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(and together with its subsidiaries, “Hims & Hers”, the “Company”, “we”, “us” or “our”) has built a consumer-first platform transforming the way customers fulfill their health and wellness needs.
−Removed: We believe that the Company has the technical platform, distributed provider network, and access to clinical capabilities to lead the migration of routine office visits to a personalized, digital, accessible format.
−Removed: The Hims & Hers platform includes access to a highly-qualified and technologically-innovative provider network, a clinically-focused electronic medical record system, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities.
−Removed: Our digital platform enables access to treatments for a broad range of chronic conditions, including those related to sexual health, hair loss, dermatology, mental health, and weight loss.
−Removed: Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate and prescriptions are fulfilled online through licensed pharmacies on a subscription basis.
−Removed: In addition, we also offer access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products.
+Added: We believe that the Company has the technical infrastructure, distributed provider network, and access to clinical capabilities to lead the migration of routine office visits to a personalized, digital, accessible format.
+Added: The Hims & Hers platforms (collectively, our “platform”) include access to a highly-qualified and technologically-innovative provider network, an electronic medical record system designed to support providers and customers, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities.
+Added: Our digital platform enables access to treatments for a broad range of chronic conditions, including those related to sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as services such as comprehensive laboratory testing.
+Added: Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate, including through personalized treatment plans, with prescriptions fulfilled online through licensed pharmacies.
+Added: In addition, we also offer access to a range of non-prescription health and wellness products.
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.
−Removed: Since our founding, we have facilitated over thirty million telehealth consultations, enabling greater access to high-quality, convenient, affordable, personalized care for people in all 50 states and the United Kingdom.
+Added: Since our founding, we have facilitated over fifty million telehealth consultations, enabling greater access to high-quality, convenient, affordable, personalized care for people in the United States, Canada, the United Kingdom, and the European Union (in Germany, the Republic of Ireland, France, and Spain).
The mission of Hims & Hers is to help the world feel great through the power of better health.
To fulfill this mission, our business strategy and market differentiation are centered around our trusted brand, innovative products and services, leading technology, and clinical excellence.
−Removed: • We work to build a brand that is trusted by our customers, easy to use, and normalizes the practice of seeking and receiving treatment by empowering our customers with personalized care and an omnichannel experience.
−Removed: • The Hims & Hers platform offers a streamlined, personalized patient and clinician experience facilitated by proprietary algorithms and a customizable and integrated technology stack, allowing us to give customers a seamless experience and to follow up programmatically and with precision.
−Removed: • We can leverage these insights and feedback to offer access to personalized prescription and non-prescription treatments that are designed to meet individual needs.
+Added: • We work to build a brand that is trusted by our customers, easy to use, and normalizes the practice of seeking and receiving treatment by empowering our customers with access to proactive, personalized care and an omnichannel experience.
+Added: • The Hims & Hers platform offers a streamlined, personalized patient and clinician experience that includes access to consistent follow-up care, facilitated by proprietary algorithms and a customizable and integrated technology stack.
+Added: • We can leverage insights and feedback from our platform and offerings to offer access to personalized prescription and non-prescription treatments that are designed to meet individual needs.
• At the foundation of our broader platform is the consumer trust we establish through our clinical excellence.
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We offer access to certain prescription generic, brand-name and compounded medications, including certain sterile compounded medications.
−Removed: The majority of prescriptions for these medications are fulfilled through our affiliated pharmacies.
+Added: The majority of prescriptions for these medications are fulfilled through our wholly-owned pharmacies (“Pharmacies”).
We also offer over-the-counter drug and device products and cosmetics and supplement products, which are primarily focused on general wellness, skincare, sexual health and wellness, and hair care.
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For these products, the manufacturer develops the formulation with input from the internal Hims & Hers Product Research & Development team.
−Removed: Most of the offerings on our websites and mobile applications are sold to customers on a subscription basis.
−Removed: Subscription plans provide an easy and convenient way for customers to get the ongoing treatment they need while simultaneously providing the Company with predictability through a recurring revenue stream.
−Removed: For subscription plans, in addition to a 30-day cadence or treatment term, we offer customers the ability to select a desired cadence to receive products or treatments, which can range from every 60 to 360 days, depending on the product.
+Added: In addition to prescription medications and over-the-counter products, we offer access to laboratory testing services to measure a broad set of biomarkers, which are designed to support health assessment, early identification of potential risks, and ongoing clinical management by healthcare providers on our platform.
+Added: Many of the offerings on our websites and mobile applications are sold to customers on a subscription basis.
+Added: Subscription plans provide a seamless way for customers to get the ongoing treatment they need while simultaneously providing us with predictability through a recurring revenue stream.
+Added: For subscription plans, in addition to a 30-day cadence or treatment term, we offer customers the ability to select from a range of shipment cadences or treatment terms, from every 60 days to 360 days, depending on the offering.
The customer is billed on a recurring basis based on the selected cadence and a specified quantity of product is shipped at each billing.
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Our integrated technology platform allows us to serve our customers efficiently from start to finish:
−Removed: initially from customer discovery and purchase of offerings on our websites and mobile application, to connecting customers with medical providers for telehealth consultations, to the fulfillment and delivery of customer orders, and finally through ongoing clinical management by medical providers.
+Added: initially from customer discovery and purchase of offerings on our websites and mobile applications, to connecting customers with medical providers for telehealth consultations, to the fulfillment and delivery of customer orders, and finally through ongoing clinical management by medical providers.
We believe this technology-driven efficiency provides cost advantages that allow us to offer customers affordable prices and to generate robust gross margins.
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As we implement our product roadmap, we expect to grow revenue through additional subscription-based recurring revenue offerings.
−Removed: The recent launches of new prescription products in weight loss, sexual health, dermatology, and mental health and launches of hair care and supplement retail products, demonstrate the scalability of the platform.
Growth Opportunities
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Customers serve as ambassadors for the Hims & Hers brand, further driving organic growth through word of mouth and user-generated content.
−Removed: The large majority of our first time customers to date indicate that they came to Hims & Hers to learn about and find options for their condition and are seeking treatment for their particular conditions for the first time.
−Removed: The convenience of our websites and mobile application allows us to reduce stigma and access-related barriers that frequently prevent consumers from seeking medical care, expanding the Company’s market opportunity.
+Added: The majority of our first-time customers to date indicate that they came to Hims & Hers to learn about and find options for their condition and are seeking treatment for their particular conditions for the first time.
+Added: The convenience of our websites and mobile applications allows us to reduce stigma and access-related barriers that frequently prevent consumers from seeking medical care, expanding our market opportunity.
Organic growth is enhanced by sophisticated omnichannel acquisition strategies meant to target future customers with condition-specific on-ramps at profitable returns on investment.
−Removed: In addition, our brand positioning has afforded significant partnerships with leading talent whose promotional efforts drive meaningful awareness of the products and services we make available.
−Removed: Based on externally reported data, we believe our market share, both in terms of number of customers and total sales, in each of our sexual health, dermatology, and mental health specialties has increased in recent years.
+Added: In particular, our media advertising campaigns have further amplified brand visibility, efficiently reaching potential customers and increasing awareness of the products and services we make available.
+Added: Based on externally reported data, we believe our market share in the digital health and wellness space, both in terms of number of customers and total sales, has increased in recent years.
As our portfolio of products and services grows across specialties, we believe that our market presence and brand recognition will continue to expand, driving more consumers to seek out Hims & Hers for future healthcare needs.
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Through ongoing robust customer engagement, we have the ability to deliver longer-term subscription adoption and drive more cross-sell opportunities.
−Removed: Specialty expansion into new conditions
−Removed: We are pursuing a roadmap of rapid specialty expansion into new conditions that can be treated safely and effectively via telehealth, require ongoing and recurring customer relationships, and generally for which generic medication has been established as an effective means of treatment.
−Removed: For example, at the end of 2023 we launched access to certain weight loss offerings, which we continued to expand over the course of 2024.
−Removed: Future care opportunities that show high prevalence within our existing customer base and offer traits similar to our existing specialties in terms of business model characteristics include testosterone treatment, menopause, sleep disorders, post-traumatic stress disorder, fertility, diabetes, cholesterol, and hypertension, which we believe represent significant opportunities.
+Added: Expansion into new specialties and access to proactive care
+Added: We are pursuing a roadmap of rapid specialty expansion into new conditions that can be appropriately addressed via telehealth, require ongoing and recurring customer relationships, and generally for which generic medication has been established as an effective means of treatment.
