering costs which were recorded as on offset to the net proceeds of the Class A Common Stock Financing in equity on the consolidated balance sheet as of December 31, 2024. During the year ended December 31, 2023, the Company incurred 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.

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. All accrued unpaid claims and

expenses and the associated insurance recoveries are classified as short-term and long-term liabilities and assets

based on when they are expected to be paid or collected.

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.

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 current liabilities within accrued other 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, 2024, 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 $2.1 million and recorded in accrued other 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, 2024, 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, 2024, the fair value of the Private Placement Warrants was estimated to be $1.5 million and recorded in accrued other on the consolidated balance sheets. The fair value was estimated at December 31, 2024, using the Black-Scholes Option Pricing model using the following assumptions:

Expected annual dividend yield – 0.0%

Expected volatility – 30.00%

Risk-free rate of return – 4.28%

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.

Net Income (Loss) 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 income (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 income (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 income (loss) per share. As such, basic and diluted income (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 income (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 income (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 income (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 income (loss) per share is based on the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted income (loss) per share is based on the weighted-average number of shares of Class A Common Stock used for the basic income (loss) per share calculation, adjusted for the dilutive effect of the Public and Private Warrants, Restricted Stock Units, Stock Options, 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 income (loss) for diluted loss per share is adjusted for the Company’s share of AON LLC’s consolidated net income (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.

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, 2022, with early adoption permitted. The adoption of ASU 2021-08 did not have a material impact on the Company’s 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 categories used by the Chief Operating Decision Maker. 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 adopted this ASU in the year ended December 31, 2024. The CODM has determined that the Company operates in a single operating and reportable segment and manages segment profit (loss) based upon consolidated net income (loss). The impact of adoption on the Company’s consolidated financial statement was disclosure of the segment measure of profit (loss) and the measure of segment assets reported on the consolidated balance sheet as total consolidated assets used by the CODM to assess segment performance and allocate resources.

Recently Issued Accounting Pronouncements

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.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the ASU on its consolidated financial statements.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lessee, Assets and Liabilities

Right-of-use assets and lease liabilities consist of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Assets
Operating lease right-of-use assets, net	$	50,157	$	43,349
Finance lease right-of-use assets, net (included in property and equipment, net)	4,764		5,794
Total right-of-use assets	$	54,921	$	49,143

Liabilities
Current
Current portion of operating lease liabilities	$	7,214	$	6,692
Current portion of finance lease liabilities (included in accrued other)	1,268		1,189
Total current lease liabilities	8,482		7,881
Long-term
Long-term operating lease liabilities	48,018		39,803
Long-term finance lease liabilities (included in other long-term liabilities)	3,377		4,548
Total lease liabilities	$	59,877	$	52,232

Lease, Cost

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, 2024 and 2023 and are included in selling, general, and administrative expenses unless otherwise noted:


	Years Ended December 31,
	2024		2023
Operating lease costs	$	12,334	$	11,193
Finance lease costs
Amortization of finance lease right-of-use assets	1,149		538
Interest on finance lease liabilities (included in interest expense)	325		135
Variable lease costs	2,707		2,303
Total lease costs	$	16,515	$	14,169

The cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 is as follows:


	Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,404	$	10,574
Operating cash flows from finance leases	325		135
Financing cash flows from finance leases	1,212		593
ROU assets obtained in exchange for new operating lease liabilities	15,662		9,959
ROU assets obtained in exchange for new finance lease liabilities	120		4,290

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

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, 2024:


	Operating Lease		Finance Leases
2025	$	10,746	$	1,523
2026	11,930		1,285
2027	10,597		1,220
2028	8,273		948
2029	7,118		166
Thereafter	23,728		97
Total lease payments	72,392		5,239
Less: amount representing interest	(17,160)		(594)
Present value of lease liabilities	55,232		4,645
Less: current portion of lease liabilities	(7,214)		(1,268)
Long-term lease liabilities, net of current portion	$	48,018	$	3,377

Finance Lease, Liability, to be Paid, Maturity


	Operating Lease		Finance Leases
2025	$	10,746	$	1,523
2026	11,930		1,285
2027	10,597		1,220
2028	8,273		948
2029	7,118		166
Thereafter	23,728		97
Total lease payments	72,392		5,239
Less: amount representing interest	(17,160)		(594)
Present value of lease liabilities	55,232		4,645
Less: current portion of lease liabilities	(7,214)		(1,268)
Long-term lease liabilities, net of current portion	$	48,018	$	3,377

Redeemable Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Reverse Recapitalization, Ownership Summary

The following table summarizes the economic ownership of AON LLC, for the year ended December 31, 2024.


	Year ended December 31, 2024
	AON LLC Units
	AON Inc.		Legacy AON Stockholders		Total
Beginning of Period	13,330,051		28,109,796		41,439,847
Additional Common Units Issued	10,736,349		—		10,736,349
Accrual of Series A Preferred Units	1,069,290		—		1,069,290
Repurchases of Common Units	(132,902)		(170,118)		(303,020)
Redemption of Common Units	10,071,583		(10,071,583)		—
Total Common Units as of December 31, 2024	35,074,371		17,868,095		52,942,466
End of Period	35,074,371		17,868,095		52,942,466
Allocation of income to controlling and noncontrolling interests	46.0	%	54.0	%	100.0	%
Allocation of losses to controlling and noncontrolling interests(1)	35.7	%	64.3	%	100.0	%

(1) As discussed in Note 15, Series A Preferred Stock units are included in the ownership basis of AON Inc. on an accrued basis and 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 year ended December 31, 2024, 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.

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.

Related Parties

12 Months Ended

Dec. 31, 2024

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 (6.20% at December 31, 2024 and 7.18% at December 31, 2023, respectively).


	As of December 31, 2024		As of December 31, 2023		Original Principal		Issue Date	Maturity Date
Notes receivable
Note 2*	$	100	$	656	$	5,355	5/1/2019	4/30/2024
Note 3	-		17		491		6/1/2019	5/31/2024
Note 8	1,587		2,081		2,816		5/1/2020	5/1/2025
Note 10	743		-		310		7/12/2024	7/12/2029
Note 11	510		-		250		9/20/2024	9/20/2029
Note 12	92		-		100		10/1/2024	10/1/2027
Note 13	242		-		250		10/14/2024	10/14/2031
Note 14	288		-		300		10/31/2024	9/30/2026
Total notes receivables	$	3,562	$	2,754
Less: Current portion of notes receivable	$	(2,197)	$	(1,604)
Notes receivable, less current portion	$	1,365	$	1,150

*The Company is in the process of extending maturity date for this note.

Leases

The Company has operating leases for ten of the office facilities owned by employees of the Company. Total cash was approximately $2.4 million, and $2.7 million paid for leases to related parties for the years ended December 31, 2024 and 2023, 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, 2024 and 2023, the Company purchased from the related party approximately $1,493.6 million and $1,064.0 million respectively. These purchases were approximately 91% and 89% as a percentage of cost of revenue for the years ended December 31, 2024 and 2023 respectively. At December 31, 2024 and 2023, the Company had $156.0 million and $120.9 million, respectively, included in accounts payable for invoices from the related party, representing 91% and 95% 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

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

Redeemable 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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Redemption ratio				1
Number of days after redemption notice date that redemption must be settled				10 years
Redemption value of noncontrolling interest				$ 87,700
Excess redeemable noncontrolling interest over carrying amount				79,400
Fair value adjustment to redeemable noncontrolling interest		$ (160,733)		44,599
Additional Paid in Capital
Noncontrolling Interest [Line Items]
Fair value adjustment to redeemable noncontrolling interest		(17,601)		(19,015)
Retained Earnings (Deficit)
Noncontrolling Interest [Line Items]
Fair value adjustment to redeemable noncontrolling interest		$ (143,132)		$ 63,614
Class A Common Stock
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)		9,517,816		30,192,847	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)				17,868,095
Allocation of income to controlling and noncontrolling interests (in percent)	80.80%		100.00%	39.50%	100.00%	100.00%	100.00%
Common stock, shares outstanding (in shares)				14,867,850
Class of warrant outstanding (in warrants)				3,000,245

Basis of Presentation and Significant Accounting Policies - Professional Liability Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Current assets

Cash and cash equivalents

$ 62,849

$ 28,539

Short-term marketable securities

9,791

35,389

Patient accounts receivable, net

129,233

129,151

Inventories

60,712

44,569

Other receivables

58,196

34,274

Prepaid expenses and other current assets

8,494

4,277

Current portion of notes receivable - related parties

2,197

1,604

Total current assets

331,472

277,803

Property and equipment, net

48,374

40,439

Operating lease right-of-use assets, net

^[1]

50,157

43,349

Notes receivable - related parties

1,365

1,150

Other assets

25,584

7,588

Goodwill

10,900

1,050

Intangibles

2,476

180

Deferred tax asset, net

2,894

Total assets

470,328

374,453

Current liabilities

Accounts payable

^[2]

170,736

127,645

Accrued compensation related costs

16,725

11,410

Accrued other

17,694

22,327

Excise taxes payable

734

971

Current portion of operating lease liabilities

^[3]

7,214

6,692

Current portion of long-term debt

3,744

Total current liabilities

216,847

169,045

Long-term debt, net

87,123

80,641

Long-term operating lease liabilities

^[4]

48,018

39,803

Other long-term liabilities

10,333

14,251

Total liabilities

362,321

303,740

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, 2024, and December 31, 2023, with an aggregate liquidation preference of $73,558,553 and $68,009,015 at December 31, 2024 and December 31, 2023, respectively.

64,986

Redeemable noncontrolling interest

87,652

167,025

Stockholders' equity

Additional paid-in capital

56,292

Treasury stock, at cost, 122,743 shares at December 31, 2024 and 14,729 shares at December 31, 2023.

