FIGS, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 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 File Number 001-40448  
Entity Registrant Name FIGS, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-2005653  
Entity Address, Address Line One 2834 Colorado Avenue  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town Santa Monica  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90404  
City Area Code 424  
Local Phone Number 300-8330  
Title of 12(b) Security Class A common stock, $0.0001 par value per share  
Trading Symbol FIGS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001846576  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   154,989,563
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   8,283,641
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 50,849 $ 85,645
Short-term investments 187,991 159,469
Accounts receivable 9,125 8,625
Inventory, net 135,528 115,759
Prepaid expenses and other current assets 10,119 13,268
Total current assets 393,612 382,766
Non-current assets    
Property and equipment, net 33,109 35,274
Operating lease right-of-use assets 49,297 50,497
Deferred tax assets 11,541 11,643
Investment in equity securities 27,735 27,534
Other assets 1,830 2,073
Total non-current assets 123,512 127,021
Total assets 517,124 509,787
Current liabilities    
Accounts payable 19,023 9,401
Operating lease liabilities 9,548 10,596
Accrued expenses 22,236 42,316
Accrued compensation and benefits 7,379 5,689
Sales tax payable 3,502 3,705
Gift card liability 10,023 9,604
Deferred revenue 2,996 4,612
Returns reserve 3,002 3,873
Income tax payable 654 346
Total current liabilities 78,363 90,142
Non-current liabilities    
Operating lease liabilities, non-current 42,147 42,430
Other non-current liabilities 83 83
Total liabilities 120,593 132,655
Commitments and contingencies (Note 10)
Stockholders’ equity    
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2025 and December 31, 2024; zero shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 324,975 312,622
Accumulated other comprehensive income 70 21
Retained earnings 71,471 64,474
Total stockholders’ equity 396,531 377,132
Total liabilities and stockholders’ equity 517,124 509,787
Class A Common Stock    
Stockholders’ equity    
Common stock 15 15
Class B Common Stock    
Stockholders’ equity    
Common stock $ 0 $ 0
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in USD per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares, issued (in shares) 154,836,829 154,003,352
Common stock, shares, outstanding (in shares) 154,836,829 154,003,352
Class B Common Stock    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares, issued (in shares) 8,283,641 8,283,641
Common stock, shares, outstanding (in shares) 8,283,641 8,283,641
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net revenues $ 152,640 $ 144,225 $ 277,541 $ 263,518
Cost of goods sold 50,394 46,961 90,836 84,118
Gross profit 102,246 97,264 186,705 179,400
Operating expenses        
Selling 34,433 36,934 67,111 65,393
Marketing 23,151 23,003 41,307 40,248
General and administrative 34,747 35,774 68,583 71,763
Total operating expenses 92,331 95,711 177,001 177,404
Net income from operations 9,915 1,553 9,704 1,996
Other income, net        
Interest income 2,119 2,830 4,195 5,677
Other expense (3) 0 (4) (10)
Total other income, net 2,116 2,830 4,191 5,667
Net income before provision for income taxes 12,031 4,383 13,895 7,663
Provision for income taxes 4,932 3,283 6,898 5,128
Net income $ 7,099 $ 1,100 $ 6,997 $ 2,535
Earnings attributable to Class A and Class B common stockholders        
Basic earnings per share (in USD per share) $ 0.04 $ 0.01 $ 0.04 $ 0.01
Diluted earnings per share (in USD per share) $ 0.04 $ 0.01 $ 0.04 $ 0.01
Weighted average shares outstanding        
Weighted-average shares outstanding—basic (in shares) 162,683,329 170,393,480 162,575,259 170,158,479
Weighted-average shares outstanding—diluted (in shares) 172,929,960 179,688,524 173,517,269 180,195,183
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 7,099 $ 1,100 $ 6,997 $ 2,535
Other comprehensive income (loss), net of tax        
Unrealized loss on short-term investments, net of tax (13) (21) (65) (52)
Foreign currency translation adjustment 107 0 114 0
Total other comprehensive income (loss), net of tax 94 (21) 49 (52)
Total comprehensive income $ 7,193 $ 1,079 $ 7,046 $ 2,483
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning Balance (in shares) at Dec. 31, 2023       161,457,403 8,283,641      
Beginning Balance at Dec. 31, 2023 $ 376,850     $ 16 $ 0 $ 315,075 $ 61,754 $ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A Common Stock upon vesting of Restricted Stock (in shares)       325,466        
Stock-based compensation 11,611         11,611    
Stock option exercises and employee stock purchases (in shares)       19,002        
Stock option exercises and employee stock purchases 10         10    
Net income (loss) 1,435           1,435  
Other comprehensive (loss) income, net of tax (31)             (31)
Ending balance (in shares) at Mar. 31, 2024       161,801,871 8,283,641      
Ending Balance at Mar. 31, 2024 389,875     $ 16 $ 0 326,696 63,189 (26)
Beginning Balance (in shares) at Dec. 31, 2023       161,457,403 8,283,641      
Beginning Balance at Dec. 31, 2023 376,850     $ 16 $ 0 315,075 61,754 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 2,535              
Other comprehensive (loss) income, net of tax (52)              
Ending balance (in shares) at Jun. 30, 2024       162,392,991 8,283,641      
Ending Balance at Jun. 30, 2024 401,705     $ 16 $ 0 337,447 64,289 (47)
Beginning Balance (in shares) at Mar. 31, 2024       161,801,871 8,283,641      
Beginning Balance at Mar. 31, 2024 389,875     $ 16 $ 0 326,696 63,189 (26)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A Common Stock upon vesting of Restricted Stock (in shares)       404,620        
Issuance of Class A Common Stock in exchange for services (in shares)       41,667        
Issuance of Class A Common Stock in exchange for services 250         250    
Stock-based compensation 10,247         10,247    
Stock option exercises and employee stock purchases (in shares)       144,833        
Stock option exercises and employee stock purchases 254         254    
Net income (loss) 1,100           1,100  
Other comprehensive (loss) income, net of tax (21)             (21)
Ending balance (in shares) at Jun. 30, 2024       162,392,991 8,283,641      
Ending Balance at Jun. 30, 2024 401,705     $ 16 $ 0 337,447 64,289 (47)
Beginning Balance (in shares) at Dec. 31, 2024   154,003,352 8,283,641 154,003,352 8,283,641      
Beginning Balance at Dec. 31, 2024 377,132     $ 15 $ 0 312,622 64,474 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A Common Stock upon vesting of Restricted Stock (in shares)       634,937        
Repurchases of Class A Common Stock (in shares)       (567,607)        
Repurchases of Class A Common Stock (2,688)         (2,688)    
Stock-based compensation 7,239         7,239    
Stock option exercises and employee stock purchases (in shares)       169        
Net income (loss) (102)           (102)  
Other comprehensive (loss) income, net of tax (45)             (45)
Ending balance (in shares) at Mar. 31, 2025       154,070,851 8,283,641      
Ending Balance at Mar. 31, 2025 381,536     $ 15 $ 0 317,173 64,372 (24)
Beginning Balance (in shares) at Dec. 31, 2024   154,003,352 8,283,641 154,003,352 8,283,641      
Beginning Balance at Dec. 31, 2024 377,132     $ 15 $ 0 312,622 64,474 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Repurchases of Class A Common Stock (in shares)   (567,607)            
