HIMS & HERS HEALTH, INC., 10-Q filed on 8/4/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity Registrant Name HIMS & HERS HEALTH, INC.  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-38986  
Entity Tax Identification Number 98-1482650  
Entity Address, Address Line One 2269 Chestnut Street, #523  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94123  
City Area Code 415  
Local Phone Number 851-0195  
Title of 12(b) Security Class A common stock, $0.0001 par value per share  
Trading Symbol HIMS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001773751  
Current Fiscal Year End Date --12-31  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   217,641,958
Common Class V    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   8,377,623
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,124,582 $ 220,584
Short-term investments 20,033 79,667
Inventory 141,800 64,427
Prepaid expenses and other current assets 69,151 31,153
Total current assets 1,355,566 395,831
Restricted cash 368 856
Goodwill 117,753 112,728
Property, equipment, and software, net 205,480 82,083
Intangible assets, net 40,657 43,410
Operating lease right-of-use assets 71,661 10,881
Deferred tax assets, net 84,229 61,603
Other long-term assets 1,868 147
Total assets 1,877,582 707,539
Current liabilities:    
Accounts payable 105,009 91,180
Accrued liabilities 65,671 53,013
Deferred revenue 98,417 75,285
Operating lease liabilities 3,135 1,889
Total current liabilities 272,232 221,367
Convertible senior notes, net 969,467 0
Operating lease liabilities 71,786 9,456
Other long-term liabilities 1,401 0
Total liabilities 1,314,886 230,823
Commitments and contingencies
Stockholders' equity:    
Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 217,381,434 and 212,459,586 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of June 30, 2025 and December 31, 2024 23 22
Additional paid-in capital 711,998 719,155
Accumulated other comprehensive income (loss) 822 (324)
Accumulated deficit (150,147) (242,137)
Total stockholders' equity 562,696 476,716
Total liabilities and stockholders' equity $ 1,877,582 $ 707,539
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Common Class A    
Stockholders' equity:    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,750,000,000 2,750,000,000
Common stock, shares issued (in shares) 217,381,434 212,459,586
Common stock, shares outstanding (in shares) 217,381,434 212,459,586
Common Class V    
Stockholders' equity:    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 8,377,623 8,377,623
Common stock, shares outstanding (in shares) 8,377,623 8,377,623
v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 544,833 $ 315,648 $ 1,130,843 $ 593,819
Cost of revenue 128,637 59,035 283,958 108,111
Gross profit 416,196 256,613 846,885 485,708
Operating expenses:        
Marketing 217,862 144,922 449,097 275,475
Operations and support 66,490 41,453 129,523 80,200
Technology and development 37,848 18,654 67,762 33,978
General and administrative 67,273 40,554 115,883 75,122
Total operating expenses 389,473 245,583 762,265 464,775
Income from operations 26,723 11,030 84,620 20,933
Other income and expense, net 6,130 2,394 8,728 4,894
Income before income taxes 32,853 13,424 93,348 25,827
Benefit (provision) for income taxes 9,652 (127) (1,358) (1,402)
Net income 42,505 13,297 91,990 24,425
Other comprehensive income (loss) 986 (6) 1,146 (44)
Total comprehensive income $ 43,491 $ 13,291 $ 93,136 $ 24,381
Net income per share attributable to common stockholders, Class A and Class V:        
Basic (in dollars per share) $ 0.19 $ 0.06 $ 0.41 $ 0.11
Diluted (in dollars per share) $ 0.17 $ 0.06 $ 0.37 $ 0.11
Weighted average shares outstanding, Class A and Class V:        
Basic (in shares) 224,373,375 214,618,037 223,187,936 214,035,065
Diluted (in shares) 256,779,292 234,791,985 251,894,929 232,583,676
v3.25.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023   213,481,743      
Beginning balance at Dec. 31, 2023 $ 344,029 $ 21 $ 712,307 $ (124) $ (368,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   925,243      
Payments for taxes related to net share settlement of equity awards (7,314)   (7,314)    
Exercise of vested stock options (in shares)   2,027,347      
Exercise of vested stock options 5,070   5,070    
Stock-based compensation 19,671   19,671    
Other comprehensive income (loss) (38)     (38)  
Repurchase and retirement of common stock (in shares)   (2,023,080)      
Repurchases and retirement of common stock (28,064)   (28,064)    
Net income 11,128       11,128
Ending balance (in shares) at Mar. 31, 2024   214,411,253      
Ending balance at Mar. 31, 2024 344,482 $ 21 701,670 (162) (357,047)
Beginning balance (in shares) at Dec. 31, 2023   213,481,743      
Beginning balance at Dec. 31, 2023 344,029 $ 21 712,307 (124) (368,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Other comprehensive income (loss) (44)        
Net income 24,425        
Ending balance (in shares) at Jun. 30, 2024   216,795,274      
Ending balance at Jun. 30, 2024 361,966 $ 22 705,862 (168) (343,750)
Beginning balance (in shares) at Mar. 31, 2024   214,411,253      
Beginning balance at Mar. 31, 2024 344,482 $ 21 701,670 (162) (357,047)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   1,230,801      
Payments for taxes related to net share settlement of equity awards (14,967)   (14,967)    
Exercise of vested stock options (in shares)   2,214,099      
Exercise of vested stock options 11,402 $ 1 11,401    
Exercise of class A common stock warrants (in shares)   62,296      
Stock-based compensation 24,672   24,672    
Other comprehensive income (loss) (6)     (6)  
Issuance of common stock under employee stock purchase plan (in shares)   366,524      
Issuance of common stock under employee stock purchase plan 1,622   1,622    
Issuance of common stock acquisition-related earn-out consideration (in shares)   119,344      
Issuance of common stock for acquisition-related earn-out consideration 1,396   1,396    
Repurchase and retirement of common stock (in shares)   (1,609,043)      
Repurchases and retirement of common stock (19,932)   (19,932)    
Net income 13,297       13,297
Ending balance (in shares) at Jun. 30, 2024   216,795,274      
Ending balance at Jun. 30, 2024 361,966 $ 22 705,862 (168) (343,750)
Beginning balance (in shares) at Dec. 31, 2024   220,837,209      
Beginning balance at Dec. 31, 2024 476,716 $ 22 719,155 (324) (242,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   1,179,653      
Payments for taxes related to net share settlement of equity awards (25,711)   (25,711)    
Exercise of vested stock options (in shares)   1,274,229      
Exercise of vested stock options 3,928   3,928    
Issuance of common stock for acquisition of assets (in shares)   292,806      
Issuance of common stock for acquisition of assets 12,760   12,760    
Common stock to be issued for asset acquisition indemnification holdback 6,380   6,380    
Stock-based compensation 25,543   25,543    
Other comprehensive income (loss) 160     160  
Net income 49,485       49,485
Ending balance (in shares) at Mar. 31, 2025   223,583,897      
Ending balance at Mar. 31, 2025 549,261 $ 22 742,055 (164) (192,652)
Beginning balance (in shares) at Dec. 31, 2024   220,837,209      
Beginning balance at Dec. 31, 2024 476,716 $ 22 719,155 (324) (242,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Other comprehensive income (loss) 1,146        
Purchases of capped calls related to convertible senior notes, net of tax     (35,500)    
Net income 91,990        
Ending balance (in shares) at Jun. 30, 2025   225,759,057      
Ending balance at Jun. 30, 2025 562,696 $ 23 711,998 822 (150,147)
Beginning balance (in shares) at Mar. 31, 2025   223,583,897      
Beginning balance at Mar. 31, 2025 549,261 $ 22 742,055 (164) (192,652)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes (in shares)   1,183,553      
Payments for taxes related to net share settlement of equity awards (36,764)   (36,764)    
Exercise of vested stock options (in shares)   739,789      
Exercise of vested stock options 2,569 $ 1 2,568    
Stock-based compensation 36,689   36,689    
Other comprehensive income (loss) 986     986  
Issuance of common stock under employee stock purchase plan (in shares)   251,818      
Issuance of common stock under employee stock purchase plan 2,970   2,970    
Purchases of capped calls related to convertible senior notes, net of tax (35,520)   (35,520)    
Net income 42,505       42,505
Ending balance (in shares) at Jun. 30, 2025   225,759,057      
Ending balance at Jun. 30, 2025 $ 562,696 $ 23 $ 711,998 $ 822 $ (150,147)
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 91,990,000 $ 24,425,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,741,000 6,644,000
Stock-based compensation 60,584,000 43,074,000
Net accretion on securities (1,060,000) (2,281,000)
Benefit for deferred taxes (10,346,000) 0
Impairment of long-lived assets 0 114,000
Amortization of debt discount and issuance costs 1,047,000 0
Non-cash operating lease cost 4,594,000 1,221,000
Non-cash acquisition-related costs 2,985,000 0
Non-cash other (1,315,000) 412,000
Changes in operating assets and liabilities:    
Inventory (77,373,000) (18,124,000)
Prepaid expenses and other current assets (38,081,000) (1,430,000)
Other long-term assets (10,000) (47,000)
Accounts payable 5,146,000 16,156,000
Accrued liabilities 11,737,000 (24,000)
Deferred revenue 23,132,000 13,257,000
Operating lease liabilities (1,798,000) (1,140,000)
Earn-out payable 0 (2,825,000)
Net cash provided by operating activities 89,973,000 79,432,000
Investing activities    
Purchases of investments 0 (97,539,000)
Maturities of investments 60,569,000 126,095,000
Investment in website development and internal-use software (7,961,000) (6,191,000)
Purchases of property, equipment, and intangible assets (101,392,000) (13,793,000)
Acquisition of business, net of cash acquired (5,100,000) 0
Net cash (used in) provided by investing activities (53,884,000) 8,572,000
Financing activities    
Proceeds from issuance of convertible senior notes, net of debt discount 970,000,000 0
Cash paid, capped calls (47,800,000) 0
Proceeds from exercise of vested stock options 6,497,000 16,472,000
Payments for taxes related to net share settlement of equity awards (62,475,000) (22,281,000)
Proceeds from employee stock purchase plan 2,970,000 1,622,000
Payments for debt issuance costs (3,041,000) 0
Repurchases of common stock 0 (47,996,000)
Payments for acquisition-related earn-out consideration 0 (3,190,000)
Net cash provided by (used in) financing activities 866,151,000 (55,373,000)
Foreign currency effect on cash and cash equivalents 1,270,000 1,000
Increase in cash, cash equivalents, and restricted cash 903,510,000 32,632,000
Cash, cash equivalents, and restricted cash at beginning of period 221,440,000 97,519,000
Cash, cash equivalents, and restricted cash at end of period 1,124,950,000 130,151,000
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 1,124,582,000 129,295,000
Restricted cash 368,000 856,000
Total cash, cash equivalents, and restricted cash 1,124,950,000 130,151,000
Supplemental disclosures of cash flow information    
Cash paid for taxes 23,047,000 3,468,000
Non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable and accrued liabilities 16,954,000 1,256,000
Deferred debt issuance costs included in accounts payable and accrued liabilities 249,000 0
Right-of-use asset obtained in exchange for lease liability 63,434,000 2,174,000
Issuance of common stock in connection with asset acquisition 12,760,000 0
Common stock to be issued for asset acquisition indemnification holdback 6,380,000 0
Issuance of common stock for acquisition-related earn-out consideration $ 0 $ 1,396,000
v3.25.2
Organization
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Hims & Hers Health, Inc. (the “Company” or “Hims & Hers”), incorporated in Delaware, is a consumer-first platform transforming the way customers fulfill their health and wellness needs. The Company’s mission is to help the world feel great through the power of better health. The Hims & Hers platform includes access to a highly-qualified and technologically-capable provider network, a clinically-focused electronic medical records system, digital prescriptions, cloud-enabled pharmacy fulfillment, and personalization capabilities. The Company’s digital platform enables access to treatments for a broad range of conditions, including those related to sexual health, mental health, men’s dermatology, women’s dermatology, and weight loss. Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate. Prescriptions are fulfilled online through licensed pharmacies on a subscription basis, making accessing treatments simple, affordable, and straightforward. Through the Hims & Hers mobile applications, consumers can access a range of educational programs, wellness content, community support, and other services that promote lifelong health and wellness.

In addition, the Company offers access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products. The Company’s products and services are available for purchase directly by customers on the Company’s websites and mobile applications. Additionally, Hims & Hers non-prescription products can be found in tens of thousands of top retail locations in the United States.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The condensed consolidated financial statements as of June 30, 2025 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the year ended December 31, 2024 (the “audited consolidated financial statements”).

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in management’s opinion, all adjustments of a normal, recurring nature that are necessary for the fair statement of the Company’s balance sheet, results of operations, and cash flows for the periods presented, but are not necessarily indicative of the results expected for the full fiscal year or any other period.

The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and variable interest entities in which it is the primary beneficiary. All intercompany transactions and balances have been eliminated in these unaudited condensed consolidated financial statements.

There have been no changes to the Company’s significant accounting policies described in the audited consolidated financial statements for the year ended December 31, 2024 that have had a material impact on these unaudited condensed consolidated financial statements and related notes.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes. The more significant estimates, judgments, and assumptions by management include, among others, valuation and recognition of stock-based compensation expense, initial and subsequent valuation of contingent consideration in business combinations or asset acquisitions, purchase price allocation for business combinations, valuation of assets acquired in an asset acquisition, valuation of deferred tax assets, valuation of inventory, valuation of refund reserve, and estimates used in the capitalization of website development and internal-use software costs. Management believes that the estimates, judgments, and assumptions upon which it relies are reasonable based upon information available to it at the time that these estimates,
judgments, and assumptions were made. Actual results experienced by the Company may differ from management’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s unaudited condensed consolidated financial statements will be affected.

Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting. The purchase price is attributed to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.

When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s stockholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as expense over the requisite service period.

Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain assumed obligations.

Asset Acquisitions

The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or the acquisition otherwise does not meet the definition of a business. Asset acquisitions are measured and recognized based on the cost to acquire the assets, which is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Direct costs related to the acquisition are capitalized as part of the assets or liabilities acquired. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired nonfinancial assets on a relative fair value basis.

Segment Reporting

The Company is managed as a single operating segment on a consolidated basis, inclusive of acquisitions. The Company determines its operating segments based on how the chief operating decision maker (“CODM”) makes decisions regarding the allocation of resources and operational strategy, assesses performance, and manages the organization at a consolidated level. The Chief Executive Officer (“CEO”), is the CODM. The products and services from which this segment derives its revenues are described below in the discussion of revenue recognition.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company operates as one reporting unit. When testing goodwill for impairment, the Company may first perform an optional qualitative assessment. If the Company determines it is not more likely than not the reporting unit’s fair value is less than its carrying value, then no further analysis is necessary. If the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount of the Company’s reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. Goodwill of $5.0 million was acquired in relation to an
immaterial business combination during the first quarter of 2025. No goodwill impairment was recorded for the three and six months ended June 30, 2025 and 2024.

Impairment of Long-Lived Assets

Long-lived assets include property, equipment, and software and intangible assets subject to amortization. The Company is a single asset group. Long-lived assets, including acquired assets from a business combination, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such cases, recoverability of asset groups to be held and used is assessed by comparing the carrying amount of the asset group with its future underlying net undiscounted cash flows without interest charges. If such asset group is considered to be impaired, an impairment is recognized as the amount by which the carrying amount of the asset group exceeds the estimated fair values of the asset group. No impairment of long-lived assets was recorded during the three and six months ended June 30, 2025. The Company recognized immaterial impairment charges on long-lived assets during the three and six months ended June 30, 2024 in technology and development expenses on the unaudited condensed consolidated statements of operations and comprehensive income.