+Added: For example, in 2025, we launched access to certain testosterone, menopause, and perimenopause support offerings.
+Added: Future care opportunities that show high prevalence within our existing customer base and offer traits similar to our existing specialties in terms of business model characteristics include sleep disorders, post-traumatic stress disorder,
+Added: fertility, diabetes, cholesterol, and hypertension, which we believe represent significant opportunities.
Given the prevalence of these conditions, we see a large market opportunity for our current and future offerings.
+Added: We are also advancing initiatives to support a more proactive and preventative care model through expanded screening, testing, and data-driven capabilities designed to make care more accessible and convenient.
+Added: For example, in 2025, we launched comprehensive laboratory testing to help individuals identify potential health concerns earlier.
+Added: By integrating these capabilities into our digital platform and leveraging partnerships and strategic investments, we aim to lower barriers to screening and testing, support more personalized and continuous care pathways, and lay the foundation for expanded preventative care offerings over time.
Leverage existing capabilities and continue to expand capabilities to penetrate new sales channels and further improve operations
−Removed: Our pharmacy, affiliated pharmacies, and compounding outsourcing facility enable seamless drug delivery, and drive increased operating leverage across the platform by allowing us to further personalize and consolidate shipping of orders as well as expand capabilities quickly for adjacent and other new conditions.
−Removed: These facilities allow us to lower our cost structure by reducing some of the costs typically associated with contractual third-party pharmacy relationships.
−Removed: In 2020, we opened an approximately 300,000 square foot facility in New Albany, Ohio.
−Removed: In 2021, this facility began housing a dedicated licensed mail order pharmacy, XeCare, LLC (or “XeCare”), that provides prescription fulfillment services solely to Hims & Hers customers.
−Removed: In July 2021, we completed our acquisition of YoDerm, Inc.
−Removed: (“Apostrophe”), allowing us to expand personalized dermatological offerings to our customers.
−Removed: Apostrophe Pharmacy LLC (“Apostrophe Pharmacy,” and together with XeCare, the “Pharmacies”), is an additional dedicated licensed mail order pharmacy located in Arizona that provides prescription fulfillment services solely to Hims & Hers customers as part of our acquisition of Apostrophe in 2021.
−Removed: In 2022, we expanded the Apostrophe Pharmacy facility and opened an approximately 25,000 square foot facility in Gilbert, Arizona.
−Removed: We have entered into services agreements with each of the Pharmacies.
−Removed: In 2024, we acquired Seaview Enterprises, LLC (d/b/a MedisourceRx) (“MedisourceRx”), a licensed 503B compounding outsourcing facility, which compounds products primarily for Hims & Hers customers (our “Outsourcing Facility”).
−Removed: Additionally, in February 2025, we acquired a peptide manufacturing facility and certain related assets from C S Bio, Co., which will allow us to expand our supply chain capabilities in the future (our “Peptide Facility”).
−Removed: Also in February 2025, we acquired Sigmund NJ, LLC, marketed as Trybe Labs, a lab testing services business, which will allow us to add lab testing capabilities to our platform in the future (our “Lab Facility”).
+Added: Our Pharmacies include two licensed 503A pharmacies and two pharmacies licensed by the UK General Pharmaceutical Council (“GPhC”).
+Added: Our facilities include a licensed 503B compounding outsourcing facility (our “Outsourcing Facility”), a peptide manufacturing facility (the “Peptide Facility”), and a laboratory testing services facility (the “Lab Facility”).
The facilities and operations of our Pharmacies, Outsourcing Facility, Peptide Facility, and Lab Facility are sometimes referred to collectively herein as our “Facilities”.
+Added: We believe our Facilities enable seamless drug delivery and supply chain oversight, and drive increased operating leverage across the platform by allowing us to further personalize and consolidate shipping of orders as well as expand capabilities quickly for adjacent and other new conditions.
+Added: In addition, the Facilities allow us to lower our cost structure by reducing some of the costs typically associated with contractual third-party pharmacy relationships.
+Added: We believe these integrated capabilities also provide greater flexibility, speed to market, and quality control as we continue to scale and broaden our product and service offerings.
Expand into new geographies
−Removed: Our strong brand and digital-first, cloud-based business model has driven rapid adoption in the U.S.
−Removed: Additionally, our model has been developed to be scalable and applicable across new markets and languages.
−Removed: We expanded into the United Kingdom in early 2021, and in June 2021, we completed our acquisition of U.K.-based Honest Health Limited, which is now Hims & Hers UK Limited (“HHL”), a company that offers health and wellness products and services.
−Removed: The acquisition of HHL has allowed us to expand our operations in the United Kingdom further.
−Removed: We believe our model will afford us further international expansion opportunities in Europe and beyond.
−Removed: We believe the consumer-focused services our model provides are applicable to a range of geographies across the world.
+Added: We view international expansion as a core pillar of our long-term growth strategy.
+Added: Our digital-first, cloud-based platform and trusted consumer brand are designed to scale efficiently across geographies, languages, and regulatory environments.
+Added: Outside of the United States, we have established operations in the United Kingdom, parts of the European Union, and Canada, demonstrating the adaptability of our model and our ability to localize offerings while maintaining a consistent, high-quality consumer experience.
+Added: Building on this foundation, we intend to continue expanding our global footprint through a combination of organic investment and disciplined, strategic partnerships and acquisitions, focusing on markets where our platform can meaningfully improve access to personalized, direct-to-consumer care.
+Added: For example, in February 2026, we announced a definitive agreement to acquire Eucalyptus, an Australia-based digital health company that operates in Australia, the United Kingdom, Germany, Canada, and Japan.
+Added: The acquisition is expected to close in the middle of 2026.
+Added: As we scale internationally, we will continue to emphasize building durable local presences supported by centralized corporate resources, data, and operational capabilities.
+Added: We believe this approach positions us to extend our reach globally and deliver a more accessible, personalized healthcare experience to consumers around the world.
Affiliated Medical Groups, Providers, Health System Partnerships, and Partner Pharmacies
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While we are prohibited from owning a professional entity such as any of the Affiliated Medical Groups, the Affiliated Medical Groups were incorporated and established with our assistance for the specific purpose of providing clinical services to patients through the Hims & Hers platform and have no other operations or activities outside of the provision of services through the Hims & Hers platform.
−Removed: The Affiliated Medical Groups contract with or employ physicians, nurse practitioners, physician assistants, and behavioral health providers (each, a “Provider”) to provide telehealth consultations and related services on the Hims & Hers platform.
+Added: The Affiliated Medical Groups contract with or employ physicians, nurse practitioners, physician assistants, and behavioral health providers (each, a “Provider”) to provide telehealth consultations and related services on the Hims & Hers platform in the U.S.
We enter into certain contractual agreements with the Affiliated Medical Groups and their physician owners, including administrative services agreements and continuity agreements, under which we serve as an administrative services manager for the Affiliated Medical Groups for the non-clinical aspects of their operations and receive a fixed administrative fee from each Affiliated Medical Group for these services.
−Removed: The administrative services and support we provide include IT products and support, including the Hims & Hers platform and electronic medical record system, billing and collection services, non-clinical
−Removed: personnel, customer service support, administrative support for provider credentialing and quality assurance, and other non-clinical items and services, including access to a line of credit we make available to the Affiliated Medical Groups as necessary to support their operations.
+Added: The administrative services and support we provide include IT products and support, including the Hims & Hers platform and electronic medical record system, billing and collection services, non-clinical personnel, customer service support, administrative support for provider credentialing and quality assurance, and other non-clinical items and services, including access to a line of credit we make available to the Affiliated Medical Groups as necessary to support their operations.
The Affiliated Medical Groups retain sole control of clinical decision-making and the practice of medicine.
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These arrangements are reviewed and updated periodically to address changing regulatory or market conditions.
+Added: No equivalent prohibition on the corporate practice of medicine exists in the United Kingdom or the Republic of Ireland.
+Added: Accordingly, with respect to our operations in the United Kingdom and European Union, we directly employ physicians through our UK and Irish subsidiaries.
+Added: All clinicians employed by or contracted through our UK and Irish subsidiaries to provide telehealth consultations and related services are registered with the applicable professional regulatory body for medical practitioners.
+Added: In Canada, some but not all of the provinces prohibit the corporate practice of medicine.