Repurchases of Class A Common Stock   $ (2,700)            
Net income (loss) 6,997              
Other comprehensive (loss) income, net of tax 49              
Ending balance (in shares) at Jun. 30, 2025   154,836,829 8,283,641 154,836,829 8,283,641      
Ending Balance at Jun. 30, 2025 396,531     $ 15 $ 0 324,975 71,471 70
Beginning Balance (in shares) at Mar. 31, 2025       154,070,851 8,283,641      
Beginning Balance at Mar. 31, 2025 381,536     $ 15 $ 0 317,173 64,372 (24)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of Class A Common Stock upon vesting of Restricted Stock (in shares)       718,280        
Repurchases of Class A Common Stock (in shares)   0            
Stock-based compensation 7,617         7,617    
Stock option exercises and employee stock purchases (in shares)       47,698        
Stock option exercises and employee stock purchases 185         185    
Net income (loss) 7,099           7,099  
Other comprehensive (loss) income, net of tax 94             94
Ending balance (in shares) at Jun. 30, 2025   154,836,829 8,283,641 154,836,829 8,283,641      
Ending Balance at Jun. 30, 2025 $ 396,531     $ 15 $ 0 $ 324,975 $ 71,471 $ 70
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 6,997 $ 2,535
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 4,152 1,963
Deferred income taxes 102 1,991
Non-cash operating lease cost 4,805 3,977
Stock-based compensation 14,856 22,108
Accretion of discount and accrued interest on available-for-sale securities (2,089) (2,954)
Changes in operating assets and liabilities:    
Accounts receivable (386) (5,250)
Inventory (19,769) (254)
Prepaid expenses and other current assets 3,149 (5,973)
Other assets 243 (878)
Accounts payable 9,536 4,679
Accrued expenses (19,582) 11,310
Accrued compensation and benefits 1,690 (3,208)
Sales tax payable (203) 68
Gift card liability 419 (206)
Deferred revenue (1,616) 665
Returns reserve (871) 525
Income tax payable 308 (917)
Operating lease liabilities (4,936) (2,023)
Net cash (used in) provided by operating activities (3,195) 28,158
Cash flows from investing activities:    
Purchases of property and equipment (2,399) (9,489)
Purchases of available-for-sale securities (136,598) (137,850)
Maturities of available-for-sale securities 110,100 106,555
Other investing activities (201) 0
Net cash used in investing activities (29,098) (40,784)
Cash flows from financing activities:    
Repurchases of Class A Common Stock (2,688) 0
Proceeds from stock option exercises and employee stock purchases 185 264
Net cash (used in) provided by financing activities (2,503) 264
Net change in cash and cash equivalents (34,796) (12,362)
Cash and cash equivalents beginning of period 85,645 144,173
Cash and cash equivalents end of period 50,849 131,811
Supplemental disclosures:    
Property and equipment included in accounts payable and accrued expenses $ 124 $ 3,329
v3.25.2
DESCRIPTION OF BUSINESS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS
FIGS, Inc., a Delaware corporation (together with its wholly-owned subsidiaries FIGS Canada, Inc. and FIGS Community Hubs, LLC, unless the context requires otherwise, the “Company”), was founded in 2013 and is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand company. The Company designs and sells scrubwear and non-scrubwear, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear and other apparel. The Company markets and sells its products primarily in the United States. Sales are primarily generated through the Company’s digital platforms.
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
The Company has prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of FIGS, Inc. and the wholly-owned subsidiaries, FIGS Canada, Inc. and FIGS Community Hubs, LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company's fiscal year ends on December 31. Certain reclassifications have been made to prior-year amounts to conform to the current presentation. Certain information and footnote disclosures normally included in the Company’s annual audited financial statements and accompanying notes have been condensed or omitted in these accompanying interim condensed consolidated financial statements and footnotes. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025.
In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods presented. Key estimates relate primarily to the valuation of stock-based compensation. Actual results could differ from those estimates.
Investment in Equity Securities
The Company holds an investment in equity securities in a privately held company, consisting of equity securities without readily determinable fair values. This investment is recorded at its carrying value, which is cost less impairment, if any, adjusted to fair value upon observable orderly transactions for identical or similar investments of the same issuer. The investment is reviewed periodically for impairment. Any adjustment to the carrying value of this investment, including gains and losses, is recorded in other income, net in the Company’s condensed consolidated statements of operations. Gains and losses on investments in equity securities will be included as an adjustment to reconcile net income to net cash (used in) provided by operating activities in the Company’s condensed consolidated statements of cash flows.
Variable Interest Entities
The Company determines at the inception of each arrangement whether an entity in which it has made an investment in, or which it has other variable interests in, is considered a variable interest entity (“VIE”). The Company will consolidate VIEs when it determines that it is the primary beneficiary. A primary beneficiary of a VIE has the power to
direct activities that most significantly affect the economic performance of the VIE, and has the obligation to absorb the majority of their losses or benefits. If the Company is not the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with other applicable GAAP. Periodically, the Company assesses whether any changes in interest or relationship with a VIE affects the determination of whether the entity is a VIE and, if so, whether the Company is the primary beneficiary. The Company has no investments or other variable interests for which it is the primary beneficiary.
Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Short-term Investments
The Company holds short-term investments in U.S. government debt securities and corporate debt securities. The Company’s short-term investments mature within 12-months or less and are classified as current assets on the Company’s condensed consolidated balance sheets and have been classified and accounted for as available-for-sale securities. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates their classification at each balance sheet date.
The Company’s available-for-sale investments in debt securities are carried at fair value with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income in stockholders’ equity. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses, with any allowance for credit losses recognized as a charge in other expense on the Company’s condensed consolidated statements of operations. The Company did not record any credit losses on its available-for-sale debt securities in any of the periods presented. The Company determines gains or losses on the sale or maturities of short-term investments using the specific identification method and gains or losses are recorded in other income on the Company’s condensed consolidated statements of operations.