Convertible Notes

The Company has issued the 2030 Convertible Notes (as defined in Note 13 – Debt) which are recorded at their carrying value on the unaudited condensed consolidated balance sheets. The 2030 Convertible Notes will be classified as long-term liabilities until they are scheduled to mature within one year of the balance sheet date or become repayable within one year of the balance sheet date. Amortization of debt discount and issuance costs, along with contractual interest expense, if any, is recorded over the term of the 2030 Convertible Notes using the effective interest method. The Company evaluates conversion features to determine if they are required to be accounted for separately as embedded derivatives. The 2030 Convertible Notes are considered participating securities for purposes of calculating diluted net income per share. The dilutive effect is calculated under the if-converted method whereby the numerator is adjusted to add back the amortization of debt discount and issuance costs and the denominator is adjusted to add the gross number of Class A common stock shares issuable upon conversion as if converted at the beginning of the period (or at the time of issuance, if later).

Capped Calls

The Company has entered into the Capped Calls (as defined in Note 13 – Debt) in connection with the issuance of the 2030 Convertible Notes. The Capped Calls meet certain accounting criteria to be classified as equity, and premiums paid for the Capped Calls are recorded as a reduction to additional paid-in capital within stockholders’ equity, net of the deferred tax impact. The Capped Calls are not accounted for as derivatives and will not be remeasured as long as they continue to meet the conditions for equity classification. The Capped Calls are expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the 2030 Convertible Notes. As such, their effect on diluted net income per share would be anti-dilutive and they are excluded from the calculation.

Revenue Recognition

The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services.

The Company’s consolidated revenue primarily comprises online sales of health and wellness products and services through the Company’s websites and mobile applications, including prescription and non-prescription products. In contracts that contain prescription products issued as the result of a consultation, revenue also includes medical consultation services and post-consultation service support provided by Affiliated Medical Groups (defined below). Additionally, the Company offers a range of health and wellness products through wholesale partners.
 
Revenue consists of the following (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Online Revenue$536,880 $306,843 $1,113,241 $574,604 
Wholesale Revenue7,953 8,805 17,602 19,215 
Total revenue$544,833 $315,648 $1,130,843 $593,819 

For Online Revenue, the Company defines its customer as an individual who purchases products or services through its websites or mobile applications. For Wholesale Revenue, the Company defines its customer as a wholesale partner, with the exception of consignment arrangements, where its customer is defined as an individual who purchases products through certain third-party platforms. The transaction price in the Company’s contracts with customers is the total amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to the customer.

The Company’s contracts that contain prescription products issued as the result of a consultation primarily include the following performance obligations: access to (i) products, as well as medication adjustments, as applicable, and (ii) consultation services, as well as post-consultation service support, as applicable. The Company’s contracts that do not contain prescription products have a single performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer and, in contracts that contain services, by the provision of consultation services to the customer. The Company satisfies its performance obligation for products at a point in time, which is upon delivery of the products to a third-party carrier or wholesale customer warehouse. The Company satisfies its performance obligation for consultation services typically within one day and for post-consultation service support over the contract term. The customer obtains control of the products and services upon the Company’s completion of its performance obligations.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling price is based on the prices at which the Company separately sells the products and services, as well as market and cost plus estimates. For each of the three and six months ended June 30, 2025 and 2024, service revenue, comprising consultation services and post-consultation service support, represented less than 10% of consolidated revenues.

To fulfill its promise to customers for contracts that include professional medical consultations, the Company maintains relationships with various “Affiliated Medical Groups,” which are professional corporations or other professional entities owned by licensed physicians and that engage licensed healthcare professionals (physicians, physician assistants, nurse practitioners, and mental health providers; collectively referred to as “Providers” or individually, a “Provider”) to provide consultation services. Refer to Note 11 – Variable Interest Entities. The Company accounts for service revenue as a principal in the arrangement with its customers. This conclusion is reached because (i) the Company determines which Affiliated Medical Group and Provider provides the consultation to the customer; (ii) the Company is primarily responsible for the satisfactory fulfillment and acceptability of the services; (iii) the Company incurs costs for consultation services even for visits that do not result in a prescription and the sale of products; and (iv) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

Additionally, to fulfill its promise to customers for contracts that include sale of prescription products, the Company utilizes (i) certain third-party pharmacies (“Partner Pharmacies” or individually, a “Partner Pharmacy”); (ii) XeCare, LLC (“XeCare” or the “Affiliated Pharmacy”), which is a licensed mail order pharmacy providing prescription fulfillment solely to the Company’s customers; (iii) Apostrophe Pharmacy LLC (“Apostrophe Pharmacy”), which is a licensed mail order pharmacy providing prescription fulfillment solely to the Company’s customers, and which was considered an Affiliated Pharmacy through April 2025 when, as a result of a change of ownership, it became a wholly-owned subsidiary of the Company; and (iv) Seaview Enterprises LLC (d/b/a MedisourceRx) (“MedisourceRx”), which is a wholly-owned licensed 503B outsourcing facility. The pharmacies, as licensed, fill prescription orders for customers who have received a prescription from a prescribing Provider through the Company’s websites and mobile applications. The Company accounts for prescription product revenue from Partner Pharmacies, the Affiliated Pharmacy, and, during the time it was considered an Affiliated Pharmacy, Apostrophe Pharmacy as a principal in the arrangement with its customers. This conclusion is reached because (i) the Company has sole discretion in determining which pharmacy fills a customer’s prescription; (ii) the pharmacies fill the prescription based on fulfillment instructions provided by the Company, including using the Company’s branded packaging for generic products; (iii) the Company is primarily responsible to the customer for the satisfactory fulfillment and acceptability of the order; (iv) the
Company is responsible for refunds of the prescription medication after transfer of control to the customer; and (v) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

The Company estimates refunds using the expected value method primarily based on historical refunds granted to customers. The Company updates its estimate at the end of each reporting period and recognizes the estimated amount as contra-revenue with a corresponding refund liability. Sales, value-added, and other taxes are excluded from the transaction price and, therefore, from revenue.

The Company accounts for shipping activities, consisting of direct costs to ship products performed after the control of a product has been transferred to the customer, in cost of revenue.

For online sales, payment for prescription medication and non-prescription products is collected from the customer in accordance with contract terms a few days in advance of product shipment, or in the case of prepaid offerings, upfront with subsequent shipments typically occurring monthly, quarterly, or semi-annually. Contract liabilities are recorded when payments have been received from the customer for undelivered products or services and are recognized as revenue when the performance obligations are later satisfied. Contract liabilities consisting of balances related to customer prepayments are recognized as current deferred revenue on the unaudited condensed consolidated balance sheets since the associated revenue will be recognized within the following year. For wholesale arrangements, payments are collected in accordance with contract terms. As of June 30, 2025 and December 31, 2024, total deferred revenue was $98.4 million and $75.3 million, respectively. The increase of $23.1 million was primarily due to the impact of newer offerings introduced during 2024, which resulted in an increase in the uptake by customers of prepaid offerings.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU expand income tax disclosure requirements, primarily through enhanced disclosures related to income taxes paid and the rate reconciliation. ASU 2023-09 is effective for all public entities for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU expand certain expense category disclosure requirements, primarily through enhanced disclosures about inventory purchases, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which clarified the effective date for ASU 2024-03. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.
v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
C S Bio Co.

In February 2025, the Company acquired via an asset purchase agreement, executed in December 2024, certain manufacturing assets from C S Bio Co. (the “Seller”), a company located in the United States. The Company entered into the asset purchase agreement in order to strengthen its supply chain capabilities. The total cash and Class A common stock consideration payable and issuable in connection with the closing of the transaction is up to approximately $39.1 million, consisting of: (i) upfront cash and Class A common stock consideration of approximately $32.7 million; and (ii) additional maximum $6.4 million in Class A common stock consideration payable on the one year anniversary of closing in accordance with the terms of the asset purchase agreement. A maximum additional amount of $32.7 million in cash and/or Class A common stock consideration is payable to the Seller upon satisfying certain earn-out conditions. This earn-out payment is subject to a continued service condition, as defined in the asset purchase agreement, by the Seller’s chief executive officer, and is therefore accounted for as post-transaction compensation expense when payout becomes probable and is reasonably estimable. Additionally, as part of the
transaction, the Company entered into a transition services agreement with the Seller under which the Company will receive certain services and technical support during the period of transition.

The acquisition was accounted for as an asset acquisition because it does not meet the definition of a business because there are no outputs and no employees coming over as part of the acquisition. When determining the fair value of tangible assets acquired, the Company estimated replacement cost, taking into consideration such factors as age, condition, and the economic useful life of the assets. No intangible assets or assumed liabilities were identified. As such, the total purchase price of $41.2 million was allocated on a relative fair value basis to the various tangible assets acquired and was primarily comprised of total cash and Class A common stock consideration as described above, as well as capitalized direct acquisition costs of $2.1 million. The tangible assets acquired are included as part of property, equipment, and software, net as presented on the Company’s unaudited condensed consolidated balance sheets.

Sigmund NJ, LLC, marketed as Trybe Labs

In February 2025, the Company acquired via a purchase agreement all of the membership interests of Sigmund NJ, LLC, marketed as Trybe Labs (“Trybe Labs”), a lab testing services business located in the United States, for total cash consideration of $5.1 million. There were no material acquired assets and assumed liabilities and the excess of the consideration paid over the fair value of the net assets assumed of $5.0 million was recorded as goodwill. The acquired goodwill represents future economic benefits expected to arise from having the capacity to add lab testing capabilities to the Hims & Hers platform in the future.

MedisourceRx

In September 2024, the Company acquired via a purchase agreement all of the membership interests of MedisourceRx, a 503B outsourcing facility registered with the Food and Drug Administration and located in the United States. The purchase price for accounting purposes was $31.0 million, consisting of cash and Class A common stock not subject to any vesting terms.

The Company also incurred acquisition costs of $1.4 million directly related to the acquisition which were recorded within general and administrative expenses on the unaudited condensed consolidated statements of operations and comprehensive income.

The acquisition was accounted for as a business combination under the acquisition method with the purchase price being allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The fair value of the 503B pharmacy license was determined using the income approach. The following table summarizes the acquisition date fair values of assets acquired and liabilities assumed (in thousands):

503B pharmacy license$28,596 
Goodwill1,847 
Other net assets557 
Net assets acquired$31,000 

Amortization expense related to the 503B pharmacy license is recognized on a straight-line basis over the useful life of ten years, within operations and support expense on the unaudited condensed consolidated statements of operations and comprehensive income.

The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. The acquired goodwill of $1.8 million represents future economic benefits expected to arise from synergies from combining operations resulting in increased market presence of compounding capabilities and advanced expertise of compounding operations. The $1.8 million of goodwill recognized upon acquisition is expected to be deductible for U.S. income tax purposes.

The acquisition did not have a material impact on the Company’s revenue or earnings generated during the period after the acquisition date, and historical and pro forma disclosures have therefore not been presented.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Short-term investments as of June 30, 2025, consist of the following (in thousands):
 
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury bills$17,853 $1 $(2)$17,852 
Corporate bonds2,181 — — 2,181 
Total short-term investments$20,034 $1 $(2)$20,033 
 
Short-term investments as of December 31, 2024, consist of the following (in thousands):

Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury bills$60,040 $120 $— $60,160 
Corporate bonds18,058 3 (1)18,060 
Government and government agency1,446 1 — 1,447 
Total short-term investments$79,544 $124 $(1)$79,667 
v3.25.2
Inventory
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory consists of the following (in thousands):

June 30, 2025December 31, 2024
Finished goods$97,121 $35,077 
Raw materials44,679 29,350 
Total inventory$141,800 $64,427 
v3.25.2
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
 
June 30, 2025December 31, 2024
Prepaid expenses$41,858 $16,172 
Wholesale trade and other receivables, net6,735 6,080 
Other current assets20,558 8,901 
Total prepaid expenses and other current assets$69,151 $31,153 
v3.25.2
Property, Equipment, and Software, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment, and Software, Net Property, Equipment, and Software, Net
Property, equipment, and software, net consist of the following (in thousands):

June 30, 2025December 31, 2024
Facility equipment and other tangible property$75,706 $27,785 
Purchased and internal-use software and website development40,874 34,100 
Leasehold improvements11,898 10,933 
Assets not placed in service113,646 33,764 
Total property, equipment, and software242,124 106,582 
Less: accumulated depreciation and amortization(36,644)(24,499)
Total property, equipment, and software, net$205,480 $82,083 

Depreciation and amortization expense for property, equipment, and software was $7.6 million and $2.8 million for the three months ended June 30, 2025 and 2024, respectively, and $13.8 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively.

There were no impairment charges on property, equipment, and software for the three and six months ended June 30, 2025. Impairment expense for property, equipment, and software was immaterial for the three and six months ended June 30, 2024.
v3.25.2
Intangible Assets, Net
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Intangible assets, net as of June 30, 2025 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
503B pharmacy license$28,596 $(2,383)$26,213 9.2
Trade name24,170 (11,215)12,955 2.7
Other3,719 (2,230)1,489 4.0
Intangible assets, net$56,485 $(15,828)$40,657 6.9

Intangible assets, net as of December 31, 2024 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
503B pharmacy license$28,596 $(953)$27,643 9.7
Trade name24,170 (9,256)14,914 6.5
Other4,786 (3,933)853 6.0
Intangible assets, net$57,552 $(14,142)$43,410 8.5

Amortization expense for intangible assets was $2.8 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively, and $4.9 million and $1.5 million for the six months ended June 30, 2025 and 2024, respectively.

There were no impairment charges on intangible assets for the three and six months ended June 30, 2025 and 2024.
Amortization that will be charged to expense over the remaining life of the intangible assets subsequent to June 30, 2025 is as follows (in thousands):

The remainder of 2025$4,527
20268,015
20277,801
20283,773
20292,963
2030 and thereafter13,578
$40,657
v3.25.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consist of the following (in thousands):

June 30, 2025December 31, 2024
Marketing$14,029 $21,839 
Partnerships12,303 — 
Professional services12,239 8,463 
Payroll10,028 12,067 
Tax4,945 2,152 
Other accruals12,127 8,492 
Total accrued liabilities $65,671 $53,013 
v3.25.2
Operating Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Operating Leases Operating Leases
The Company has various operating leases for fulfillment and corporate facilities with lease periods expiring between fiscal years 2026 and 2036, including renewal options the Company is reasonably certain to exercise. The operating lease agreements provide for rental payments on a graduated basis and for options to renew, which could increase future minimum lease payments, if exercised. The Company utilizes the reasonably certain threshold criteria in determining which options it will exercise.

In the second quarter of 2025, the Company accounted for a lease extension for its existing operating lease in New Albany, Ohio as a lease modification. This resulted in the remeasurement of the lease liability and an adjustment of $10.4 million to the carrying amount of the corresponding right-of-use (“ROU”) asset for the existing facility. In the first quarter of 2025, the Company executed new operating leases in Mesa, Arizona and Menlo Park, California, resulting in additional operating lease ROU assets of $20.9 million and $31.5 million, respectively, along with corresponding increases to operating lease liabilities.