+Added: Accordingly, with respect to our operations in Canada, we primarily engage nurse practitioners as independent contractors to provide services on the Hims & Hers platform.
+Added: In Ontario, where the corporate practice of medicine is not prohibited, we engage certain physicians as independent contractors.
Health System Partnerships
The strength of the Hims & Hers brand affords us numerous opportunities to partner with and offer new solutions to help transform existing healthcare stakeholders.
−Removed: We have relationships with leading health systems including, as of December 31, 2024, Ochsner Health, Mount Sinai Health System, Carbon Health, ChristianaCare Health System, and Hartford Healthcare to provide a clinically focused, telehealth-enabled patient care collaboration.
+Added: We have relationships with leading health systems in the U.S.
+Added: including, as of December 31, 2025, Ochsner Health, Mount Sinai Health System, Carbon Health, ChristianaCare Health System, and Hartford Healthcare to provide a clinically focused, telehealth-enabled patient care collaboration.
These relationships offer our customers access to applicable in-person care within these systems to enhance their overall healthcare experience.
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Partner Pharmacies
−Removed: In addition to fulfilling orders through the Pharmacies, we maintain contractual arrangements with three licensed pharmacies (sometimes referred to herein as “Partner Pharmacies”), EHT Pharmacy LLC (d/b/a Curexa Pharmacy), ITC Inc.
−Removed: (d/b/a ITC Compounding Pharmacy), and The London Specialist Pharmacy Limited for fulfillment and distribution of certain prescription and non-prescription products available through the Hims & Hers platform.
−Removed: We are not bound by any exclusivity or minimum order requirements with respect to our use of any Partner Pharmacy, and have the ability to utilize other pharmacies, including the Pharmacies, at our discretion.
−Removed: The contractual arrangements with the Partner Pharmacies are typically for one-year terms with automatic renewals, subject to standard termination rights of the parties.
+Added: In addition to fulfilling orders through the Pharmacies, we maintain contractual arrangements with various licensed pharmacies (sometimes referred to herein as “Partner Pharmacies”) for fulfillment and distribution of certain prescription and non-prescription products available through the Hims & Hers platform.
+Added: We are generally not bound by any exclusivity or minimum order requirements with respect to our use of any Partner Pharmacy, and have the ability to utilize other pharmacies, including our Pharmacies, at our discretion.
+Added: The contractual arrangements with the Partner Pharmacies are typically for fixed terms with automatic renewals, subject to standard termination rights of the parties.
The Partner Pharmacies’ rates are fixed in the contractual arrangements and changes require the mutual agreement of the parties.
+Added: Platform Partners
+Added: As part of our acquisition of Zava, we have also acquired established partnerships with Asda Stores Limited and Superdrug Stores PLC in the United Kingdom.
+Added: Zava UK operates an online doctor service via its own website as well as through the online platforms of Asda and Superdrug.
+Added: Under these arrangements, Zava UK’s clinical and customer service staff are responsible for handling treatment requests and providing telehealth consultations for Asda and Superdrug customers.
+Added: Dispensing and dispatching of medicines prescribed through these services is carried out directly by Asda and Superdrug’s respective pharmacy operations.
Regulatory Environment
−Removed: As a consumer-focused health and wellness company delivering comprehensive telehealth technologies and services and health and wellness products such as prescription drugs, compounded drugs, over-the-counter drugs and devices, cosmetics, and dietary supplements, in addition to the typical legal and regulatory considerations faced by a technology-based company, we are required to comply with complex healthcare laws and regulations, and consumer protection laws and regulations, all at both the state and federal level.
+Added: As a consumer-focused health and wellness company delivering comprehensive telehealth services and access to health and wellness products such as prescription drugs (including compounded drugs), over-the-counter drugs and devices, cosmetics, and dietary supplements, in addition to the typical legal and regulatory considerations faced by a technology-based company, we are required to comply with complex healthcare laws and regulations, and consumer protection laws and regulations, all at both the state and federal level.
Our business and operations are subject to extensive regulation, including with respect to the practice of medicine, the use of telehealth, relationships with healthcare providers, privacy and security of personal health information, product safety and pharmacy operations.
−Removed: Regulatory and/or legal enforcement actions by the FDA, Department of Health and Human Services, or other federal, state, or foreign enforcement authorities could have material adverse consequences on our business or its operations.
−Removed: Government regulation of healthcare generally
−Removed: We and other healthcare companies are subject to significant regulation in the United States.
−Removed: Healthcare-related businesses are subject to a broad array of governmental regulation at the federal, state, and local levels.
−Removed: While portions of our business are subject to significant regulations, such as those related to compounding practices, certain regulations do not apply to our business because of the way our current operations are structured.
−Removed: For example, we currently accept payments only from our customers—not any third-party payors, such as government healthcare programs or health insurers.
−Removed: Because of this approach, we are not subject to many of the laws and regulations that impact other participants in the healthcare industry.
−Removed: If we begin accepting reimbursement payments from insurance providers or other third-party payors such as a government program, we will become subject to some of these additional healthcare laws and regulations.
−Removed: Irrespective of our business model, the healthcare industry is subject to changing political, economic and regulatory influences that may affect health and wellness companies like Hims & Hers.
−Removed: During the past several years, the healthcare industry has been subject to an increase in governmental regulation and subject to potential disruption due to legislative initiatives and government regulation, as well as judicial interpretations thereof, and changes in regulatory policy and leadership.
−Removed: Congress has enacted the Modernization of Cosmetics Regulation Act of 2022 (“MoCRA”), which created new compliance requirements for manufacturers of cosmetic products in the U.S.
−Removed: and also significantly expanded the FDA’s authority to oversee and regulate cosmetics, though the FDA has yet to complete its development of implementing regulations for MoCRA.
−Removed: While these regulations may not directly impact us or our offerings in any given case, they will affect the healthcare industry as a whole and may impact customer use of the Company’s solutions.
−Removed: If the government asserts broader regulatory control over companies like us or if we accept payment from and/or participate in third-party payor programs in the future, the complexity of our operations and our compliance obligations will materially increase.
+Added: Regulatory and/or legal enforcement actions by the Food and Drug Administration (the “FDA”), Department of Health and Human Services, or other international, federal, state, or foreign enforcement authorities could have material adverse consequences on our business or its operations.
+Added: Government regulation of healthcare generally and insurance
+Added: We and other healthcare companies are subject to significant government regulation both within and outside of the United States.
+Added: Healthcare-related businesses are subject to a broad array of governmental regulation.
+Added: Among other things, these regulatory frameworks govern the provision of healthcare and telehealth services, compounding practices, the sale and distribution of prescription products, data protection and privacy, consumer protection, and marketing practices.
+Added: The scope, applicability, and enforcement of these regulations vary by jurisdiction and by business model.
+Added: In particular, the application of third-party reimbursement and insurance-related regulation varies based on the structure of our operations in each market.
+Added: In Canada, certain of our offerings are subject to limited public or private drug coverage, which is applied by the dispensing pharmacy at the point of sale, and pharmacy participation in such programs may be subject to eligibility, billing, documentation, audit, pricing, or coverage requirements.
+Added: As a result, changes to, or restrictions on, these reimbursement programs or pharmacy participation could affect customer access to, or pricing of, certain products in Canada.
+Added: By contrast, in the United States and other international markets, we currently accept payments only from our customers—not any third-party payors, such as government healthcare programs or health insurers.
+Added: Because of this approach, we are not subject to many of the laws and regulations that impact other participants in the healthcare industry in these jurisdictions.
+Added: If we begin accepting reimbursement payments from insurance providers or other third-party payors such as a government program in these jurisdictions, we will become subject to some of these additional healthcare laws and regulations.
+Added: Maintaining compliance with government regulations may require us to modify our operations, incur additional costs, or limit our ability to offer access to certain products or services.
+Added: In addition, the healthcare industry is subject to changing political, economic and regulatory influences that may affect health and wellness companies like Hims & Hers.
+Added: During the past several years, the healthcare industry has been subject to increased governmental regulation and potential disruption due to legislative initiatives and government regulation, as well as judicial interpretations thereof, and changes in regulatory policy and leadership.
+Added: If regulators assert broader authority over companies like us, or if we accept payment from and/or participate in third-party payor programs in additional jurisdictions in the future, the complexity of our operations and our compliance obligations will materially increase.