(368)

Accumulated other comprehensive income (loss)

Retained earnings (deficit)

(102,171)

(161,812)

Total AON stockholders' equity

(46,215)

(161,727)

Noncontrolling interest

1,584

429

Total AON stockholders' equity

(44,631)

(161,298)

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

470,328

374,453

Class A Common Stock

Stockholders' equity

Common Stock

Class B Common Stock

Stockholders' equity

Common Stock

$ 2

$ 3

[1]	Includes related party operating right-of-use assets, net of $9,396 and $10,931 at December 31, 2024 and 2023, respectively
[2]	Includes amounts due to related party of $155,903 and $120,857 at December 31, 2024 and 2023, respectively
[3]	Includes related party current portion of operating lease liabilities of $661 and $1,888 at December 31, 2024 and 2023, respectively
[4]	Includes related party long-term operating lease liabilities of $8,177 and $9,472 at December 31, 2024 and 2023, respectively

Long-term Debt - Narrative (Details)					12 Months Ended
Long-term Debt - Narrative (Details)	Apr. 01, 2024 USD ($) installment	Jun. 30, 2023 USD ($)	Feb. 14, 2022 USD ($)	Apr. 30, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 15, 2022 USD ($)	Jul. 29, 2021 USD ($)
Debt Instrument [Line Items]
Current portion of long-term debt					$ 3,744,000	$ 0
Long-term debt, net					87,123,000	80,641,000
PNC Loan Facility \| PNC Facility
Debt Instrument [Line Items]
Proceeds from facility				$ 34,600,000
Maximum borrowing capacity			$ 125,000,000.0	65,000,000.0				$ 75,000,000.0
Pledged collateral				10,000,000.0
Quarterly collateral released				$ 2,500,000
Proceeds from lines of credit			16,300,000
Unamortized debt issuance costs		$ 400,000
PNC Loan Facility \| PNC Facility \| Debt Instrument, Threshold Limit, Period One
Debt Instrument [Line Items]
Minimum funding threshold (in percent)		0.65		0.65
PNC Loan Facility \| PNC Facility \| Debt Instrument, Threshold Limit, Period Two
Debt Instrument [Line Items]
Minimum funding threshold (in percent)				0.75
PNC Loan Facility \| PNC Facility \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread (in percent)				1.45%
HCC Acquisition Note Payable \| Notes Payable - Acquisitions
Debt Instrument [Line Items]
Face value of debt	$ 4,700,000
Long-term debt, fair value	4,500,000
Repayment of debt	$ 1,000,000
Number of installments \| installment	18
Installment amount	$ 200,000
Current portion of long-term debt					1,900,000
CGCC Shareholders Note Payable \| Notes Payable - Acquisitions
Debt Instrument [Line Items]
Face value of debt	6,400,000
Long-term debt, fair value	$ 6,500,000
Number of installments \| installment	60
Installment amount	$ 100,000
Current portion of long-term debt					1,300,000
Long-term debt, net					4,400,000
Revolving Credit Facility \| PNC Line of Credit \| PNC Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 10,000,000.0	$ 5,000,000.0			$ 1,000,000.0
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 \| PNC Facility \| London Interbank Offered Rate (LIBOR) 1
Debt Instrument [Line Items]
Basis spread (in percent)				1.65%
Revolving Credit Facility \| PNC Line of Credit \| PNC Facility \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread (in percent)				0.65%
Revolving Credit Facility \| PNC Line of Credit \| PNC Facility \| Bloomberg Short-Term Bank Yield Index
Debt Instrument [Line Items]
Basis spread (in percent)			1.65%

Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

2024 Acquisitions

During 2024, the Company closed on two business combinations (the “Transactions”), allowing the Company to expand its domestic reach related to its comprehensive oncology and practice management services.

For the acquisition of the clinical practices, the Company applied the acquisition method of accounting, where the total purchase price was allocated, or preliminarily allocated, to the tangible and intangible assets acquired and liabilities assumed, based on their fair values as of the acquisition dates.

Central Georgia Practice Acquisition

On April 1, 2024 ("Central Georgia Acquisition Date"), AOMC acquired certain non-clinical assets of Central Georgia Cancer Care, P.C., (the “Central Georgia Practice” or “CGCC”) from the CGCC Shareholders. In addition, AOP acquired certain clinical assets of the Central Georgia Practice from the CGCC Shareholders. In conjunction with the acquisition, AOP entered into Physician Employment Agreements with the selling CGCC Shareholders covering an initial period of five years. Intangible assets were recognized pursuant to the acquisition in the form of trade names of $1.3 million with an amortization period of 10 years. The Company transferred total consideration of $13.5 million.

The Central Georgia Practice Acquisition was determined to constitute a business combination in accordance with ASC 805.

Hawaii Practice Acquisition

On April 1, 2024 ("Hawaii Acquisition Date"), AOMC acquired certain non-clinical assets of Hawaii Cancer Care, Inc. (the “Hawaii Practice” or “HCC”) from the HCC Shareholders. In addition, American Oncology Partners of Hawaii, LLC (“AOPH”), a wholly owned subsidiary of AOP, acquired certain clinical assets of the Hawaii Practice from the HCC Shareholders. In conjunction with the acquisition, AOP entered into Physician Employment Agreements with the HCC Shareholders. Intangible assets were recognized pursuant to the acquisition in the form of trade names of $0.5 million with an amortization period of 10 years. The Company transferred total consideration of $4.5 million.

The Hawaii Practice Acquisition was determined to constitute a business combination in accordance with ASC 805.

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 net assets acquired and consideration transferred recognized on the respective acquisition dates.


	Central Georgia		Hawaii
Consideration
Cash	$	6,912	$	—
Seller note	6,550		—
Debt assumed	$	—	$	(4,530)
Fair value of consideration transferred	13,462		(4,530)

Estimated fair values of identifiable assets acquired and liabilities assumed:
Cash	$	—	$	200
Patient accounts receivable	—		2,492
Inventories	2,312		159
Prepaid expenses and other current assets	—		58
Property and equipment	—		223
Other assets	—		202
Intangible assets - trade names	1,300		520
Right of use asset - operating	3,159		2,711
Goodwill	9,850		—
Total assets acquired	$	16,621	$	6,565
Account Payable	—		1,453
Accrued compensation related costs	—		544
Accrued other	—		733
Income taxes payable	—		452
Operating lease liability - current portion	189		375
Deferred income taxes	—		159
Note payable	—		4,530
Operating lease liability - long-term	2,970		2,335
Total liabilities acquired	3,159		10,581
Net assets (liabilities) acquired	$	13,462	$	(4,016)

Bargain purchase gain	$	—	$	(514)

At the time of each acquisition, the Company developed an estimate of fair values of assets for the purpose of allocating the estimated purchase price. In developing these estimates, Management utilized a specialist and determined the applicable fair values for any acquired intangible assets utilizing the relief-from-royalty method, a commonly accepted valuation technique which is an application of the income approach. This method employs various assumptions such as discount rates, forecasted revenues and growth rates. These fair value measurements were based on significant inputs not observable in the market and thus represent Level 3 fair value measurements.

During the fourth quarter of 2024, the Company recorded a measurement period adjustment for HCC to reflect refinements in fair value estimates which decreased the bargain purchase gain by $0.5 million and patient accounts receivable balances by $0.7 million and deferred income taxes by $0.2 million. The purchase price allocations are considered final. Transaction expenses related to the above acquisitions were not material.

Goodwill reflects the expected synergies and other benefits that the Company believes will result from the combination of the Central Georgia Practice and expanded market opportunities along with the value of the assembled workforce. The goodwill is expected to be tax deductible. A bargain purchase gain of $0.5 million for the Hawaii Practice Acquisition was recorded within Other (expense) income, net in the consolidated statement of operations and comprehensive income (loss). The bargain purchase gain was driven by the asset purchase agreement containing certain provisions requiring repayment of the assumed debt, cash paid, and seller note by the HCC Shareholders and the in-substance service period.

As the business combinations occurred on April 1, 2024, the following table presents revenue for the years ended December 31, 2024 and 2023, as if the 2024 acquisitions had occurred as of January 1, 2023. Prior to the acquisition date, it would not be practicable to present financial results of the acquired businesses prepared on a basis that would be comparable to us as financial statements were not prepared in accordance with GAAP for all periods presented. Accordingly, the required pro-forma financial disclosures related to net income are not presented herein.


Pro Forma (unaudited)
	Twelve Months Ended December 31,
	2024		2023

Revenue	$	1,788,369	$	1,394,726

From the dates of acquisition through December 31, 2024, revenue attributable to the 2024 acquired businesses was $126.6 million. Net income (loss) has not been included as the Company recognizes expenses on the cash basis of accounting at the practice level.

2023 Acquisitions

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

Variable Interest Entities - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 62,849	$ 28,539
Accounts receivable	129,200	129,200
Inventories	60,712	44,569
Goodwill	10,900	1,050
Intangibles, net	2,476	180
Total assets	470,328	374,453
Liabilities
Other long-term liabilities	10,333	14,251
Total liabilities	362,321	303,740
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	41,595	26,574
Accounts receivable	129,233	129,151
Inventories	60,712	44,569
Prepaid expenses and other current assets	5,738	895
Other receivables	58,321	33,809
Other assets	22,411	2,091
Goodwill	9,850	0
Intangibles, net	2,476	180
Total assets	330,336	237,269
Liabilities
Accounts payable	160,378	122,324
Accrued compensation and benefits	43,219	21,380
Accrued other	11,339	16,723
Other long-term liabilities	551	273
Due to AON LLC and subsidiaries, net	143,470	117,194
Total liabilities	$ 358,957	$ 277,894

Equity-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The Company maintains a single equity incentive plan, the “2023 Incentive Equity Plan”, which was adopted by the Board of Directors and approved by stockholders in connection with the Business Combination. A total of 5,300,000 shares were authorized under the 2023 Incentive Equity Plan. The number of shares of common stock available for issuance under the 2023 Incentive Equity Plan will be increased annually on the first day of each fiscal year during the term of the 2023 Incentive Equity Plan by an amount equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (b) such smaller number of shares as determined by the Company’s board of directors. At December 31, 2024, 751,028 shares were available for grant under the 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.

Restricted Stock Units

A summary of the RSU activity during the twelve month period ending December 31, 2024 is as follows:


	Twelve Months Ended December 31, 2024
	Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2023	—	$	—
Granted	4,760,521	$	4.82
Vested	(2,398,005)	$	5.47
Forfeited/Cancelled	(36,729)	$	—
Outstanding as of December 31, 2024	2,325,787	$	4.15

The Company recognized $17.7 million in stock-based compensation expense related to outstanding RSUs during the twelve months ended December 31, 2024. The amount comprises of $12.2 million recorded in APIC, $2.2 million related to Non-controlling interest and $3.3 million expense related to payment of tax withholding obligation on net RSU settlements

As of December 31, 2024, there was approximately $4.9 million of total unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of approximately 1.47 years.

The fair value of the RSUs is determined on the date of the grant based on the market price of the Company’s common stock on that date. Each RSU represents the right to receive one share of the Company’s common stock, upon vesting. Portions of the RSUs granted vest immediately with others vesting over one to four years following the grant date, subject to the individual’s continued service to the Company through the applicable vesting date, some may also require the satisfaction of certain performance conditions, and all are subject to the terms and conditions on the Company’s form of RSU agreement under the 2023 Incentive Equity Plan. For awards with performance conditions, the number of restricted stock units expected to vest may change over time depending upon the performance level expected to be achieved.

Stock Options

A summary of the Stock Option activity during the twelve month period ending December 31, 2024 is as follows:


	Twelve Months Ended December 31, 2024
	Stock Options	Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Unexercised Options Outstanding as of December 31, 2023	—	$	—	—	$	—
Granted	385,000	5.43		4.9	146
Options Exercised	—	—		—	—
Forfeited/Cancelled	—	—		—	—
Unexercised Options Outstanding as of December 31, 2024	385,000	5.43		4.9	146
Exercisable at December 31, 2024	17,091	$	5.23	4.9	$	8

The Company estimates the fair value of time-based and performance-based stock options on the grant date using the Black-Scholes option pricing model. The estimated fair value of these employee stock options is amortized on a straight-line basis over the requisite service period of the awards. The fair value of time-based and performance-based stock options was estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2024
Risk-free interest rate	4.15	%
Expected volatility	57.72	%
Expected term (in years)	3.65
Expected dividend yield	—	%

Risk-Free Interest Rate. The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued.

Expected Volatility. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and the Company's own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Expected Term. The Company's limited option exercise history does not provide a reasonable basis for estimating expected term, therefore the Company has estimated the expected life of its stock options using the simplified method, whereby the expected life equals the average of the vesting term and the original contractual term of the option.

Expected Dividend Yield. The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future.

The Company recognized $0.1 million in stock-based compensation expense related to Stock Options during the twelve months ended December 31, 2024.

As of December 31, 2024, there was approximately $0.5 million of total unrecognized compensation expense related to Stock Options, which is expected to be recognized over a weighted-average period of approximately 4.9 years.