For the three months ended June 30, 2025 and 2024, the Company recorded operating lease costs of $3.6 million and $0.8 million, respectively, including variable operating lease costs of $0.2 million and $0.1 million, respectively. For the six months ended June 30, 2025 and 2024, the Company recorded operating lease costs of $4.9 million and $1.4 million, respectively, including variable operating lease costs of $0.3 million and $0.2 million, respectively.

For the six months ended June 30, 2025 and 2024, operating cash flows used for operating leases were $4.6 million and $1.1 million, respectively. As of June 30, 2025, the weighted average remaining lease term and weighted average discount rate, including for renewal options the Company is reasonably certain to exercise, was 8.9 years and 6.3%, respectively.
Future minimum lease payments subsequent to June 30, 2025 under the Company's non-cancelable operating leases with an initial lease term in excess of one year are as follows (in thousands):

The remainder of 2025$2,937 
20269,640 
202710,210 
202810,235 
202910,585 
2030 and thereafter64,729 
Gross lease payments108,336 
Less: imputed interest(30,122)
Less: tenant improvement receivables(3,293)
Present value of net future minimum lease payments$74,921 
v3.25.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
As of June 30, 2025, the variable interest entities (“VIEs”) are: (i) the Affiliated Medical Groups; and (ii) the Affiliated Pharmacy. The Company determined that it is the primary beneficiary of these entities for accounting purposes because it has the ability to direct the activities that most significantly affect the entities’ economic performance and has the obligation to absorb the losses. Under the VIE model, the Company presents the results of operations, cash flows, and the financial position of the VIEs as part of the consolidated financial statements of the Company as if the consolidated group were a single economic entity. The assets of the VIEs can only be used to settle the obligations of the VIEs. There is no noncontrolling interest upon consolidation of the entities. The results of operations and cash flows of the VIEs are also included in the Company’s unaudited condensed consolidated financial statements. Apostrophe Pharmacy was an Affiliated Pharmacy and a VIE through April 2025 when, as a result of a change of ownership, it became a wholly-owned subsidiary of the Company and was no longer considered an Affiliated Pharmacy or a VIE. Previously, the Company was the primary beneficiary of the entity and consolidated its operations under the VIE model. The change of ownership did not have a material impact on the Company’s unaudited condensed consolidated financial statements because it was previously fully consolidated under the VIE model and had no noncontrolling interest.

As of June 30, 2025 and December 31, 2024, the Company’s unaudited condensed consolidated balance sheets included current and total assets of $131.4 million and $56.1 million, respectively, for the VIEs. As of June 30, 2025 and December 31, 2024, current and total liabilities were $10.3 million and $16.6 million, respectively. All amounts are after elimination of intercompany transactions, balances, and non-cash impact of operating leases.

For the three months ended June 30, 2025 and 2024, the VIEs charged $96.6 million and $39.0 million, respectively, for services rendered. For the six months ended June 30, 2025 and 2024, the VIEs charged $224.0 million and $72.1 million, respectively, for services rendered. For the three months ended June 30, 2025 and 2024, operations of the VIEs generated net losses of $5.8 million and $4.6 million, respectively, inclusive of administrative expenses. For the six months ended June 30, 2025 and 2024, operations of the VIEs generated net losses of $13.5 million and $5.4 million, respectively, inclusive of administrative expenses.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of June 30, 2025, is as follows (in thousands):
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$753,280 $— $— $753,280 
Short-term investments:
U.S. Treasury bills17,852 — — 17,852 
Corporate bonds— 2,181 — 2,181 
Restricted cash:
Money market funds368 — — 368 
Total assets$771,500 $2,181 $— $773,681 

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024, is as follows (in thousands):
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$64,717 $— $— $64,717 
Short-term investments:
U.S. Treasury bills60,160 — — 60,160 
Corporate bonds— 18,060 — 18,060 
Government and government agency— 1,447 — 1,447 
Restricted cash:
Money market funds856 — — 856 
Total assets$125,733 $19,507 $— $145,240 

The fair values of cash, accounts receivable, accounts payable, and accrued liabilities approximated their carrying values as of June 30, 2025 and December 31, 2024, due to their short-term nature. The fair value of the non-current portion of the earn-out liability, presented within other long-term liabilities, approximated its carrying value as of June 30, 2025 due to all of the earn-out consideration being paid in cash and the timing of its payout being subject to estimation. The 2030 Convertible Notes are recorded at their net carrying amount on the unaudited condensed consolidated balance sheets rather than their fair value, which is a Level 2 measurement, as the Company has not elected the fair value option (refer to Note 13 – Debt for the 2030 Convertible Notes definition and additional detail, including the fair value as of June 30, 2025). All other financial instruments are valued either based on recent trades of securities in active markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. During the six months ended June 30, 2025 and 2024, the Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
2030 Convertible Notes

In May 2025, the Company issued $1.0 billion aggregate principal amount of 0% convertible senior notes due 2030 (the “2030 Convertible Notes”). The 2030 Convertible Notes mature on May 15, 2030, unless earlier repurchased, redeemed, or converted, do not bear regular interest, and their principal amount will not accrete.

The total net proceeds from the issuance of the 2030 Convertible Notes, after deducting initial purchasers' discounts and debt issuance costs, were approximately $968.7 million.
Each $1,000 principal amount of the 2030 Convertible Notes is initially convertible into 14.1493 shares of the Company’s Class A common stock, which represents an initial conversion price of approximately $70.67 per share of the Company’s Class A common stock and is subject to adjustment upon the occurrence of specified events. As of June 30, 2025, there have been no adjustments to the conversion rate of the 2030 Convertible Notes.

The 2030 Convertible Notes are convertible at the option of the holders prior to November 15, 2029 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2025, if the closing price per share of the Company’s Class A common stock exceeds 130% of the conversion price for at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) if the trading price per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the closing price per share of the Company’s Class A common stock on such trading day and the conversion rate on such trading day; (3) if the Company calls any or all of the 2030 Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 15, 2029 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Convertible Notes, at the option of the holder. As of June 30, 2025, the conditions allowing holders of the 2030 Convertible Notes to convert were not met.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. If certain corporate events occur that constitute a “fundamental change” (as defined in the indenture governing the 2030 Convertible Notes), subject to a limited exception for certain cash mergers, holders may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes, at a cash repurchase price equal to the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2030 Convertible Notes in connection with such corporate event or during the relevant redemption period.

The Company may not redeem the 2030 Convertible Notes prior to May 19, 2028. The Company may redeem for cash all or any portion of the 2030 Convertible Notes, at its option, on or after May 19, 2028 and on or before the 25th scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the closing price of the Company’s Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, whether or not consecutive, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be a cash amount equal to the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. However, the Company may not redeem less than all of the outstanding 2030 Convertible Notes unless at least $75.0 million aggregate principal amount of 2030 Convertible Notes are outstanding and not called for redemption at the time the redemption notice is sent. No sinking fund is provided for the 2030 Convertible Notes.

Any additional interest that accrues on the 2030 Convertible Notes will accrue at a rate per annum of 0.50% of the principal amount if, on or after six months following the issue date, (i) the Company has not satisfied certain reporting conditions set forth in Rule 144(c) and (i)(2) under the Securities Act, or (ii) the 2030 Convertible Notes are not otherwise freely tradable.

If there is an event of default relating to failures by the Company to comply with certain reporting requirements, the Company may elect, at its option, that the sole remedy to consist exclusively of the right of the noteholders to receive special interest on the 2030 Convertible Notes for up to 365 days at a specified rate per annum of 0.25% of the principal amount for the first 180 days on which the special interest accrues, and thereafter at a rate of 0.50%. However, in no event will special interest, together with any additional interest, accrue at a rate that exceeds 1.00% per annum.

The 2030 Convertible Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2030 Convertible Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and
(iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

There are no requirements for any financial covenant compliance or reporting in connection with the 2030 Convertible Notes.

The net carrying amount of the 2030 Convertible Notes as of June 30, 2025 was as follows (in thousands):

Principal$1,000,000 
Unamortized debt discount and issuance costs(30,533)
Net carrying amount$969,467 

For each of the three and six months ended June 30, 2025, amortization of debt discount and issuance costs was $0.8 million. The debt discount and issuance costs are being amortized into interest expense within other income and expense, net on the unaudited condensed consolidated statements of operations and comprehensive income over the term of the 2030 Convertible Notes at an effective interest rate of 0.64%. There were no contractual interest expense payments for any of the periods presented.

As of June 30, 2025, the 2030 Convertible Notes had a principal amount and estimated fair value of $1.0 billion and $1.04 billion, respectively. The fair value of the 2030 Convertible Notes, which are Level 2 financial instruments, was determined based on the quoted bid prices of the notes in an over-the-counter market on the last trading day of the reporting period.

Capped Calls

In connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (collectively the "Capped Calls") with certain financial institutions. The Capped Calls have an initial strike price of approximately $70.67, subject to certain adjustments, which corresponds to the initial conversion price of the 2030 Convertible Notes. The Capped Calls have an initial cap price of $89.95 per share, subject to certain adjustments. The Capped Calls are expected generally to reduce potential dilution to the Company’s Class A common stock upon conversion and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2030 Convertible Notes, with such reduction and/or offsets subject to a cap based on the cap price. The Capped Calls cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2030 Convertible Notes, the aggregate number of shares of the Company’s Class A common stock that initially underlie the 2030 Convertible Notes. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including certain mergers, tender offers, and public announcement of similar events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, and hedging disruptions.

For accounting purposes, the Capped Calls are treated as a separate transaction from, and not part of the terms of, the 2030 Convertible Notes. As these transactions met certain accounting criteria to be classified as equity, they are not accounted for as derivatives and will not be remeasured as long as they continue to meet the conditions for equity classification. Accordingly, the Company recorded $35.5 million as a reduction to additional paid-in capital, which represents the $47.8 million premium paid for the Capped Calls, net of the deferred tax impact of $12.3 million.

Revolving Credit Facility

In February 2025, the Company entered into a Revolving Credit and Guaranty Agreement (the “Revolving Credit Agreement”) with certain lenders and JPMorgan Chase Bank, N.A., as the administrative and collateral agent, which provides for a three-year $175.0 million senior secured revolving credit facility (the “Credit Facility”). The Credit Facility additionally includes letter of credit and swing line loan sub-limits of $40.0 million and $20.0 million, respectively, and an accordion option, which, if exercised, would allow the Company to increase the aggregate commitment amount by up to $125.0 million, plus additional amounts if the Company is able to satisfy a leverage test and certain other conditions. The obligations under the Credit Facility are secured by a lien on substantially all of the Company’s assets, and are guaranteed by certain of the Company’s material domestic subsidiaries. The commitments under the Credit Facility expire on February 18, 2028.
Loans under the Credit Facility bear interest, at the Company’s election, at either (a) an adjusted term Secured Overnight Financing Rate plus 0.10% plus a margin of 1.50% - 2.00%, depending on the Company’s total leverage ratio, or (b) an alternative base rate plus a margin of 0.50% - 1.00%, depending on the Company’s total leverage ratio. Loans under the Credit Facility may also be made in Canadian Dollars, Euros, and Sterling, at comparable interest rates. The Company is required to pay a fee on the average daily undrawn portion of the aggregate commitments that accrues at 0.20% - 0.30% per annum, depending on the Company’s total leverage ratio.

The Credit Facility also allows the Company to issue letters of credit, which reduce the amount that can be borrowed. The Company is required to pay a commission on any outstanding letters of credit that accrues at 1.50% - 2.00% per annum, depending on the Company’s total leverage ratio, and a fronting fee that accrues at 0.125% per annum.

The Credit Facility contains customary conditions to borrowing, events of default and covenants, including but not limited to negative covenants that restrict the Company’s ability to incur indebtedness, grant liens, make distributions, pay dividends, repurchase shares, make investments and engage in transactions with the Company’s affiliates, in each case subject to certain exceptions. The Credit Facility also requires the Company to maintain a total leverage ratio of no greater than 3.50 to 1.00 and an interest coverage ratio of no less than 3.00 to 1.00.

As of June 30, 2025, the Company had $1.0 million in letters of credit outstanding under the Credit Facility sub-limit and $174.0 million remained available under the Credit Facility. The letters of credit are issued as security deposits for the Company’s warehouse facility in New Albany, Ohio and a third-party-operated warehouse facility in Indianapolis, Indiana. These security deposits are required to be maintained and issued to the respective landlord or service provider. No loans were outstanding under the Credit Facility and the Company was in compliance with all conditions and covenants thereunder as of June 30, 2025.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Obligations

The Company has non-cancelable contractual obligations with remaining terms in excess of one year to make future purchases, primarily related to cloud-based software contracts used in operations. As of June 30, 2025, non-cancelable purchase obligations with remaining terms in excess of one year were $26.4 million, with $2.5 million payable in 2025, $13.2 million payable in 2026, $9.8 million payable in 2027, $0.8 million payable in 2028, and $0.1 million payable in 2029.

Lease Commitments

Refer to Note 10 – Operating Leases for discussion of the Company’s future lease commitments.

Legal Proceedings
In addition to the legal matters described below, the Company is, from time to time, a party to litigation, various claims, and other legal and administrative proceedings arising in the ordinary course of business. Some of these claims, lawsuits, and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, non-monetary sanctions, or relief. Management is not currently aware of any matters that are reasonably likely to have a material adverse impact on the Company’s business, financial position, results of operations, or cash flows.

On June 25, 2025, two putative securities class action lawsuits were filed in the United States District Court for the Northern District of California against the Company and certain of its executives, captioned Sookdeo v. Hims & Hers Health, Inc., et al., No. 25-cv-05315 and Yaghsizian v. Hims & Hers Health, Inc., et al., No. 25-cv-05321 (the “Securities Actions”). The Securities Actions allege violations of securities laws in connection with alleged misrepresentations regarding the Company’s business, operations, and prospects, and in particular, with respect to the business relationship between the Company and Novo Nordisk. The Securities Actions seek an unspecified amount of damages as well as attorneys’ fees and other relief. The Company does not currently consider a loss on this lawsuit to be probable.

On July 14, 2025 and July 29, 2025, two putative shareholder derivative lawsuits (the “Derivative Actions”) were filed in the United States District Court for the Northern District of California against certain of the Company’s directors and executives. The Derivative Actions are captioned Jones v. Dudum, et al., No. 25-cv-5866 (N.D. Cal.), and Herman v. Dudum, et al., No.
25-cv-6326 (N.D. Cal.), respectively. The Company is a nominal defendant. The Derivative Actions relate to the matters alleged in the Securities Actions, and allege breaches of fiduciary duty by the individual defendants, among other claims. The Derivative Actions seek an unspecified amount of damages from the individual defendants as well as attorneys’ fees and other relief. The Company does not currently consider a loss on these lawsuits to be probable.
v3.25.2
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

The Company has two classes of common stock, Class A and Class V common stock. The rights are identical, including liquidation and dividend rights, except Class V common stock has additional voting rights.

Share Repurchase Programs

In October 2023, the Board of Directors authorized and approved a share repurchase program (the “2023 Share Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $50.0 million of the Company’s Class A common stock. During the three and six months ended June 30, 2024, the Company repurchased and retired 1,609,043 and 3,632,123 shares of Class A common stock, respectively, under the 2023 Share Repurchase Program for $19.9 million and $48.0 million, respectively. As of December 31, 2024, the entire $50.0 million originally available under the 2023 Share Repurchase Program had been utilized.

