Doximity is an online networking service for medical professionals. Launched in 2010, the platform offers its members curated medical news, telehealth tools, and case collaboration.3 Its shares trade on NYSE under the symbol DOCS.1Wikipedia text CC BY-SA 4.0
Doximity is an online networking service for medical professionals. Launched in 2010, the platform offers its members curated medical news, telehealth tools, and case collaboration.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2026
Share buybacks
Share buybacks100¢$431.7M
Out of $326.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5
Financial statements
Revenue91011125$644.9M in 2026+454% since 2020Gross profit91011125$574.5M in 2026+466% since 2020Operating income91011125$214.9M in 2026+870% since 2020Net income91011125$196.1M in 2026+559% since 2020
Revenue131415$156.6M in Q1 FY2026+7% since Q1 FY2025Gross profit131415$132.9M in Q1 FY2026+2% since Q1 FY2025Operating income131415$33.6M in Q1 FY2026−38% since Q1 FY2025Net income131415$24.3M in Q1 FY2026−54% since Q1 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2026-03-31
2025-03-31
2024-03-31
Revenue
$644.9M
$570.4M
$475.4M
Cost of revenue
$70.3M
$55.9M
$50.7M
Gross profit
$574.5M
$514.5M
$424.8M
Research and development
$130.7M
$93.0M
$82.0M
Sales and marketing
$163.6M
$145.7M
$133.1M
General and administrative
$65.3M
$45.7M
$37.8M
Restructuring and impairment charges
$0
$2.3M
$7.9M
Total operating expenses
$359.6M
$286.7M
$260.9M
Income from operations
$214.9M
$227.8M
$163.9M
Other income, net
$35.1M
$35.8M
$21.3M
Income before income taxes
$250.0M
$263.6M
$185.2M
Provision for income taxes
$54.0M
$40.4M
$37.6M
Net income
$196.1M
$223.2M
$147.6M
Basic (in dollars per share)
$1.05
$1.19
$0.78
Diluted (in dollars per share)
$0.98
$1.11
$0.72
Basic (in shares)
187.0M shares
186.8M shares
190.2M shares
Diluted (in shares)
199.0M shares
201.2M shares
205.7M shares
No quarter-by-quarter statement was filed.
Total assets91011125$1.1B in 2026+346% since 2021Total liabilities91011125$172.8M in 2026+67% since 2021Shareholders’ equity91011125$950.8M in 2026Cash91011125$219.2M in 2026+552% since 2019
Total assets15161413$1.1B in Q1 FY2026−14% since Q3 FY2025Total liabilities15161413$167.8M in Q1 FY2026−8% since Q3 FY2025Shareholders’ equity151314$916.1M in Q1 FY2026−15% since Q3 FY2025Cash15161413$273.6M in Q1 FY2026+31% since Q3 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.5
Period ending
2026-03-31
2025-03-31
2024-03-31
2023-03-31
2021-06-30
Cash and cash equivalents
$219.2M
$209.6M
Marketable securities
$529.4M
$706.0M
Accounts receivable, net of allowance for doubtful accounts of $1,345 and $1,937 as of March 31, 2026 and 2025, respectively
Preferred stock, $0.001 par value; 100,000 shares authorized as of March 31, 2026 and 2025, respectively; zero shares issued and outstanding as of March 31, 2026 and 2025, respectively
$0
$0
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of March 31, 2026 and 2025, respectively; 183,060 and 188,875 shares issued and outstanding as of March 31, 2026 and 2025, respectively
$183.0K
$189.0K
Additional paid-in capital
$1.0B
$894.2M
Accumulated other comprehensive income
$28.0K
$1.3M
Retained earnings (accumulated deficit)
-$51.1M
$186.9M
Total stockholders' equity
$950.8M
$1.1B
$901.4M
$966.1M
Total liabilities and stockholders equity
$1.1B
$1.3B
Accounts receivable, allowance for doubtful accounts
$1.3M
$1.9M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
$0.00
Preferred stock, authorized (in shares)
100.0M shares
100.0M shares
100.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, authorized (in shares)
1.5B shares
1.5B shares
Common stock, issued (in shares)
183.1M shares
188.9M shares
Common stock, outstanding (in shares)
183.1M shares
188.9M shares
Period ending
2026-03-31
2025-03-31
2024-03-31
2023-03-31
2021-06-30
Cash and cash equivalents
$219.2M
$209.6M
Marketable securities
$529.4M
$706.0M
Accounts receivable, net of allowance for doubtful accounts of $1,345 and $1,937 as of March 31, 2026 and 2025, respectively
Preferred stock, $0.001 par value; 100,000 shares authorized as of March 31, 2026 and 2025, respectively; zero shares issued and outstanding as of March 31, 2026 and 2025, respectively
$0
$0
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of March 31, 2026 and 2025, respectively; 183,060 and 188,875 shares issued and outstanding as of March 31, 2026 and 2025, respectively
$183.0K
$189.0K
Additional paid-in capital
$1.0B
$894.2M
Accumulated other comprehensive income
$28.0K
$1.3M