Inventory, Net
Inventory consists of finished goods and is accounted for using an average cost method. Inventory is valued at the lower of cost or net realizable value. The Company records a provision for excess and obsolete inventory to adjust the carrying value of inventory based on assumptions regarding future demand for the Company’s products.
Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration, and other factors. Adjustments to reduce the cost of inventory to its net realizable value, if required, are made for estimated excess, obsolescence, or impaired inventory. Excess and obsolete inventory is charged to cost of goods sold.
The Company’s allowance to write down inventory to the lower of cost or net realizable value was $3.7 million as of June 30, 2025 and was not material as of December 31, 2024.
Share Repurchases
Shares repurchased pursuant to the Company’s share repurchase program are retired and reflected as a reduction of the par value of Class A common stock within stockholders’ equity on the Company’s condensed consolidated balance sheets.
Direct costs incurred on share repurchases are recorded as part of the cost basis of each repurchase. The excess of cost basis over the par value of shares repurchased is recorded as a reduction to additional paid-in capital.
Revenue Recognition
The Company recognizes revenues in accordance with Financial Accounting Standards Board (“FASB”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Revenue is recognized in an amount that reflects the consideration expected to be received in exchange for products. To determine revenue recognition for contracts with customers within the scope of ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following five steps (i) identify the contract(s) with a customer; (ii) identify the performance obligations of the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract(s); and (v) recognize revenue when (or as) the Company satisfies the performance obligations.
The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the good or services it transfers to the customer. The Company recognizes revenue at a point in time when it satisfies a performance obligation and transfers control of the products to the respective customers, which occurs when the goods are transferred to a common carrier. Shipping and handling costs associated with outbound freight incurred to transfer a product to a customer are treated as a fulfillment activity, and as a result, any fees received from customers are included in the transaction price for the performance obligation of providing goods to the customer.
The Company generally provides refunds for goods returned within 30 days from the original purchase date. A returns reserve is recorded by the Company based on the historical refund pattern. The returns reserve in the condensed consolidated balance sheets was $3.0 million and $3.9 million as of June 30, 2025 and December 31, 2024, respectively.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company records deferred revenue when it receives payments in advance of the transfer of the goods to a common carrier. The amounts recorded are expected to be recognized as revenue within the 12 months following the balance sheet date and, therefore, are classified as current liabilities in the condensed consolidated balance sheets.
The Company does not have significant contract balances other than deferred revenue, the allowance for sales returns and liabilities related to its gift cards. The Company recognized revenues of $4.6 million during the six months ended June 30, 2025 related to the deferred revenue balance that existed at December 31, 2024. The Company recognized revenues of $2.4 million during the six months ended June 30, 2025 related to redemptions from the gift card liability balance that existed at December 31, 2024. The Company recognizes estimated gift card breakage revenues under the redemption recognition method in proportion to actual gift card redemptions, over the period that remaining gift card values are redeemed. The Company does not have significant contract acquisition costs.
The following table presents the disaggregation of the Company’s net revenues 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
By geography:
United States$129,948 $125,291 $235,967 $228,361 
Rest of the world22,692 18,934 41,574 35,157 
$152,640 $144,225 $277,541 $263,518 
By product:
Scrubwear$127,415 $118,345 $226,984 $213,241 
Non-Scrubwear25,225 25,880 50,557 50,277 
$152,640 $144,225 $277,541 $263,518 
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this update should be applied either on a prospective basis or a retrospective basis. The Company is currently evaluating the effects adoption of this guidance will have on its condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure on an annual and interim basis, in the notes to the condensed consolidated financial statements, of disaggregated information about specific categories underlying certain income statement expense line items. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this update should be applied either on a prospective basis or a retrospective basis. The Company is currently evaluating the effects adoption of this guidance will have on its condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable segment to provide all disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis, including new requirements to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure(s) of a segment’s profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment’s profit or loss to assess performance and decide how to allocate resources. The Company adopted ASU 2023-07 effective January 1, 2024. Refer to Note 13 of these condensed consolidated financial statements for segment disclosures.
v3.25.2
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
The Company’s cash equivalents consist of money market funds and highly liquid investments with original maturities of 90 days or less from the date of purchase. The Company classifies cash equivalents and short-term investments within Level 1 or Level 2 of the fair value hierarchy.
The following tables present the Company’s cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Money market funds$35,051 $— $— $35,051 
U.S. government securities116,166 34 (4)116,196 
Level 2:
Corporate paper76,785 1 (13)76,773 
Total$228,002 $35 $(17)$228,020 
December 31, 2024
CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Money market funds$34,267 $— $— $34,267 
U.S. government securities98,716 81 (2)98,795 
Level 2:
Corporate paper60,669 16 (11)60,674 
Total$193,652 $97 $(13)$193,736 
There have been no transfers of assets between fair value levels during the periods presented. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.
v3.25.2
INVESTMENT IN EQUITY SECURITIES
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT IN EQUITY SECURITIES INVESTMENT IN EQUITY SECURITIES
The Company holds an investment in equity securities of a privately held company (the “Investment”). The Investment is considered a VIE in which the Company is not the primary beneficiary, as the governance structure of this entity does not allow the Company to direct the activities that would significantly affect the economic performance of the investment. There are currently no future funding commitments to the Investment. The Investment is recorded at fair value on a non-recurring basis and evaluated for impairment at each reporting period. The estimation of fair value for the Investment requires the use of significant unobservable inputs, such as the issuance of new equity, and as a result, the Company deems these assets as Level 3 financial instruments within the fair value measurement framework.