Government regulation of the practice of medicine and telehealth
−Removed: The practice of medicine is subject to various federal, state, and local certification and licensing laws, regulations, approvals and standards, relating to, among other things, the qualifications of the provider, the practice of medicine (including specific requirements when providing health care utilizing telehealth technologies and the provision of remote care), the continuity and adequacy of medical care, the maintenance of medical records, the supervision of personnel, and the prerequisites for the prescription of medication and ordering of tests.
+Added: The practice of medicine is subject to various federal, state, and local certification, registration, and licensing laws, regulations, approvals and standards, relating to, among other things, the qualifications of the provider, the practice of medicine (including specific requirements when providing health care utilizing telehealth technologies and the provision of remote care), the continuity and adequacy of medical care, the maintenance of medical records, the supervision of personnel, the liability coverage of the provider, and the prerequisites for the prescription of medication and ordering of tests.
Because the practice of telehealth is relatively new and rapidly developing, regulation of telehealth is evolving and the application, interpretation and enforcement of these laws, regulations and standards can be uncertain or uneven.
+Added: In the United Kingdom, the provision of telehealth services is a “regulated activity,” requiring registration with the Care Quality Commission (CQC) in England, and equivalent healthcare regulatory bodies in other devolved regions of the United Kingdom.
+Added: In Canada, telehealth is similarly a “regulated activity,” which is regulated at the provincial and territorial level and subject to applicable healthcare statutes, regulations, and professional standards administered by the relevant provincial and territorial health regulatory colleges and authorities.
Similarly, the ability of the Pharmacies to fulfill prescriptions and distribute pharmaceutical products, including compounded pharmaceutical products, is dependent upon the laws that govern licensed pharmacies and the fulfillment and distribution of prescription medication and other pharmaceutical products, which include in some cases requirements relating to telehealth.
−Removed: As a result, we must continually monitor legislative, regulatory, and judicial developments regarding the practice of medicine, telehealth and pharmaceutical laws in order to support the Affiliated Medical Groups and the Pharmacies.
−Removed: Physicians, mid-level providers (e.g., physician assistants, nurse practitioners), and behavioral health providers who provide professional clinical services via telehealth must, in most instances, hold a valid license to provide the applicable professional services in the state in which the patient is located.
−Removed: We have established systems to assist the Affiliated Medical Groups in ensuring that their providers are appropriately licensed under applicable state law and that their provision of telehealth to our customers occurs in each instance in compliance with applicable rules governing telehealth.
+Added: As a result, we must continually monitor legislative, regulatory, and judicial developments regarding the practice of medicine, telehealth and pharmaceutical laws in order to support the Affiliated Medical Groups, the telehealth operations of our subsidiaries and the Pharmacies.
+Added: Physicians, mid-level providers (e.g., physician assistants, nurse practitioners), and behavioral health providers who provide professional clinical services via telehealth must, in most instances, hold a valid license to provide the applicable professional services in the state in which the patient is located, with similar requirements applicable in the United Kingdom, the European Union, and Canada.
+Added: We have established systems to assist the Affiliated Medical Groups in ensuring that their providers are appropriately licensed under applicable state law in the U.S.
+Added: and foreign law equivalents and that their provision of telehealth to our customers occurs in each instance in compliance with applicable rules governing telehealth.
Additionally, there may be limitations placed on the modality through which telehealth services are delivered.
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Due to our business model, these changes did not dramatically change our operations, but these changes did introduce many people to the practice of telehealth.
−Removed: It is unclear whether these changes will have a long-term impact on the adoption of telehealth services by the general public or legislative and regulatory authorities.
−Removed: Corporate practice of medicine laws in the U.S.;
+Added: It is unclear whether all of these changes will remain in place, and whether these changes will have a long-term impact on the adoption of telehealth services by the general public or legislative and regulatory authorities in the United States.
+Added: In the United Kingdom and Canada, the use of asynchronous telehealth modalities—such as online questionnaires—faces specific regulatory restrictions, particularly for prescribing medicines for weight-management treatments and certain high-risk prescription medicines.
+Added: In these cases, additional safeguards are required, such as enhanced verification of patient identity and more robust clinical assessments, and in some cases, necessitating synchronous (live) consultations before a prescription can be issued.
+Added: In the United Kingdom, the applicable requirements are set out by the GPhC and are designed to ensure patient safety and appropriate clinical oversight.
+Added: In Canada, any such requirements are largely set forth in documentation published by the relevant provincial and territorial regulatory colleges and authorities that govern the practice of medicine and nursing.
+Added: Corporate practice of medicine laws;
Fee splitting
−Removed: In certain jurisdictions, the corporate practice of medicine doctrine generally prohibits non-physicians from practicing medicine, including by employing physicians to provide clinical services, directing the clinical practice of physicians, or holding an ownership interest in an entity that employs physicians.
−Removed: Some states have similar doctrines with respect to other professional licensure categories, including behavioral health services and providers.
−Removed: Other practices, such as professionals splitting their professional fees with non-professional persons or entities, are also prohibited in some jurisdictions.
+Added: In certain jurisdictions, including in the U.S., the corporate practice of medicine doctrine generally prohibits non-physicians from practicing medicine, including by employing physicians to provide clinical services, directing the clinical practice of physicians, or holding an ownership interest in an entity that employs physicians.
+Added: This prohibition does not apply in the United Kingdom or the Republic of Ireland, where Zava UK and Zava Ireland operate and service the United Kingdom and the European Union, respectively, through their employed and/or contracted physicians.
+Added: In Canada, while there is no uniform national corporate practice of medicine doctrine, some provinces impose restrictions that limit the extent to which non‑physicians may own or control medical practices or employ physicians.
+Added: In addition, some states in the United States have similar doctrines with respect to other professional licensure categories, including behavioral health services and providers.
+Added: Other practices, such as professionals splitting their professional fees with non-professional persons or entities, are also
+Added: prohibited in some jurisdictions.
Many states also limit the extent to which nurse practitioners and physician assistants can practice independently and require that they practice under the supervision of or in collaboration with a supervising physician.
−Removed: These laws are intended to prevent unlicensed persons from interfering with or unduly influencing a physician’s professional judgment.
−Removed: State laws and enforcement activities related to the corporate practice of medicine and fee-splitting vary dramatically.
+Added: These laws are intended to prevent unlicensed persons from interfering with or unduly influencing a physician’s professional judgment, and ensuring sufficient professional oversight of clinical care.
+Added: State laws and enforcement activities related to the corporate practice of medicine, fee-splitting, and physician oversight of non-physician practitioners vary dramatically.
In some states, even activities not directly related to the delivery of clinical services may be considered an element of the practice of medicine.
For example, in some states the corporate practice of medicine restrictions may be implicated by non-clinical activities such as scheduling, contracting, setting rates, and the hiring and management of non-clinical personnel.
−Removed: Because of the restrictions on the corporate practice of medicine doctrine and fee-splitting in various jurisdictions, we do not employ the healthcare providers who provide clinical services on the Hims & Hers platform.
−Removed: Instead, the Affiliated Medical Groups provide services on the platform and we contract with but do not own the Affiliated Medical Groups.
−Removed: The Affiliated Medical Groups and their providers maintain exclusive authority regarding the provision of healthcare services (including
−Removed: consults that may lead to the writing of prescriptions) and remain responsible for retaining and compensating their providers, credentialing decisions regarding their providers, maintaining professional standards, maintaining clinical documentation within medical records, establishing their own fee schedule, and submitting accurate information to us so that we can bill customers.
+Added: Because of the restrictions on the corporate practice of medicine doctrine and fee-splitting in various jurisdictions in the United States, we do not employ the healthcare providers in the U.S.
+Added: who provide clinical services on the Hims & Hers platform.
+Added: Instead, in the U.S.
+Added: the Affiliated Medical Groups provide services on the platform and we contract with but do not own the Affiliated Medical Groups.
+Added: The Affiliated Medical Groups and their providers maintain exclusive authority regarding the provision of healthcare services (including consults that may lead to the writing of prescriptions) and remain responsible for retaining and compensating their providers, credentialing decisions regarding their providers, maintaining professional standards, maintaining clinical documentation within medical records, establishing their own fee schedule, and submitting accurate information to us so that we can bill customers.