Retained earnings (accumulated deficit)
-$51.1M
$186.9M
Total stockholders' equity
$950.8M
$1.1B
$901.4M
$966.1M
Total liabilities and stockholders equity
$1.1B
$1.3B
Accounts receivable, allowance for doubtful accounts
$1.3M
$1.9M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
$0.00
Preferred stock, authorized (in shares)
100.0M shares
100.0M shares
100.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, authorized (in shares)
1.5B shares
1.5B shares
Common stock, issued (in shares)
183.1M shares
188.9M shares
Common stock, outstanding (in shares)
183.1M shares
188.9M shares
Cash from operations91011125$326.5M in 2026+1146% since 2020Capital spending91011125$0 in 2026Free cash flow91011125$326.5M in 2026+1160% since 2020Share buybacks91011125$431.7M in 2026
Cash from operations13$42.0M in Q1 FY2026−32% since Q1 FY2025Capital spending13$62.0K in Q1 FY2026Free cash flow13$41.9M in Q1 FY2026−32% since Q1 FY2025Share buybacks13$91.6M in Q1 FY2026−25% since Q1 FY2025
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2026-03-31
2025-03-31
2024-03-31
Net income
$196.1M
$223.2M
$147.6M
Depreciation and amortization
$14.4M
$10.7M
$10.3M
Deferred income taxes
$32.1M
-$11.6M
-$8.6M
Stock-based compensation, net of amounts capitalized
$121.6M
$72.4M
$51.1M
Non-cash lease expense
$1.7M
$1.8M
$2.1M
Accretion of discount on marketable securities, net
-$7.6M
-$11.7M
-$5.2M
Amortization of deferred contract costs
$13.5M
$10.0M
$8.9M
Impairment of long-lived assets
$0
$2.3M
$0
Other
$314.0K
$270.0K
$2.6M
Accounts receivable
-$16.9M
-$27.2M
$4.0M
Prepaid expenses and other assets
-$8.3M
$2.8M
-$20.5M
Deferred contract costs
-$14.5M
-$12.1M
-$8.6M
Accounts payable, accrued expenses and other liabilities
$4.3M
-$663.0K
$8.3M
Deferred revenue
-$8.1M
$15.2M
-$6.1M
Operating lease liabilities
-$2.2M
-$2.1M
-$1.7M
Net cash provided by operating activities
$326.5M
$273.3M
$184.1M
Cash paid for acquisition, net of cash acquired
-$26.5M
$0
$0
Purchases of property and equipment
$0
$0
-$147.0K
Purchases of intangible assets
-$62.0K
$0
$0
Internal-use software development costs
-$8.9M
-$6.5M
-$5.7M
Purchases of marketable securities
-$389.2M
-$675.6M
-$472.9M
Maturities of marketable securities
$561.4M
$635.4M
$435.2M
Sales of marketable securities
$10.4M
$17.4M
$74.7M
Net cash provided by (used in) investing activities
$147.2M
-$29.3M
$31.2M
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
$9.8M
$19.7M
$12.9M
Proceeds from issuance of common stock in connection with the employee stock purchase plan
$3.9M
$3.6M
$3.4M
Taxes paid related to net share settlement of equity awards
-$40.8M
-$27.2M
-$6.8M
Repurchase of common stock
-$431.7M
-$120.3M
-$280.7M
Payment of contingent consideration related to a business combination
-$5.2M
-$5.5M
-$5.4M
Payment of excise taxes on share repurchases
$0
-$1.5M
$0
Net cash used in financing activities
-$464.1M
-$131.1M
-$276.5M
Net increase (decrease) in cash and cash equivalents
$9.6M
$112.8M
-$61.2M
Cash paid for taxes, net of refunds
$21.8M
$55.7M
$51.3M
Equity awards included in purchase consideration
$9.6M
$0
$0
Capitalized stock-based compensation for internal-use software development costs
Doximity sits at the top of its group. 4 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Doximity
Jeffrey TangneyFiled SCHEDULE 13G/A on Doximity, latest May 15, 2026 (6 filings since Feb 15, 2022)
Morgan StanleyFiled SC 13G/A on Doximity, latest Nov 7, 2024 (5 filings since Jan 7, 2022)
Clearbridge Investments, LLCFiled SCHEDULE 13G/A on Doximity, latest Oct 31, 2024 (3 filings since Feb 10, 2023)
BAILLIE GIFFORD & COFiled SC 13G/A on Doximity, latest Jun 7, 2024 (2 filings since Jan 30, 2024)
BlackRockFiled SC 13G on Doximity, latest Jan 25, 2024 (3 filings since Feb 3, 2023)
Ameriprise FinancialFiled SC 13G/A on Doximity, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
DoximitySan Mateo
Amion, LLC Subsidiary · Delaware, United States
Curative Talent, LLC Subsidiary · Delaware, United States
Pathway Medical ULC Subsidiary · British Columbia, Canada
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Doximity reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters is located in San Francisco, California and consists of approximately 9,197 square feet of space under a lease that expires on December 31, 2026. We also lease office space in Irving, Texas. We lease all of our facilities and do not own any real property. We believe that our facilities are sufficient to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available to accommodate expansion of our operations.