There have been no cumulative upward adjustments or cumulative downward adjustments to the Investment, including impairment, as of June 30, 2025. There were no sales of equity securities during the three and six months ended June 30, 2025. The Investment is accounted for using the measurement alternative. The carrying value of the Investment as of June 30, 2025 is $27.7 million, inclusive of transaction costs.
v3.25.2
ACCOUNTS RECEIVABLE
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE
Accounts receivable consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Trade$7,921 $6,636 
Other1,204 1,989 
$9,125 $8,625 
v3.25.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 6 Months Ended
Jun. 30, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Inventory deposits$2,169 $670 
Prepaid expenses4,009 5,724 
Prepaid taxes3,135 5,874 
Other806 1,000 
$10,119 $13,268 
v3.25.2
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Furniture and fixtures$2,273 $2,204 
Office equipment1,380 1,311 
Machinery and equipment19,352 19,179 
Computer equipment7,516 7,216 
Software and website design13,015 9,985 
Leasehold improvements5,475 5,271 
Capital projects in progress963 2,821 
Vehicles109 109 
Total property and equipment50,083 48,096 
Less: accumulated depreciation and amortization(16,974)(12,822)
Property and equipment, net$33,109 $35,274 
Depreciation and amortization expense for the three and six months ended June 30, 2025 was $2.2 million and $4.2 million, respectively. Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2024 was $1.1 and $2.0 million, respectively.
v3.25.2
ACCRUED EXPENSES
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
ACCRUED EXPENSES ACCRUED EXPENSES
Accrued expenses consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Accrued inventory$9,054 $27,697 
Accrued shipping5,051 6,087 
Accrued selling expenses126 — 
Accrued legal expenses66 800 
Accrued marketing expenses4,948 4,081 
Other accrued expenses2,991 3,651 
$22,236 $42,316 
v3.25.2
FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
On September 7, 2021, the Company, as borrower, entered into a credit agreement with Bank of America, N.A. for a $100.0 million revolving credit facility, including capacity to issue letters of credit (the “2021 Facility”). The 2021 Facility is secured by substantially all assets of the Company and its material subsidiaries, subject to customary exceptions. The 2021 Facility has a maturity date of September 7, 2026 (“2021 Facility Maturity Date”). As of June 30, 2025, the Company had letters of credit aggregating to $4.9 million outstanding under the 2021 Facility and available borrowings of $95.1 million. As of June 30, 2025, the Company had no outstanding borrowings under the 2021 Facility. Borrowings under the 2021 Facility are payable on the 2021 Facility Maturity Date. Borrowings bear interest at either (a) the Eurodollar Rate (as defined in the 2021 Facility) plus 1.125% or (b) the Base Rate (as defined in the 2021 Facility) plus 0.125%. The interest rate for undrawn amounts is 0.175%. Costs associated with entering into the 2021 Facility were not material.
On February 27, 2023, the Company entered into a first amendment (the “First Amendment”) to the 2021 Facility. The First Amendment amends the Credit Agreement to replace the London interbank offered rate (“LIBOR”) with a term rate based on the Secured Overnight Financing Rate (“SOFR”), together with certain administrative changes to facilitate such replacement. Except as amended by the First Amendment, the remaining terms of the Credit Agreement remain in full force and effect.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Taxes on Remote Sellers
The Company is subject to state laws or administrative practices with respect to the taxes on remote sellers. In accordance with ASC 450, Contingencies, the Company recorded $1.5 million within sales tax payable on the Company’s condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, as an estimate of contingent sales tax payable.
Inventory Purchase Obligations
Inventory purchase obligations as of June 30, 2025 were approximately $53.8 million. These inventory purchase obligations can be impacted by various factors, including the timing of issuing orders and the timing of the shipment of orders.
Legal Contingencies
Legal claims may arise from time to time in the normal course of business, the results of which may have a material effect on the Company’s accompanying condensed consolidated financial statements.
The putative securities class action filed in November 2022 against the Company and certain of its executive officers and directors in the United States District Court for the Central District of California was dismissed with prejudice by the court in January 2025 with judgment against the plaintiffs entered by the court on February 13, 2025. Plaintiffs have
filed a notice of appeal from that dismissal and briefing on the appeal is ongoing. The related derivative suits against the Company and certain of its executive officers and directors are currently pending.
The Company intends to vigorously defend against such claims. The Company has determined that any potential loss is neither probable nor reasonably estimable and an accrual has not been recorded.
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company has operating lease agreements for its office space, retail stores, fulfillment center, and fulfillment center equipment. The Company’s lease agreements have initial terms that expire between 2028 and 2035. Certain of the Company’s lease agreements include rent abatement periods, escalating rent payment provisions, and provide for an option to extend or terminate the lease.
The Company has a sublease agreement classified as an operating lease for additional office space with an initial term expiring in 2026. The sublease includes an option to extend the agreement, at the Company’s discretion, if the sublandlord declines to terminate its master lease. The sublease includes a rent abatement period and escalating rent payment provisions.
The operating lease and sublease agreements included in the measurement of lease liabilities do not reflect options to extend or terminate, as the Company does not consider the exercise of these options to be reasonably certain. The Company’s lease and sublease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease expense for the three and six months ended June 30, 2025 was $3.3 million and $5.8 million, respectively. Operating lease expense for the three and six months ended June 30, 2024 was $3.1 million and $5.4 million, respectively.
Cash payments included in the measurement of operating lease liabilities were $6.2 million and $3.4 million for the six months ended June 30, 2025 and 2024, respectively.
As the rates implicit in the Company’s outstanding leases are not determinable, the Company uses its incremental borrowing rate based on information available on the lease commencement date to determine the present value of lease payments.
The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases at June 30, 2025 were as follows:
Weighted-average remaining lease term5.0 years
Weighted-average discount rate6.5 %
Future undiscounted lease payments, and a reconciliation of these payments to the Company’s operating lease liabilities at June 30, 2025, were as follows (in thousands):
Remainder of 2025$6,524 
202611,901 
202712,186 
202812,549 
20298,915 
Thereafter8,851 
Total lease payments$60,926 
Less: Imputed interest(9,231)
Total lease liabilities$51,695 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising during interim periods.
For the three months ended June 30, 2025 and 2024, the Company’s effective tax rate was 41.0% and 74.9%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to state taxes and limitations on the deductibility of officer compensation.
For the three months ended June 30, 2025 and 2024, the Company recorded income tax expense of $4.9 and $3.3 million, respectively.
For the six months ended June 30, 2025 and 2024, the Company’s effective tax rate was 49.6% and 66.9%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to state taxes and limitations on the deductibility of officer compensation.
For the six months ended June 30, 2025 and 2024, the Company recorded income tax expense of $6.9 and $5.1 million, respectively.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025. The Company is currently assessing its impact on the condensed consolidated financial statements.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share (“basic EPS”) and diluted earnings per share (“diluted EPS”) attributable to common stockholders is calculated in conformity with the two-class method required for participating securities: Class A and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to twenty votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock.
Basic EPS attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares.