Despite our care in structuring arrangements with the Affiliated Medical Groups, it is possible that a regulatory authority or another party, including providers affiliated with Affiliated Medical Groups, could assert that we (or other organizations with similar business models) are engaged in the corporate practice of medicine or that the contractual arrangements with Affiliated Medical Groups violate a state’s fee-splitting prohibition.
2 unchanged sentences
Participants in the United States healthcare industry are subject to extensive federal and state regulation with respect to kickbacks, physician self-referral arrangements, false claims, and other fraud and abuse issues.
−Removed: For example, the federal anti-kickback law (the “Anti-Kickback Law”) prohibits, among other things, knowingly and willfully offering, paying, soliciting, receiving, or providing remuneration, directly or indirectly, in exchange for or to induce either the referral of an individual, or the furnishing, arranging for, or recommending of an item or service that is reimbursable, in whole or in part, by a federal health care program.
−Removed: The federal False Claims Act imposes liability on any person or entity that, among other things, knowingly presents, or causes to be presented, a false or fraudulent claim for payment to the federal government.
−Removed: The penalties for violating these laws can be severe, including criminal and civil penalties, imprisonment, and possible exclusion from the federal health care programs.
+Added: For example, the federal anti-kickback law (the “Anti-Kickback Law”) prohibits, among other things, knowingly and willfully offering, paying, soliciting, receiving, or providing anything of value, directly or indirectly, in exchange for or to induce or reward either the referral of an individual, or the furnishing, arranging for, or recommending of an item or service that is reimbursable, in whole or in part, by a federal health care program.
+Added: The federal civil False Claims Act imposes liability on any person or entity that, among other things, knowingly presents, or causes to be presented, a false or fraudulent claim for payment of federal government funds.
In addition, the federal ban on physician self-referrals, commonly known as the “Stark Law,” prohibits, subject to certain exceptions, physician referrals of Medicare patients to an entity providing certain “designated health services” if the physician or an immediate family member of the physician has any financial relationship with the entity.
+Added: The penalties for violating these laws can be severe, including civil, criminal and administrative fines and penalties, damages, imprisonment, and exclusion from participation in federal health care programs.
Given our current operations, the Anti-Kickback Law, the federal False Claims Act, the Stark Law, and other laws that are tied to federal health care programs or commercial insurer reimbursement should not apply to our business.
2 unchanged sentences
Regulation of medical and wellness products
−Removed: Certain of the products available through our platform, including prescription pharmaceuticals, over-the-counter drugs, over-the-counter devices, cosmetics, and dietary supplements, and the third-party suppliers and manufacturers of these products (“Manufacturing Suppliers,”) which manufacture and/or supply certain of our products or product ingredients, including compounded glucagon-like peptide-1 receptor agonists (“GLP-1s”), to the Pharmacies, are subject to extensive regulation by the FDA and international, federal, state, and local authorities.
−Removed: These authorities enforce regulations related to methods and documentation of the testing, production, compounding, control, safety, quality assurance, labeling, packaging, sterilization, storage, and shipping of products and the components of those products.
−Removed: The Federal Food, Drug and Cosmetic Act (“FDCA”), and FDA’s implementing regulations, set forth, among other things, requirements for the testing, development, manufacture, quality control, safety, effectiveness, approval, labeling, storage, record-keeping, reporting, distribution, import, export, advertising, and promotion of many of the products offered on our platform.
+Added: Certain of the products available through our platform, including prescription pharmaceuticals, over-the-counter drugs, prescription medical devices, over-the-counter medical devices, wellness products, cosmetics, and dietary supplements, and the third-party suppliers and manufacturers of these products (“Manufacturing Suppliers,”) which manufacture and/or supply certain of our products or product ingredients, including compounded glucagon-like peptide-1 receptor agonists (“GLP-1s”), to the Pharmacies, are subject to extensive regulation by the FDA and international, federal, state, and local authorities.
+Added: These authorities enforce regulations related to methods and documentation of the testing, production, compounding, control, safety, quality assurance, labeling, marketing, packaging, sterilization, storage, and distribution of products and the components of those products.
+Added: The Federal Food, Drug and Cosmetic Act (“FDCA”), and FDA’s implementing regulations, set forth, among other things, requirements for the testing, development, manufacture, quality control, safety, effectiveness, approval, labeling, storage,
+Added: record-keeping, reporting, distribution, import, export, advertising, and promotion of many of the products offered on our platform.
FDA enforces regulations to ensure that the methods used in, and the facilities and controls used for, the manufacture, processing, packaging and holding of drugs conform to current good manufacturing practice (“cGMP”).
4 unchanged sentences
Failure to comply with applicable cGMP requirements and conditions of product approval may lead the FDA to take enforcement actions or seek sanctions, including fines, issuance of warning letters, civil penalties, injunctions, suspension of manufacturing operations, operating restrictions, withdrawal of FDA approval, seizure or recall of products, and criminal prosecution.
−Removed: Although we periodically monitor the FDA compliance of our third-party manufacturers, we cannot be
−Removed: certain that our present or future third-party manufacturers will consistently comply with cGMP and other applicable FDA regulatory requirements.
+Added: Although we periodically monitor the FDA compliance of our third-party manufacturers, we cannot be certain that our present or future third-party manufacturers will consistently comply with cGMP and other applicable FDA regulatory requirements.
+Added: Regulatory and/or legal enforcement actions against our third-party manufacturers by the FDA or other federal, state, or foreign enforcement authorities could have material adverse consequences on our business or its operations.
+Added: In the future, we may offer prescription drug products that are regulated as controlled substances on our platform.
+Added: The Drug Enforcement Administration (“DEA”) is the U.S.
+Added: federal agency responsible for domestic enforcement of the federal Controlled Substances Act of 1970 (“CSA”) and similar state and foreign laws based on the drug’s potential for abuse, among other factors.
+Added: The DEA classifies controlled substances into five schedules.
+Added: Schedule I substances have a high potential for abuse, have no currently “accepted medical use” in the U.S., lack accepted safety for use under medical supervision, and may not be prescribed, marketed or sold in the U.S.
+Added: Pharmaceutical products approved for use in the U.S.
+Added: may be classified as Schedule II, III, IV or V, with Schedule II substances considered to present the highest potential for abuse or dependence and Schedule V substances the lowest relative risk of abuse.
+Added: Entities must register annually with the DEA to manufacture, distribute, dispense, import, export and conduct research using controlled substances.
+Added: In addition, the DEA requires entities handling controlled substances to maintain records and file reports, follow specific labeling and packaging requirements, and provide appropriate security measures to control against diversion of controlled substances.
+Added: The DEA periodically inspects facilities for compliance with its rules and regulations.
+Added: For all controlled substances, there are potential criminal and civil penalties that apply for the failure to meet applicable legal requirements, and, in general, healthcare professionals may be required to have a federal and/or state license in order to handle, prescribe, or dispense controlled substances.
The over-the-counter drug and device products and some of the cosmetics and supplement products we sell are “white-labeled” products, where we sell the manufacturer-developed product under the Hims & Hers brand name or co-branded along with the manufacturer’s brand.
9 unchanged sentences
While Providers are legally permitted to prescribe medications for off-label uses, and although we believe our product promotion is conducted in material compliance with FDA and other regulations, if the FDA determines that our product promotion constitutes promotion of an unapproved use of an approved product or of an unapproved product, the FDA could request that we modify our product promotion or subject us to regulatory and/or legal enforcement actions, including the issuance of a warning letter, injunction, seizure, civil fine, and criminal penalties.
−Removed: It is also possible that other federal, state, or foreign enforcement authorities might take action if they consider the product promotion to constitute promotion of an unapproved use of an approved product or of an unapproved product, which could result in significant fines or penalties under other statutes, such as laws prohibiting false claims for reimbursement.
−Removed: FDA regulations relating to the advertising and promotion of prescription and over-the-counter drugs, including prescription compounded drugs, also require that promotional materials for prescription drugs not be false or misleading.
+Added: For example, in September 2025, the FDA issued warning letters to approximately 50 companies that market compounded GLP-1 products regarding the promotion of such products.
+Added: We received two such warning letters from the FDA
+Added: regarding certain of our compounded semaglutide GLP-1 products, to which we timely responded.
+Added: In February 2026, the FDA issued a statement (the “FDA Statement”) indicating that the agency intends to restrict GLP-1 active pharmaceutical ingredients intended for use in non-FDA-approved compounded drugs that are being mass-marketed as similar alternatives to FDA-approved drugs.
+Added: We were directly named in the FDA Statement.
