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Doximity Inc

For the period ended Mar 31, 2025. Filed May 20, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed May 20, 2025

DOCS$32.42-1.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Table of Contents

Page
Part I3
Item 1.Business3
Item 1A.Risk Factors14
Item 1B.Unresolved Staff Comments41
Item 1C.Cybersecurity42
Item 2.Properties42
Item 3.Legal Proceedings43
Item 4.Mine Safety Disclosures43
Part II44
Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities44
Item 6.[Reserved]45
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations46
Item 7A.Quantitative and Qualitative Disclosures About Market Risk56
Item 8.Financial Statements and Supplementary Data57
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure91
Item 9A.Controls and Procedures91
Item 9B.Other Information91
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections92
Part III93
Item 10.Directors, Executive Officers and Corporate Governance93
Item 11.Executive Compensation93
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters93
Item 13.Certain Relationships and Related Transactions, and Director Independence93
Item 14.Principal Accounting Fees and Services93
Part IV94
Item 15.Exhibits and Financial Statement Schedules94
Signatures96

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. 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 Annual Report on Form 10-K include, but are not limited to, statements about:

our expectations regarding our revenue, expenses, and other operating results;

our future financial performance;

our expectations and management of future growth;

our ability to acquire new members and successfully retain existing members;

our ability to acquire new customers and successfully retain existing customers;

our ability to achieve or maintain our profitability;

future investments in our business, our anticipated capital expenditures, and our estimates regarding our 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 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 costs associated therewith;

our ability to maintain data privacy and data security;

our ability to respond to rapid technological changes;

our expectations regarding the impact of uncertainty in the current economic environment and macroeconomic uncertainty;

our ability to compete effectively with existing competitors and new market entrants;

the growth rates of the markets in which we compete;

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 comply with modified or new laws and regulations applying to our business;

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

developments and projections relating to our competitors and our industry, including competing solutions;

impact from future regulatory, judicial, and legislative changes or developments that may affect our customers’ or our business; and

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

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Annual Report on Form 10-K.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report on Form 10-K 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” and elsewhere in this Annual Report on Form 10-K. 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 Annual Report on Form 10-K. 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.

The forward-looking statements made in this Annual Report on Form 10-K relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Annual Report on Form 10-K to reflect events or circumstances after the date of this Annual Report on Form 10-K or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.