As the economic rights of Class A and Class B common stock are identical, undistributed earnings are allocated on a proportionate basis and presented on a combined basis. The following table sets forth the computation of basic EPS
and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share amounts):
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Numerator:
Net income$7,099 $1,100 $6,997 $2,535 
Denominator:
Weighted-average shares—basic162,683,329 170,393,480 162,575,259 170,158,479 
Effect of dilutive stock options8,978,297 9,217,557 9,320,575 9,913,735 
Effect of dilutive restricted stock units1,268,334 77,487 1,621,435 122,969 
Weighted-average shares—diluted172,929,960 179,688,524 173,517,269 180,195,183 
Earnings per share:
Basic earnings per share$0.04 $0.01 $0.04 $0.01 
Effect of dilutive stock options and restricted stock units— — — — 
Diluted earnings per share$0.04 $0.01 $0.04 $0.01 
The Company excluded the following weighted average common equivalent shares from the computation of Diluted EPS for the three and six months ended June 30, 2025 and 2024 because including them would have had an anti-dilutive effect:
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Stock options to purchase common stock27,108,484 22,069,783 27,561,757 22,343,742 
Restricted stock units4,249,717 5,063,315 1,769,600 2,384,577 
v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The CODM manages the Company’s operations as a single segment based on financial data presented on a consolidated basis for the purposes of assessing performance and making operating and resource allocation decisions.

The CODM assesses performance for the single reportable segment and decides how to allocate resources based on net income as reported on the condensed consolidated statements of operations. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the single reportable segment for marketing, selling, and general and administrative expenses or to invest in other strategies, such as for acquisitions. The Company currently has no intra-entity sales or transfers, derives revenue primarily in the United States, and manages its business activities on a consolidated basis.

Significant segment expenses regularly reviewed by the CODM are those included on the Company’s condensed consolidated statements of operations, including selling, marketing, and general and administrative expenses.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In November 2024, the Company purchased 27,454,727 shares of OOG, Inc.’s (“OOG”) Series A-1 Preferred Stock for an aggregate price of $25.0 million in cash, representing a minority interest in OOG. Heather Hasson, Executive Chair of the Board of Directors (the “Board”), is founder and Chief Executive Officer of OOG. The Company agreed to work in good faith to consummate a commercial agreement between the parties at a future date memorializing certain commercial rights and benefits.
In November 2024, the Company entered into a Purchase Order Agreement with Baron Capital Management, Inc. (“BCM”), a subsidiary of Baron Capital Group, Inc. (“BCG”), pursuant to which BCM purchased from the Company certain FIGS products for an aggregate purchase price of $1.0 million. BCG is a beneficial owner of greater than 5% of the Company’s outstanding Class A common stock. In the six months ended June 30, 2025, the Company sold $0.2 million of certain FIGS products to BCG, the amounts of which are included in net revenues for the six months ended June 30, 2025.
In March 2025, the Company entered into a License Agreement with OOG, pursuant to which FIGS licensed to OOG for nominal consideration approximately 2,200 square feet of unused office space currently leased by the Company.
v3.25.2
SHARE REPURCHASE PROGRAM
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
SHARE REPURCHASE PROGRAM SHARE REPURCHASE PROGRAM
On August 8, 2024, the Board authorized a share repurchase program for up to $50.0 million of the Company’s outstanding Class A common stock, with no expiration date. Repurchases under the share repurchase program may be made from time to time through, without limitation, open market purchases or through privately negotiated transactions and/or structured repurchase agreements with third parties, block purchases or derivative contracts, and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable securities laws and other legal requirements and relevant factors. Open market repurchases have been and will be structured to occur in accordance with applicable federal securities law, including within the pricing and volume requirements of Rule 10b-18 under the Exchange Act. The share repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time, without prior notice. The timing, manner, price and amount of any repurchases have been and will be determined at the Company’s discretion, subject to business, economic and market conditions and other factors. Repurchases under the program have been and are expected to be funded from existing cash and cash equivalents. All repurchased shares under the share repurchase program have been and will be retired.
On February 27, 2025, the Board authorized an increase of $50.0 million to the share repurchase program, bringing the total authorization for repurchases under the program to up to $100.0 million of the Company’s outstanding Class A common stock.
During the three months ended June 30, 2025, there were no share repurchases of Class A common stock. During the six months ended June 30, 2025, share repurchases totaled 567,607 shares of Class A common stock for approximately $2.7 million. As of June 30, 2025, the Company had approximately $52.0 million available for future repurchases of its Class A common stock under the share repurchase program.
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On July 31, 2025, the independent directors of the Board approved a repricing (the “Repricing”) on a one-for-one basis of the following fully vested and outstanding options to purchase shares of the Company’s Class A common stock (the “Repriced Options”) held by Catherine Spear, Chief Executive Officer, and Heather Hasson, Executive Chair, to a per share exercise price equal to the fair market value of the Company’s Class A common stock as of August 12, 2025 (the “Repricing Effective Date”):
•Ms. Spear:
◦727,097 options granted on May 26, 2021 with an original exercise price of $22.00
•Ms. Hasson:
◦727,097 options granted on May 26, 2021 with an original exercise price of $22.00
◦2,863,828 options granted on August 9, 2022 with an original exercise price of $11.79
As a condition of the Repricing, the Board obtained the consent of each of Mses. Spear and Hasson to amend the vesting schedules of the Repriced Options. The options granted on May 26, 2021 to Mses. Spear and Hasson will vest and become exercisable monthly over the two-year period following the Repricing Effective Date, subject to continued service and the options granted on August 9, 2022 to Ms. Hasson will vest and become exercisable monthly over the four-year period following the Repricing Effective Date, subject to continued service.
Additionally, on July 31, 2025, the independent directors of the Board approved the grant of a restricted stock unit (“RSU”) award to Ms. Hasson (the “Hasson RSU Award”), with a dollar-denominated value of $6.0 million, effective as of August 12, 2025 (the “Grant Effective Date”). The number of RSUs underlying the Hasson RSU Award will be calculated based on the 20-day average of the closing price of the Company’s Class A common stock ending on and including the Grant Effective Date. The Hasson RSU Award will vest quarterly over a four-year period, subject to continued service.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The Company has prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of FIGS, Inc. and the wholly-owned subsidiaries, FIGS Canada, Inc. and FIGS Community Hubs, LLC. All intercompany transactions and balances have been eliminated in consolidation. The Company's fiscal year ends on December 31. Certain reclassifications have been made to prior-year amounts to conform to the current presentation. Certain information and footnote disclosures normally included in the Company’s annual audited financial statements and accompanying notes have been condensed or omitted in these accompanying interim condensed consolidated financial statements and footnotes. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025.
In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.
Use of Estimates
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods presented. Key estimates relate primarily to the valuation of stock-based compensation. Actual results could differ from those estimates.