In July 2024, the Board of Directors authorized and approved a new share repurchase program (the “2024 Share Repurchase Program”) pursuant to which the Company may repurchase up to $100.0 million of the Company’s Class A common stock. The 2024 Share Repurchase Program expires on August 31, 2027. The Company intends to use the 2024 Share Repurchase Program to repurchase shares on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means. The 2024 Share Repurchase Program may be suspended or discontinued at any time. During each of the three and six months ended June 30, 2025, the Company did not repurchase any shares of Class A common stock under the 2024 Share Repurchase Program. As of June 30, 2025, $65.0 million remains available under the 2024 Share Repurchase Program.

RSU Releases

During the three and six months ended June 30, 2025, the Company released 1,844,783 and 3,783,712 gross shares of Class A common stock upon vesting of restricted stock units (“RSUs”). In connection with the releases, 661,230 and 1,420,506 shares of Class A common stock were withheld for the payment of employee taxes. During the three and six months ended June 30, 2024, the Company released 1,860,010 and 3,284,503 gross shares of Class A common stock upon vesting of RSUs. In connection with the releases, 629,209 and 1,128,459 shares of Class A common stock were withheld for the payment of employee taxes.

2017 Stock Plan and 2020 Equity Incentive Plan

In July 2017, Hims, Inc. (“Hims”) adopted the 2017 Stock Plan (the “2017 Plan”). Under the 2017 Plan, the board of directors of Hims granted awards, including incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, RSU awards, and other stock awards to employees, directors, and consultants of Hims.

In January 2021, the Board of Directors adopted the 2020 Equity Incentive Plan (the “2020 Plan”) and reserved 21,000,000 authorized shares of Class A common stock the Company could issue. In addition, up to 19,000,000 shares of Hims Class A common stock subject to awards granted under the 2017 Plan that were forfeited, expired, or lapsed unexercised or unsettled could be added to the 2020 Plan reserve. Beginning on January 1, 2022 and ending on January 1, 2031, the number of authorized shares of common stock under the 2020 Plan will automatically increase each fiscal year by 5% of the total number of Class A and Class V common stock issued and outstanding on the last day of the preceding fiscal year unless the Board of Directors approves a lesser number. As of December 31, 2024, there were 54,360,277 and 15,162,111 shares of Class A common stock reserved and available for issuance, respectively, under the 2020 Plan. For the six months ended June 30, 2025, 905 shares of Class A common stock subject to awards granted under the 2017 Plan that were forfeited after the adoption of the 2020 Plan were added to the 2020 Plan reserve. Additionally, on January 1, 2025, 11,041,860 shares of Class A common stock were automatically added to the 2020 Plan reserve. Therefore, as of June 30, 2025, there were 65,403,042 shares of Class A
common stock reserved and 22,285,450 shares of Class A common stock available for grant under the 2020 Stock Plan. There were no more shares available for grant under the 2017 Plan since the 2017 Plan was replaced by the 2020 Plan.

2020 Employee Stock Purchase Plan

In January 2021, the Board of Directors adopted the Company’s Employee Stock Purchase Plan (“ESPP”). The total shares of Class A common stock initially reserved under the ESPP is limited to 4,000,000 shares of Class A common stock. Beginning on January 1, 2022 and ending on January 1, 2041 (unless extended by the Board of Directors and approved by the Company’s shareholders), the number of authorized shares of common stock under the ESPP will automatically increase each fiscal year by the lesser of (i) 1% of the total number of Class A and Class V common stock issued and outstanding on the last day of the preceding fiscal year, (ii) 12,000,000 shares of Class A common stock, or (iii) a number of shares of Class A common stock determined by the Board of Directors. As of December 31, 2024, there were 6,047,919 and 4,441,943 shares of Class A common stock reserved and available for issuance, respectively, under the ESPP. During each of the three and six months ended June 30, 2025, the Company issued 251,818 shares of Class A common stock under the ESPP. During each of the three and six months ended June 30, 2024, the Company issued 366,524 shares of Class A common stock under the ESPP. There were no shares added to the ESPP reserve on January 1, 2025. Therefore, as of June 30, 2025, there were 6,047,919 shares of Class A common stock reserved for issuance under the ESPP. As of June 30, 2025, there were 4,190,125 shares of Class A common stock available for issuance under the ESPP.

Under the ESPP, eligible employees may purchase the Company’s Class A common stock during pre-specified offering periods at a discount established by the Company’s compensation committee. The purchase price is 85% of the lower of the fair market value of the Company’s Class A common stock on the first trading day of the offering period or the fair market value on the purchase date. Under the ESPP, the Company may specify offering periods with durations of not more than 27 months, and may specify shorter purchase periods within each offering period.

Employees participating in the ESPP commence payroll withholdings that accumulate through the end of the respective offering period. As of June 30, 2025, $1.0 million has been withheld via employee payroll deductions for employees who have opted to participate in the purchase periods ending November 2025.

As of June 30, 2025, there was $6.5 million of unrecognized stock-based compensation related to the ESPP which is expected to be recognized over a weighted average period of 1.22 years.

Stock Options

The Company has historically granted stock options prior to 2024, which for new employees generally vest over four years, with 25% vesting one year after the vesting commencement date and then 1/48th of the total grant vesting monthly thereafter. Options granted to existing employees generally vest 1/48th of the total grant monthly over four years. Options granted are exercisable within a period not exceeding ten years from the grant date.

In June 2020, the board of directors of Hims granted 3,246,139 and 1,623,070 stock options to the CEO with an exercise price of $2.43 to vest upon either (i) an acquisition of the Company with per share consideration equal to at least $22.99 and $38.31, respectively, or (ii) a per share price on a public stock exchange that is at least equal to $22.99 and $38.31, respectively. The CEO is required to be employed at the time the per share consideration/price is achieved in order to receive the awards, but the awards are not subject to any other service condition. The Company recognized expense related to these awards based on the fair value and derived service period as measured using a Monte Carlo simulation model, and the expense is accelerated if the requirements outlined in (i) and (ii) above are achieved. The grant date fair value was $16.6 million for these awards. The $22.99 per share price threshold related to awards for the 3,246,139 stock options was achieved in February 2021. The $38.31 per share threshold related to awards for the 1,623,070 stock options was achieved in February 2025. As of June 30, 2025, 3,161,130 of these stock options have been exercised at a weighted average exercise price of $2.43. As of June 30, 2025, all stock-based compensation expense for the awards has been recognized.

In February 2022, the Board of Directors granted 2,085,640 stock options to the CEO with an exercise price of $5.01 that vest in four equal tranches. On each anniversary date after February 24, 2022, 25% of the shares subject to the options will vest provided that (i) the CEO is employed on the anniversary date and (ii) the closing price of the Company’s Class A common stock is more than $10 per share in 20 of the 30 trading days prior to the anniversary date. The award is not subject to any other service condition. Vesting is cumulative in subsequent years if the market condition was not previously met. The Company
recognizes expense related to this award for each tranche individually based on the fair value and requisite service period, which is the greater of the derived service period and the explicit service period. The fair value and the derived service term of the market condition were both measured using a Monte Carlo simulation model. The total grant date fair value was $3.8 million for this award. As of June 30, 2025, 1,564,230 shares have vested and no shares have been exercised. As of June 30, 2025, there was $0.2 million of remaining compensation expense to be recognized over a period of 0.65 years.

In March 2025, the Board of Directors granted 557,244 stock options to the CEO with an exercise price of $34.71 that vest at the end of a three-year period, with the number of shares earned ranging from 0% to 250% of the target, provided that (i) the CEO remains employed at the end of the period and (ii) the Company achieves certain revenue and Adjusted EBITDA performance metrics related to the 2027 fiscal year. The total grant date fair value was $11.0 million, which was based on the probable achievement of 100% of the target and measured using the Black-Scholes option pricing model. The assumptions used in the model were an expected term of 6.41 years, an expected volatility of 54.0%, a risk-free interest rate of 4.0%, and an expected dividend yield of 0%. As of June 30, 2025, there was $9.9 million of remaining compensation expense to be recognized over a period of 2.67 years. The Company will continue to evaluate the likelihood of achieving the performance metrics on a quarterly basis.

Option activity (excluding the stock options granted to the CEO outlined above) is as follows (in thousands, except for weighted average exercise price and weighted average contractual term in years):
 
SharesWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Period
(in Years)		Aggregate
Intrinsic
Value
Outstanding at December 31, 20249,737 $5.15 6.33$185,326 
Exercised(1,913)3.30 
Forfeited and expired(10)7.91 
Outstanding at June 30, 20257,814 5.60 5.97345,806 
Exercisable as of June 30, 20256,542 5.42 5.79290,675 

The intrinsic value of vested options exercised was $72.7 million.

As of June 30, 2025, there was $4.0 million of unrecognized stock-based compensation expense related to unvested stock options (excluding the stock options granted to the CEO outlined above) which is expected to be recognized over a weighted average period of 1.07 years.

The options outstanding and exercisable as of June 30, 2025 (excluding the stock options granted to the CEO outlined above) have been aggregated into ranges for additional disclosure as follows (in thousands, except weighted average remaining contractual life and exercise price):
 
 Options OutstandingOptions Exercisable
Exercise PriceSharesWeighted Average Remaining Contractual Life 
(in Years)		SharesWeighted Average Remaining Contractual Life 
(in Years)
$ 0.06 – 0.40
158 2.56158 2.56
1.55 – 1.75
250 3.83250 3.83
2.43 – 3.11
1,525 4.931,525 4.93
5.01 – 6.82
3,998 6.672,993 6.66
8.13 – 11.53
1,697 6.181,430 5.90
12.21 – 15.17
186 5.42186 5.42
7,814 6,542 
RSUs

RSUs for new employees generally vest over four years, with 25% vesting one year after the vesting commencement date on the first Company Quarterly Vesting Date (defined below) and the remaining grant vesting quarterly thereafter on the specified vesting dates of March 15, June 15, September 15, and December 15 (each, a “Company Quarterly Vesting Date” or collectively, “Company Quarterly Vesting Dates”). Additional RSUs granted to current employees generally vest quarterly on Company Quarterly Vesting Dates over four years.

RSU activity (excluding the performance RSUs outlined below) is as follows (in thousands, except for weighted average grant date fair value):

SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 202415,757 $11.45 
Granted5,489 44.60 
Vested(3,784)11.42 
Forfeited and expired(1,533)13.66 
Unvested at June 30, 202515,929 $22.67 

Included in the above activity are 476,308 earn-out RSUs and 9,478 Parent Warrant RSUs issued to the CEO in January 2021 that vest in accordance with the same market conditions as the CEO stock options issued in June 2020, of which all 476,308 earn-out RSUs and 9,478 Parent Warrant RSUs have vested as of June 30, 2025.

As of June 30, 2025, there was $347.0 million of unrecognized stock-based compensation expense related to unvested RSUs (excluding the performance RSUs outlined below) which is expected to be recognized over a weighted average period of 3.33 years.

Performance RSUs

In March 2023, the Board of Directors granted awards of 1,115,709 target shares of performance RSUs (“PRSUs”) to certain executive officers. As of June 30, 2025, 11,408 of these shares subject to PRSUs have been forfeited. The PRSUs vest at the end of a three-year period, with the number of shares earned ranging from 0% to 200% of the target, provided that (i) the recipient remains employed at the end of the period and (ii) the Company achieves certain revenue and Adjusted EBITDA performance metrics related to the 2025 fiscal year. The total grant date fair value of the awards was $12.9 million, which was based on the probable achievement of 100% of the target.

In February 2024, the Board of Directors granted awards of 1,218,467 target shares of PRSUs to certain executive officers and senior leadership, none of which have been forfeited as of June 30, 2025. The PRSUs vest at the end of a three-year period, with the number of shares earned ranging from 0% to 200% of the target, provided that (i) the recipient remains employed at the end of the period and (ii) the Company achieves certain revenue and Adjusted EBITDA performance metrics related to the 2026 fiscal year. The total grant date fair value of the awards was $16.2 million, which was based on the probable achievement of 100% of the target.

In November 2024, the Board of Directors granted awards of 16,778 target shares of PRSUs to certain senior leadership, with the same vesting terms as the PRSUs granted on February 28, 2024, none of which have been forfeited as of June 30, 2025. The total grant date fair value of the awards was $0.4 million, which was based on the probable achievement of 100% of the target.

As of June 30, 2025, there was unrecognized stock-based compensation expense related to unvested PRSUs of $20.0 million, which is expected to be recognized over a weighted average period of 1.41 years. The Company will continue to evaluate the likelihood of achieving the performance metrics on a quarterly basis.

Warrants

The Company has historical Class A common stock warrants issued to nonemployees in connection with vendor service arrangements. As of June 30, 2025, there were 271,962 of these warrants outstanding and exercisable, with a weighted average exercise price of $1.75, a weighted average contractual term of 7.01 years, and an aggregate intrinsic value of $13.1 million.
Upon the exercise of outstanding warrants, vendors also have the right to receive 26,603 additional shares of Class A common stock. As of June 30, 2025, all stock-based compensation expense related to vendor warrants and associated earn-out shares has been recognized.

Stock Subject to Vesting and Earn-out Share Liability

In June 2021, the Company granted 447,553 restricted shares of Class A common stock subject to vesting with an aggregate grant date fair value of $5.5 million in connection with the acquisition of Honest Health Limited, which is now Hims & Hers UK Limited (“HHL”). As part of the acquisition of HHL, the Company also recognized an earn-out liability based on the achievement of certain revenue targets. Vesting of the restricted shares and a portion of total earn-out payable to specific individuals was contingent on each recipient’s continued employment. Accordingly, the Company has recognized stock-based compensation expense related to these awards for the three and six months ended June 30, 2025 and 2024. The expense was recognized over a four-year vesting period with 25% vesting one year after the acquisition date and the remaining vesting quarterly thereafter. As of June 30, 2025, all stock-based compensation expense for these restricted shares has been recognized.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for employees and nonemployees, by category, on the unaudited condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Marketing$3,435 $2,393 $6,209 $4,297 
Operations and support4,579 2,702 7,585 4,857 
Technology and development5,247 3,195 9,292 5,400 
General and administrative22,465 15,752 37,498 28,520 
Total stock-based compensation expense$35,726 $24,042 $60,584 $43,074 
The Company capitalized $0.7 million of stock-based compensation as internal-use software for each of the three months ended June 30, 2025 and 2024, and $1.6 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Related-Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
For the three months ended June 30, 2025 and 2024, the Company recorded $1.3 million and $0.3 million, respectively, within operating expenses on the unaudited condensed consolidated statements of operations and comprehensive income for payments made to Woolly Labs, Inc. (d/b/a Vouched) (“Vouched”), a related-party company that provides identity verification services. For the six months ended June 30, 2025 and 2024, the Company recorded $2.7 million and $1.5 million, respectively, for payments made to Vouched.

As a result of an executive leadership change at the Company in the second quarter of 2025, Vouched is no longer considered a related party as of July 1, 2025.
v3.25.2
Basic and Diluted Net Income per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income per Share Basic and Diluted Net Income per Share
The Company uses the two-class method to calculate net income per share. No dividends were declared or paid for the three and six months ended June 30, 2025 and 2024. Undistributed earnings for each period are allocated equally to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. The Company’s basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average shares of common stock outstanding during the period. The Company’s diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average shares of common stock outstanding and, when dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is reflected in diluted net income per share by application of the treasury stock method and if-converted method.
 