+Added: It is also possible that other federal, state, or foreign enforcement authorities might take action if they consider the product promotion to constitute promotion of an unapproved use of an approved product or of an unapproved product, which could result in significant fines or penalties under other statutes.
+Added: See Part I, Item 1A:
+Added: “Risk Factors—Risks Related to Our Business—If we are unable to expand or maintain the scope of our offerings, including the number and type of products and services that we offer, the number and quality of Providers serving our customers, and the number and types of conditions capable of being treated through our platform, our business, financial condition, and results of operations may be materially and adversely affected.”
+Added: Our advertising and promotional activities are subject to federal and state laws and regulations.
+Added: FDA regulations relating to the advertising and promotion of prescription and over-the-counter drugs, including prescription compounded drugs, require that promotional materials for prescription drugs not be false or misleading.
Failure to comply with FDA requirements can result in a prescription drug being deemed misbranded under the FDCA.
Misbranding a drug in interstate commerce is a prohibited act and can result in regulatory and/or legal enforcement actions, including the issuance of an untitled letter or warning letter, injunctions, or in extreme instances, criminal prosecution.
−Removed: In addition, FDA findings of misleading promotional statements and practices can lead to private litigation under federal and state consumer protection and unfair trade practices laws.
+Added: In addition, misleading promotional statements and practices, or allegations thereof, can lead to private litigation under federal and state consumer protection and unfair trade practices laws, including the Lanham Act and similar state laws.
+Added: In the United Kingdom and the European Union, the regulatory framework is distinct from the U.S.
+Added: regime and is governed by a combination of EU directives/regulations, national laws, and guidance from regulatory authorities such as the Medicines and Healthcare products Regulatory Agency (“MHRA”) in the United Kingdom and the European Medicines Agency (“EMA”) in the European Union, and local competent authorities in member states.
+Added: Prescription medicines and over-the-counter drugs must comply with Directive 2003/94/EC (for medicines) in the European Union, and the Human Medicines Regulations, 2012 in the United Kingdom.
+Added: Manufacturers and suppliers must be licensed and are subject to regular inspections by the MHRA (UK) or national competent authorities (EU).
+Added: Non-compliance can result in suspension or revocation of licenses, product recalls, fines, or criminal prosecution.
+Added: The promotion of prescription-only medicines to the general public is strictly prohibited in both the United Kingdom and European Union under the Human Medicines Regulations 2012 (UK) and Directive 2001/83/EC (EU).
+Added: However, online pharmacies and telehealth providers are permitted to promote their services, including medical consultations for specific conditions (e.g., erectile dysfunction), provided they comply with applicable regulatory authority guidelines and do not promote specific prescription medicines to the public.
+Added: In the United Kingdom, the MHRA has published detailed guidance on the advertising of medicines and the operation of online pharmacies.
+Added: Non-compliance can result in compliance letters, regulatory action, or, in serious cases, criminal prosecution.
+Added: The MHRA typically seeks to resolve issues through engagement before taking enforcement action.
+Added: While healthcare professionals in the United Kingdom and European Union may prescribe medicines for off-label uses where clinically justified, the promotion of off-label uses by manufacturers or suppliers is prohibited.
+Added: Any such promotion may result in regulatory action by the MHRA or national authorities.
+Added: In Canada, the regulatory framework applicable to prescription pharmaceuticals, over‑the‑counter drugs, medical devices, cosmetics, and natural health products is similar to the U.S.
+Added: regime and is governed primarily by the Canadian Food and Drugs Act and its implementing regulations, which are administered by Health Canada.
+Added: Manufacturers, importers and distributors are generally required to hold appropriate licenses and are subject to inspections and enforcement action.
+Added: Non‑compliance may result in recalls, license suspension or revocation, fines, or criminal prosecution.
+Added: The advertising and promotion of prescription drugs to the general public in Canada is highly restricted.
+Added: While healthcare professionals may prescribe medicines for off‑label uses where clinically appropriate, the promotion of off‑label uses is prohibited.
+Added: More generally, it is prohibited to promote the name of a drug and the condition it treats in direct‑to‑consumer advertising and/or to make any product claims.
+Added: Non‑compliance may result in regulatory action by Health Canada or other authorities.
+Added: The dispensing of prescription medicines and the operation of pharmacies in Canada are regulated at the provincial and territorial level and are subject to oversight by pharmacy regulatory authorities.
+Added: These regulations govern pharmacy licensing, prescription fulfillment, compounding, and distribution.
Regulation of compounded drugs
−Removed: Certain of the products available through our platform are compounded drug products under Section 503A or Section 503B of the FDCA, which provide exemptions from the requirements for preapproval to market a new drug and labeling with adequate directions for use.
+Added: Certain of the products that are or have been available through our platform are compounded drug products under Section 503A or Section 503B of the FDCA, which provide exemptions from the requirements for preapproval to market a new drug and labeling with adequate directions for use.
To market our products under these exemptions, we must comply with the applicable requirements.
Section 503A permits compounding of a drug that is not “essentially a copy” of a commercially available (or FDA-approved) drug product by a licensed pharmacist or a licensed physician based on receipt of a valid prescription for an individual patient or limited quantities before receipt of a valid prescription if certain conditions are met.
−Removed: 503A pharmacies are not subject to current cGMP requirements, and these facilities are not inspected by FDA.
+Added: 503A pharmacies may only compound using bulk drug substances that comply with the standards of an applicable United States Pharmacopoeia (“USP”) or National Formulary monograph, if a monograph exists, and the USP chapter on pharmacy compounding.
+Added: If a monograph does not exist, the bulk drug substances must be components of FDA-approved drug products or appear on FDA’s list of bulk drug substances that can be used in compounding.
Compounding under 503A is primarily regulated by state pharmacy laws and regulations governing pharmacy operations.
−Removed: These laws and regulations often include specific requirements for compounding operations, including requirements for licensing of pharmacists, pharmacy technicians and pharmacies, supervision and training, inspections, sterility assurance, and recordkeeping, among other requirements.
−Removed: Regulations are updated periodically, generally under the jurisdiction of individual state boards of pharmacy.
+Added: 503A pharmacies are not subject to current cGMP requirements, and these facilities are not inspected by FDA.
+Added: These state laws and regulations often include specific requirements for compounding operations, including requirements for licensing of pharmacists, pharmacy technicians and pharmacies, supervision and training, inspections, sterility assurance, and recordkeeping, among other requirements.
+Added: State regulations are updated periodically, generally under the jurisdiction of individual state boards of pharmacy.
Failure to comply with the state pharmacy regulations of a particular state could result in a pharmacy being prohibited from operating in that state, financial penalties and/or becoming subject to additional oversight from that state’s board of pharmacy.
In addition, many states are considering imposing, or have already begun to impose, more stringent requirements on compounding operations.
−Removed: We also offer access to drugs compounded by facilities referred to as 503B outsourcing facilities, including MedisourceRx.
+Added: We may also offer access to drugs compounded by facilities referred to as 503B outsourcing facilities, including MedisourceRx.
Under Section 503B, outsourcing facilities may compound drugs without an individual patient prescription.
Outsourcing facilities must be registered with FDA and are subject to cGMP requirements and regular FDA inspections.
−Removed: Section 503B also includes requirements regarding adverse event reporting, use of bulk drug substances, and prohibitions on wholesaling and compounding “essentially a copy” of an FDA approved drug, unless the drug is on FDA’s Drug Shortage List at the time of compounding, distribution, and dispensing.
−Removed: Sections 503A and 503B also prohibit compounding of drug products that present “demonstrable difficulties for compounding.” However, FDA must publish a list of such drugs, through notice and comment rulemaking, before implementing this rule, and FDA has never finalized the list for any drug products.
−Removed: In May 2024, we began offering access to GLP-1s, first in the form of compounded injectable semaglutide and in August 2024, in the form of branded (or FDA-approved) injectable semaglutide, as part of our weight loss specialty.
−Removed: Certain aspects of our GLP-1 compounding business are permitted by FDA based on current shortages of branded GLP-1s, and we cannot predict when such shortages will be resolved.
−Removed: Additionally, all doses of semaglutide marketed under the trade names Ozempic and Wegovy became listed as available on the FDA’s Drug Shortage List as of October 30, 2024.
−Removed: On February 21, 2025, the FDA resolved the semaglutide shortage, which could constrain our ability to continue providing access to compounded semaglutide on our platform once our current inventory has been sold.