The company was launched in March 2011 by co-founders Nate Gross, Jeff Tangney and Shari Buck. In 2013, founder Jeff Tangney remained CEO while the company was based in San Mateo, California. By 2013, it became one of the largest networks for U.S. healthcare professionals, with approximately 10 percent of U.S. doctors as members.
By the beginning of 2014, 40 percent of U.S. physicians became members. In 2016, it began offering a free service for doctors to call patients using their work number on their mobile phones. In 2018, the company announced that it had reached 1 million members, accounting for more than 70 percent of U.S. physicians. In 2021, Doximity served more than 2 million registered members, including over 80 percent of U.S. physicians and over 50 percent of nurse practitioners and physician assistants.
In 2016, the company was ranked #6 on the Deloitte Technology Fast 500 list. In November 2019, Doximity was listed on the Deloitte Technology Fast 500 list for the fourth consecutive year. In May 2020, the company added video. Dialer Video, a video telehealth app, allows physicians to video call patients through personal smartphones. In June 2020, Doximity Acquires THMED and launches the Curative Brand. Curative is a staffing and recruiting company offering permanent and Locum/Temporary placement services.
In May 2021, Doximity, a professional network for physicians with telehealth and scheduling tools, filed for an initial public offering (IPO) seeking to raise $100 million. Morgan Stanley, Goldman Sachs and J.P. Morgan Securities were the lead underwriters for the IPO. Doximity raised nearly $606 million in its IPO. In its June 2021 IPO on the NYSE, gave it a market cap shortly after its debut of $9.4 billion.
In 2021 August, CNBC reported that the site's news feed was "inundated" with vaccine misinformation shared among physicians, despite Doximity's community guidelines banning medical misinformation. At the time, 80% of its revenue came from ads paid by pharmaceutical firms and hospitals, and directed at physicians on the site. In November 2023, Doximity released DocDefender, a free service that removed a physician's personal phone numbers and addresses from public websites.
In 2016, Doximity built Dialer, a free communication tool for physicians to call their patients. The Doximity Dialer app allows physicians to call patients from their personal cell phone, and the patient sees the doctor's office number on caller ID.
Dialer Video
In May 2020, Doximity released Dialer Video, a telemedicine tool that allows physicians to video call their patients directly from their own smartphones. In July 2020, Doximity said that more than 100,000 U.S. Doctors use Dialer Video, its telemedicine app.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Acquisitions
In June 2020, Doximity acquired THMED, a healthcare company. Following the purchase, THMED changed its name to Curative and started concentrating on customized medical-personnel queries. In February 2022, Doximity acquired Amion, an on-call doctor scheduling company. In August 2025, Doximity acquired Pathway Medical, a Canadian startup specializing in medical AI and evidence-based clinical reference tools.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
406 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 30 major events, 201 insider forms, 56 large holders, 99 other. The latest 20:
95 open-market trades by officers, directors and large owners since October 2021: 2 buys and 93 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed May 19, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Doximity names in Item 1A of its 10-K filed May 19, 2026: 67 risks under these headings, as written.17
Risks Related to Our Business
If we fail to effectively manage our growth, we may be unable to execute our business plan, adequately address competitive challenges or maintain our corporate culture, and our business, financial condition, and results of operations could be harmed.
We have a limited operating history, which makes it difficult to evaluate our current business and future prospects and to predict our future operating results, and therefore increases the risk of investment.
If we fail to retain existing members or add new members, our revenue, operating results, financial condition, and business may be significantly harmed.