The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to common stockholders for the three and six months ended June 30 (in thousands, except share and per share amounts):
 
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
 Class AClass VClass AClass VClass AClass VClass AClass V
Numerator:
Net income attributable to common stockholders, basic$40,918 $1,587 $12,778 $519 $88,537 $3,453 $23,469 $956 
Amortization of debt discount and issuance costs for 2030 Convertible Notes810 — — — 810 — — — 
Reallocation of undistributed earnings174 (174)45 (45)367 (367)76 (76)
Net income attributable to common stockholders, diluted41,902 1,413 12,823 474 89,714 3,086 23,545 880 
Denominator:
Weighted average shares outstanding, basic215,995,752 8,377,623 206,240,414 8,377,623 214,810,313 8,377,623 205,657,442 8,377,623 
Effect of dilutive potential common shares32,405,917 — 20,173,948 — 28,706,993 — 18,548,611 — 
Weighted average shares outstanding, diluted248,401,669 8,377,623 226,414,362 8,377,623 243,517,306 8,377,623 224,206,053 8,377,623 
Basic net income per share$0.19 $0.19 $0.06 $0.06 $0.41 $0.41 $0.11 $0.11 
Diluted net income per share$0.17 $0.17 $0.06 $0.06 $0.37 $0.37 $0.11 $0.11 

The following table discloses weighted-average Class A securities that were not included in the computation of diluted net income per share as their inclusion would have been anti-dilutive:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
RSUs1,075,533 280,634 2,559,533 5,126,199 
Stock options— 164,959 — 1,048,169 

The Capped Calls entered into in connection with the 2030 Convertible Notes were excluded from the calculation of diluted net income per share as the effect would have been anti-dilutive. There were no Class V securities that were excluded in the computation of diluted net income per share for the periods presented.
v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The CODM utilizes net income as the measure of segment profit or loss. The CODM uses net income to evaluate return on assets and decide whether to reinvest profits into the segment or into other new investment opportunities.

In addition to the unaudited condensed consolidated statements of operations and comprehensive income, the CODM is regularly provided with financial information that includes the following captions when assessing the performance and allocation of resources: cost of revenue, customer acquisition costs (comprising advertising and media costs associated with the Company’s efforts to acquire new customers, promote its brands, and build awareness for its products and services, including advertising in digital media, social media, television, radio, out-of-home media, and various other media outlets and excluding content production costs), employee compensation (comprising salaries and wages, benefits, taxes, and performance bonuses, and excluding stock-based compensation) by operating expense caption, and stock-based compensation by operating expense caption. These are significant segment expenses, as they are regularly provided to the CODM.
The table below highlights the segment’s revenue, expenses, and net income for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$544,833 $315,648 $1,130,843 $593,819 
Less:
Cost of revenue128,637 59,035 283,958 108,111 
Customer acquisition costs188,378 123,847 389,968 237,023 
Employee compensation included within:
Marketing11,499 8,972 22,011 17,665 
Operations and support26,542 17,001 50,365 33,636 
Technology and development15,840 9,120 29,330 17,167 
General and administrative19,608 11,831 34,277 22,670 
Stock-based compensation included within:
Marketing3,435 2,393 6,209 4,297 
Operations and support4,579 2,702 7,585 4,857 
Technology and development5,247 3,195 9,292 5,400 
General and administrative22,465 15,752 37,498 28,520 
Depreciation and amortization expense included within operating expenses9,800 3,163 17,336 6,020 
Interest income and expense, net(6,117)(2,431)(8,713)(4,971)
Income tax (benefit) expense(9,652)127 1,358 1,402 
Other segment items*82,067 47,644 158,379 87,597 
Segment net income42,505 13,297 91,990 24,425 
Reconciliation of profit or loss
Adjustments and reconciling items— — — — 
Consolidated net income$42,505 $13,297 $91,990 $24,425 

______________
(*)    Other segment items included in segment net income primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.

In addition to the segment’s operating results, the CODM is regularly provided with total assets as reported on the Company’s unaudited condensed consolidated balance sheets as well as the expenditures for both purchases of property, equipment, and intangible assets, and investment in website development and internal-use software, which are reported on the Company’s consolidated statements of cash flows and totaled $50.4 million and $6.0 million during the three months ended June 30, 2025 and 2024, respectively, and $109.4 million and $20.0 million during the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Income Tax
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
The effective income tax rate was (29.4)% and 0.9%, respectively, for the three months ended June 30, 2025 and 2024 and 1.5% and 5.4%, respectively, for the six months ended June 30, 2025 and 2024. The effective tax rate differs from the U.S. federal rate in 2025 primarily due to the windfall tax benefit on stock compensation activity, the executive compensation addback under Internal Revenue Code Section 162(m), generation of research and development tax credits, and state taxes. The effective tax rate differs from the U.S. federal rate in 2024 primarily due to the impacts of the valuation allowance placed on the Company’s deferred tax assets in prior periods, along with state taxes.

For tax purposes, the 2030 Convertible Notes and Capped Calls are to be considered integrated pursuant to Treas. Reg. § 1.1275-6 and treated as a single, synthetic debt instrument for U.S. federal income tax purposes. As a consequence of the integration into synthetic notes, the premium paid for the Capped Calls results in an original issue discount that is to be amortized as interest expense over the life of the synthetic notes using the constant yield to maturity method. This results in a
deferred tax asset on the basis difference between the book value and tax value of the note, which is recorded as an adjustment through additional paid-in capital on the unaudited condensed consolidated balance sheets.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In July 2025, the Company acquired all of the outstanding equity of Zava Global GmbH, a digital health platform registered in Germany with operations in the United Kingdom, Germany, France, and Ireland, for potential total cash consideration of up to approximately EUR 225.0 million, or $265.7 million based on the exchange rate on the closing date, subject to certain closing and post-closing adjustments as defined in the share purchase agreement, executed in May 2025, with respect to the transaction. The Company entered into the share purchase agreement to expand its footprint in the United Kingdom and launch the Company into the European markets. The upfront cash consideration was approximately EUR 125.0 million, or $147.6 million based on the exchange rate on the closing date, not including certain closing adjustments as defined in the share purchase agreement. A maximum additional EUR 100.0 million, or $118.1 million based on the exchange rate on the closing date, in cash consideration is payable upon reaching certain earn-out conditions, with measurements occurring for each of the 2025, 2026, and 2027 fiscal years, which amounts may be paid earlier or later in accordance with certain provisions set forth in the share purchase agreement. The initial accounting for the transaction is incomplete at the date these financial statements are available to be issued, as the information necessary to complete such evaluation is in the process of being obtained and more thoroughly evaluated. The Company has not yet determined the accounting purchase price allocation of the purchase consideration described above, which includes evaluating the fair value of the acquired assets and assumed liabilities, and the valuation of contingent consideration to be transferred.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (“OBBBA”), introducing significant amendments to the U.S. Internal Revenue Code. The amendments include the permanent extension of certain individual, business, and international tax measures initially established under the 2017 Tax Cuts and Jobs Act, which were set to expire at the end of 2025. The Company is evaluating the impact of the OBBBA on its consolidated financial statements and related disclosures. The OBBBA permanently eliminates the requirement to capitalize and amortize U.S.-based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred. The OBBBA also permanently extends the full expensing of qualifying assets through accelerated bonus depreciation in the period purchased. The Company expects these provisions to result in a reduction of current income tax liabilities and a corresponding reduction to deferred tax assets or increase in deferred tax liabilities. Additionally, the Company anticipates that these provisions will enhance cash flows in the near term due to the deferral of tax payments. The Company will continue to assess the implications of the OBBBA and will provide further disclosures in subsequent reporting periods, as applicable.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net income $ 42,505 $ 49,485 $ 13,297 $ 11,128 $ 91,990 $ 24,425
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the fiscal quarter ended June 30, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:

Name and Title of InsiderAdoption, Modification or TerminationApplicable DateDuration of Trading Arrangement
Rule 10b5-1 Trading Arrangement?
(Y / N) (1)
Aggregate Number of Securities Subject to the Trading Arrangement
Patrick H. Carroll, M.D., Chief Medical Officer and Director
Termination5/12/2025
3/17/2025 - 11/14/2025
Y33,222
Patrick H. Carroll, M.D., Chief Medical Officer and Director
Adoption5/19/2025
9/15/2025 - 5/18/2027
Y107,500
Oluyemi Okupe, Chief Financial Officer
Adoption5/21/2025
9/15/2025 - 8/30/2026
Y1,149,047
______________
(1)Denotes whether the trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) when adopted.
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Patrick H. Carroll, M.D. 1 [Member]  
Trading Arrangements, by Individual  
Name Patrick H. Carroll, M.D.
Title Chief Medical Officer and Director
Rule 10b5-1 Arrangement Terminated true
Termination Date 11/14/2025
Arrangement Duration 242 days
Aggregate Available 33,222
Patrick H. Carroll, M.D. 2 [Member]  
Trading Arrangements, by Individual  
Name Patrick H. Carroll, M.D.
Title Chief Medical Officer and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 5/19/2025
Expiration Date 5/18/2027
Arrangement Duration 610 days
Aggregate Available 107,500
Oluyemi Okupe [Member]  
Trading Arrangements, by Individual  
Name Oluyemi Okupe
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 5/21/2025
Expiration Date 8/30/2026
Arrangement Duration 349 days
Aggregate Available 1,149,047
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The condensed consolidated financial statements as of June 30, 2025 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the year ended December 31, 2024 (the “audited consolidated financial statements”).

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and reflect, in management’s opinion, all adjustments of a normal, recurring nature that are necessary for the fair statement of the Company’s balance sheet, results of operations, and cash flows for the periods presented, but are not necessarily indicative of the results expected for the full fiscal year or any other period.
Consolidation
The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and variable interest entities in which it is the primary beneficiary. All intercompany transactions and balances have been eliminated in these unaudited condensed consolidated financial statements.

There have been no changes to the Company’s significant accounting policies described in the audited consolidated financial statements for the year ended December 31, 2024 that have had a material impact on these unaudited condensed consolidated financial statements and related notes.
Use of Estimates
Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and accompanying notes. The more significant estimates, judgments, and assumptions by management include, among others, valuation and recognition of stock-based compensation expense, initial and subsequent valuation of contingent consideration in business combinations or asset acquisitions, purchase price allocation for business combinations, valuation of assets acquired in an asset acquisition, valuation of deferred tax assets, valuation of inventory, valuation of refund reserve, and estimates used in the capitalization of website development and internal-use software costs. Management believes that the estimates, judgments, and assumptions upon which it relies are reasonable based upon information available to it at the time that these estimates,
judgments, and assumptions were made. Actual results experienced by the Company may differ from management’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s unaudited condensed consolidated financial statements will be affected.
Business Combinations
Business Combinations

The Company accounts for its business combinations using the acquisition method of accounting. The purchase price is attributed to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.

When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s stockholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post-acquisition services and recognized as expense over the requisite service period.

Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain assumed obligations.
Asset Acquisition
Asset Acquisitions
The Company accounts for a transaction as an asset acquisition when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, or the acquisition otherwise does not meet the definition of a business. Asset acquisitions are measured and recognized based on the cost to acquire the assets, which is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. Direct costs related to the acquisition are capitalized as part of the assets or liabilities acquired. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired nonfinancial assets on a relative fair value basis.
Segment Reporting
Segment Reporting

The Company is managed as a single operating segment on a consolidated basis, inclusive of acquisitions. The Company determines its operating segments based on how the chief operating decision maker (“CODM”) makes decisions regarding the allocation of resources and operational strategy, assesses performance, and manages the organization at a consolidated level. The Chief Executive Officer (“CEO”), is the CODM. The products and services from which this segment derives its revenues are described below in the discussion of revenue recognition.
Goodwill
Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company operates as one reporting unit. When testing goodwill for impairment, the Company may first perform an optional qualitative assessment. If the Company determines it is not more likely than not the reporting unit’s fair value is less than its carrying value, then no further analysis is necessary. If the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount of the Company’s reporting unit exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. Goodwill of $5.0 million was acquired in relation to an
immaterial business combination during the first quarter of 2025.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets include property, equipment, and software and intangible assets subject to amortization. The Company is a single asset group. Long-lived assets, including acquired assets from a business combination, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such cases, recoverability of asset groups to be held and used is assessed by comparing the carrying amount of the asset group with its future underlying net undiscounted cash flows without interest charges. If such asset group is considered to be impaired, an impairment is recognized as the amount by which the carrying amount of the asset group exceeds the estimated fair values of the asset group. No impairment of long-lived assets was recorded during the three and six months ended June 30, 2025. The Company recognized immaterial impairment charges on long-lived assets during the three and six months ended June 30, 2024 in technology and development expenses on the unaudited condensed consolidated statements of operations and comprehensive income.
Convertible Notes
Convertible Notes

The Company has issued the 2030 Convertible Notes (as defined in Note 13 – Debt) which are recorded at their carrying value on the unaudited condensed consolidated balance sheets. The 2030 Convertible Notes will be classified as long-term liabilities until they are scheduled to mature within one year of the balance sheet date or become repayable within one year of the balance sheet date. Amortization of debt discount and issuance costs, along with contractual interest expense, if any, is recorded over the term of the 2030 Convertible Notes using the effective interest method. The Company evaluates conversion features to determine if they are required to be accounted for separately as embedded derivatives. The 2030 Convertible Notes are considered participating securities for purposes of calculating diluted net income per share. The dilutive effect is calculated under the if-converted method whereby the numerator is adjusted to add back the amortization of debt discount and issuance costs and the denominator is adjusted to add the gross number of Class A common stock shares issuable upon conversion as if converted at the beginning of the period (or at the time of issuance, if later).
Capped Calls
Capped Calls

The Company has entered into the Capped Calls (as defined in Note 13 – Debt) in connection with the issuance of the 2030 Convertible Notes. The Capped Calls meet certain accounting criteria to be classified as equity, and premiums paid for the Capped Calls are recorded as a reduction to additional paid-in capital within stockholders’ equity, net of the deferred tax impact. The Capped Calls are not accounted for as derivatives and will not be remeasured as long as they continue to meet the conditions for equity classification. The Capped Calls are expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the 2030 Convertible Notes. As such, their effect on diluted net income per share would be anti-dilutive and they are excluded from the calculation.
Revenue Recognition
Revenue Recognition

The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services.

The Company’s consolidated revenue primarily comprises online sales of health and wellness products and services through the Company’s websites and mobile applications, including prescription and non-prescription products. In contracts that contain prescription products issued as the result of a consultation, revenue also includes medical consultation services and post-consultation service support provided by Affiliated Medical Groups (defined below). Additionally, the Company offers a range of health and wellness products through wholesale partners.
For Online Revenue, the Company defines its customer as an individual who purchases products or services through its websites or mobile applications. For Wholesale Revenue, the Company defines its customer as a wholesale partner, with the exception of consignment arrangements, where its customer is defined as an individual who purchases products through certain third-party platforms. The transaction price in the Company’s contracts with customers is the total amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to the customer.

The Company’s contracts that contain prescription products issued as the result of a consultation primarily include the following performance obligations: access to (i) products, as well as medication adjustments, as applicable, and (ii) consultation services, as well as post-consultation service support, as applicable. The Company’s contracts that do not contain prescription products have a single performance obligation. Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer and, in contracts that contain services, by the provision of consultation services to the customer. The Company satisfies its performance obligation for products at a point in time, which is upon delivery of the products to a third-party carrier or wholesale customer warehouse. The Company satisfies its performance obligation for consultation services typically within one day and for post-consultation service support over the contract term. The customer obtains control of the products and services upon the Company’s completion of its performance obligations.