−Removed: While we believe the compounded drug products available through our platform meet the requirements for exemption under Section 503A or Section 503B of the FDCA, as applicable, if the FDA were to determine that such products do not meet the requirements for exemption, the FDA could subject us, the Pharmacies, Partner Pharmacies, Affiliated Medical Groups, Providers, Facilities, or Manufacturing Suppliers to regulatory and/or legal enforcement actions, including the issuance of a warning letter, injunction, seizure, civil fine, and criminal penalties.
−Removed: Other federal, state, or foreign enforcement authorities might also take action against us or the Pharmacies, Partner Pharmacies, Affiliated Medical Groups, Providers, Facilities, or Manufacturing Suppliers if they determine that compounded drug products available through our platform do not meet applicable legal or regulatory requirements.
−Removed: New regulatory requirements
−Removed: We recently announced two acquisitions of (i) a peptide manufacturing facility (and related assets) and (ii) a laboratory business.
−Removed: These are both new operational areas where we have not operated previously as an organization.
−Removed: These operations present regulatory requirements to which we have not previously been subject for us to comply with once we have integrated the acquisitions and have commenced operations.
−Removed: For example, with respect to the peptide manufacturing business, we will now be subject to provisions governing FDA-registered manufacturers of active pharmaceutical ingredients (“API”), as well as federal regulations regarding cGMP applicable to API manufacturers.
+Added: Section 503B also includes requirements regarding adverse event reporting, use of bulk drug substances, and prohibitions on wholesaling and compounding “essentially a copy” of an FDA approved drug, unless the drug is on FDA’s Drug Shortage List at the time of compounding, distribution, and dispensing, or the bulk drug substance appears on FDA’s list of bulk drug substances for which there is a clinical need.
+Added: Sections 503A and 503B also prohibit compounding of drug products that present “demonstrable difficulties for compounding.” However, FDA must publish a list of such drugs, through notice and comment rulemaking, before implementing this rule.
+Added: Stakeholders may request that FDA add drug products or categories of drug products to its “Demonstrable Difficulties for Compounding List,” and the manufacturers of certain FDA-approved GLP-1 products have requested FDA add semaglutide and tirzepatide to the list.
+Added: While FDA has never finalized the list for any drug products, if FDA were to add drug products that we compound to, and finalize, the list, we could no longer compound these products.
+Added: We currently only use 503A compounding pharmacies for the fulfillment and dispensing of compounded GLP-1 products, which limits our current use of 503B outsourcing facilities and may constrain our ability to meet customer demand, which could adversely affect our results of operations.
+Added: While we believe the compounded drug products available through our platform meet the applicable requirements for exemption under the FDCA, if the FDA were to determine that such products do not meet the requirements for exemption, the FDA could subject us, the Pharmacies, Partner Pharmacies, Affiliated Medical Groups, Providers, Facilities, or Manufacturing Suppliers to regulatory and/or legal enforcement actions, including the issuance of a warning letter, injunction, seizure, civil fine, and criminal penalties.
+Added: In December 2025, our Outsourcing Facility received a warning letter noting the failure to submit an adverse event report and a deficiency with the Outsourcing Facility’s procedures for reporting adverse events in violation of Section 503B of the FDCA, to which we timely responded.
+Added: We have taken and continue to take corrective and preventative actions to address the FDA’s observations.
+Added: However, there can be no assurance that the FDA will be satisfied with the adequacy of our responses.
+Added: Other federal, state, or foreign enforcement authorities might also take action against us or the Pharmacies, Partner Pharmacies, Affiliated Medical Groups, Providers, Facilities, or Manufacturing Suppliers if they determine that compounded drug products available through our platform do not meet applicable legal or regulatory requirements, which could include disciplinary sanctions, suspension or revocation of licenses we need to operate, or financial penalties.
+Added: In the United Kingdom, compounded GLP-1 injectables may be offered only where a patient has a special clinical need that cannot be met by a licensed product or dose.
+Added: Supply is regulated under the Human Medicines Regulations 2012, with strict conditions:
+Added: products must be supplied in response to an unsolicited order, based on a prescriber’s prescription, and for a documented clinical need.
+Added: Advertising of unlicensed products is prohibited, though compounding services may be referenced.
+Added: Manufacture must be by a holder of a Manufacturer’s Specials Licence or a registered pharmacy, with full records maintained and available to the MHRA.
+Added: In Canada, compounded GLP‑1 injectable medicines may be prepared only where a patient has a specific clinical need that cannot be met by a Health Canada–authorized product or available strength, or where an authorized product is not commercially available, such as during a shortage.
+Added: Supply is regulated under the Food and Drugs Act and Food and Drug Regulations, together with Health Canada’s Policy on Manufacturing and Compounding Drug Products in Canada (POL‑0051), with strict conditions:
+Added: products must be prepared for an individual, identified patient, based on a prescriber’s prescription, and supported by a documented therapeutic need.
+Added: Advertising of compounded or otherwise unauthorized drug products is prohibited, though pharmacies may refer generally to the availability of compounding services.
+Added: Compounding must be carried out by regulated pharmacy professionals under provincial or territorial authority, or by establishments holding a Drug Establishment Licence where activities meet the definition of fabrication or manufacturing, with full records maintained and available to Health Canada and provincial regulators.
+Added: API requirements
+Added: Our Peptide Facility (and related assets) presents regulatory requirements to which we have not previously been subject.
+Added: Once we have commenced commercial operations, these operations will be subject to provisions governing FDA-registered manufacturers of active pharmaceutical ingredients (“API”), as well as federal regulations regarding cGMP applicable to API manufacturers.
We will also be subject to CDPH Food & Drug Branch oversight as a CDPH-registered drug manufacturer and will be required to comply with certain rules and regulations from the departments of health, boards of pharmacy, or other regulatory authorities of other states to which we ship or otherwise introduce API.
−Removed: Additionally, with respect to our expansion into laboratory testing services, we will now be subject to new licensure and certification requirements and federal, state, and local laws and regulations applicable to laboratory testing including the FDCA the Clinical Laboratory Improvement Amendments of 1988 (“CLIA”), and similar state laws.
−Removed: This will also result in additional oversight by various regulatory agencies, including the Centers for Medicare & Medicaid Services (“CMS”) and the FDA within the United States Department of Health and Human Services (“HHS”) on the federal side, as well as state and local departments of health responsible for regulating clinical laboratory testing within the jurisdictions where we will conduct laboratory testing.
−Removed: We may also be subject to additional state licensure requirements applicable to entities engaging in the distribution of prescription medical devices and products depending on how we integrate the laboratory services into our current customer offerings.
−Removed: Furthermore, we may also become subject to certain FDA premarket review requirements relating to the diagnostic testing products that are used in the newly acquired laboratory-developed tests (“LDTs”), including but not limited to 510(k) clearance, de novo classification, premarket approval, and others.
−Removed: There remains some uncertainty over whether the FDA has the authority under the FDCA to regulate LDTs.
−Removed: The FDA asserts that it does have authority and has issued a final rule regarding the regulation of LDTs.
−Removed: The final rule is currently being challenged by the American Clinical Laboratory Association (“ACLA”) in a lawsuit pending in the United States District Court for the Eastern District of Texas.
+Added: We have limited experience with this operational area.
+Added: Laboratory testing and related sample collection kit requirements
+Added: With respect to our expansion into laboratory testing services, we are subject to new licensure and certification requirements and federal, state, and local laws and regulations applicable to laboratory testing including the FDCA, the Clinical Laboratory Improvement Amendments of 1988 (“CLIA”), and similar state laws.
+Added: We are also subject to additional oversight by various regulatory agencies, including the Centers for Medicare & Medicaid Services (“CMS”) and the FDA within the United States Department of Health and Human Services (“HHS”) on the federal side, as well as state and local departments of health and other state-based agencies responsible for regulating clinical laboratory testing and billing within the jurisdictions where we will conduct laboratory testing and, in some cases, by the states from which we accept specimens for testing.
+Added: We may also be subject to additional state licensure requirements applicable to entities engaging in the manufacture and/or distribution of prescription medical devices and products depending on how we integrate the laboratory services into our current customer offerings.
+Added: In addition, certain of our workflows involve the use of at-home sample collection kits that we make available to customers.
+Added: Depending on their design, components, intended use, labeling, and claims, these kits or individual kit components may be regulated as medical devices under the FDCA.