Accrued Other (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Other Accrued Liabilities, Current

Accrued other consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Refund liability	$	8,576	$	15,078
Warrant Liability	3,613		-
Excise taxes payable	-		2,700
Current portion of finance lease liabilities	1,268		1,189
Other	4,237		3,360
Total accrued other	$	17,694	$	22,327

Consolidated Statements of Mezzanine and Stockholders’ Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Units Class A Units	Common Units Class A-1 Units	Common Units Class B Units	Common Units Class B-1 Units	APIC	Treasury Stock	AOCI	Noncontrolling Interest	Retained Earnings (Deficit)
Redeemable Preferred Stock
Issuance of Class C Units, net of offering costs (in shares)	6,500,000
Issuance of Class C Units, net of offering costs	$ 62,897
Beginning balance (in units) at Dec. 31, 2022						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]
Class A and A-1 preferred returns	(8,174)													(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						$ 9,725
Tax distributions	(1,306)													(1,306)
Capital contribution from noncontrolling interest member	134												$ 134
Accumulated Other Comprehensive Income	179											179
Equity based compensation (in shares)								911,000	1,047,000
Equity based compensation	4,874							$ 10	$ 4,864
Net Gain (Loss)	$ (27,081)												(26)	(27,055)
Ending Balance (in shares) at Dec. 31, 2023	6,651,610,000
Ending Balance at Dec. 31, 2023	$ 64,986
Increase (Decrease) In Noncontrolling Interest [Roll Forward]
Net loss after the reverse recapitalization	30,800
Ending Balance at Dec. 31, 2023	167,025
Beginning balance (in units) at Dec. 31, 2022						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
Ending balance (in shares) at Dec. 31, 2023		9,517,816	25,109,551	6,678,441,000	25,109,551,000
Ending balance at Dec. 31, 2023	$ (161,298)			$ 1	$ 3					$ 0		81	429	(161,812)
Ending balance (in units) at Dec. 31, 2023							0	0
Redeemable Preferred Stock
Reverse Recapitalization, net (in shares)	152,000
Reverse Recapitalization, net	$ 2,089
Ending Balance (in shares) at Dec. 31, 2023	6,651,610,000
Ending Balance at Dec. 31, 2023	$ 64,986
Increase (Decrease) In Noncontrolling Interest [Roll Forward]
Reverse Recapitalization, net	36,872
Other comprehensive income	268
Net loss after the reverse recapitalization	(30,848)
Fair value adjustment to redeemable noncontrolling interest	160,733
Ending Balance at Dec. 31, 2023	167,025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity based compensation	2									0				2
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		(42)		(2,089)
Other comprehensive income	61											61
743(b) tax adjustment	(254)									0				(254)
Repurchases of Class A Common Stock (in shares)				(15,000)
Repurchases of Class A Common Stock	89									0				89
Net loss after the reverse recapitalization	(5,222)												321	(5,543)
Fair value adjustment to redeemable noncontrolling interest	(160,733)									(17,601)				(143,132)
Ending balance (in shares) at Dec. 31, 2023		9,517,816	25,109,551	6,678,441,000	25,109,551,000
Ending balance at Dec. 31, 2023	$ (161,298)			$ 1	$ 3					0		81	429	(161,812)
Ending balance (in units) at Dec. 31, 2023							0	0
Ending Balance (in shares) at Dec. 31, 2024	6,651,610,000
Ending Balance at Dec. 31, 2024	$ 64,986
Increase (Decrease) In Noncontrolling Interest [Roll Forward]
Other comprehensive income	(131)
Equity based compensation & NCI rebalancing	4,223
Repurchases of Class A Common Stock	(660)
Net loss after the reverse recapitalization	(23,760)
Tender Offer	(19,870)
Issuance of Class A Common Stock	21,686
Redemptions of Class B Common Stock to Class A Common Stock	(16,262)
Fair value adjustment to redeemable noncontrolling interest	(44,599)
Ending Balance at Dec. 31, 2024	87,652
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution from noncontrolling interest member	380												380
Equity based compensation (in shares)				2,236,349,000
Equity based compensation	10,201									10,201
Net Gain (Loss)	(3,198)												775	(3,973)
Other comprehensive income	(53)											(53)
Repurchases of Class A Common Stock (in shares)				(132,901,000)	(170,118,000)
Repurchases of Class A Common Stock	292									(660)	$ 368
Fair value adjustment to redeemable noncontrolling interest	44,599									(19,015)				63,614
Tender Offer (in shares)				5,407,155,000	(5,407,155,000)
Tender Offer	19,870			$ (1)	$ 1					19,870
Issuance of Class A Common Stock (in shares)				8,500,000,000
Issuance of Class A Common Stock	28,313									28,313
Redemptions of Class B Common Stock to Class A Common Stock (in shares)				4,664,428,000	(4,664,428,000)
Redemptions of Class B Common Stock to Class A Common Stock	16,263									16,263
Ending balance (in shares) at Dec. 31, 2024		30,192,847	14,867,850	27,353,472,000	14,867,850,000
Ending balance at Dec. 31, 2024	$ (44,631)			$ 2	$ 2					$ 56,292	$ (368)	$ 28	$ 1,584	$ (102,171)

Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents (1)
Level 1:
Overnight repurchase agreements (2)	$	62,729	$	-	$	-	$	62,729
Money market funds	382		-		-		382
Level 1 total	63,111		$	—	$	—	63,111
Marketable securities
Level 2:
U.S. Treasury securities	9,786		5		—		9,791
Level 2 total	9,786		5		—		9,791
Total	$	72,897	$	5	$	—	$	72,902


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents (1)
Level 1:
Overnight repurchase agreements (2)	$	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

(1)Included in cash and cash equivalents in the consolidated balance sheets at December 31, 2024 and 2023.

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, 2024, by remaining contractual maturities, consisted of U.S. Treasuries of $9,791 all due within one year or less.

Related Parties - Narrative (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2024

USD ($)

office

Dec. 31, 2023

USD ($)

Notes receivable, amortization period (in months)

60 months

Incremental borrowing rate

6.20%

7.18%

Payments for operating leases

$ 9,404

$ 10,574

Cost of revenue

^[1],[2]

$ 1,641,638

1,196,389

Number of offices with operating lease | office

Payments for operating leases

$ 2,400

2,700

Cost of revenue

1,478,301

1,056,343

Cost of revenue

1,493,600

1,064,000

Accounts payable

$ 156,000

$ 120,900

Concentration risk (in percent)

91.00%

89.00%

Concentration risk (in percent)

91.00%

95.00%

[1]	Includes related party inventory expense of $1,478,301 and $1,056,343 for the years ended December 31, 2024 and 2023, respectively.
[2]	Includes related party rent of $2,637 and $2,716 for the years ended December 31, 2024 and 2023, respectively.

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 12,334	$ 11,193
Amortization of finance lease right-of-use assets	1,149	538
Interest on finance lease liabilities (included in interest expense)	325	135
Variable lease costs	2,707	2,303
Total lease costs	$ 16,515	$ 14,169

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

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 consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Leasehold improvements	$	35,553	$	32,490
Furniture, fixtures and equipment	2,997		2,607
Medical equipment	10,460		8,566
Computer equipment	3,933		3,285
Signs	313		153
Automobiles	101		59
Software	8,487		7,829
Construction-in-progress	9,077		2,985
Finance Right of Use Assets	7,242		7,100
Property and equipment, gross	78,163		65,074

Accumulated depreciation and amortization	(29,789)		(24,635)
Property and equipment, net	$	48,374	$	40,439

Equity-Based Compensation - Schedule of Weighted Average Assumptions (Details) - Time-Based and Performance-Based Stock Options	12 Months Ended
	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.15%
Expected volatility	57.72%
Expected term (in years)	3 years 7 months 24 days
Expected dividend yield	0.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Equity-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Stock Options
Unexercised options outstanding, beginning balance \| shares	0
Granted (in shares) \| shares	385,000
Options exercised (in shares) \| shares	0
Forfeited/Cancelled (in shares) \| shares	0
Unexercised options outstanding, ending balance \| shares	385,000
Exercisable (in shares) \| shares	17,091
Weighted Average Exercise Price Per Option
Beginning balance (in usd per share)	$ 0
Granted (in usd per share)	5.43
Options Exercised (in usd per share)	0
Forfeited/Cancelled (in usd per share)	0
Ending balance (in usd per share)	5.43
Exercisable (in usd per share)	5.23
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life (years), granted (in shares)	$ 4.9
Weighted average remaining contractual life (years), ending balance	4 years 10 months 24 days
Weighted average remaining contractual life (years), exercisable	4 years 10 months 24 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Ending balance \| $	$ 146
Aggregate Intrinsic Value Exercisable \| $	$ 8

Business Combinations - Schedule of Net Assets Acquired And Consideration Transferred (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 01, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Cash			$ 6,712	$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill		$ 10,900	$ 10,900	$ 1,050
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Bargain Purchase Gain (Loss) on Acquisition
Bargain purchase gain		$ (500)
Central Georgia Practice Acquisition
Business Acquisition [Line Items]
Cash	$ 6,912
Seller note	6,550
Debt assumed	0
Fair value of consideration transferred	13,462
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash	0
Patient accounts receivable	0
Inventories	2,312
Prepaid expenses and other current assets	0
Property and equipment	0
Other assets	0
Right of use asset - operating	3,159
Goodwill	9,850
Total assets acquired	16,621
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Account Payable	0
Accrued compensation related costs	0
Accrued other	0
Income taxes payable	0
Operating lease liability - current portion	189
Deferred income taxes	0
Note payable	0
Operating lease liability - long-term	2,970
Total liabilities acquired	3,159
Net assets (liabilities) acquired	13,462
Bargain purchase gain	0
Central Georgia Practice Acquisition \| Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets - trade names	1,300
Hawaii Practice Acquisition
Business Acquisition [Line Items]
Cash	0
Seller note	0
Debt assumed	(4,530)
Fair value of consideration transferred	(4,530)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash	200
Patient accounts receivable	2,492
Inventories	159
Prepaid expenses and other current assets	58
Property and equipment	223
Other assets	202
Right of use asset - operating	2,711
Goodwill	0
Total assets acquired	6,565
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Account Payable	1,453
Accrued compensation related costs	544
Accrued other	733
Income taxes payable	452
Operating lease liability - current portion	375
Deferred income taxes	159
Note payable	4,530
Operating lease liability - long-term	2,335
Total liabilities acquired	10,581
Net assets (liabilities) acquired	(4,016)
Bargain purchase gain	(514)
Hawaii Practice Acquisition \| Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Intangible assets - trade names	$ 520

Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Legacy AON Stockholders own 17,868,095 AON LLC Common Units, equal to a 39.5% of the economic interest in AON LLC as of December 31, 2024. Legacy AON Stockholders also own 14,867,850 shares of Class B Common Stock and 3,000,245 of Class B Prefunded Warrants, which, together with the AON LLC Common Units, may be redeemed at the option of each 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. After each redemption, AON LLC equity attributable to New AON and the Legacy AON Shareholders is adjusted to reflect New AON’s and the Legacy AON Shareholders’ ownership in AON LLC.