For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. The stand-alone selling price is based on the prices at which the Company separately sells the products and services, as well as market and cost plus estimates. For each of the three and six months ended June 30, 2025 and 2024, service revenue, comprising consultation services and post-consultation service support, represented less than 10% of consolidated revenues.

To fulfill its promise to customers for contracts that include professional medical consultations, the Company maintains relationships with various “Affiliated Medical Groups,” which are professional corporations or other professional entities owned by licensed physicians and that engage licensed healthcare professionals (physicians, physician assistants, nurse practitioners, and mental health providers; collectively referred to as “Providers” or individually, a “Provider”) to provide consultation services. Refer to Note 11 – Variable Interest Entities. The Company accounts for service revenue as a principal in the arrangement with its customers. This conclusion is reached because (i) the Company determines which Affiliated Medical Group and Provider provides the consultation to the customer; (ii) the Company is primarily responsible for the satisfactory fulfillment and acceptability of the services; (iii) the Company incurs costs for consultation services even for visits that do not result in a prescription and the sale of products; and (iv) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

Additionally, to fulfill its promise to customers for contracts that include sale of prescription products, the Company utilizes (i) certain third-party pharmacies (“Partner Pharmacies” or individually, a “Partner Pharmacy”); (ii) XeCare, LLC (“XeCare” or the “Affiliated Pharmacy”), which is a licensed mail order pharmacy providing prescription fulfillment solely to the Company’s customers; (iii) Apostrophe Pharmacy LLC (“Apostrophe Pharmacy”), which is a licensed mail order pharmacy providing prescription fulfillment solely to the Company’s customers, and which was considered an Affiliated Pharmacy through April 2025 when, as a result of a change of ownership, it became a wholly-owned subsidiary of the Company; and (iv) Seaview Enterprises LLC (d/b/a MedisourceRx) (“MedisourceRx”), which is a wholly-owned licensed 503B outsourcing facility. The pharmacies, as licensed, fill prescription orders for customers who have received a prescription from a prescribing Provider through the Company’s websites and mobile applications. The Company accounts for prescription product revenue from Partner Pharmacies, the Affiliated Pharmacy, and, during the time it was considered an Affiliated Pharmacy, Apostrophe Pharmacy as a principal in the arrangement with its customers. This conclusion is reached because (i) the Company has sole discretion in determining which pharmacy fills a customer’s prescription; (ii) the pharmacies fill the prescription based on fulfillment instructions provided by the Company, including using the Company’s branded packaging for generic products; (iii) the Company is primarily responsible to the customer for the satisfactory fulfillment and acceptability of the order; (iv) the
Company is responsible for refunds of the prescription medication after transfer of control to the customer; and (v) the Company, in its sole discretion, sets all listed prices charged on its websites and mobile applications for products and services.

The Company estimates refunds using the expected value method primarily based on historical refunds granted to customers. The Company updates its estimate at the end of each reporting period and recognizes the estimated amount as contra-revenue with a corresponding refund liability. Sales, value-added, and other taxes are excluded from the transaction price and, therefore, from revenue.

The Company accounts for shipping activities, consisting of direct costs to ship products performed after the control of a product has been transferred to the customer, in cost of revenue.
For online sales, payment for prescription medication and non-prescription products is collected from the customer in accordance with contract terms a few days in advance of product shipment, or in the case of prepaid offerings, upfront with subsequent shipments typically occurring monthly, quarterly, or semi-annually. Contract liabilities are recorded when payments have been received from the customer for undelivered products or services and are recognized as revenue when the performance obligations are later satisfied. Contract liabilities consisting of balances related to customer prepayments are recognized as current deferred revenue on the unaudited condensed consolidated balance sheets since the associated revenue will be recognized within the following year. For wholesale arrangements, payments are collected in accordance with contract terms.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU expand income tax disclosure requirements, primarily through enhanced disclosures related to income taxes paid and the rate reconciliation. ASU 2023-09 is effective for all public entities for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU expand certain expense category disclosure requirements, primarily through enhanced disclosures about inventory purchases, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which clarified the effective date for ASU 2024-03. The ASU is effective for all public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the method of adoption and the impact of this ASU on its consolidated financial statements and related disclosures.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Disaggregation of Revenue
Revenue consists of the following (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Online Revenue$536,880 $306,843 $1,113,241 $574,604 
Wholesale Revenue7,953 8,805 17,602 19,215 
Total revenue$544,833 $315,648 $1,130,843 $593,819 
v3.25.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed The following table summarizes the acquisition date fair values of assets acquired and liabilities assumed (in thousands):
503B pharmacy license$28,596 
Goodwill1,847 
Other net assets557 
Net assets acquired$31,000 
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Short-term investments as of June 30, 2025, consist of the following (in thousands):
 
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury bills$17,853 $1 $(2)$17,852 
Corporate bonds2,181 — — 2,181 
Total short-term investments$20,034 $1 $(2)$20,033 
 
Short-term investments as of December 31, 2024, consist of the following (in thousands):

Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury bills$60,040 $120 $— $60,160 
Corporate bonds18,058 3 (1)18,060 
Government and government agency1,446 1 — 1,447 
Total short-term investments$79,544 $124 $(1)$79,667 
v3.25.2
Inventory (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventory consists of the following (in thousands):

June 30, 2025December 31, 2024
Finished goods$97,121 $35,077 
Raw materials44,679 29,350 
Total inventory$141,800 $64,427 
v3.25.2
Prepaid Expenses and Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
 
June 30, 2025December 31, 2024
Prepaid expenses$41,858 $16,172 
Wholesale trade and other receivables, net6,735 6,080 
Other current assets20,558 8,901 
Total prepaid expenses and other current assets$69,151 $31,153 
v3.25.2
Property, Equipment, and Software, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment, and Software
Property, equipment, and software, net consist of the following (in thousands):

June 30, 2025December 31, 2024
Facility equipment and other tangible property$75,706 $27,785 
Purchased and internal-use software and website development40,874 34,100 
Leasehold improvements11,898 10,933 
Assets not placed in service113,646 33,764 
Total property, equipment, and software242,124 106,582 
Less: accumulated depreciation and amortization(36,644)(24,499)
Total property, equipment, and software, net$205,480 $82,083 
v3.25.2
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Intangible assets, net as of June 30, 2025 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
503B pharmacy license$28,596 $(2,383)$26,213 9.2
Trade name24,170 (11,215)12,955 2.7
Other3,719 (2,230)1,489 4.0
Intangible assets, net$56,485 $(15,828)$40,657 6.9

Intangible assets, net as of December 31, 2024 consist of the following (in thousands):

Gross
Amount		Accumulated Amortization and ImpairmentNet
Carrying
Value		Weighted
Average
Remaining
Useful Life
(Years)
503B pharmacy license$28,596 $(953)$27,643 9.7
Trade name24,170 (9,256)14,914 6.5
Other4,786 (3,933)853 6.0
Intangible assets, net$57,552 $(14,142)$43,410 8.5
Finite-lived Intangible Assets Amortization Expense
Amortization that will be charged to expense over the remaining life of the intangible assets subsequent to June 30, 2025 is as follows (in thousands):

The remainder of 2025$4,527
20268,015
20277,801
20283,773
20292,963
2030 and thereafter13,578
$40,657
v3.25.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consist of the following (in thousands):

June 30, 2025December 31, 2024
Marketing$14,029 $21,839 
Partnerships12,303 — 
Professional services12,239 8,463 
Payroll10,028 12,067 
Tax4,945 2,152 
Other accruals12,127 8,492 
Total accrued liabilities $65,671 $53,013 
v3.25.2
Operating Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments subsequent to June 30, 2025 under the Company's non-cancelable operating leases with an initial lease term in excess of one year are as follows (in thousands):

The remainder of 2025$2,937 
20269,640 
202710,210 
202810,235 
202910,585 
2030 and thereafter64,729 
Gross lease payments108,336 
Less: imputed interest(30,122)
Less: tenant improvement receivables(3,293)
Present value of net future minimum lease payments$74,921 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of June 30, 2025, is as follows (in thousands):
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$753,280 $— $— $753,280 
Short-term investments:
U.S. Treasury bills17,852 — — 17,852 
Corporate bonds— 2,181 — 2,181 
Restricted cash:
Money market funds368 — — 368 
Total assets$771,500 $2,181 $— $773,681 

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024, is as follows (in thousands):
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$64,717 $— $— $64,717 
Short-term investments:
U.S. Treasury bills60,160 — — 60,160 
Corporate bonds— 18,060 — 18,060 
Government and government agency— 1,447 — 1,447 
Restricted cash:
Money market funds856 — — 856 
Total assets$125,733 $19,507 $— $145,240 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The net carrying amount of the 2030 Convertible Notes as of June 30, 2025 was as follows (in thousands):

Principal$1,000,000 
Unamortized debt discount and issuance costs(30,533)
Net carrying amount$969,467 
v3.25.2
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Option, Activity
Option activity (excluding the stock options granted to the CEO outlined above) is as follows (in thousands, except for weighted average exercise price and weighted average contractual term in years):
 
SharesWeighted
Average
Exercise
Price		Weighted
Average
Contractual
Period
(in Years)		Aggregate
Intrinsic
Value
Outstanding at December 31, 20249,737 $5.15 6.33$185,326 
Exercised(1,913)3.30 
Forfeited and expired(10)7.91 
Outstanding at June 30, 20257,814 5.60 5.97345,806 
Exercisable as of June 30, 20256,542 5.42 5.79290,675 
Share-based Payment Arrangement, Option, Exercise Price Range
The options outstanding and exercisable as of June 30, 2025 (excluding the stock options granted to the CEO outlined above) have been aggregated into ranges for additional disclosure as follows (in thousands, except weighted average remaining contractual life and exercise price):
 
 Options OutstandingOptions Exercisable
Exercise PriceSharesWeighted Average Remaining Contractual Life 
(in Years)		SharesWeighted Average Remaining Contractual Life 
(in Years)
$ 0.06 – 0.40
158 2.56158 2.56
1.55 – 1.75
250 3.83250 3.83
2.43 – 3.11
1,525 4.931,525 4.93
5.01 – 6.82
3,998 6.672,993 6.66
8.13 – 11.53
1,697 6.181,430 5.90
12.21 – 15.17
186 5.42186 5.42
7,814 6,542 
Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSU activity (excluding the performance RSUs outlined below) is as follows (in thousands, except for weighted average grant date fair value):

SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 202415,757 $11.45 
Granted5,489 44.60 
Vested(3,784)11.42 
Forfeited and expired(1,533)13.66 
Unvested at June 30, 202515,929 $22.67 
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table summarizes stock-based compensation expense for employees and nonemployees, by category, on the unaudited condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Marketing$3,435 $2,393 $6,209 $4,297 
Operations and support4,579 2,702 7,585 4,857 
Technology and development5,247 3,195 9,292 5,400 
General and administrative22,465 15,752 37,498 28,520 
Total stock-based compensation expense$35,726 $24,042 $60,584 $43,074 
v3.25.2
Basic and Diluted Net Income per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to common stockholders for the three and six months ended June 30 (in thousands, except share and per share amounts):
 
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
 Class AClass VClass AClass VClass AClass VClass AClass V
Numerator:
Net income attributable to common stockholders, basic$40,918 $1,587 $12,778 $519 $88,537 $3,453 $23,469 $956 
Amortization of debt discount and issuance costs for 2030 Convertible Notes810 — — — 810 — — — 
Reallocation of undistributed earnings174 (174)45 (45)367 (367)76 (76)
Net income attributable to common stockholders, diluted41,902 1,413 12,823 474 89,714 3,086 23,545 880 
Denominator:
Weighted average shares outstanding, basic215,995,752 8,377,623 206,240,414 8,377,623 214,810,313 8,377,623 205,657,442 8,377,623 
Effect of dilutive potential common shares32,405,917 — 20,173,948 — 28,706,993 — 18,548,611 — 
Weighted average shares outstanding, diluted248,401,669 8,377,623 226,414,362 8,377,623 243,517,306 8,377,623 224,206,053 8,377,623 
Basic net income per share$0.19 $0.19 $0.06 $0.06 $0.41 $0.41 $0.11 $0.11 
Diluted net income per share$0.17 $0.17 $0.06 $0.06 $0.37 $0.37 $0.11 $0.11 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table discloses weighted-average Class A securities that were not included in the computation of diluted net income per share as their inclusion would have been anti-dilutive:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
RSUs1,075,533 280,634 2,559,533 5,126,199 
Stock options— 164,959 — 1,048,169 
v3.25.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below highlights the segment’s revenue, expenses, and net income for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$544,833 $315,648 $1,130,843 $593,819 
Less:
Cost of revenue128,637 59,035 283,958 108,111 
Customer acquisition costs188,378 123,847 389,968 237,023 
Employee compensation included within:
Marketing11,499 8,972 22,011 17,665 
Operations and support26,542 17,001 50,365 33,636 
Technology and development15,840 9,120 29,330 17,167 
General and administrative19,608 11,831 34,277 22,670 
Stock-based compensation included within:
Marketing3,435 2,393 6,209 4,297 
Operations and support4,579 2,702 7,585 4,857 
Technology and development5,247 3,195 9,292 5,400 
General and administrative22,465 15,752 37,498 28,520 
Depreciation and amortization expense included within operating expenses9,800 3,163 17,336 6,020 
Interest income and expense, net(6,117)(2,431)(8,713)(4,971)
Income tax (benefit) expense(9,652)127 1,358 1,402 
Other segment items*82,067 47,644 158,379 87,597 
Segment net income42,505 13,297 91,990 24,425 
Reconciliation of profit or loss
Adjustments and reconciling items— — — — 
Consolidated net income$42,505 $13,297 $91,990 $24,425 

