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Schedule I - Condensed Financial Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information
December 31,
20232022
Assets
Current assets
Cash and cash equivalents$48,312 $69,718 
Short-term investments454 31,725 
Investment securities, available-for sale23,564 117,834 
Investment securities, held-to-maturity146 — 
Other assets, current247 5,704 
Total current assets72,723 224,981 
Intercompany interest receivable4,958 4,958 
Intercompany note receivable40,000 40,000 
Investment securities, available-for-sale1,507 18,708 
Investments in consolidated subsidiaries197,012 115,571 
Total assets$316,200 $404,218 
Liabilities, Convertible Preferred Stock, and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses
$683 $865 
Accrued salaries and benefits
6,598 6,576 
Total current liabilities7,281 7,441 
Intercompany payable
22,165 39,530 
Notes payable, net of discount and deferred issuance costs
360 360 
Total liabilities
29,806 47,331 
Stockholders' equity
Class A Common Stock, $0.0001 par value; 2,500,000,000 shares authorized at December 31, 2023 and 2022; 401,183,882 and 383,998,718 issued and outstanding at December 31, 2023 and 2022, respectively
40 37 
Class B Common Stock, $0.0001 par value; 500,000,000 shares authorized at December 31, 2023 and 2022; 87,867,732 and 94,394,852 issued and outstanding at December 31, 2023 and 2022, respectively (1)
9 9 
Additional paid-in capital
2,461,238 2,319,157 
Accumulated other comprehensive loss(2,370)(9,374)
Accumulated deficit
(2,159,794)(1,946,433)
Less: Treasury stock, at cost; 7,912,750 and 2,072,752 shares held at December 31, 2023 and 2022, respectively
(12,729)(6,509)
Total stockholders' equity
286,394 356,887 
Total liabilities, convertible preferred stock, and stockholders' equity
$316,200 $404,218 
Years ended December 31,
202320222021
Revenues:
Other income$8,413 $5,898 $3,938 
Total revenues8,413 5,898 3,938 
Operating expenses:
General and administrative expenses
78 784 187 
Total operating expenses
78 784 187 
Income (loss) from operations
8,335 5,114 3,751 
Change in fair value of warrants
— — (66,146)
Interest (income) expense
— — 1,593 
Amortization of notes and securities discount
— — 13,681 
Loss (gain) on equity investment
4,726 (5,314)— 
Gain on extinguishment of note payable— (23,326)— 
Equity in net losses of consolidated subsidiaries
216,970 373,321 648,580 
Net loss
$(213,361)$(339,567)$(593,957)
Years ended December 31,
202320222021
Cash flows from operating activities:
Net loss$(213,361)$(339,567)$(593,957)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of notes and securities discount and debt issuance costs— — 13,681 
Intercompany stock-based compensation expense140,931 164,305 163,470 
Change in fair value of warrants and amortization of warrants— — (66,146)
Gain on extinguishment of note payable— (23,326)— 
Accretion, net of amortization(1,614)(1,648)(163)
Net realized losses on investment securities4,321 (6,613)(53)
Changes in operating assets and liabilities:
Other assets5,464 (6,339)165 
Accounts payable and accrued expenses(182)(334)(4,092)
Intercompany accrued salaries and benefits22 4,936 1,411 
Intercompany payable(17,365)(36,681)48,960 
Net cash used in operating activities(81,784)(245,267)(436,724)
Cash flows from investing activities:
Purchases of short-term investments and available-for-sale securities(57,294)(250,030)(689,582)
Proceeds from sales of short-term investments and available-for-sale securities30,563 3,829 89,997 
Proceeds from maturities of short-term investments available-for-sale securities173,620 391,643 285,000 
Investments in consolidated subsidiaries(81,441)58,611 (63,622)
Net cash provided by (used in) investing activities65,448 204,053 (378,207)
Cash flows from financing activities:
Payment of notes payable principal— — (30,925)
Issuance of common stock, net of early exercise liability1,150 1,400 6,144 
Proceeds from reverse recapitalization, net of transaction costs— — 666,241 
Proceeds received for the exercise of Public and Private Warrants— — 390 
Issuance of common stock, net of stock issuance costs— — 283,775 
Payment for the redemptions of Public Warrants— — (85)
Purchase of Treasury stock(6,220)(6,362)(147)
Net cash (used in) provided by financing activities(5,070)(4,962)925,393 
Net (decrease) increase in Cash and cash equivalents(21,406)(46,176)110,462 
Cash and cash equivalents, beginning of year69,718 115,894 5,432 
Cash and cash equivalents, end of year$48,312 $69,718 $115,894 
Supplemental cash flow disclosures
Cash paid during the period for interest— — 1,677 
Supplemental disclosure of non-cash investing and financing activities 
Conversion of preferred stock to common stock— — 447,747 
Issuance of common stock related to convertible debt— — 16,059 
Capital contribution for extinguishment of debt— — 126,795 
Activities from Seek Dissolution— 735 — 
Issuance of common stock related to warrants exercised— — 97,782 
Acquisition of public and private warrants— — 147,582 
Issuance of common stock related to the exercise of Public and Private Warrants— — 81,283 
Organization and Operations
Clover Health Investments, Corp. (the "Company") is a holding company incorporated on July 17, 2014, in the state of Delaware.
Summary of Significant Accounting Policies
The accompanying Financial Statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These Financial Statements should be read in conjunction with the Company's consolidated financial statements.

Use of estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Insurance Subsidiaries
Investments in consolidated subsidiaries include regulated insurance subsidiaries and unregulated subsidiaries. The Company holds $83.2 million and $249.7 million of cash, cash equivalents, and investment securities at the parent and unregulated subsidiaries at December 31, 2023 and 2022, respectively. The Company holds $280.5 million and $224.8 million of cash, cash equivalents, and investment securities in regulated insurance subsidiaries at December 31, 2023 and 2022, respectively.
Surplus Note
Effective December 22, 2016, the Company contributed $40.0 million to Clover Insurance Company, a wholly-owned subsidiary, in exchange for a surplus note. The outstanding balance, including accrued interest, was due and payable on December 31, 2020, but remains unpaid with the payment terms under review for extension until December 31, 2024, by the Commissioner of Banking and Insurance of the State of New Jersey. No payment of principal or interest on the surplus note shall be made without the prior written approval of the Commissioner of Banking and Insurance of the State of New Jersey.