docs-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-40508

_________________________________________________________________________________________________________________

Doximity, Inc.

(Exact Name of Registrant as Specified in its Charter)

_________________________________________________________________________________________________________________


Delaware						27-2485512
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)
500 3rd St. Suite 510 San Francisco, CA 94107 (Address of principal executive offices, including zip code)
(650) 549-4330 (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Class A common stock, $0.001 par value per share

DOCS

The New York Stock Exchange

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 of 1934 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 filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such 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, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The registrant had outstanding 127,349,369 shares of Class A common stock and 50,896,611 shares of Class B common stock as of July 30, 2026.

Table of Contents

TABLE OF CONTENTS


	Part I—Financial Information	Page
Item 1.	Condensed Consolidated Financial Statements (Unaudited):
	Condensed Consolidated Balance Sheets as of June 30, 2026 and March 31, 2026	1
	Condensed Consolidated Statements of Operations for the three months ended June 30, 2026 and 2025	2
	Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2026 and 2025	3
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2026 and 2025	4
	Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2026 and 2025	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33
Item 4.	Controls and Procedures	34
	Part II—Other Information
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	36
Item 6.	Exhibits	37
	Signatures	38

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking and involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our future financial performance and expectations regarding our revenue, expenses, and other operating results;

•our expectations and management of future growth;

•our ability to acquire and retain customers and members;

•our ability to maintain our profitability;

•our ability to develop, market and sell innovative products and compete successfully;

•future investments, capital expenditures and capital requirements;

•the costs and success of our sales and marketing efforts, and our ability to promote our brand;

•our ability to effectively manage our growth, including our ability to identify, retain, and recruit personnel, and maintain our culture;

•our ability to comply with new and existing laws and regulations;

•our ability to successfully defend litigation brought against us;

•our ability to maintain, protect, and enhance our intellectual property rights and any related costs;

•our ability to maintain data privacy and data security;

•our ability to respond to rapid technological changes;

•our expectations regarding macroeconomic factors, including macroeconomic uncertainty;

•future developments affecting our industry, the size of the market for our solutions, and our competition;

•the increased expenses associated with being a public company;

•the impact of any cost-savings or restructuring activities we may undertake in the future;

•the sufficiency of our cash and cash equivalents and marketable securities to meet our liquidity needs;

•our ability to successfully identify, acquire, and integrate companies and assets; and

•the risks related to our Class A common stock and our dual class common stock structure.

We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2026 filed with the Securities and Exchange Commission, or SEC, on May 19, 2026, and elsewhere in this Quarterly Report on Form 10-Q, as well as in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. These statements are inherently uncertain and you are cautioned not to unduly rely upon them.

We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

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PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

DOXIMITY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)


	June 30, 2026		March 31, 2026
Assets
Current assets:
Cash and cash equivalents	$	273,604	$	219,178
Marketable securities	414,185		529,423
Accounts receivable, net of allowance for doubtful accounts of $1,956 and $1,345 at June 30, 2026 and March 31, 2026, respectively	177,575		144,783
Prepaid expenses and other current assets	48,614		50,880
Total current assets	913,978		944,264
Property and equipment, net	19,243		18,080
Deferred income tax assets	23,839		31,984
Operating lease right-of-use assets	6,752		7,140
Intangible assets, net	33,385		35,325
Goodwill	84,973		84,973

Other assets	1,675		1,921
Total assets	$	1,083,845	$	1,123,687
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	6,494	$	4,009
Accrued expenses and other current liabilities	32,666		42,804
Deferred revenue, current	109,061		106,050
Operating lease liabilities, current	2,142		2,110

Total current liabilities	150,363		154,973
Deferred revenue, non-current	37		400
Operating lease liabilities, non-current	7,531		8,075


Other liabilities, non-current	9,844		9,402
Total liabilities	167,775		172,850
Commitments and contingencies (Note 12)


Stockholders' Equity
Preferred stock, $0.001 par value; 100,000 shares authorized as of June 30, 2026 and March 31, 2026, respectively; zero shares issued and outstanding as of June 30, 2026 and March 31, 2026, respectively	—		—
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of June 30, 2026 and March 31, 2026, respectively; 179,849 and 183,060 shares issued and outstanding as of June 30, 2026 and March 31, 2026, respectively	180		183
Additional paid-in capital	1,035,282		1,001,688
Accumulated other comprehensive income (loss)	(348)		28
Accumulated deficit	(119,044)		(51,062)
Total stockholders’ equity	916,070		950,837
Total liabilities and stockholders’ equity	$	1,083,845	$	1,123,687

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Three Months Ended June 30,
		2026		2025
Revenue		$	156,618	$	145,913
Cost of revenue		23,692		15,793
Gross profit		132,926		130,120
Operating expenses:
Research and development		38,477		26,799
Sales and marketing		45,049		36,365
General and administrative		15,756		12,439

Total operating expenses		99,282		75,603
Income from operations		33,644		54,517
Other income, net		6,719		9,630
Income before income taxes		40,363		64,147
Provision for income taxes		16,048		10,827
Net income		$	24,315	$	53,320
Net income per share attributable to Class A and Class B common stockholders:
Basic		$	0.13	$	0.28
Diluted		$	0.13	$	0.27
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic		182,569		187,984
Diluted		191,169		201,158

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended June 30,
		2026		2025
Net income		$	24,315	$	53,320
Other comprehensive loss
Change in unrealized loss on available-for-sale-securities, net of tax benefit of $127, and $47, respectively		(376)		(140)

Comprehensive income		$	23,939	$	53,180

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)


	Three Months Ended June 30, 2026
	Class A and Class B Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Stockholders' Equity
	Shares	Amount
Balance as of March 31, 2026	183,060	$	183	$	1,001,688	$	28	$	(51,062)	$	950,837
Stock-based compensation	—	—		36,157		—		—		36,157
Exercise of stock options and common stock warrants	461	—		3,077		—		—		3,077
Vesting of restricted stock units, net of shares withheld for taxes	767	1		(1)		—		—		—
Tax withholding on shares under stock-based compensation awards	—	—		(6,974)		—		—		(6,974)
Repurchase and retirement of common stock, including excise tax	(4,439)	(4)		—		—		(92,297)		(92,301)
Common stock warrant expense	—	—		1,335		—		—		1,335


Other comprehensive loss	—	—		—		(376)		—		(376)
Net income	—	—		—		—		24,315		24,315
Balance as of June 30, 2026	179,849	$	180