______________
(*)    Other segment items included in segment net income primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.
v3.25.2
Summary of Significant Accounting Policies - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 28, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
reportingUnit
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Disaggregation of Revenue [Line Items]              
Number of reporting unit | reportingUnit         1    
Goodwill impairment   $ 0   $ 0 $ 0 $ 0  
Impairment of long-lived assets, (less than 1 million)   0     0 $ 114,000  
Deferred revenue   $ 98,400,000     98,400,000   $ 75,300,000
Deferred revenue, increase         $ 23,100,000    
Sigmund NJ, LLC, Trybe Labs              
Disaggregation of Revenue [Line Items]              
Goodwill, acquired during period $ 5,000,000.0   $ 5,000,000.0        
v3.25.2
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 544,833 $ 315,648 $ 1,130,843 $ 593,819
Online Revenue        
Disaggregation of Revenue [Line Items]        
Total revenue 536,880 306,843 1,113,241 574,604
Wholesale Revenue        
Disaggregation of Revenue [Line Items]        
Total revenue $ 7,953 $ 8,805 $ 17,602 $ 19,215
v3.25.2
Acquisitions - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2025
Sep. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Business Combination [Line Items]          
Property, equipment, and software, net       $ 82,083 $ 205,480
Useful life   10 years      
C S Bio Co.          
Business Combination [Line Items]          
Consideration transferred $ 39,100        
Payments for asset acquisitions 32,700        
Acquisition cost 2,100        
Property, equipment, and software, net 41,200        
C S Bio Co. | Maximum          
Business Combination [Line Items]          
Contingent consideration transferred 6,400        
Earn out consideration transferred 32,700        
Sigmund NJ, LLC, Trybe Labs          
Business Combination [Line Items]          
Cash consideration 5,100        
Goodwill, acquired during period $ 5,000   $ 5,000    
Seaview Enterprises LLC, MedisourceRx          
Business Combination [Line Items]          
Business combination, consideration   $ 31,000      
Business combination, acquisition related costs   $ 1,400      
Goodwill, acquired during period       $ 1,800  
v3.25.2
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Business Combination, Recognized Asset Acquired, Asset [Abstract]      
Goodwill $ 117,753 $ 112,728  
Seaview Enterprises LLC, MedisourceRx      
Business Combination, Recognized Asset Acquired, Asset [Abstract]      
503B pharmacy license     $ 28,596
Goodwill     1,847
Other net assets     557
Net assets acquired     $ 31,000
v3.25.2
Investments - Short-term Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Marketable Securities [Line Items]    
Adjusted Cost $ 20,034 $ 79,544
Unrealized Gains 1 124
Unrealized Losses (2) (1)
Fair Value 20,033 79,667
U.S. Treasury bills    
Marketable Securities [Line Items]    
Adjusted Cost 17,853 60,040
Unrealized Gains 1 120
Unrealized Losses (2) 0
Fair Value 17,852 60,160
Corporate bonds    
Marketable Securities [Line Items]    
Adjusted Cost 2,181 18,058
Unrealized Gains 0 3
Unrealized Losses 0 (1)
Fair Value $ 2,181 18,060
Government and government agency    
Marketable Securities [Line Items]    
Adjusted Cost   1,446
Unrealized Gains   1
Unrealized Losses   0
Fair Value   $ 1,447
v3.25.2
Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Finished goods $ 97,121 $ 35,077
Raw materials 44,679 29,350
Total inventory $ 141,800 $ 64,427
v3.25.2
Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 41,858 $ 16,172
Wholesale trade and other receivables, net 6,735 6,080
Other current assets 20,558 8,901
Total prepaid expenses and other current assets $ 69,151 $ 31,153
v3.25.2
Property, Equipment, and Software, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software $ 242,124 $ 106,582
Less: accumulated depreciation and amortization (36,644) (24,499)
Property, equipment, and software, net 205,480 82,083
Facility equipment and other tangible property    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software 75,706 27,785
Purchased and internal-use software and website development    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software 40,874 34,100
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software 11,898 10,933
Assets not placed in service    
Property, Plant and Equipment [Line Items]    
Total property, equipment, and software $ 113,646 $ 33,764
v3.25.2
Property, Equipment, and Software, Net - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]        
Depreciation and amortization     $ 18,741 $ 6,644
Impairment expense $ 0   0  
Property, Equipment, and Software        
Property, Plant and Equipment [Line Items]        
Depreciation and amortization $ 7,600 $ 2,800 $ 13,800 $ 5,100
v3.25.2
Intangible Assets, Net - Components of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]      
Gross Amount $ 56,485 $ 57,552  
Accumulated Amortization and Impairment (15,828) (14,142)  
Net Carrying Value $ 40,657 $ 43,410  
Weighted Average Remaining Useful Life (Years)     10 years
Weighted Average      
Finite-Lived Intangible Assets [Line Items]      
Weighted Average Remaining Useful Life (Years) 6 years 10 months 24 days 8 years 6 months  
503B pharmacy license      
Finite-Lived Intangible Assets [Line Items]      
Gross Amount $ 28,596 $ 28,596  
Accumulated Amortization and Impairment (2,383) (953)  
Net Carrying Value $ 26,213 $ 27,643  
503B pharmacy license | Weighted Average      
Finite-Lived Intangible Assets [Line Items]      
Weighted Average Remaining Useful Life (Years) 9 years 2 months 12 days 9 years 8 months 12 days  
Trade name      
Finite-Lived Intangible Assets [Line Items]      
Gross Amount $ 24,170 $ 24,170  
Accumulated Amortization and Impairment (11,215) (9,256)  
Net Carrying Value $ 12,955 $ 14,914  
Trade name | Weighted Average      
Finite-Lived Intangible Assets [Line Items]      
Weighted Average Remaining Useful Life (Years) 2 years 8 months 12 days 6 years 6 months  
Other      
Finite-Lived Intangible Assets [Line Items]      
Gross Amount $ 3,719 $ 4,786  
Accumulated Amortization and Impairment (2,230) (3,933)  
Net Carrying Value $ 1,489 $ 853  
Other | Weighted Average      
Finite-Lived Intangible Assets [Line Items]      
Weighted Average Remaining Useful Life (Years) 4 years 6 years  
v3.25.2
Intangible Assets, Net - Amortization of Intangible Assets (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]          
Amortization expense related to intangible assets $ 2,800,000 $ 800,000 $ 4,900,000 $ 1,500,000  
Impairment of intangible assets 0 $ 0 0 $ 0  
The remainder of 2025 4,527,000   4,527,000    
2026 8,015,000   8,015,000    
2027 7,801,000   7,801,000    
2028 3,773,000   3,773,000    
2029 2,963,000   2,963,000    
2030 and thereafter 13,578,000   13,578,000    
Net Carrying Value $ 40,657,000   $ 40,657,000   $ 43,410,000
v3.25.2
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]    
Marketing $ 14,029 $ 21,839
Partnerships 12,303 0
Professional services 12,239 8,463
Payroll 10,028 12,067
Tax 4,945 2,152
Other accruals 12,127 8,492
Total accrued liabilities $ 65,671 $ 53,013
v3.25.2
Operating Leases - Additional Details (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets $ 71,661   $ 71,661   $ 10,881
Operating lease costs 3,600 $ 800 4,900 $ 1,400  
Variable lease costs $ 200 $ 100 300 200  
Operating lease, payments     $ 4,600 $ 1,100  
Weighted average remaining lease term 8 years 10 months 24 days   8 years 10 months 24 days    
Weighted average discount rate, percent 6.30%   6.30%    
Operating leases, future minimum payments due $ 74,921   $ 74,921    
New Albany, Ohio          
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets 10,400   10,400    
Mesa, Arizona          
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets 20,900   20,900    
Menlo Park, California          
Lessee, Lease, Description [Line Items]          
Operating lease right-of-use assets $ 31,500   $ 31,500    
v3.25.2
Operating Leases - Lease Liability (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Leases [Abstract]  
The remainder of 2025 $ 2,937
2026 9,640
2027 10,210
2028 10,235
2029 10,585
2030 and thereafter 64,729
Gross lease payments 108,336
Less: imputed interest (30,122)
Less: tenant improvement receivables (3,293)
Present value of net future minimum lease payments $ 74,921
v3.25.2
Variable Interest Entities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Variable Interest Entity [Line Items]              
Assets $ 1,877,582       $ 1,877,582   $ 707,539
Liabilities 1,314,886       1,314,886   230,823
Net income (loss) 42,505 $ 49,485 $ 13,297 $ 11,128 91,990 $ 24,425  
Variable Interest Entity, Primary Beneficiary              
Variable Interest Entity [Line Items]              
Assets 131,400       131,400   56,100
Liabilities 10,300       10,300   $ 16,600
Net income (loss) (5,800)   (4,600)   (13,500) (5,400)  
Variable Interest Entity, Primary Beneficiary | Consolidation, Eliminations | Service Agreements              
Variable Interest Entity [Line Items]              
Payments for services $ 96,600   $ 39,000   $ 224,000 $ 72,100  
v3.25.2
Fair Value Measurements - Schedule of Assets and Liabilities (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets $ 773,681 $ 145,240
U.S. Treasury bills    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 17,852 60,160
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 2,181 18,060
Government and government agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   1,447
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 753,280 64,717
Money market funds 368 856
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 771,500 125,733
Level 1 | U.S. Treasury bills    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 17,852 60,160
Level 1 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Level 1 | Government and government agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   0
Level 1 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 753,280 64,717
Money market funds 368 856
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,181 19,507
Level 2 | U.S. Treasury bills    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Level 2 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 2,181 18,060
Level 2 | Government and government agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   1,447
Level 2 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 0 0
Money market funds 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 0 0
Level 3 | U.S. Treasury bills    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Level 3 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Level 3 | Government and government agency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   0
Level 3 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 0 0
Money market funds $ 0 $ 0
v3.25.2
Debt (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 18, 2025
USD ($)
May 31, 2025
USD ($)
d
$ / shares
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Line of Credit Facility [Line Items]          
Outstanding principal amount   $ 75,000,000.0      
Amortization of debt discount and issuance costs       $ 1,047,000 $ 0
Capped calls     $ 35,520,000    
Purchases of capped calls related to convertible senior notes       47,800,000 $ 0
Deferred tax impact       $ 12,300,000  
Initial strike price (in usd per share) | $ / shares       $ 70.67  
Initial cap price (in usd per share) | $ / shares       $ 89.95  
Additional Paid-In Capital          
Line of Credit Facility [Line Items]          
Capped calls     35,520,000 $ 35,500,000  
Convertible Senior Notes Due 2030 | Convertible Debt          
Line of Credit Facility [Line Items]          
Debt instrument, face amount   $ 1,000,000,000.0 1,000,000,000.0 1,000,000,000.0  
Interest rate   0.00%      
Proceeds from convertible debt   $ 968,700,000      
Conversion ratio   0.0141493      
Conversion price (in usd per share) | $ / shares   $ 70.67      
Conditional percentage   0.0050      
Amortization of debt discount and issuance costs     $ 800,000 $ 800,000  
Effective interest rate     0.64% 0.64%  
Contractual interest expense payment     $ 0 $ 0  
Debt instrument, fair value     1,040,000,000.00 1,040,000,000.00  
Debt outstanding     1,000,000,000 1,000,000,000  
Convertible Senior Notes Due 2030 | Convertible Debt | 0-180 Days          
Line of Credit Facility [Line Items]          
Special interest   0.0025      
Convertible Senior Notes Due 2030 | Convertible Debt | 180-365 Days          
Line of Credit Facility [Line Items]          
Special interest   0.0050      
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Terms One          
Line of Credit Facility [Line Items]          
Threshold percentage   130.00%      
Threshold trading days | d   20      
Threshold consecutive trading days | d   30      
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Terms Two          
Line of Credit Facility [Line Items]          
Threshold percentage   98.00%      
Threshold trading days | d   5      
Threshold consecutive trading days | d   10      
Convertible Senior Notes Due 2030 | Convertible Debt | Maximum          
Line of Credit Facility [Line Items]          
Maximum additional interest   0.0100      
Revolving Credit Facility | The Credit Facility | Line of Credit          
Line of Credit Facility [Line Items]          
Debt instrument, term 3 years        
Line of credit facility, maximum borrowing capacity $ 175,000,000        
Accordion increase amount $ 125,000,000        
Fronting fee percentage 0.00125        
Leverage ratio 3.50        
Interest coverage ratio 3.00        
Revolving Credit Facility | The Credit Facility | Line of Credit | Minimum          
Line of Credit Facility [Line Items]          
Interest rate 1.50%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Maximum          
Line of Credit Facility [Line Items]          
Interest rate 2.00%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Base Rate          
Line of Credit Facility [Line Items]          
Interest rate 0.10%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum          
Line of Credit Facility [Line Items]          
Commitment fee percentage 0.20%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum          
Line of Credit Facility [Line Items]          
Commitment fee percentage 0.30%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One | Minimum          
Line of Credit Facility [Line Items]          
Interest rate 1.50%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One | Maximum          
Line of Credit Facility [Line Items]          
Interest rate 2.00%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | Minimum          
Line of Credit Facility [Line Items]          
Interest rate 0.50%        
Revolving Credit Facility | The Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | Maximum          
Line of Credit Facility [Line Items]          
Interest rate 1.00%        
Revolving Credit Facility | The Credit Facility | Loans Payable          
Line of Credit Facility [Line Items]          
Line of credit facility, maximum borrowing capacity $ 20,000,000        
Debt outstanding     0 0  
Revolving Credit Facility | The Credit Facility | Letter of Credit          
Line of Credit Facility [Line Items]          
Line of credit facility, maximum borrowing capacity $ 40,000,000        
Letters of credit outstanding     1,000,000 1,000,000  
Remaining borrowing capacity     $ 174,000,000 $ 174,000,000  
v3.25.2
Debt - Schedule of Long-Term Debt Instruments (Details) - Convertible Senior Notes Due 2030 - Convertible Debt
$ in Thousands
Jun. 30, 2025
USD ($)
Line of Credit Facility [Line Items]  
Principal $ 1,000,000
Unamortized debt discount and issuance costs (30,533)
Net carrying amount $ 969,467
v3.25.2
Commitments and Contingencies - (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase obligation $ 26.4
Purchase obligation, to be paid, remainder of fiscal year 2.5
Purchase obligation, 2026 13.2
Purchase obligation, 2027 9.8
Purchase obligation, 2028 0.8
Purchase obligation, 2029 $ 0.1
v3.25.2
Stockholders’ Equity - Common Stock (Details)
Jun. 30, 2025
commonStockClass
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of classes of common stock 2
v3.25.2
Stockholders’ Equity - Share Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Jul. 31, 2024
Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Amount authorized to be purchased             $ 100,000  
Stock repurchased and retired during period   $ 19,932 $ 28,064          
Common Class A | 2023 Share Repurchase Program                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Amount authorized to be purchased           $ 50,000   $ 50,000
Stock repurchased and retired during period (in shares)   1,609,043     3,632,123      
Stock repurchased and retired during period   $ 19,900     $ 48,000      
Common Class A | 2024 Share Repurchase Program                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock repurchased and retired during period (in shares) 0     0        
Remaining authorized repurchase amount $ 65,000     $ 65,000        
v3.25.2
Stockholders’ Equity - RSU Releases (Details) - RSUs - Common Class A - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock issued during period, shares, restricted stock award, gross (in shares) 1,844,783 1,860,010 3,783,712 3,284,503
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) 661,230 629,209 1,420,506 1,128,459
v3.25.2
Stockholders’ Equity - 2017 Stock Plan and 2020 Equity Incentive Plan (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 01, 2025
Jan. 31, 2021
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Common Class A              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Issuance of common stock under employee stock purchase plan (in shares)     251,818 366,524 251,818 366,524  
Employee Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Percentage of outstanding and issued stock   1.00%          
Employee-related Liabilities     $ 1.0   $ 1.0    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)         1 year 2 months 19 days    
Employee Stock | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock plan offering period   27 months          
Employee Stock | Common Class A              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock, capital shares reserved for future issuance (in shares)   4,000,000 6,047,919   6,047,919   6,047,919
Number of shares available for grant (in shares)     4,190,125   4,190,125   4,441,943
Number of shares added to plan reserve (in shares) 0            
Number of common stock issued and outstanding (in shares)   12,000,000          
Purchase price of common stock, percent   85.00%          
2020 Equity Incentive Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Common stock, capital shares reserved for future issuance (in shares)   21,000,000 65,403,042   65,403,042   54,360,277