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 controlling shareholders control redemption of the shares, 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, 2024, the redeemable noncontrolling interest was recorded based on its redemption value of $87.7 million represented a decrease of $79.4 million from its redemption value as of December 31, 2023. This measurement adjustment decreased additional paid in capital by $19.0 million and increased retained earnings (deficit) by $63.6 million. Each time a change of interest occurs, AON LLC equity attributable to AON Inc. and the Legacy AON Shareholders is rebalanced to reflect the changes in AON Inc.’s and the Legacy AON Shareholder’s ownership in AON LLC that occurred throughout the period.

The following table summarizes the economic ownership of AON LLC, for the year ended December 31, 2024.


	Year ended December 31, 2024
	AON LLC Units
	AON Inc.		Legacy AON Stockholders		Total
Beginning of Period	13,330,051		28,109,796		41,439,847
Additional Common Units Issued	10,736,349		—		10,736,349
Accrual of Series A Preferred Units	1,069,290		—		1,069,290
Repurchases of Common Units	(132,902)		(170,118)		(303,020)
Redemption of Common Units	10,071,583		(10,071,583)		—
Total Common Units as of December 31, 2024	35,074,371		17,868,095		52,942,466
End of Period	35,074,371		17,868,095		52,942,466
Allocation of income to controlling and noncontrolling interests	46.0	%	54.0	%	100.0	%
Allocation of losses to controlling and noncontrolling interests(1)	35.7	%	64.3	%	100.0	%

Basis of Presentation and Significant Accounting Policies - Revenue Recognition Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Description Of Business And Significant Accounting Policies [Line Items]
Revenue	$ 1,759,484	$ 1,279,185
Patient Visits
Description Of Business And Significant Accounting Policies [Line Items]
Revenue	$ 1,190,300	$ 933,900

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: 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

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 8.1	$ 7.2

Business Combinations - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
Business Combinations - Narrative (Details) $ in Thousands	Apr. 01, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) business	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Number of businesses acquired \| business				2
Bargain purchase gain		$ 500
Patient accounts receivable		700		$ 771	$ (6,947)
Deferred income taxes		$ 200
Pro forma information, revenue of acquiree since acquisition date			$ 126,600
Central Georgia Practice Acquisition
Business Acquisition [Line Items]
Employment agreement period	5 years
Purchase price (less than)	$ 13,500
Business combination, consideration transferred (liabilities assumed)	13,462
Bargain purchase gain	0
Central Georgia Practice Acquisition \| Trade Names
Business Acquisition [Line Items]
Intangible assets - trade names	$ 1,300
Weighted average useful life	10 years
Hawaii Practice Acquisition
Business Acquisition [Line Items]
Business combination, consideration transferred (liabilities assumed)	$ (4,530)
Percentage of business acquired		100.00%	100.00%	100.00%
Bargain purchase gain	514
Hawaii Practice Acquisition \| Trade Names
Business Acquisition [Line Items]
Intangible assets - trade names	$ 500
Weighted average useful life	10 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) in 2024 and 2023 consisted of the following:


	Year Ended December 31,
	2024		2023
Current
Federal	$	(294)	$	—
State	58		—
	(236)		—
Deferred
Federal	1,868		400
State	866		(16)
	2,734		384
Total income tax expense (benefit)	$	2,498	$	384

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, 2024 and 2023 are as follows:


	Year Ended December 31,
	2024		2023
Federal statutory income tax rate	21.00	%	21.00	%
State taxes, net of federal benefit	3.18		1.01
State rate change	-1.61		-0.05
Revisions to prior years' estimates	2.54		-0.38
Nontaxable passthrough LLC income	-9.94		-10.41
Change in valuation allowance	-25.67		-6.93
Other	0.30		0.00
Transaction related expenses	0.30		-4.57
Revaluation of warrants	-0.25		-0.29
Effective tax rate	(10.15)	%	(0.62)	%

Schedule of Deferred Tax Assets and Liabilities

Components of the net deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:


	As of December 31
	2024		2023
Deferred tax assets
Investment in partnership	$	16,026	$	9,337
Net operating loss carryforwards	13,680		10,092
Accrued expenses	224		160
Start-up costs	1,242		748
Interest expense limitation carryforward	341		—
Stock compensation	1,098		—
Gross deferred tax assets	32,611		20,337
Valuation allowance	(32,611)		(17,443)
Net deferred tax assets (after valuation allowance)	—		2,894

Income Taxes - Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	3.18%	1.01%
State rate change	(1.61%)	(0.05%)
Revisions to prior years' estimates	2.54%	(0.38%)
Nontaxable passthrough LLC income	(9.94%)	(10.41%)
Change in valuation allowance	(25.67%)	(6.93%)
Other	0.30%	0.00%
Transaction related expenses	0.0030	(0.0457)
Revaluation of warrants	(0.0025)	(0.0029)
Effective tax rate	(10.15%)	(0.62%)

Other Receivables (Short-term) (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Other Receivables

Other receivables consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Rebates receivable	$	50,038	$	33,708
Other	8,158		566
Total other receivables	$	58,196	$	34,274

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

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 consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Leasehold improvements	$	35,553	$	32,490
Furniture, fixtures and equipment	2,997		2,607
Medical equipment	10,460		8,566
Computer equipment	3,933		3,285
Signs	313		153
Automobiles	101		59
Software	8,487		7,829
Construction-in-progress	9,077		2,985
Finance Right of Use Assets	7,242		7,100
Property and equipment, gross	78,163		65,074

Accumulated depreciation and amortization	(29,789)		(24,635)
Property and equipment, net	$	48,374	$	40,439

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

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, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Assets
Operating lease right-of-use assets, net	$	50,157	$	43,349
Finance lease right-of-use assets, net (included in property and equipment, net)	4,764		5,794
Total right-of-use assets	$	54,921	$	49,143

Liabilities
Current
Current portion of operating lease liabilities	$	7,214	$	6,692
Current portion of finance lease liabilities (included in accrued other)	1,268		1,189
Total current lease liabilities	8,482		7,881
Long-term
Long-term operating lease liabilities	48,018		39,803
Long-term finance lease liabilities (included in other long-term liabilities)	3,377		4,548
Total lease liabilities	$	59,877	$	52,232


	Years Ended December 31,
	2024		2023
Operating lease costs	$	12,334	$	11,193
Finance lease costs
Amortization of finance lease right-of-use assets	1,149		538
Interest on finance lease liabilities (included in interest expense)	325		135
Variable lease costs	2,707		2,303
Total lease costs	$	16,515	$	14,169


	Operating Lease		Finance Leases
2025	$	10,746	$	1,523
2026	11,930		1,285
2027	10,597		1,220
2028	8,273		948
2029	7,118		166
Thereafter	23,728		97
Total lease payments	72,392		5,239
Less: amount representing interest	(17,160)		(594)
Present value of lease liabilities	55,232		4,645
Less: current portion of lease liabilities	(7,214)		(1,268)
Long-term lease liabilities, net of current portion	$	48,018	$	3,377

The weighted-average remaining lease term as of December 31, 2024 and 2023 was 7.15 years and 6.93 years for operating leases and 3.88 years and 4.76 years for finance leases, respectively. The weighted-average discount rate as of December 31, 2024 and 2023 was 6.95% and 6.64% for operating leases and 6.43% and 6.30% for finance leases, respectively.

The cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 is as follows:


	Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,404	$	10,574
Operating cash flows from finance leases	325		135
Financing cash flows from finance leases	1,212		593
ROU assets obtained in exchange for new operating lease liabilities	15,662		9,959
ROU assets obtained in exchange for new finance lease liabilities	120		4,290

Leases

Right-of-use assets and lease liabilities consist of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Assets
Operating lease right-of-use assets, net	$	50,157	$	43,349
Finance lease right-of-use assets, net (included in property and equipment, net)	4,764		5,794
Total right-of-use assets	$	54,921	$	49,143

Liabilities
Current
Current portion of operating lease liabilities	$	7,214	$	6,692
Current portion of finance lease liabilities (included in accrued other)	1,268		1,189
Total current lease liabilities	8,482		7,881
Long-term
Long-term operating lease liabilities	48,018		39,803
Long-term finance lease liabilities (included in other long-term liabilities)	3,377		4,548
Total lease liabilities	$	59,877	$	52,232


	Years Ended December 31,
	2024		2023
Operating lease costs	$	12,334	$	11,193
Finance lease costs
Amortization of finance lease right-of-use assets	1,149		538
Interest on finance lease liabilities (included in interest expense)	325		135
Variable lease costs	2,707		2,303
Total lease costs	$	16,515	$	14,169


	Operating Lease		Finance Leases
2025	$	10,746	$	1,523
2026	11,930		1,285
2027	10,597		1,220
2028	8,273		948
2029	7,118		166
Thereafter	23,728		97
Total lease payments	72,392		5,239
Less: amount representing interest	(17,160)		(594)
Present value of lease liabilities	55,232		4,645
Less: current portion of lease liabilities	(7,214)		(1,268)
Long-term lease liabilities, net of current portion	$	48,018	$	3,377

The cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024 and 2023 is as follows:


	Years Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,404	$	10,574
Operating cash flows from finance leases	325		135
Financing cash flows from finance leases	1,212		593
ROU assets obtained in exchange for new operating lease liabilities	15,662		9,959
ROU assets obtained in exchange for new finance lease liabilities	120		4,290

Basis of Presentation and Significant Accounting Policies - Warrant Liability Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Description Of Business And Significant Accounting Policies [Line Items]
Warrant Liability	$ 3,613	$ 0
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]
Warrant Liability	$ 2,100
Private Placement Warrants
Description Of Business And Significant Accounting Policies [Line Items]
Warrant Liability	$ 1,500
Private Placement Warrants \| Measurement Input, Expected Dividend Rate
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	0.000
Private Placement Warrants \| Measurement Input, Price Volatility
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	0.3000
Private Placement Warrants \| Measurement Input, Risk Free Interest Rate
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	0.0428
Private Placement Warrants \| Measurement Input, Expected Term
Description Of Business And Significant Accounting Policies [Line Items]
Warrants, measurement input	5

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

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


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

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

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

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


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

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

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 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.

Third Party Tender Offer

On October 4, 2024, affiliates of AEA Growth (collectively the “Bidders” or “AEA Parties”) closed on a tender offer to purchase for cash, i) 5,407,155 AON LLC Common Units from holders of such AON LLC Common Units and ii) 2,809,338 shares of New AON Class A Common Stock from holders of such New AON Class A Common Stock (the “Third Party Tender Offer”). Each AON LLC Common Unit and share of New AON Class A Common Stock was purchased by the Bidders for $4.00 less certain fees and expenses. Following the closing of the Third Party Tender Offer, the Bidders converted the 5,407,155 AON LLC Common Units into an equal number of shares of Class A Common Stock of the Company.

Neither AON Inc. nor AON LLC was a Bidder in the Third Party Tender Offer. AON Inc. and AON LLC assisted with facilitating documentation between the Bidders and participants in the Third Party Tender Offer in order to maintain an orderly process between the participants in the Third Party Tender Offer and the Bidders.

The Company and AEA Growth entered into a Stockholders Agreement on July 19, 2024 that provides for certain customary shareholder protections in the event that AEA Parties collectively and beneficially own at least 40% of outstanding voting power of the Company. Upon closing of the Third Party Tender Offer, the AEA Parties owned approximately 30% of the outstanding voting power of the Company.