If we do not continue to attract new customers, or if existing customers do not renew their subscriptions, renew on less favorable terms, or fail to purchase additional solutions, it could have a material adverse effect on our business, financial condition, and results of operations.
Our revenue is relatively concentrated within a small number of key customers, and the loss of one or more of such key customers could slow the growth rate of our revenue or cause our revenue to decline.
We expect to face increasing competition in the market for our solutions.
If we are not able to maintain and enhance our reputation and brand recognition, our business, financial conditions, and results of operations will be harmed.
Making business decisions that prioritize the interests of our members may adversely impact our financial results.
If our members’ profiles are out-of-date, inaccurate, or lack the information that members and customers want to see, we may not be able to realize the full potential of our network, which could adversely impact the growth of our business.
Product offerings in our Workflow Solutions category, such as telehealth, are immature and volatile, and if these markets do not develop, develop more slowly than we expect, or encounter negative publicity, or if we are not successful in demonstrating and promoting the benefits of our solutions, the growth of our business will be harmed.
Our corporate culture has contributed to our success, and if we cannot maintain our corporate culture as we grow, we could lose the innovation, teamwork, passion, and focus on execution that we believe contribute to our success, and our business may be harmed.
The other 56 risks
The loss of one or more of any of the pharmaceutical brands that purchase our solutions could cause our revenue to decline.
We calculate certain operational metrics using internal systems and tools and do not independently verify such metrics. Certain metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, our business may not grow at similar rates, or at all.
Certain of our operating results and financial metrics may be difficult to predict as a result of seasonality.
Our operating results have in the past and may in the future continue to fluctuate on a quarterly and annual basis and if we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially.
If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
We are subject to stringent and changing laws, regulations, self-regulatory schemes, contractual obligations, and standards related to privacy, data protection, and information security. The actual or perceived failure by us, our customers, partners, or vendors to comply with such obligations could harm our reputation, subject us to significant fines and liability, or otherwise adversely affect our business.
If our security measures are compromised now or in the future, or the security, confidentiality, integrity, or availability of our information technology, software, services, communications, or data is compromised, limited, or fails, this could have a material adverse effect on our business, financial condition, and results of operations.
We may become subject to enforcement actions or litigation as a result of our or our members’ failure to comply with laws and regulations relating to communications, even though noncompliance was inadvertent or unintentional.
We may incur liability as a result of information retrieved from or transmitted over the Internet or published using our platform and legislation regulating content on our platform may require us to change our solutions or business practices and may adversely affect our business and financial results.
We may experience fluctuations in our tax obligations and effective tax rate, which could materially and adversely affect our results of operations.
Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
We depend on our talent to grow and operate our business, and if we are unable to hire, integrate, develop, motivate, and retain our personnel, we may not be able to grow effectively.
Our development, deployment, and use of artificial intelligence may not achieve the expected benefits and may create operational, reputational, competitive, regulatory, legal, and liability risks.
Volatility in capital markets and lower market prices for many securities may affect our ability to access new capital through sales of shares of our Class A common stock or the issuance of indebtedness, which may harm our liquidity, limit our ability to grow our business, pursue acquisitions, or improve our operating infrastructure and restrict our ability to compete in our markets.
We may seek to grow our business through acquisitions of, or investments in, new or complementary businesses, technologies, tools, or solutions, or through strategic alliances, and the failure to manage these acquisitions, investments or alliances, or to integrate them with our existing business, could have a material adverse effect on us.
We may enter into collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships with third-parties that may not result in the development of commercially viable solutions or the generation of significant future revenue.
We may be unable to successfully execute on our growth initiatives, business strategies, or operating plans.
We employ third-party licensed software and software components for use in or with our solutions, and the inability to maintain these licenses or the presence of errors or security vulnerabilities in the software we license could limit the functionality of our solutions and result in increased costs or reduced service levels, which could adversely affect our business.
We rely on software-as-a-service, or SaaS, and AI technologies from third parties.
Our growth depends in part on the success of our strategic relationships with third parties.
Any restrictions on our use of, or ability to license, data, or our failure to license data and integrate third-party technologies, could have a material adverse effect on our business, financial condition, and results of operations.
Changes in accounting rules, assumptions, and/or judgments could materially and adversely affect us.
Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, and financial condition or result of operations.
Our ability to limit our liabilities by contract or through insurance may be ineffective or insufficient to cover our future liabilities.
Our business could be disrupted by a pandemic, epidemic, or outbreak of an infectious disease.
Our business could be disrupted by catastrophic events such as power disruptions, data security breaches, and terrorism.
