Oscar Health Company - A Quarterly Report for 2025

Oscar Health, Inc. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Class of Stock Class A Common Stock, par value $0.00001 per shareClass B Common Stock, par value $0.00001 per share Oscar Health, Inc.TABLE OF CONTENTS FORWARD LOOKING STATEMENTS PART I - FINANCIAL INFORMATION Condensed Consolidated Statements of OperationsCondensed Consolidated Statements of Comprehensive IncomeCondensed Consolidated Balance SheetsCondensed Consolidated Statements of Stockholders' EquityCondensed Consolidated Statements of Cash Flows Notes to Condensed Consolidated Financial StatementsNote 1 - OrganizationNote2- Earningsper ShareNote3- Revenue RecognitionNote4- InvestmentsNote5- Fair Value MeasurementsNote6- Restricted Cash and Restricted DepositsNote7- Benefits PayableNote8- DebtNote 9 - ReinsuranceNote 10 - Business ArrangementsNote 11 - Related Party TransactionsNote 12 - Commitments and ContingenciesNote 13 - Segment Information Item 2.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market RiskItem 4.Controls and Procedures PART II - OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity SecuritiesItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits SIGNATURES Table ofContents This Quarterly Report on Form 10-Q for the period ended March 31, 2025 (“Quarterly Report on Form 10-Q”) contains the followingdefined terms, unless context otherwise requires: (i) “Oscar,” “the Company,” “we,” “our,” “us” or like terms refer to Oscar Health,Inc. and its subsidiaries, (ii) “Thrive Capital” refers to Thrive Capital Management, LLC, a Delaware limited liability company, andthe investment funds affiliated with or advised by Thrive Capital Management, LLC and (iii) “Thrive General Partners” refers toThrive Partners II GP, LLC, Thrive Partners III GP, LLC, Thrive Partners V GP, LLC, Thrive Partners VI GP, LLC, Thrive Partners FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be coveredby the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements otherthan statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases,you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,”“intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continues” or the The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-lookingstatements largely on our current expectations and projections about future events and financial trends that we believe may affect ourbusiness, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties •Our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategicacquisitions); •Our ability to retain and expand our member base;•Our ability to accurately estimate our incurred medical expenses or effectively manage our medical costs or relatedadministrative costs; •Our ability to maintain profitability in the future;•Unanticipated results of or changes to risk adjustment programs;•Our abil