Class A Common Stock Financing

On November 12, 2024, the Company and AEA AON Aggregator LLC (the “Investor”), an affiliate of AEA Growth, entered into a securities purchase agreement (the “Securities Purchase Agreement”) and closed on the sale of 8,500,000 newly issued shares of Class A Common Stock at a price of $6.00 per share (the “Equity Financing”). The gross proceeds of the offering were $51,000,000 before deducting reimbursable fees and expenses of counsel to the Investor. The Company intends to use the proceeds of the financing for acquisition of physician practices, other capital expenditures and general corporate purposes.

In connection with the Equity Financing, the Company granted a right of first offer to the Investor, pursuant to which Investor shall have the right to purchase up to that portion of any new securities, or instruments convertible into or exercisable for securities (the “New Securities”) issued by the Company, subject to certain customary exceptions, in order for Investor to maintain its pro rata percentage ownership of the Company on a fully diluted

basis. In addition, subject to certain customary exceptions, in the event that the Company issues New Securities on or prior to November 12, 2025 on terms that are more favorable to an investor than the Investor’s terms in the Equity Financing, then the Investor may elect to amend and/or restate the Securities Purchase Agreement or any related transaction document to reflect the favorable terms of the instrument(s) evidencing the New Securities. In addition, the Company granted Investor the right to designate one member on the Company’s Board of Directors, so long as Investor beneficially owns at least 10% of the Company’s outstanding voting power (the “Board Right”). The Board Right is in addition to Investor’s right, as the holder of a majority-in-interest of the Series A Preferred Stock, to designate the Preferred Director (as defined in the Company’s Certificate of Designation for its Series A Preferred Stock).

In connection with the execution of the Securities Purchase Agreement, the Company and the Investor entered into a joinder to that certain Registration Rights Agreement, dated as of September 20, 2023 (the “Registration Rights Agreement”). The Company and the Investor, as the holder of a majority-in-interest of the Registerable Securities (as defined in the Registration Rights Agreement) entered into an amendment to the Registration Rights Agreement (the “Registration Rights Agreement Amendment”), which provides that for so long as the Company is eligible to suspend its duty to file reports under section 15(d) of the Exchange Act, the Company shall not be obligated to file or maintain effective any registration statement that would have been required under the Registration Rights Agreement.

The Securities Purchase Agreement and Registration Rights Agreement Amendment are subject to, and qualified in their entirety by, the full text of such documents, where applicable, which are incorporated herein by reference.

The Securities Purchase Agreement contains certain representations and warranties, covenants and indemnities customary for similar transactions. The representations, warranties and covenants contained in the Securities Purchase Agreement were made solely for the benefit of the parties to the Securities Purchase Agreement and may be subject to limitations agreed upon by the contracting parties.

The 8,500,000 shares of Class A Common Stock that are subject to the Securities Purchase Agreement were sold and have been issued without registration under the Securities Act, in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.

- 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

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+ Details

Related Parties - Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 31, 2024	Oct. 14, 2024	Oct. 01, 2024	Sep. 20, 2024	Jul. 12, 2024	Dec. 31, 2023	May 01, 2020	Jun. 01, 2019	May 01, 2019
Related Party Transaction [Line Items]
Total notes receivables	$ 3,562						$ 2,754
Less: Current portion of notes receivable	(2,197)						(1,604)
Notes receivable, less current portion	1,365						1,150
Note 2*
Related Party Transaction [Line Items]
Total notes receivables	100						656
Original Principal										$ 5,355
Note 3
Related Party Transaction [Line Items]
Total notes receivables	0						17
Original Principal									$ 491
Note 8
Related Party Transaction [Line Items]
Total notes receivables	1,587						2,081
Original Principal								$ 2,816
Note 10
Related Party Transaction [Line Items]
Total notes receivables	743						0
Original Principal						$ 310
Note 11
Related Party Transaction [Line Items]
Total notes receivables	510						0
Original Principal					$ 250
Note 12
Related Party Transaction [Line Items]
Total notes receivables	92						0
Original Principal				$ 100
Note 13
Related Party Transaction [Line Items]
Total notes receivables	242						0
Original Principal			$ 250
Note 14
Related Party Transaction [Line Items]
Total notes receivables	$ 288						$ 0
Original Principal		$ 300

Equity (Tables)

12 Months Ended

Dec. 31, 2024

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 year ended December 31, 2023.


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

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

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

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


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

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

Marketable Securities - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities	$ 9,791,000	$ 35,389,000
U.S. Treasury securities \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities	$ 9,791

- Definition

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

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- 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.

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+ Details

Basis of Presentation and Significant Accounting Policies - Accounts Receivable Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 129.2	$ 129.2

Income Taxes - Provision/Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ (294)	$ 0
State	58	0
Total current income tax expense (benefit)	(236)	0
Deferred
Federal	1,868	400
State	866	(16)
Total deferred income tax expense (income)	2,734	384
Total income tax expense (benefit)	$ 2,498	$ 384

- Definition

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

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+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Intravenous drugs	$	39,786	$	32,388
Oral pharmaceuticals	20,926		12,181
Total inventories	$	60,712	$	44,569

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Activity

A summary of the RSU activity during the twelve month period ending December 31, 2024 is as follows:


	Twelve Months Ended December 31, 2024
	Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2023	—	$	—
Granted	4,760,521	$	4.82
Vested	(2,398,005)	$	5.47
Forfeited/Cancelled	(36,729)	$	—
Outstanding as of December 31, 2024	2,325,787	$	4.15

Schedule of Stock Option Activity

A summary of the Stock Option activity during the twelve month period ending December 31, 2024 is as follows:


	Twelve Months Ended December 31, 2024
	Stock Options	Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Unexercised Options Outstanding as of December 31, 2023	—	$	—	—	$	—
Granted	385,000	5.43		4.9	146
Options Exercised	—	—		—	—
Forfeited/Cancelled	—	—		—	—
Unexercised Options Outstanding as of December 31, 2024	385,000	5.43		4.9	146
Exercisable at December 31, 2024	17,091	$	5.23	4.9	$	8

Schedule of Weighted Average Assumptions

The fair value of time-based and performance-based stock options was estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2024
Risk-free interest rate	4.15	%
Expected volatility	57.72	%
Expected term (in years)	3.65
Expected dividend yield	—	%

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)

Variable Interest Entities

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 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, 2024 and 2023.

The assets of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2024 and 2023, are as follows:


	As of December 31, 2024		As of December 31, 2023
Assets
Cash and cash equivalents	$	41,595	$	26,574
Accounts receivable	129,233		129,151
Inventories	60,712		44,569
Prepaid expenses and other current assets	5,738		895
Other receivables	58,321		33,809
Other assets	22,411		2,091
Goodwill	9,850		—
Intangibles, net	2,476		180
Total assets	$	330,336	$	237,269

The liabilities of AON Partners, Partners of Maryland, AON Central Services, and MIBA as of December 31, 2024 and 2023, are as follows:


	As of December 31, 2024		As of December 31, 2023
Liabilities
Accounts payable	$	160,378	$	122,324
Accrued compensation and benefits	43,219		21,380
Accrued other	11,339		16,723
Other long-term liabilities	551		273
Due to AON LLC and subsidiaries, net	143,470		117,194
Total liabilities	$	358,957	$	277,894

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

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Investment in partnership	$ 16,026	$ 9,337
Net operating loss carryforwards	13,680	10,092
Accrued expenses	224	160
Start-up costs	1,242	748
Interest expense limitation carryforward	341	0
Stock compensation	1,098	0
Gross deferred tax assets	32,611	20,337
Valuation allowance	(32,611)	(17,443)
Net deferred tax assets (after valuation allowance)	$ 0	$ 2,894

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, 2024 USD ($) practice state $ / shares shares	Dec. 31, 2023 USD ($) shares
Business Acquisition [Line Items]
Number of oncology practices \| practice		37
Number of states in which entity operates \| state		20
Reverse recapitalization, equity conversion ratio		1
Number of securities called by each warrant (in shares)		1
Transaction expenses \| $	$ 13,000	$ 1,338	$ 31,236
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	$ 13.50
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 \| $		1,300	$ 31,900
Transaction expenses \| $		31,100
AON LLC \| Temporary Equity
Business Acquisition [Line Items]
Adjustment to APIC, transaction costs \| $		$ 800
Class A Common Stock
Business Acquisition [Line Items]
Issuance of Class A Common Stock (in shares)	1,047,343
Common stock, shares outstanding (in shares)		30,192,847	9,517,816
Series A Preferred Stock
Business Acquisition [Line Items]
Stock price (in usd per share) \| $ / shares		$ 10.00
Class B Common Stock
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)		14,867,850	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 \| Class A Common Stock
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 \| Class A Common Stock
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	$ 11.50
DTOC Sponsor \| Class A Common Stock \| 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]
Issuance of Class A Common Stock (in shares)	6,651,610
Common stock, shares outstanding (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 \| Class A Common Stock
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

Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Physician deferred compensation	$ 20,827	$ 0
Insurance recovery receivable	3,921	2,830
Equity investment in OCP Management Arizona, LLC	0	1,754
Other	836	3,004
Total other assets	$ 25,584	$ 7,588

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Revenue

Total revenue

$ 1,759,484

$ 1,279,185

Costs and expenses

Cost of revenue

^[1],[2]

1,641,638

1,196,389

General and administrative expenses

133,937

100,714

Transaction expenses

1,338

31,236

Total costs and expenses

1,776,913

1,328,339

Income (loss) from operations

(17,429)

(49,154)

Other income (expense)

Interest expense

(7,057)

(6,417)

Interest income

3,199

1,326

Other (expense) income, net

(3,326)

(8,262)

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

(24,613)

(62,507)

Income tax expense

2,498

384

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

(27,111)

(62,891)

Equity in income (loss) of affiliate

153

(259)

Net income (loss) before noncontrolling interest

(26,958)

(63,150)

Net income attributable to noncontrolling interest

775

321

Net income (loss) before redeemable noncontrolling interest

(27,733)

(63,471)

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

(27,080)

Net income (loss) attributable to redeemable noncontrolling interest

(23,760)

(30,849)

Net loss attributable to Class A Common Stockholders, Basic

(3,973)

(5,542)

Net loss attributable to Class A Common Stockholders, Diluted

(3,973)

(5,542)

Series A Preferred Cumulative Dividends

(5,550)

(1,493)

Series A Preferred Deemed Dividends

(2,089)

Net loss attributable to Class A Common Stockholders

(9,523)

(9,124)

Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of dilutive securities

(23,760)

Net loss attributable to Class A Common Stockholders for diluted loss per share

$ (33,283)

$ (9,124)

Loss per share of Class A Common Stock:

Basic (usd per share)

$ (0.69)

$ (1.36)

Diluted (usd per share)

$ (0.89)

$ (1.36)

Weighted average shares of Class A Common Stock Outstanding:

Basic (in shares)

13,717,309

6,685,515

Diluted (in shares)

37,504,811

6,685,515

Other comprehensive income (loss):

Unrealized gains (losses) on marketable securities

$ (184)

$ 510

Other comprehensive gain (loss)

(184)

510

Comprehensive income (loss)

(27,917)

(62,961)

Other comprehensive income (loss) attributable to Legacy AON Stockholders

(26,901)

Other comprehensive loss attributable to redeemable noncontrolling interests

(23,891)

(30,580)

Total comprehensive loss attributable to Class A Common Stockholders

(4,026)

(5,480)

Patient service revenue, net

Revenue

Total revenue

1,743,978

1,265,719

Other revenue

Revenue

Total revenue

$ 15,506

$ 13,466

[1]	Includes related party inventory expense of $1,478,301 and $1,056,343 for the years ended December 31, 2024 and 2023, respectively.
[2]	Includes related party rent of $2,637 and $2,716 for the years ended December 31, 2024 and 2023, respectively.