Our reputation and/or business could be negatively impacted by ESG matters and/or other reporting of such matters.
Our risk management policies and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of risk.
We may incur significant additional costs and expenses, including costs and expenses associated with obligations relating to being a public company, which will require significant resources and management attention and may divert focus from our business operations, and we may generate losses in the future.
If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports.
We may become, and are subject to, litigation, which could have a material adverse effect on our business, financial condition, and results of operations.
We rely on evolving technologies, including AI, network and mobile infrastructure, as well as our own capabilities, to maintain and scale our business and maintain competitiveness. Any significant interruptions or delays in service in our products, on our apps or websites or any undetected errors or design faults could adversely affect our business, financial condition, and results of operations.
Risks Related to Intellectual Property
We may not be able to halt the operations of entities that copy our intellectual property or that aggregate our data as well as data from other companies, including social networks, or copycat online services that may misappropriate our data. These activities could harm our brand and our business.
Third parties may initiate legal proceedings alleging that we are infringing or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on our business, financial condition, and results of operations.
Failure to maintain, protect, or enforce our intellectual property rights could harm our business and results of operations.
If our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
If we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.
Our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business.
If we fail to comply with our obligations under license or technology agreements with third parties, we may be required to pay damages and we could lose license rights that are critical to our business.
If we cannot license rights to use technologies on reasonable terms, we may not be able to commercialize new solutions or services in the future.
We rely on third-party platforms, such as the Apple App Store and Google Play App Store, to distribute our platform and offerings.
Risks Related to the Healthcare Industry
The healthcare regulatory and political framework is uncertain and evolving.
Consolidation in the healthcare industry could have a material adverse effect on our business, financial condition, and results of operations.
If we or our customers fail to comply with federal and state healthcare laws, including those governing fee-splitting, our business, and financial relationships, we or our customers may be subject to significant administrative, civil, and criminal penalties.
Our solutions address heavily regulated functions within the life sciences industry, and failure to comply with applicable laws and regulations could lessen the demand for our solutions or subject us to significant claims and losses.
Evolving government regulations may increase our costs or adversely affect our results of operations.
Risks Related to Ownership of Our Class A Common Stock
Our stock price may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors of our Class A common stock.
The dual class structure of our common stock has the effect of concentrating voting control with our executive officers (including our Chief Executive Officer) and directors and their affiliates; this will limit or preclude your ability to influence corporate matters.
Future sales and issuances of our Class A common stock or rights to purchase Class A common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause the stock price of our Class A common stock to decline.
If a substantial number of shares become available for sale and are sold in a short period of time, the market price of our Class A common stock could decline.
If securities or industry analysts do not publish or cease publishing research or reports about our business, or they publish negative reports about our business, our share price and trading volume could decline.
Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy contest more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our Class A common stock.
Our amended and restated bylaws designate specific state or federal courts located as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with us.
We do not intend to pay dividends for the foreseeable future.
We could be subject to further securities class action litigation.
Legal proceedings
Beginning in April 2024, the Company and certain of our directors and officers have been named in lawsuits in the United States District Court for the Northern District of California. The first lawsuit (the “securities lawsuit”) is captioned In re Doximity, Inc. Securities Litigation, No. 5:24-cv-02281 (N.D. Cal.). The operative complaint brings securities law claims on behalf of a putative class of our investors from June 24, 2021 and August 8, 2023 against the Company and our CEO related to our disclosure of user count and engagement rates.
Six shareholder derivative lawsuits (the “derivative lawsuits”) were also filed. Two are consolidated under the caption In re Doximity, Inc. Stockholder Derivative Litigation, No. 5:24-cv-02801 (N.D. Cal.). Two were filed in the United States District Court for the District of Delaware, captioned Guttman v. Tangney, et al., No. 1:24-cv-01387 (D. Del.) and Wong v. Tangney, et al., No. 1:25-cv-750 (D. Del.). Two were filed in the Court of Chancery of the State of Delaware with the captions Stern v. Tangney, et al., No. 2025-0661 (Del. Ch.) and Peter v. Tangney, et al., No. 2026-0220-NAC (Del. Ch.). The derivative lawsuits assert claims for, among other things, violations of securities laws, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste against certain of the Company’s directors and officers on a similar factual basis to the securities lawsuit. In addition, two shareholders (Constance McCrea and Michael April) made a demand on the Board to investigate. Following an initial discussion with McCrea’s counsel, McCrea agreed to hold the demand in abeyance until the securities lawsuit is resolved, thus requiring no action at this time. The Company entered into a formal deferral agreement with McCrea.