Investment in Equity Securities
Investment in Equity Securities
The Company holds an investment in equity securities in a privately held company, consisting of equity securities without readily determinable fair values. This investment is recorded at its carrying value, which is cost less impairment, if any, adjusted to fair value upon observable orderly transactions for identical or similar investments of the same issuer. The investment is reviewed periodically for impairment. Any adjustment to the carrying value of this investment, including gains and losses, is recorded in other income, net in the Company’s condensed consolidated statements of operations. Gains and losses on investments in equity securities will be included as an adjustment to reconcile net income to net cash (used in) provided by operating activities in the Company’s condensed consolidated statements of cash flows.
Variable Interest Entities
Variable Interest Entities
The Company determines at the inception of each arrangement whether an entity in which it has made an investment in, or which it has other variable interests in, is considered a variable interest entity (“VIE”). The Company will consolidate VIEs when it determines that it is the primary beneficiary. A primary beneficiary of a VIE has the power to
direct activities that most significantly affect the economic performance of the VIE, and has the obligation to absorb the majority of their losses or benefits. If the Company is not the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with other applicable GAAP. Periodically, the Company assesses whether any changes in interest or relationship with a VIE affects the determination of whether the entity is a VIE and, if so, whether the Company is the primary beneficiary. The Company has no investments or other variable interests for which it is the primary beneficiary.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Short-term Investments
Short-term Investments
The Company holds short-term investments in U.S. government debt securities and corporate debt securities. The Company’s short-term investments mature within 12-months or less and are classified as current assets on the Company’s condensed consolidated balance sheets and have been classified and accounted for as available-for-sale securities. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates their classification at each balance sheet date.
The Company’s available-for-sale investments in debt securities are carried at fair value with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income in stockholders’ equity. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses, with any allowance for credit losses recognized as a charge in other expense on the Company’s condensed consolidated statements of operations. The Company did not record any credit losses on its available-for-sale debt securities in any of the periods presented. The Company determines gains or losses on the sale or maturities of short-term investments using the specific identification method and gains or losses are recorded in other income on the Company’s condensed consolidated statements of operations.
Inventory, Net
Inventory, Net
Inventory consists of finished goods and is accounted for using an average cost method. Inventory is valued at the lower of cost or net realizable value. The Company records a provision for excess and obsolete inventory to adjust the carrying value of inventory based on assumptions regarding future demand for the Company’s products.
Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration, and other factors. Adjustments to reduce the cost of inventory to its net realizable value, if required, are made for estimated excess, obsolescence, or impaired inventory. Excess and obsolete inventory is charged to cost of goods sold.
The Company’s allowance to write down inventory to the lower of cost or net realizable value was $3.7 million as of June 30, 2025 and was not material as of December 31, 2024.
Share Repurchases
Share Repurchases
Shares repurchased pursuant to the Company’s share repurchase program are retired and reflected as a reduction of the par value of Class A common stock within stockholders’ equity on the Company’s condensed consolidated balance sheets.
Direct costs incurred on share repurchases are recorded as part of the cost basis of each repurchase. The excess of cost basis over the par value of shares repurchased is recorded as a reduction to additional paid-in capital.
Revenue Recognition
Revenue Recognition
The Company recognizes revenues in accordance with Financial Accounting Standards Board (“FASB”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Revenue is recognized in an amount that reflects the consideration expected to be received in exchange for products. To determine revenue recognition for contracts with customers within the scope of ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following five steps (i) identify the contract(s) with a customer; (ii) identify the performance obligations of the contract(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract(s); and (v) recognize revenue when (or as) the Company satisfies the performance obligations.
The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the good or services it transfers to the customer. The Company recognizes revenue at a point in time when it satisfies a performance obligation and transfers control of the products to the respective customers, which occurs when the goods are transferred to a common carrier. Shipping and handling costs associated with outbound freight incurred to transfer a product to a customer are treated as a fulfillment activity, and as a result, any fees received from customers are included in the transaction price for the performance obligation of providing goods to the customer.
The Company generally provides refunds for goods returned within 30 days from the original purchase date. A returns reserve is recorded by the Company based on the historical refund pattern. The returns reserve in the condensed consolidated balance sheets was $3.0 million and $3.9 million as of June 30, 2025 and December 31, 2024, respectively.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company records deferred revenue when it receives payments in advance of the transfer of the goods to a common carrier. The amounts recorded are expected to be recognized as revenue within the 12 months following the balance sheet date and, therefore, are classified as current liabilities in the condensed consolidated balance sheets.
The Company does not have significant contract balances other than deferred revenue, the allowance for sales returns and liabilities related to its gift cards. The Company recognized revenues of $4.6 million during the six months ended June 30, 2025 related to the deferred revenue balance that existed at December 31, 2024. The Company recognized revenues of $2.4 million during the six months ended June 30, 2025 related to redemptions from the gift card liability balance that existed at December 31, 2024. The Company recognizes estimated gift card breakage revenues under the redemption recognition method in proportion to actual gift card redemptions, over the period that remaining gift card values are redeemed. The Company does not have significant contract acquisition costs.