Related Parties (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Related Party Transactions


	As of December 31, 2024		As of December 31, 2023		Original Principal		Issue Date	Maturity Date
Notes receivable
Note 2*	$	100	$	656	$	5,355	5/1/2019	4/30/2024
Note 3	-		17		491		6/1/2019	5/31/2024
Note 8	1,587		2,081		2,816		5/1/2020	5/1/2025
Note 10	743		-		310		7/12/2024	7/12/2029
Note 11	510		-		250		9/20/2024	9/20/2029
Note 12	92		-		100		10/1/2024	10/1/2027
Note 13	242		-		250		10/14/2024	10/14/2031
Note 14	288		-		300		10/31/2024	9/30/2026
Total notes receivables	$	3,562	$	2,754
Less: Current portion of notes receivable	$	(2,197)	$	(1,604)
Notes receivable, less current portion	$	1,365	$	1,150

*The Company is in the process of extending maturity date for this note.

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the net assets acquired and consideration transferred recognized on the respective acquisition dates.


	Central Georgia		Hawaii
Consideration
Cash	$	6,912	$	—
Seller note	6,550		—
Debt assumed	$	—	$	(4,530)
Fair value of consideration transferred	13,462		(4,530)

Estimated fair values of identifiable assets acquired and liabilities assumed:
Cash	$	—	$	200
Patient accounts receivable	—		2,492
Inventories	2,312		159
Prepaid expenses and other current assets	—		58
Property and equipment	—		223
Other assets	—		202
Intangible assets - trade names	1,300		520
Right of use asset - operating	3,159		2,711
Goodwill	9,850		—
Total assets acquired	$	16,621	$	6,565
Account Payable	—		1,453
Accrued compensation related costs	—		544
Accrued other	—		733
Income taxes payable	—		452
Operating lease liability - current portion	189		375
Deferred income taxes	—		159
Note payable	—		4,530
Operating lease liability - long-term	2,970		2,335
Total liabilities acquired	3,159		10,581
Net assets (liabilities) acquired	$	13,462	$	(4,016)

Bargain purchase gain	$	—	$	(514)

Schedule of Pro Forma Revenue


Pro Forma (unaudited)
	Twelve Months Ended December 31,
	2024		2023

Revenue	$	1,788,369	$	1,394,726

Net Loss per Share - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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)	7,720,899,000	6,651,610,000
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)	0	25,109,551,000
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)	0	3,000,245,000
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)	14,450,833,000	14,450,833,000
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	1,949,301,000	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	385,000,000	0

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Net Loss per Share


$ in thousands, except share and per share data	Year Ended December 31,
	2024		2023
Net loss attributable to AON Inc.	$	(3,973)	$	(5,542)
Less: Series A Preferred Cumulative Dividends	(5,550)		(1,493)
Less: Series A Preferred Deemed Dividend	—		(2,089)
Net loss attributable to Class A Common Stockholders	$	(9,523)	$	(9,124)
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Common Stock	(19,770)		—
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Prefunded Warrants	(3,990)
Net loss attributable to Class A Common Stockholders for diluted loss per share	$	(33,283)	$	(9,124)
Weighted-average shares for basic loss per share	13,717,309		6,685,515

Effect of dilutive securities:
Class B Common Stock	20,787,257		—
Class B Prefunded warrants	3,000,245		—
Weighted average shares for diluted loss per share	$	37,504,811	$	6,685,515

Basic loss per share of Class A Common Stock	$	(0.69)	$	(1.36)
Dilutive loss per share of Class A Common Stock	$	(0.89)	$	(1.36)

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.


	2024	2023
Series A Preferred Stock	7,720,899	6,651,610
Class B Common Stock	—	25,109,551
Class B Prefunded Warrants	—	3,000,245
Public and Private Warrants	14,450,833	14,450,833
Restricted Stock Units	1,949,301	—
Options	385,000	—

Basis of Presentation and Significant Accounting Policies - Goodwill And Intangible Assets Narrative (Details)	12 Months Ended
	Dec. 31, 2024 unit
Finite-Lived Intangible Assets [Line Items]
Number of Reporting Units	1
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	10 years

- 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

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Total inventories	$ 60,712	$ 44,569
Intravenous drugs
Inventory [Line Items]
Total inventories	39,786	32,388
Oral pharmaceuticals
Inventory [Line Items]
Total inventories	$ 20,926	$ 12,181

Reverse Recapitalization (Tables)

12 Months Ended

Dec. 31, 2024

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)

Business Combinations - Schedule of Pro Forma (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenue	$ 1,788,369,000,000	$ 1,394,726,000,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers, LLP
Auditor Firm ID	238
Auditor Location	Nashville, Tennessee

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 9,404	$ 10,574
Operating cash flows from finance leases	325	135
Financing cash flows from finance leases	1,212	593
ROU assets obtained in exchange for new lease liabilities
ROU assets obtained in exchange for new operating lease liabilities	15,662	9,959
ROU assets obtained in exchange for new finance lease liabilities	$ 120	$ 4,290

Leases - Narrative (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term for operating leases (in years)	7 years 1 month 24 days	6 years 11 months 4 days
Weighted-average remaining lease term for finance leases (in years)	3 years 10 months 17 days	4 years 9 months 3 days
Weighted-average discount rate for operating leases (in percent)	6.95%	6.64%
Weighted-average discount rate for finance leases (in percent)	6.43%	6.30%

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 78,163	$ 65,074
Finance Right of Use Assets	7,242	7,100
Accumulated depreciation and amortization	(29,789)	(24,635)
Property and equipment, net	48,374	40,439
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	35,553	32,490
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,997	2,607
Medical equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,460	8,566
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,933	3,285
Signs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	313	153
Automobiles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	101	59
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,487	7,829
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,077	$ 2,985

Accrued Other (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Refund liability	$ 8,576	$ 15,078
Warrant Liability	3,613	0
Excise taxes payable	0	2,700
Current portion of finance lease liabilities	$ 1,268	$ 1,189
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued other	Total accrued other
Other	$ 4,237	$ 3,360
Total accrued other	$ 17,694	$ 22,327

Consolidated Balance Sheets (Parenthetical) - USD ($)

Dec. 31, 2024

Dec. 31, 2023

Redeemable convertible preferred stock, shares outstanding (in shares)

6,651,610,000

Treasury stock, at cost (in shares)

(122,743)

(14,729)

Operating lease right-of-use assets, net

^[1]

$ 50,157,000

$ 43,349,000

Accounts payable

^[2]

170,736,000

127,645,000

Current portion of operating lease liabilities

^[3]

7,214,000

6,692,000

Long-term operating lease liabilities

^[4]

48,018,000

39,803,000

9,396,000

10,931,000

Accounts payable

155,903,000

120,857,000

Current portion of operating lease liabilities

661,000

1,888,000

Long-term operating lease liabilities

$ 8,177,000

$ 9,472,000

Series A Preferred Stock

Par value (dollars per share)

$ 0.0001

Shares authorized (shares)

25,000,000

Shares issued (in shares)

6,651,610

Redeemable convertible preferred stock, shares outstanding (in shares)

6,651,610

Liquidation preference

$ 73,558,553

$ 68,009,015

Class A Common Stock

Common stock, par value (in usd per share)

$ 0.0001

Common stock, shares authorized (in shares)

200,000,000

Common stock, shares issued (in shares)

30,192,847

9,517,816

Common stock, shares outstanding (in shares)

30,192,847

9,517,816

Class B Common Stock

Common stock, par value (in usd per share)

$ 0.0001

Common stock, shares authorized (in shares)

100,000,000

Common stock, shares issued (in shares)

14,867,850

25,109,551

Common stock, shares outstanding (in shares)

14,867,850

25,109,551

[1]	Includes related party operating right-of-use assets, net of $9,396 and $10,931 at December 31, 2024 and 2023, respectively
[2]	Includes amounts due to related party of $155,903 and $120,857 at December 31, 2024 and 2023, respectively
[3]	Includes related party current portion of operating lease liabilities of $661 and $1,888 at December 31, 2024 and 2023, respectively
[4]	Includes related party long-term operating lease liabilities of $8,177 and $9,472 at December 31, 2024 and 2023, respectively

Other Assets (Long-term) (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other receivables consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Physician deferred compensation	$	20,827	$	-
Insurance recovery receivable	3,921		2,830
Equity investment in OCP Management Arizona, LLC	-		1,754
Other	836		3,004
Total other assets	$	25,584	$	7,588

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

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”).

Principles of Consolidation

The accounting treatment of the Business Combination was a Reverse Recapitalization.

Refer to Note 4 for further information on the VIEs.

Significant Accounting Policies

Accounting Estimates and Assumptions

Segments

Revenue Recognition

PSA and MIBA revenues are included in Other Revenue on the Consolidated Statements of Operations and Comprehensive Loss.

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 18 for additional considerations and presentation for noncontrolling interest.

Mezzanine Equity

Treasury Stock

Business Combinations

Cash and Cash Equivalents

Accounts Receivable

As of December 31, 2024 and 2023, the accounts receivable, net balances were $129.2 million and $129.2 million, respectively.

Inventories

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 Assets

Other assets primarily consists of consideration recorded as a result of the Company’s business combinations that is being amortized over time, ranging from three to twelve years.

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 and Intangible Assets

Goodwill and indefinite-lived identifiable intangible assets

Finite-lived identifiable intangible assets

Leases

Income Taxes

Concentration of Credit Risk

Equity-Based Compensation

Debt Issuance Costs

Offering Costs

Professional Liability

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. All accrued unpaid claims and

expenses and the associated insurance recoveries are classified as short-term and long-term liabilities and assets

based on when they are expected to be paid or collected.

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			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.

See Note 6 for a discussion of the Company’s Level 1 and Level 2 Marketable Securities as of December 31, 2024 and 2023. See below for a discussion of the Company’s Level 1 and Level 3 warrant liabilities as of December 31, 2024. As of December 31, 2024 and 2023, there were no Level 3 financial instruments. There were no transfers between any levels of the hierarchy during any periods presented.

Warrant Liabilities

Expected annual dividend yield – 0.0%

Expected volatility – 30.00%

Risk-free rate of return – 4.28%

Expected Option Term – 5 years

Net Income (Loss) Per Share

obligation to share in the losses of the Company, there is no loss allocation between Class A Common Stock and Series A Preferred Stock.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Business

12 Months Ended

Dec. 31, 2024

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 37 oncology practices located in twenty states (Arizona, Arkansas, Florida, Georgia, Hawaii, 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, 2024 and 2023 the Company entered into affiliation agreements with or acquired the following oncology practices.



			December 31, 2023						December 31, 2024
			State						State
			Texas(a)						Maryland(a)
			Florida(a)						Texas(a)
			Arizona(a)						Hawaii(b)
									Georgia(b)

(b)The Company completed acquisitions which were accounted for as business combinations with the physicians

for these respective practices (See Note 5 for further discussion).

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, (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;

•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.

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 and New AON incurred costs of $1.3 million and $31.9 million during the years ended December 31, 2024 and 2023, 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.

