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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 200,888 $ 228,316
Accounts receivable ($1,184 and $616, from related parties and net of allowances of $7,149 and $7,236, respectively) 55,578 71,885
Inventories 1,823 2,858
Deferred contract acquisition costs 2,626 2,513
Prepaid expenses and other current assets 10,253 11,421
Total current assets 271,168 316,993
Restricted cash 795 795
Property and equipment, net 249 376
Intangible assets, net 74,556 101,538
Operating lease right-of-use asset 4,760 7,203
Deferred contract acquisition costs, net of current portion 4,874 5,350
Other assets 3,023 2,213
Investment in minority owned joint venture (Note 2) 0 1,500
Total assets 359,425 435,968
Current liabilities:    
Accounts payable 5,965 5,015
Accrued expenses and other current liabilities 47,349 49,326
Operating lease liability, current 3,678 3,690
Deferred revenue ($45 and $198 from related parties, respectively) 29,495 53,232
Total current liabilities 86,487 111,263
Other long-term liabilities 1,253 1,170
Operating lease liability, net of current portion 1,782 4,511
Deferred revenue, net of current portion ($0 and $10 from related parties, respectively) 2,540 2,780
Total liabilities 92,062 119,724
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding as of September 30, 2025 and as of December 31, 2024
Common stock, $0.01 par value; 1,000,000,000 Class A shares authorized, 14,672,254 and 13,922,877 shares issued and outstanding, respectively; 100,000,000 Class B shares authorized, 1,369,518 shares issued and outstanding; 200,000,000 Class C shares authorized 277,777 issued and outstanding as of September 30, 2025 and as of December 31, 2024 164 156
Additional paid-in capital 2,304,591 2,286,380
Accumulated other comprehensive income (13,139) (15,840)
Accumulated deficit (2,036,705) (1,965,924)
Total American Well Corporation stockholders’ equity 254,911 304,772
Non-controlling interest 12,452 11,472
Total stockholders’ equity 267,363 316,244
Total liabilities and stockholders’ equity $ 359,425 $ 435,968