Recently Issued and Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this update should be applied either on a prospective basis or a retrospective basis. The Company is currently evaluating the effects adoption of this guidance will have on its condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure on an annual and interim basis, in the notes to the condensed consolidated financial statements, of disaggregated information about specific categories underlying certain income statement expense line items. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this update should be applied either on a prospective basis or a retrospective basis. The Company is currently evaluating the effects adoption of this guidance will have on its condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable segment to provide all disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis, including new requirements to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure(s) of a segment’s profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment’s profit or loss to assess performance and decide how to allocate resources. The Company adopted ASU 2023-07 effective January 1, 2024. Refer to Note 13 of these condensed consolidated financial statements for segment disclosures.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the disaggregation of the Company’s net revenues 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
By geography:
United States$129,948 $125,291 $235,967 $228,361 
Rest of the world22,692 18,934 41,574 35,157 
$152,640 $144,225 $277,541 $263,518 
By product:
Scrubwear$127,415 $118,345 $226,984 $213,241 
Non-Scrubwear25,225 25,880 50,557 50,277 
$152,640 $144,225 $277,541 $263,518 
v3.25.2
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cash Equivalents and Short-Term Investments
The following tables present the Company’s cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Money market funds$35,051 $— $— $35,051 
U.S. government securities116,166 34 (4)116,196 
Level 2:
Corporate paper76,785 1 (13)76,773 
Total$228,002 $35 $(17)$228,020 
December 31, 2024
CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Money market funds$34,267 $— $— $34,267 
U.S. government securities98,716 81 (2)98,795 
Level 2:
Corporate paper60,669 16 (11)60,674 
Total$193,652 $97 $(13)$193,736 
v3.25.2
ACCOUNTS RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Trade$7,921 $6,636 
Other1,204 1,989 
$9,125 $8,625 
v3.25.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Prepaid Expense and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Inventory deposits$2,169 $670 
Prepaid expenses4,009 5,724 
Prepaid taxes3,135 5,874 
Other806 1,000 
$10,119 $13,268 
v3.25.2
PROPERTY AND EQUIPMENT, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Furniture and fixtures$2,273 $2,204 
Office equipment1,380 1,311 
Machinery and equipment19,352 19,179 
Computer equipment7,516 7,216 
Software and website design13,015 9,985 
Leasehold improvements5,475 5,271 
Capital projects in progress963 2,821 
Vehicles109 109 
Total property and equipment50,083 48,096 
Less: accumulated depreciation and amortization(16,974)(12,822)
Property and equipment, net$33,109 $35,274 
v3.25.2
ACCRUED EXPENSES (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Accrued inventory$9,054 $27,697 
Accrued shipping5,051 6,087 
Accrued selling expenses126 — 
Accrued legal expenses66 800 
Accrued marketing expenses4,948 4,081 
Other accrued expenses2,991 3,651 
$22,236 $42,316 
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Weighted-Average Remaining Lease Term and Discount Rate
The weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases at June 30, 2025 were as follows:
Weighted-average remaining lease term5.0 years
Weighted-average discount rate6.5 %
Schedule of Future Undiscounted Lease Payments
Future undiscounted lease payments, and a reconciliation of these payments to the Company’s operating lease liabilities at June 30, 2025, were as follows (in thousands):
Remainder of 2025$6,524 
202611,901 
202712,186 
202812,549 
20298,915 
Thereafter8,851 
Total lease payments$60,926 
Less: Imputed interest(9,231)
Total lease liabilities$51,695 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS and Reconciliation of Weighted Average The following table sets forth the computation of basic EPS
and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share amounts):
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Numerator:
Net income$7,099 $1,100 $6,997 $2,535 
Denominator:
Weighted-average shares—basic162,683,329 170,393,480 162,575,259 170,158,479 
Effect of dilutive stock options8,978,297 9,217,557 9,320,575 9,913,735 
Effect of dilutive restricted stock units1,268,334 77,487 1,621,435 122,969 
Weighted-average shares—diluted172,929,960 179,688,524 173,517,269 180,195,183 
Earnings per share:
Basic earnings per share$0.04 $0.01 $0.04 $0.01 
Effect of dilutive stock options and restricted stock units— — — — 
Diluted earnings per share$0.04 $0.01 $0.04 $0.01 
Schedule of Weighted Average Common Equivalent Shares from Computation of Diluted Earnings Per Share
The Company excluded the following weighted average common equivalent shares from the computation of Diluted EPS for the three and six months ended June 30, 2025 and 2024 because including them would have had an anti-dilutive effect:
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Stock options to purchase common stock27,108,484 22,069,783 27,561,757 22,343,742 
Restricted stock units4,249,717 5,063,315 1,769,600 2,384,577 
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Allowance to write down inventory $ 3.7 $ 0.0
Product return, refund period (in days) 30 days  
Returns reserve $ 3.0 $ 3.9
Revenue recognized 4.6  
Redemptions from gift cards $ 2.4  
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Schedule of Disaggregation of the Company's Net Revenue (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]        
Net revenues $ 152,640 $ 144,225 $ 277,541 $ 263,518
Scrubwear        
Disaggregation Of Revenue [Line Items]        
Net revenues 127,415 118,345 226,984 213,241
Non-Scrubwear        
Disaggregation Of Revenue [Line Items]        
Net revenues 25,225 25,880 50,557 50,277
United States        
Disaggregation Of Revenue [Line Items]        
Net revenues 129,948 125,291 235,967 228,361
Rest of the world        
Disaggregation Of Revenue [Line Items]        
Net revenues $ 22,692 $ 18,934 $ 41,574 $ 35,157
v3.25.2
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents    
Cost $ 50,849 $ 85,645
Short-Term Investments    
Cost 228,002 193,652
Gross Unrealized Gains 35 97
Gross Unrealized Losses (17) (13)
Fair Value 228,020 193,736
Money market funds    
Cash and Cash Equivalents    
Fair Value 35,051 34,267
Money market funds | Level 1    
Cash and Cash Equivalents    
Cost 35,051 34,267
U.S. government securities    
Short-Term Investments    
Fair Value 116,196 98,795
U.S. government securities | Level 1    
Short-Term Investments    
Cost 116,166 98,716
Gross Unrealized Gains 34 81
Gross Unrealized Losses (4) (2)
Corporate paper    
Short-Term Investments    
Fair Value 76,773 60,674
Corporate paper | Level 2    
Short-Term Investments    
Cost 76,785 60,669
Gross Unrealized Gains 1 16
Gross Unrealized Losses $ (13) $ (11)
v3.25.2
INVESTMENT IN EQUITY SECURITIES - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]      
Cumulative upward adjustments $ 0 $ 0  
Cumulative downward adjustments 0 0  
Impairment 0 0  
Sales of equity securities 0 0  
Carrying value of equity investments inclusive of transaction costs $ 27,735,000 $ 27,735,000 $ 27,534,000
v3.25.2
ACCOUNTS RECEIVABLE (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Trade $ 7,921 $ 6,636