Basis of Presentation and Significant Accounting Policies - Equity-Based Compensation Narrative (Details)	12 Months Ended
	Dec. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	385,000
2023 Incentive Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	5,145,521

- 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

Other Assets (Long-term)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets (Long-term)

Other receivables consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Physician deferred compensation	$	20,827	$	-
Insurance recovery receivable	3,921		2,830
Equity investment in OCP Management Arizona, LLC	-		1,754
Other	836		3,004
Total other assets	$	25,584	$	7,588

Other Receivables (Short-term) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Rebates receivable	$ 50,038	$ 33,708
Other	8,158	566
Total other receivables	$ 58,196	$ 34,274

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 02, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2025	Jun. 30, 2023
Subsequent Event [Line Items]
Cash payments expected		$ 6,712	$ 0
PNC Loan Facility \| PNC Facility
Subsequent Event [Line Items]
Unamortized debt issuance costs					$ 400
Subsequent Event \| PNC Loan Facility \| PNC Facility
Subsequent Event [Line Items]
Unamortized debt issuance costs				$ 400
Physician Practice Acquisition \| Subsequent Event
Subsequent Event [Line Items]
Purchase price (less than)	$ 35,900
Cash payments expected	21,000
Principal amount of note payable in business combination	7,200
Consideration in cash or restricted stock units	$ 7,700
Cash or restricted stock units payment period (in years)	3 years

Redeemable Noncontrolling Interest - Schedule of Ownership (Details) - AON LLC	12 Months Ended
	Dec. 31, 2024 shares
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance (in units)	41,439,847
Additional Common Units Issued (in units)	10,736,349
Accrual of Preferred Units (in units)	1,069,290
Repurchases of Common Units (in units)	303,020
Redemption of Common Units (in units)	0
Common Units Issued (in units)	52,942,466
Ending balance (in units)	52,942,466
Allocation of income to controlling and noncontrolling interests (in percent)	1.000
Allocation of losses to controlling and noncontrolling interests (in percent)	1.000
AON Inc.
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance (in units)	13,330,051
Additional Common Units Issued (in units)	10,736,349
Accrual of Preferred Units (in units)	1,069,290
Repurchases of Common Units (in units)	132,902
Redemption of Common Units (in units)	10,071,583
Common Units Issued (in units)	35,074,371
Ending balance (in units)	35,074,371
Allocation of income to controlling and noncontrolling interests (in percent)	0.460
Allocation of losses to controlling and noncontrolling interests (in percent)	0.357
Legacy AON Stockholders
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance (in units)	28,109,796
Additional Common Units Issued (in units)	0
Accrual of Preferred Units (in units)	0
Repurchases of Common Units (in units)	170,118
Redemption of Common Units (in units)	(10,071,583)
Common Units Issued (in units)	17,868,095
Ending balance (in units)	17,868,095
Allocation of income to controlling and noncontrolling interests (in percent)	0.540
Allocation of losses to controlling and noncontrolling interests (in percent)	0.643

Accrued Other

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Other

Accrued other consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Refund liability	$	8,576	$	15,078
Warrant Liability	3,613		-
Excise taxes payable	-		2,700
Current portion of finance lease liabilities	1,268		1,189
Other	4,237		3,360
Total accrued other	$	17,694	$	22,327

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Cost of revenue

^[1],[2]

$ 1,641,638

$ 1,196,389

General and administrative expenses

133,937

100,714

Related Party

Cost of revenue

1,478,301

1,056,343

General and administrative expenses

$ 2,637

$ 2,716

[1]	Includes related party inventory expense of $1,478,301 and $1,056,343 for the years ended December 31, 2024 and 2023, respectively.
[2]	Includes related party rent of $2,637 and $2,716 for the years ended December 31, 2024 and 2023, 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(2))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Basis of Presentation and Significant Accounting Policies - Useful Lives Of PP&E (Details)	Dec. 31, 2024
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

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

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

Dec. 31, 2024

Dec. 31, 2023

$ 10,746

11,930

10,597

8,273

7,118

23,728

72,392

Less: amount representing interest

(17,160)

Present value of lease liabilities

55,232

Less: current portion of lease liabilities

^[1]

(7,214)

$ (6,692)

Long-term lease liabilities, net of current portion

^[2]

48,018

39,803

1,523

1,285

1,220

948

166

5,239

Less: amount representing interest

(594)

Present value of lease liabilities

4,645

Less: current portion of lease liabilities

(1,268)

(1,189)

Long-term lease liabilities, net of current portion

$ 3,377

$ 4,548

[1]	Includes related party current portion of operating lease liabilities of $661 and $1,888 at December 31, 2024 and 2023, respectively
[2]	Includes related party long-term operating lease liabilities of $8,177 and $9,472 at December 31, 2024 and 2023, respectively

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Net Loss

$ (26,958)

$ (63,150)

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

Depreciation and amortization

10,516

8,450

Amortization of debt issuance costs

609

787

Amortization of postcombination compensation

1,661

Deferred income taxes

2,734

384

Amortization of operating right-of-use assets

^[1]

8,855

8,289

(Gain) Loss on change in fair value of derivatives

(243)

10,204

Equity-based compensation and NCI rebalancing

14,422

4,874

Equity in (income) loss of affiliate

(153)

259

Loss (gain) on sale and abandonment of property and equipment

4,496

(289)

Bargain purchase gain on acquisition of physician practice

(514)

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

Patient accounts receivable, net

(771)

6,947

Inventories

^[2]

(13,671)

(8,090)

Prepaid expenses and other current assets

(3,957)

(1,607)

Other receivables

(20,739)

(5,759)

Other assets

(13,126)

(2,649)

Accounts payable

^[3]

39,490

20,067

Accrued compensation related costs

8,029

3,944

Accrued other

(6,112)

5,495

Operating lease liabilities

^[4]

(6,925)

(7,754)

Other long-term liabilities

(2,586)

1,480

Net cash used in operating activities

(4,943)

(18,118)

Cash flows from investing activities

Purchases of property and equipment

(20,954)

(12,283)

Proceeds from disposals of property and equipment

218

704

Purchases of marketable securities

(28,636)

(67,395)

Proceeds from sales of marketable securities

54,736

42,320

Acquisition of physician practices

(6,712)

Issuance of notes receivable - related parties

(1,925)

(55)

Collections on notes receivable - related parties

862

1,175

Net cash used in investing activities

(2,411)

(35,534)

Cash flows from financing activities

Repayments of long-term debt

(3,498)

Proceeds from reverse recapitalization

1,493

Repurchases of Class A Common Stock

(368)

(89)

Payment of tax withholding obligation on net RSU settlements

(3,258)

Class A and A-1 preferred returns and tax distributions

(9,480)

Repayments on finance leases

(1,212)

(593)

Issuance of redeemable convertible Class C Units

64,996

Issuance of Class A Common Stock

^[5]

50,000

Cash paid for debt financing costs

(446)

Series A Preferred Stock offering costs

(750)

Contribution from noncontrolling interest

134

Net cash provided by financing activities

41,664

55,265

Net increase (decrease) in cash and cash equivalents

34,310

1,613

Beginning of period

28,539

26,926

End of period

62,849

28,539

Supplemental consolidated cash flow information

Cash paid for interest

5,743

5,847

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

Promissory note issued in connection with acquisition of physician practices

(6,550)

Promissory note issued in connection with asset acquisition

(1,848)

Noncash consideration paid by assumption of note for purchase of physician practice

(4,530)

Deemed dividend for Series A Preferred Stock extinguishment

2,089

Changes in accounts payable for capital additions to property and equipment

1,131

Other

(380)

Forgiveness on note receivable related-party

$ 255

$ 0

[1]	Includes related party amortization of operating right-of-use assets of $1,990 and $2,146 for the years ended December 31, 2024 and 2023, respectively.
[2]	Includes changes in related party balances of ($6,110) and $(7,688) for the years ended December 31, 2024 and 2023, respectively.
[3]	Includes changes in related party balances of $35,046 and $18,744 for the years ended December 31, 2024 and 2023, respectively.
[4]	Includes changes in related party balances of ($2,522) and ($2,381) for the years ended December 31, 2024 and 2023, respectively. (5)Net of $1,000 of issuance costs.
[5]	Net of $1,000 of issuance costs.

Reverse Recapitalization - Narrative (Details) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 20, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) person	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Gain (loss) on reverse recapitalization				$ 18,200
Transaction expenses		$ 13,000		$ 1,338	$ 31,236
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
AON Common Unit
Restructuring Cost and Reserve [Line Items]
Number of board of managers designated by majority common unit holders \| person				2

Pay vs Performance Disclosure $ in Thousands	3 Months Ended
Pay vs Performance Disclosure $ in Thousands	Dec. 31, 2023 USD ($)
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,222)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 2, 2025, the Company completed the acquisition of certain non-clinical and clinical assets of Fort Wayne Medical and Oncology and Hematology, Inc. from the Shareholders to expand its domestic reach related to its comprehensive oncology and practice management services. In conjunction with the acquisition, the Company entered into Physician Employment Agreements with the Shareholders. The purchase price for the transaction is $35.9 million, subject to customary closing adjustments. The purchase will be settled in $21.0 million of cash, a note to the seller with a principal amount of $7.2 million, and $7.7 million in restricted stock units expected to vest over three years. The acquisition is expected to be accounted for as a business combination using the acquisition method, and the results of the acquired business will be included in the Company’s results of operations from the acquisition date. Due to the proximity of the closing date to the filing of this report, the Company has not completed its valuation analysis and related calculations in sufficient detail necessary to arrive at the fair values of the net assets acquired, along with the determination of any goodwill to be recognized on the transaction. On January 31, 2025, the Company entered into Fourth Amendment to Loan Agreement which extended the maturity date from June 30, 2026 to January 31, 2028. In addition to maturity extension, this amendment revised interest rate calculation to be based off of Secured Overnight Financing Rate “SOFR”. In connection with this amendment, 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, this amendment revised certain definitions such as EBITDA, Fixed Charges, Fixed Charge Coverage Ratio, and Maintenance Capital Expenditures.