Percentage increase in authorized shares of common stock   5.00%          
Number of shares available for grant (in shares)     22,285,450   22,285,450   15,162,111
Number of shares added to plan reserve (in shares) 11,041,860            
2017 Stock Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of additional shares authorized (in shares)   19,000,000          
Number of shares available for grant (in shares)     0   0    
Number of authorized shares transferred between plans, cumulative (in shares)     905   905    
v3.25.2
Stockholders’ Equity - Stock Options Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 6 Months Ended 31 Months Ended 58 Months Ended
Mar. 11, 2025
USD ($)
$ / shares
shares
Feb. 24, 2022
USD ($)
d
$ / shares
shares
Jun. 30, 2020
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
Mar. 31, 2025
shares
Feb. 28, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Awards vesting rights, percentage 100.00%            
Expected term       6 years 4 months 28 days      
Expected volatility rate       54.00%      
Risk-free interest rate       4.00%      
Expected dividend rate       0.00%      
Intrinsic value of exercises during period | $       $ 72.7      
Chief Executive Officer | June 17, 2020 Grant One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award granted (in shares) | shares     3,246,139        
Awards granted (in dollars per share) | $ / shares     $ 2.43        
Acquisition with shares consideration threshold (in dollars per share) | $ / shares     $ 22.99        
Exercisable at the end of the period (in shares) | shares             3,246,139
Grant date fair value | $     $ 16.6        
Chief Executive Officer | June 17, 2020 Grant Two              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award granted (in shares) | shares     1,623,070        
Awards granted (in dollars per share) | $ / shares     $ 2.43        
Acquisition with shares consideration threshold (in dollars per share) | $ / shares     $ 38.31        
Chief Executive Officer | February 24, 2022 Grant              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)   4 years          
Award granted (in shares) | shares   2,085,640          
Awards granted (in dollars per share) | $ / shares   $ 5.01          
Grant date fair value | $   $ 3.8          
Share-based payment arrangement, option, share price trigger (in dollars per share) | $ / shares   $ 10          
Share-based payment arrangement, option, threshold trading days | d   20          
Share-based payment arrangement, option, threshold consecutive trading days | d   30          
Share-based payment award, options, grants vested in period (in shares) | shares       1,564,230      
Share-based payment award, options, grants exercised in period (in shares) | shares       0      
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $       $ 0.2      
Chief Executive Officer | March 11, 2025 Grant              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award granted (in shares) | shares 557,244            
Awards granted (in dollars per share) | $ / shares $ 34.71            
Grant date fair value | $ $ 11.0            
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $ $ 9.9            
Employee              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $       $ 4.0      
Stock options              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years) 3 years            
Expiration period (in years)       10 years      
Stock options | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Awards vesting rights, percentage 0.00%            
Stock options | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Awards vesting rights, percentage 250.00%            
Stock options | Chief Executive Officer | June 17, 2020 Grant              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Exercise of vested stock options (in shares) | shares           3,161,130  
Exercised (including early exercised options vested during the period) (in dollars per share) | $ / shares       $ 2.43      
Stock options | Chief Executive Officer | February 24, 2022 Grant              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Awards vesting rights, percentage   25.00%          
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)         7 months 24 days    
Stock options | Chief Executive Officer | March 11, 2025 Grant              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years) 2 years 8 months 1 day            
Stock options | New Employee              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       4 years      
Award vesting rights, monthly percentage       2.083%      
Stock options | New Employee | Share-based Payment Arrangement, Tranche One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       1 year      
Awards vesting rights, percentage       25.00%      
Stock options | Current Employee              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       4 years      
Award vesting rights, monthly percentage       2.083%      
Stock options | Employee              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)       1 year 25 days      
Employee Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based payments arrangement, nonvested award, option, cost not yet recognized, amount | $       $ 6.5      
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)       1 year 2 months 19 days      
v3.25.2
Stockholders’ Equity - Option Activity (Details) - Employee, excluding CEO
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Shares    
Beginning balance (in shares) | shares 9,737  
Exercised (in shares) | shares (1,913)  
Forfeited and expired (in shares) | shares (10)  
Ending balance (in shares) | shares 7,814 9,737
Exercisable at the end of the period (in shares) | shares 6,542  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) | $ / shares $ 5.15  
Exercised (including early exercised options vested during the period) (in dollars per share) | $ / shares 3.30  
Forfeited and expired (in dollars per share) | $ / shares 7.91  
Ending balance (in dollars per share) | $ / shares 5.60 $ 5.15
Exercisable at the end of the period (in dollars per share) | $ / shares $ 5.42  
Weighted Average Contractual Period (in Years)    
Outstanding balance (in years) 5 years 11 months 19 days 6 years 3 months 29 days
Exercisable at the end of the period (in years) 5 years 9 months 14 days  
Aggregate Intrinsic Value    
Outstanding balance | $ $ 345,806 $ 185,326
Exercisable at the end of the period | $ $ 290,675  
v3.25.2
Stockholders’ Equity - Exercise Price Range of Options Outstanding and Exercisable (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Options Outstanding  
Shares (in shares) 7,814
Options Exercisable  
Shares (in shares) 6,542
Exercise Price Range $0.06 to $0.40  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) | $ / shares $ 0.06
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) | $ / shares $ 0.40
Options Outstanding  
Shares (in shares) 158
Weighted Average Remaining Contractual Life  (in Years) 2 years 6 months 21 days
Options Exercisable  
Shares (in shares) 158
Weighted Average Remaining Contractual Life  (in Years) 2 years 6 months 21 days
Exercise Price Range $1.55 to $1.75  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) | $ / shares $ 1.55
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) | $ / shares $ 1.75
Options Outstanding  
Shares (in shares) 250
Weighted Average Remaining Contractual Life  (in Years) 3 years 9 months 29 days
Options Exercisable  
Shares (in shares) 250
Weighted Average Remaining Contractual Life  (in Years) 3 years 9 months 29 days
Exercise Price Range $2.43 to $3.11  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) | $ / shares $ 2.43
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) | $ / shares $ 3.11
Options Outstanding  
Shares (in shares) 1,525
Weighted Average Remaining Contractual Life  (in Years) 4 years 11 months 4 days
Options Exercisable  
Shares (in shares) 1,525
Weighted Average Remaining Contractual Life  (in Years) 4 years 11 months 4 days
Exercise Price Range $5.01 to $6.82  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) | $ / shares $ 5.01
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) | $ / shares $ 6.82
Options Outstanding  
Shares (in shares) 3,998
Weighted Average Remaining Contractual Life  (in Years) 6 years 8 months 1 day
Options Exercisable  
Shares (in shares) 2,993
Weighted Average Remaining Contractual Life  (in Years) 6 years 7 months 28 days
Exercise Price Range $8.13 to $11.53  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) | $ / shares $ 8.13
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) | $ / shares $ 11.53
Options Outstanding  
Shares (in shares) 1,697
Weighted Average Remaining Contractual Life  (in Years) 6 years 2 months 4 days
Options Exercisable  
Shares (in shares) 1,430
Weighted Average Remaining Contractual Life  (in Years) 5 years 10 months 24 days
Exercise Price Range $12.21 to $15.17  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based payments arrangement, option, exercise price range, lower range limit (in dollars per share) | $ / shares $ 12.21
Share-based payments arrangement, option, exercise price range, upper range limit (in dollars per share) | $ / shares $ 15.17
Options Outstanding  
Shares (in shares) 186
Weighted Average Remaining Contractual Life  (in Years) 5 years 5 months 1 day
Options Exercisable  
Shares (in shares) 186
Weighted Average Remaining Contractual Life  (in Years) 5 years 5 months 1 day
v3.25.2
Stockholders’ Equity - RSUs Narrative (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Mar. 11, 2025
Nov. 30, 2024
USD ($)
shares
Feb. 29, 2024
USD ($)
shares
Mar. 31, 2023
shares
Jun. 30, 2025
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards vesting rights, percentage 100.00%        
RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)         4 years
Granted (in shares)         5,489,000
Vested (in shares)         3,784,000
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $         $ 347.0
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)         3 years 3 months 29 days
RSUs | Share-based Payment Arrangement, Tranche One          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)         1 year
Awards vesting rights, percentage         25.00%
Earn Out Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vested (in shares)         476,308
Earn Out Restricted Stock Units | Chief Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares)         476,308
Parent Warrant Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vested (in shares)         9,478
Parent Warrant Restricted Stock Units | Chief Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares)         9,478
Performance RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period (in years)     3 years 3 years  
Granted (in shares)   16,778 1,218,467 1,115,709  
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $         $ 20.0
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)         1 year 4 months 28 days
Shares forfeited (in shares)   0 0   11,408
Share-based payment award, equity instruments other than options, target shares, percent   1 1   1
Share-based payment award, vested, weighted average grant date fair value | $   $ 0.4 $ 16.2   $ 12.9
Performance RSUs | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards vesting rights, percentage     200.00% 200.00%  
Performance RSUs | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards vesting rights, percentage     0.00% 0.00%  
v3.25.2
Stockholders’ Equity - RSUs Activity (Details) - RSUs
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 15,757
Granted (in shares) | shares 5,489
Vested (in shares) | shares (3,784)
Forfeited and expired (in shares) | shares (1,533)
Ending balance (in shares) | shares 15,929
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 11.45
Granted (in dollars per share) | $ / shares 44.60
Vested (in dollars per share) | $ / shares 11.42
Forfeited and expired (in dollars per share) | $ / shares 13.66
Ending balance (in dollars per share) | $ / shares $ 22.67
v3.25.2
Stockholders’ Equity - Warrants Narrative (Details) - Vendor Warrants
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding (in shares) 271,962
Exercisable (in shares) 271,962
Exercisable and outstanding (in dollars per share) | $ / shares $ 1.75
Exercisable and outstanding (in years) 7 years 3 days
Exercisable and outstanding, intrinsic value | $ $ 13.1
Class of warrant or right, number securities called by warrants or rights (in shares) 26,603
v3.25.2
Stockholders’ Equity - Stock Subject to Vesting and Earn-out Share Liability (Details) - USD ($)
$ in Millions
 1 Months Ended
Mar. 11, 2025
Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards vesting rights, percentage 100.00%  
Restricted Stock | Employee | Honest Health Limited    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period (in years)   4 years
Restricted Stock | Employee | Honest Health Limited | Common Class A    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares)   447,553
Aggregate grant date fair value   $ 5.5
Restricted Stock | Employee | Share-based Payment Arrangement, Tranche One | Honest Health Limited    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period (in years)   1 year
Awards vesting rights, percentage   25.00%
v3.25.2
Stockholders’ Equity - Summary of Stock-Based Compensation Expense for Employees and Nonemployees (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 35,726 $ 24,042 $ 60,584 $ 43,074
Share-based payment arrangement, amount capitalized 700   1,600 1,300
Marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 3,435 2,393 6,209 4,297
Operations and support        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 4,579 2,702 7,585 4,857
Technology and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 5,247 3,195 9,292 5,400
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 22,465 $ 15,752 $ 37,498 $ 28,520
v3.25.2
Related-Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Vouched        
Related Party Transaction [Line Items]        
Related party transaction, expenses from transactions with related party $ 1.3 $ 0.3 $ 2.7 $ 1.5
v3.25.2
Basic and Diluted Net Income per Share - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Dividends, common stock $ 0 $ 0 $ 0 $ 0
Common Class V        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 0 0
v3.25.2
Basic and Diluted Net Income per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:            
Net income attributable to common stockholders, basic $ 42,505 $ 49,485 $ 13,297 $ 11,128 $ 91,990 $ 24,425
Amortization of debt discount and issuance costs for 2030 Convertible Notes         $ (1,047) $ 0
Denominator:            
Weighted average shares outstanding, basic (in shares) 224,373,375   214,618,037   223,187,936 214,035,065
Weighted average shares outstanding, diluted (in shares) 256,779,292   234,791,985   251,894,929 232,583,676
Basic net loss per share (in dollars per share) $ 0.19   $ 0.06   $ 0.41 $ 0.11
Diluted net loss per share (in dollars per share) $ 0.17   $ 0.06   $ 0.37 $ 0.11
Common Class A            
Numerator:            
Net income attributable to common stockholders, basic $ 40,918   $ 12,778   $ 88,537 $ 23,469
Amortization of debt discount and issuance costs for 2030 Convertible Notes 810   0   810 0
Reallocation of undistributed earnings 174   45   367 76
Net Income (Loss) Available to Common Stockholders, Diluted $ 41,902   $ 12,823   $ 89,714 $ 23,545
Denominator:            
Weighted average shares outstanding, basic (in shares) 215,995,752   206,240,414   214,810,313 205,657,442
Effect of dilutive potential common shares (in shares) 32,405,917   20,173,948   28,706,993 18,548,611
Weighted average shares outstanding, diluted (in shares) 248,401,669   226,414,362   243,517,306 224,206,053
Basic net loss per share (in dollars per share) $ 0.19   $ 0.06   $ 0.41 $ 0.11
Diluted net loss per share (in dollars per share) $ 0.17   $ 0.06   $ 0.37 $ 0.11
Common Class V            
Numerator:            
Net income attributable to common stockholders, basic $ 1,587   $ 519   $ 3,453 $ 956
Amortization of debt discount and issuance costs for 2030 Convertible Notes 0   0   0 0
Reallocation of undistributed earnings (174)   (45)   (367) (76)
Net Income (Loss) Available to Common Stockholders, Diluted $ 1,413   $ 474   $ 3,086 $ 880
Denominator:            
Weighted average shares outstanding, basic (in shares) 8,377,623   8,377,623   8,377,623 8,377,623
Effect of dilutive potential common shares (in shares) 0   0   0 0
Weighted average shares outstanding, diluted (in shares) 8,377,623   8,377,623   8,377,623 8,377,623
Basic net loss per share (in dollars per share) $ 0.19   $ 0.06   $ 0.41 $ 0.11
Diluted net loss per share (in dollars per share) $ 0.17   $ 0.06   $ 0.37 $ 0.11
v3.25.2
Basic and Diluted Net Income per Share - Schedule of Excluded Antidilutive Securities (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 1,075,533 280,634 2,559,533 5,126,199
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0 164,959 0 1,048,169
v3.25.2
Segments - Segment Information By Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]            
Total revenue $ 544,833   $ 315,648   $ 1,130,843 $ 593,819
Less:            
Cost of revenue 128,637   59,035   283,958 108,111
Customer acquisition costs 188,378   123,847   389,968 237,023
Depreciation and amortization expense included within operating expenses 9,800   3,163   17,336 6,020
Interest income and expense, net (6,117)   (2,431)   (8,713) (4,971)
Benefit (provision) for income taxes (9,652)   127   1,358 1,402
Other segment items 82,067   47,644   158,379 87,597
Net income 42,505 $ 49,485 13,297 $ 11,128 91,990 24,425
Adjustments and reconciling items 0   0   0 0
Employee Compensation            
Less:            
Marketing 11,499   8,972   22,011 17,665
Operations and support 26,542   17,001   50,365 33,636
Technology and development 15,840   9,120   29,330 17,167
General and administrative 19,608   11,831   34,277 22,670
Stock-Based Compensation            
Less:            
Marketing 3,435   2,393   6,209 4,297
Operations and support 4,579   2,702   7,585 4,857
Technology and development 5,247   3,195   9,292 5,400
General and administrative $ 22,465   $ 15,752   $ 37,498 $ 28,520
v3.25.2
Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]        
Payments to acquire productive assets $ 50.4 $ 6.0 $ 109.4 $ 20.0
v3.25.2
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation, percent (29.40%) 0.90% 1.50% 5.40%
v3.25.2
Subsequent Events (Details) - 1 months ended Jul. 31, 2025 - Subsequent Event - Zava Global GmbH
€ in Millions, $ in Millions
USD ($)
EUR (€)
Subsequent Event [Line Items]    
Consideration transferred $ 265.7 € 225.0
Cash consideration 147.6 125.0
Business Combination, Consideration Not Yet Paid, Subject To Earn-Out Conditions $ 118.1 € 100.0