Other 1,204 1,989
Accounts receivable $ 9,125 $ 8,625
v3.25.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Inventory deposits $ 2,169 $ 670
Prepaid expenses 4,009 5,724
Prepaid taxes 3,135 5,874
Other 806 1,000
Prepaid expenses and other current assets $ 10,119 $ 13,268
v3.25.2
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Total property and equipment $ 50,083 $ 48,096
Less: accumulated depreciation and amortization (16,974) (12,822)
Property and equipment, net 33,109 35,274
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total property and equipment 2,273 2,204
Office equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 1,380 1,311
Machinery and equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 19,352 19,179
Computer equipment    
Property Plant And Equipment [Line Items]    
Total property and equipment 7,516 7,216
Software and website design    
Property Plant And Equipment [Line Items]    
Total property and equipment 13,015 9,985
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property and equipment 5,475 5,271
Capital projects in progress    
Property Plant And Equipment [Line Items]    
Total property and equipment 963 2,821
Vehicles    
Property Plant And Equipment [Line Items]    
Total property and equipment $ 109 $ 109
v3.25.2
PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expense $ 2.2 $ 1.1 $ 4.2 $ 2.0
v3.25.2
ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued inventory $ 9,054 $ 27,697
Accrued shipping 5,051 6,087
Accrued selling expenses 126 0
Accrued legal expenses 66 800
Accrued marketing expenses 4,948 4,081
Other accrued expenses 2,991 3,651
Total accrued expenses $ 22,236 $ 42,316
v3.25.2
FINANCING ARRANGEMENTS (Details) - Bank of America, N.A. - USD ($)
Sep. 07, 2021
Jun. 30, 2025
Revolving Credit Facility    
Line Of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity $ 100,000,000.0  
Amount outstanding   $ 0
Outstanding borrowings under existing credit facility   95,100,000
Unused commitment fee (as a percent) 0.175%  
Revolving Credit Facility | Eurodollar    
Line Of Credit Facility [Line Items]    
Debt instrument, basis spread on variable rate (as a percent) 1.125%  
Revolving Credit Facility | Base Rate    
Line Of Credit Facility [Line Items]    
Debt instrument, basis spread on variable rate (as a percent) 0.125%  
Letter of Credit    
Line Of Credit Facility [Line Items]    
Amount outstanding   $ 4,900,000
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Estimate of contingent sales tax payable $ 1.5 $ 1.5
Inventory purchase obligations $ 53.8  
v3.25.2
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease cost $ 3.3 $ 3.1 $ 5.8 $ 5.4
Cash payments included in the measurement of the operating lease liabilities     $ 6.2 $ 3.4
v3.25.2
LEASES - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)
Jun. 30, 2025
Leases [Abstract]  
Weighted-average remaining lease term 5 years
Weighted-average discount rate 6.50%
v3.25.2
LEASES - Summary of Future Undiscounted Lease Payments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]  
Remainder of 2025 $ 6,524
2026 11,901
2027 12,186
2028 12,549
2029 8,915
Thereafter 8,851
Total lease payments 60,926
Less: Imputed interest (9,231)
Total lease liabilities $ 51,695
v3.25.2
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Thousands
 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 (as a percent) 41.00% 74.90% 49.60% 66.90%
Provision for income taxes $ 4,932 $ 3,283 $ 6,898 $ 5,128
v3.25.2
EARNINGS PER SHARE - Additional Information (Details)
Jun. 30, 2025
vote
Class A Common Stock  
Earnings Per Share Basic [Line Items]  
Number of votes per share 1
Common stock conversion ratio 1
Class B Common Stock  
Earnings Per Share Basic [Line Items]  
Number of votes per share 20
v3.25.2
EARNINGS PER SHARE - Schedule of Earnings 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 $ 7,099 $ (102) $ 1,100 $ 1,435 $ 6,997 $ 2,535
Denominator:            
Weighted-average shares—basic (in shares) 162,683,329   170,393,480   162,575,259 170,158,479
Weighted-average shares—diluted (in shares) 172,929,960   179,688,524   173,517,269 180,195,183
Earnings per share:            
Basic earnings per share (in USD per share) $ 0.04   $ 0.01   $ 0.04 $ 0.01
Effect of dilutive stock options and restricted stock units (in USD per share) 0   0   0 0
Diluted earnings per share (in USD per share) $ 0.04   $ 0.01   $ 0.04 $ 0.01
Stock Options            
Denominator:            
Effect of dilutive stock options (in shares) 8,978,297   9,217,557   9,320,575 9,913,735
Restricted Stock            
Denominator:            
Effect of dilutive stock options (in shares) 1,268,334   77,487   1,621,435 122,969
v3.25.2
EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded From Computation of Earning Per Share (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock options to purchase common stock        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Weighted average common equivalent shares (in shares) 27,108,484 22,069,783 27,561,757 22,343,742
Restricted stock units        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Weighted average common equivalent shares (in shares) 4,249,717 5,063,315 1,769,600 2,384,577
v3.25.2
SEGMENT REPORTING (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.2
RELATED PARTY TRANSACTIONS (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Nov. 30, 2024
USD ($)
shares
Jun. 30, 2025
USD ($)
shares
Mar. 31, 2025
ft²
Dec. 31, 2024
shares
Defined Benefit Plan Disclosure [Line Items]        
Preferred stock, shares outstanding (in shares) | shares   0   0
Purchase Order Agreement With BCM        
Defined Benefit Plan Disclosure [Line Items]        
Transaction amount | $ $ 1.0 $ 0.2    
License Agreement with OOG        
Defined Benefit Plan Disclosure [Line Items]        
Area of of unused office space currently leased | ft²     2,200  
Related Party | Series A-1 Preferred Stock        
Defined Benefit Plan Disclosure [Line Items]        
Preferred stock, shares outstanding (in shares) | shares 27,454,727      
Aggregate price | $ $ 25.0      
v3.25.2
SHARE REPURCHASE PROGRAM (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Feb. 27, 2025
Aug. 08, 2024
Share Repurchase Program [Line Items]          
Repurchases of class A common stock   $ 2,688,000      
Class A Common Stock          
Share Repurchase Program [Line Items]          
Share repurchase plan, authorized amount       $ 100,000,000.0 $ 50,000,000.0
Share repurchase plan, increase in authorized amount       $ 50,000,000.0  
Stock repurchased and retired (in shares) 0   567,607    
Repurchases of class A common stock     $ 2,700,000    
Share repurchase program, remaining authorized amount $ 52,000,000.0   $ 52,000,000.0    
v3.25.2
SUBSEQUENT EVENTS (Details) - Subsequent Event
$ / shares in Units, $ in Millions
Jul. 31, 2025
USD ($)
$ / shares
shares
Subsequent Event [Line Items]  
Option repricing conversion ratio 1
May 26, 2021 | Stock Options  
Subsequent Event [Line Items]  
Vesting period 2 years
August 9, 2022 | Stock Options  
Subsequent Event [Line Items]  
Vesting period 4 years
Chief Executive Officer | May 26, 2021  
Subsequent Event [Line Items]  
Granted (in shares) | shares 727,097
Granted (in USD per share) | $ / shares $ 22.00
Executive Chair | RSU  
Subsequent Event [Line Items]  
Vesting period 4 years
Award granted | $ $ 6.0
Executive Chair | May 26, 2021  
Subsequent Event [Line Items]  
Granted (in shares) | shares 727,097
Granted (in USD per share) | $ / shares $ 22.00
Executive Chair | August 9, 2022  
Subsequent Event [Line Items]  
Granted (in shares) | shares 2,863,828
Granted (in USD per share) | $ / shares $ 11.79