Other Receivables (Short-term)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Other Receivables (Short-term)

Other receivables consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Rebates receivable	$	50,038	$	33,708
Other	8,158		566
Total other receivables	$	58,196	$	34,274

Basis of Presentation and Significant Accounting Policies - Equity Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended		24 Months Ended
	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Description Of Business And Significant Accounting Policies [Line Items]
Offering costs		$ 0	$ 750
Repurchase of shares (in shares)		126,728	14,729	141,457
Repurchase of shares, value (less than)		$ 400	$ 100
Preferred Class A
Description Of Business And Significant Accounting Policies [Line Items]
Offering costs		$ 800
OCP Management Arizona, LLP
Description Of Business And Significant Accounting Policies [Line Items]
Noncash consideration of equity method investment	$ 2,300
Equity method investment (in percent)	49.00%

Equity-Based Compensation - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) shares
Additional Paid in Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 12,200
Noncontrolling Interest
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	2,200
Tax Withholding Obligation
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 3,300
Employee Stock \| 2023 Incentive Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares) \| shares	5,300,000
Percentage of outstanding stock maximum (in percent)	5.00%
Number of shares available for grant (in shares) \| shares	751,028
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 17,700
Unrecognized compensation expense	$ 4,900
Cost not yet recognized, period for recognition (in years)	1 year 5 months 19 days
Shares awarded upon vesting (in shares) \| shares	1
Restricted Stock \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	1 year
Restricted Stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	4 years
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 100
Unrecognized compensation expense	$ 500
Cost not yet recognized, period for recognition (in years)	4 years 10 months 24 days

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, 2024	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						$ (4,000)	$ (5,500)
Net income attributable to noncontrolling interest			$ (30,848)			(23,760)	30,800
Net income (loss) and noncontrolling interest attributable to Legacy AON Stockholders prior to the reverse recapitalization						$ 0	$ (27,080)	$ 2,600	$ (100)
AON LLC \| AON Inc.
Description Of Business And Significant Accounting Policies [Line Items]
Allocation of income to controlling and noncontrolling interests	19.20%					35.70%
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%	39.50%	100.00%	100.00%	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		$ 200
Legacy AON Stockholders \| Legacy AON Stockholders
Description Of Business And Significant Accounting Policies [Line Items]
Allocation of income to controlling and noncontrolling interests						64.30%
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

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13.Income Taxes

The income tax expense (benefit) in 2024 and 2023 consisted of the following:


	Year Ended December 31,
	2024		2023
Current
Federal	$	(294)	$	—
State	58		—
	(236)		—
Deferred
Federal	1,868		400
State	866		(16)
	2,734		384
Total income tax expense (benefit)	$	2,498	$	384

The differences between the federal tax rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023 are as follows:


	Year Ended December 31,
	2024		2023
Federal statutory income tax rate	21.00	%	21.00	%
State taxes, net of federal benefit	3.18		1.01
State rate change	-1.61		-0.05
Revisions to prior years' estimates	2.54		-0.38
Nontaxable passthrough LLC income	-9.94		-10.41
Change in valuation allowance	-25.67		-6.93
Other	0.30		0.00
Transaction related expenses	0.30		-4.57
Revaluation of warrants	-0.25		-0.29
Effective tax rate	(10.15)	%	(0.62)	%

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, 2024 and 2023 are as follows:


	As of December 31
	2024		2023
Deferred tax assets
Investment in partnership	$	16,026	$	9,337
Net operating loss carryforwards	13,680		10,092
Accrued expenses	224		160
Start-up costs	1,242		748
Interest expense limitation carryforward	341		—
Stock compensation	1,098		—
Gross deferred tax assets	32,611		20,337
Valuation allowance	(32,611)		(17,443)
Net deferred tax assets (after valuation allowance)	—		2,894

As of December 31, 2024, the Company had federal and state net operating loss (“NOL”) carryforwards of $53.4 million and $57.5 million, respectively. 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.The federal NOL carryforwards can be carried forward indefinitely and the state NOL carryforwards begin to expire in 2028.

During the years ended December 31, 2024 and 2023, the Company recorded an increase in the valuation allowance of $15.2 million and $11.6 million, respectively. The increase is primarily related to basis adjustments made to the Company's investment in the American Oncology Network, LLC partnership and operating results (losses incurred) of the Company in 2024. As a result of its 2024 loss incurred, the Company has shifted into a three-year cumulative loss position at each of its separate legal entities. As of December 31, 2024, the Company has recorded a full valuation allowance against its net deferred tax assets at each of its corporate entities. The Company will continue to monitor the realizability of its deferred tax assets and consider multiple factors, including recent operating results, existing taxable temporary differences, future taxable income projections and tax planning strategies. The Company intends to maintain a valuation allowance on its net deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of the valuation allowance. The release of all, or a portion of, the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded.

As of December 31, 2024 and 2023, 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, 2024 and 2023 and had no accrued interest or penalties as of December 31, 2024 and 2023.

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 federal income tax return of an affiliate entity included within the Company's structure is currently under examination by the Internal Revenue Service (IRS). The IRS is exam has not identified any issues to date. Management believes that the Company's tax positions are supportable and intends to defend its positions and, therefore, no additional income tax accruals have been made. However, the outcomes of tax examinations are inherently uncertain, and the Company could be required to make adjustments to its tax provisions in future periods.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Debt consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
PNC Facility	$	81,250	$	81,250
Notes Payable - Acquisitions	9,617		—
Total	90,867		81,250
Unamortized debt issuance costs	—		(609)
Less current portion	(3,744)		—
Total debt	$	87,123	$	80,641

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

Marketable Securities - Schedule of Measured at Fair Value (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 62,849,000	$ 28,539,000
Gross Unrealized Gains	5,000	402,000
Gross Unrealized Losses	0	(9,000)
Estimated Fair Value	9,791,000	35,389,000
Cash and cash equivalents and available-for-sale securities, amortized cost	72,897,000	64,312,000
Cash and cash equivalents and marketable securities, aggregate fair value	72,902,000	64,705,000
Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	63,111,000	29,316,000
Cash and cash equivalents, aggregate fair value	63,111,000	29,316,000
Level 1 \| Overnight Repurchase Agreements
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	62,729,000	28,593,000
Cash and cash equivalents, aggregate fair value	62,729,000	28,593,000
Level 1 \| Money market funds
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	382,000	723,000
Cash and cash equivalents, aggregate fair value	382,000	723,000
Level 1 \| U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	9,791
Level 2
Debt Securities, Available-for-Sale [Line Items]
Amortized  Cost	9,786,000	34,996,000
Gross Unrealized Gains	5,000	402,000
Gross Unrealized Losses	0	(9,000)
Estimated Fair Value	9,791,000	35,389,000
Level 2 \| Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized  Cost		13,678,000
Gross Unrealized Gains		191,000
Gross Unrealized Losses		(9,000)
Estimated Fair Value		13,860,000
Level 2 \| U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized  Cost	9,786,000	21,318,000
Gross Unrealized Gains	5,000	211,000
Gross Unrealized Losses	0
Estimated Fair Value	$ 9,791,000	$ 21,529,000

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Amortization of operating right-of-use assets

^[1]

$ 8,855

$ 8,289

Inventories

^[2]

(13,671)

(8,090)

Accounts payable

^[3]

39,490

20,067

Operating lease liabilities

^[4]

(6,925)

(7,754)

Net of issuance costs

^[5]

50,000

1,990

2,146

Inventories

(6,110)

(7,688)

Accounts payable

35,046

18,744

Operating lease liabilities

(2,522)

(2,381)

Net of issuance costs

$ 1,000

[1]	Includes related party amortization of operating right-of-use assets of $1,990 and $2,146 for the years ended December 31, 2024 and 2023, respectively.
[2]	Includes changes in related party balances of ($6,110) and $(7,688) for the years ended December 31, 2024 and 2023, respectively.
[3]	Includes changes in related party balances of $35,046 and $18,744 for the years ended December 31, 2024 and 2023, respectively.
[4]	Includes changes in related party balances of ($2,522) and ($2,381) for the years ended December 31, 2024 and 2023, respectively. (5)Net of $1,000 of issuance costs.
[5]	Net of $1,000 of issuance costs.

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventory consisted of the following at December 31, 2024 and 2023:


	As of December 31, 2024		As of December 31, 2023
Intravenous drugs	$	39,786	$	32,388
Oral pharmaceuticals	20,926		12,181
Total inventories	$	60,712	$	44,569

Basis of Presentation and Significant Accounting Policies - Debt Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 07, 2023	Dec. 31, 2024	Dec. 31, 2023
Description Of Business And Significant Accounting Policies [Line Items]
Amortization of debt issuance costs		$ 609	$ 787
Issuance of redeemable convertible Class C Units		0	64,996
Offering costs		0	750
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
Class A Common Stock
Description Of Business And Significant Accounting Policies [Line Items]
Offering costs recorded as offset to net proceeds		$ 1,000
Deferred offering costs			$ 800

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 90,867	$ 81,250
Unamortized debt issuance costs	0	(609)
Current portion of long-term debt	(3,744)	0
Total debt	87,123	80,641
Notes Payable - Acquisitions
Debt Instrument [Line Items]
Total	9,617	0
PNC Loan Facility \| PNC Facility
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/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

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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

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

Dec. 31, 2024

Dec. 31, 2023

Assets

Operating lease right-of-use assets, net

^[1]

$ 50,157

$ 43,349

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

4,764

5,794

Total right-of-use assets

54,921

49,143

Current

Current portion of operating lease liabilities

^[2]

7,214

6,692

Current portion of finance lease liabilities

1,268

1,189

Total current lease liabilities

8,482

7,881

Long-term

Long-term operating lease liabilities

^[3]

$ 48,018

$ 39,803

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)

$ 3,377

$ 4,548

Total lease liabilities

$ 59,877

$ 52,232

[1]	Includes related party operating right-of-use assets, net of $9,396 and $10,931 at December 31, 2024 and 2023, respectively
[2]	Includes related party current portion of operating lease liabilities of $661 and $1,888 at December 31, 2024 and 2023, respectively
[3]	Includes related party long-term operating lease liabilities of $8,177 and $9,472 at December 31, 2024 and 2023, respectively

Basis of Presentation and Significant Accounting Policies - Net Income (Loss) Per Share (Details) - $ / shares		9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 20, 2023	Dec. 31, 2024	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)			$ (0.69)	$ (1.36)
Diluted loss per share of Class A Common Stock (in dollars per share)			$ (0.89)	$ (1.36)
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%	39.50%	100.00%	100.00%	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.

+ References

+ Details

- 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.

+ References

+ Details

Professional Liability Insurance	12 Months Ended
Professional Liability Insurance	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Professional Liability Insurance	Professional Liability Insurance The Company has purchased claims-made professional liability insurance coverage through December 31, 2024 and 2023, 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, 2024 and 2023, the gross malpractice insurance recovery balance was $3.9 million and $2.8 million, respectively, and the malpractice insurance reserve liability balance totaled $5.9 million and $4.7 million, respectively. The Company has a net retail liability of approximately $2.1 million and $1.9 million, respectively, for claims arising from incidents prior to December 31, 2024 and 2023 that are not yet reported as of December 31, 2024 and 2023.

Net Loss per Share - Schedule of Calculation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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	$ (3,973)	$ (5,542)
Net loss attributable to Class A Common Stockholders for diluted loss per share	(3,973)	(5,542)
Less: Series A Preferred Cumulative Dividends	(5,550)	(1,493)
Series A Preferred Deemed Dividends	0	(2,089)
Net loss attributable to Class A Common Stockholders	(9,523)	(9,124)
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Common Stock	(23,760)	0
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Prefunded Warrants	(23,760)	0
Net loss attributable to Class A Common Stockholders for diluted loss per share	$ (33,283)	$ (9,124)
Weighted-average shares for basic loss per share (in shares)	13,717,309	6,685,515
Effect of dilutive securities:
Weighted average shares for diluted loss per share (in shares)	37,504,811	6,685,515
Basic loss per share of Class A Common Stock (in dollars per share)	$ (0.69)	$ (1.36)
Diluted loss per share of Class A Common Stock (in dollars per share)	$ (0.89)	$ (1.36)
Class B Common Stock
Effect of dilutive securities:
Class B Common Stock (in shares)	20,787,257	0
Class B Prefunded Warrants
Effect of dilutive securities:
Class B Prefunded warrants (in shares)	3,000,245	0
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Common Stock	$ (19,770)	$ 0
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Prefunded Warrants	(19,770)	0
Class B Prefunded Warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Common Stock	(3,990)
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of Class B Prefunded Warrants	$ (3,990)

Professional Liability Insurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Malpractice Insurance [Line Items]
Malpractice loss contingency, gross recovery	$ 3.9	$ 2.8
Malpractice loss contingency, reserve liability	5.9	4.7
Malpractice loss contingency, net retail liability for claims in prior years	2.1	1.9
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
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