+Added: Some kits may be classified as prescription devices, may require FDA premarket review such as 510(k) clearance, de novo classification, or premarket approval, or may fall within exemptions from such requirements.
+Added: In some instances, it may not be clear whether a particular kit used by us or supplied by a third-party manufacturer requires FDA premarket review, whether an existing authorization is held by us or by a supplier, or whether the kit is being used consistent with the intended use reflected in any applicable clearance, authorization, or exemption.
+Added: We also use third-party manufacturers and suppliers for certain sample collection kits and kit components.
+Added: When kits are sourced from external suppliers, their regulatory status may depend on the supplier’s own clearances or exemptions and on the supplier’s labeling, instructions for use, and design specifications.
+Added: If a supplier modifies a kit, changes its intended-use labeling, discontinues production, or adjusts its manufacturing practices, we may need to evaluate and, where appropriate, validate alternative kits, update workflows or customer instructions, or integrate new components into our processes.
+Added: The qualification and implementation of alternative kits can require updates to laboratory procedures, customer instructions, or logistics operations, and, in some circumstances, may involve coordination with regulatory authorities where premarket review requirements apply.
+Added: On May 6, 2024, the FDA published a final rule adopting its proposal to regulate laboratory-developed tests (“LDTs”), which are tests designed, developed, and performed in-house by a single CLIA-certified laboratory, as medical devices under a multi-year phase-in framework.
+Added: On March 31, 2025, the U.S.
+Added: District Court for the Eastern District of Texas vacated the 2024 final rule, concluding that LDTs developed and used within a single clinical laboratory fall outside FDA’s statutory jurisdiction.
+Added: The FDA did not appeal the ruling, and the final rule was rescinded on September 19, 2025.
+Added: At this time, it remains uncertain whether or how the FDA may seek to regulate LDTs that are developed across multiple laboratories, used outside traditional clinical settings, or offered through digital-health or direct-to-consumer channels such as those made available on our platform.
+Added: Legislative proposals have also periodically sought to clarify or expand FDA’s authority over LDTs, and future statutory or regulatory developments may shape FDA’s approach to oversight of LDTs and related components.
+Added: We may become subject to FDA premarket review pathways—including 510(k) clearance, de novo classification, premarket approval, or other device-related requirements—in connection with certain products used or distributed through our platform.
+Added: These may include the tests themselves, sample collection devices, ancillary testing components, or other tools integrated into our laboratory workflows.
+Added: The applicability of these requirements continues to evolve as the regulatory landscape for diagnostics, LDTs, and at-home testing components develops.
+Added: Additionally, FDA may revise its regulations, policies, or guidance in response to new legislation or judicial decisions.
+Added: Similar regulatory frameworks govern diagnostic products and laboratory operations in other jurisdictions where we operate or may operate in the future.
+Added: National and regional health authorities outside the United States may impose device-related, laboratory-licensure, data-handling, or diagnostic-testing requirements applicable to our offerings, including those conducted through our recently acquired laboratory business.
+Added: These regulatory regimes vary by jurisdiction and may affect how certain laboratory-developed assays, diagnostic tools, or sample-collection components are validated, performed, or made available to customers.
Further, the FDA revises its regulations and guidance in light of new legislation in ways that may affect our business or products.
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This complex, dynamic legal landscape regarding privacy, data protection, information security, and artificial intelligence creates significant compliance issues for us, the Affiliated Medical Groups, the Pharmacies, Facilities, and the Providers, and potentially exposes us to additional expense, adverse publicity, and liability.
−Removed: Various government and consumer agencies have also called for new regulation and changes in industry practices.
+Added: Various government and
+Added: consumer agencies have also called for new regulation and changes in industry practices.
Practices regarding the registration, collection, processing, storage, sharing, disclosure, use, and security of personal and other information by companies offering an online service like our platform have recently come under increased public scrutiny, and federal and state governmental authorities have increased their enforcement activity and demonstrated varying interpretations of existing laws.
9 unchanged sentences
state laws are changing rapidly, numerous states are currently reviewing legislation that is similar to the CCPA and/or CPRA, and there is discussion of a new federal privacy law or federal breach notification law.
−Removed: Additionally, we are subject to the General Data Protection Regulation (“GDPR”) as implemented in the United Kingdom (the “UK GDPR”).
+Added: Additionally, we are subject to the General Data Protection Regulation (“GDPR”) with respect to our operations in Germany, the Republic of Ireland, and France.
+Added: In the United Kingdom, the GDPR applies as retained and amended in United Kingdom law.
The GDPR became effective in the European Union (“EU”) on May 25, 2018.
−Removed: Under the GDPR, data protection authorities in the EU have the power to impose significant administrative fines for violations, which may also lead to damages claims by data controllers and data subjects.
−Removed: The UK GDPR sits alongside the UK Data Protection Act 2018 which implements
−Removed: certain derogations in the GDPR into UK law.
−Removed: Under the UK GDPR, companies not established in the UK but who process personal data in relation to the offering of goods or services to individuals in the UK, or to monitor their behavior, are subject to the UK GDPR - the requirements of which are (at this time) largely aligned with those under the GDPR and may lead to significant compliance and operational costs.
+Added: Under both the EU GDPR and UK GDPR, data protection authorities have the power to impose significant administrative fines for violations, which may also lead to damages claims by data controllers and data subjects.
+Added: The UK GDPR sits alongside the UK Data Protection Act 2018 which implements certain UK-specific provisions and derogations the GDPR into UK law.
+Added: Under the UK GDPR, companies not established in the United Kingdom but who process personal data in relation to the offering of goods or services to individuals in the UK, or to monitor their behavior, are subject to the UK GDPR.
+Added: The requirements of the UK GDPR are (at this time) largely aligned with those under the EU GDPR and may lead to significant compliance and operational costs.
Additionally, in July 2023, the European Commission adopted an adequacy decision concluding that the United States ensures an adequate level of protection for personal data transferred from the EEA to the United States under the EU-U.S.
−Removed: Data Privacy Framework (followed in October 2023 with the adoption of an adequacy decision in the UK for the UK-United States Data Bridge).
−Removed: However, the adequacy decision does not foreclose, and is likely to face, future legal challenges.
+Added: Data Privacy Framework.
+Added: In October 2023, the United Kingdom Government adopted a similar adequacy decision for the UK-United States Data Bridge.
+Added: However, these adequacy decisions do not foreclose, and continue to face, legal challenges.
+Added: In Canada, provincial privacy laws concerning health information vary in their coverage and application.
+Added: For example, Ontario’s Personal Health Information Protection Act and Quebec’s Act respecting Health and Social Services Information regulate, in particular, group practices and private health facilities, while British Columbia’s Personal Information Protection Act governs private-sector organizations, including physician practices.
+Added: In contrast, Alberta’s Health Information Act applies directly to health professionals who are members of a regulatory college, rather than corporations.
+Added: The specific responsibilities for companies such as ours are determined by provincial law and contractual arrangements with health professionals.
+Added: While there are no statutory prohibitions on storing patient data outside of Canada, Quebec maintains a stringent regime with respect to data residency and cross-border transfers.
+Added: New regulatory requirements
+Added: In February 2026, we announced a definitive agreement to acquire Eucalyptus, an Australia-based digital health company that operates in Australia, the United Kingdom, Germany, Canada, and Japan.
+Added: We expect the acquisition to close in the middle of 2026.
+Added: We have not previously operated in Australia or Japan.
+Added: Upon the closing, we will be subject to new regulatory requirements in each new jurisdiction.
We are building a trusted brand focused on empowering consumers to feel great by providing modern personalized health and wellness experiences to consumers to address their health and wellness needs.
1 unchanged sentence
We advertise on digital media, social media, television, radio, out-of-home media, and various other media channels.
−Removed: We believe advertising in a diversified set of media channels is important to prevent overreliance on any single channel and to maximize the exposure of our brands to our desired customers.
−Removed: We also reach our customers through our own social media accounts, press coverage and public relations, internally developed educational and lifestyle content, presence in brick-and-mortar retail stores, and physical brand advertising campaigns.
+Added: We believe advertising in a diversified set of media channels, in compliance with applicable laws, is important to prevent overreliance on any single channel and to maximize the exposure of our brands to our desired customers.
+Added: We also reach our customers through our own social media accounts, press coverage and public relations, internally
+Added: developed educational and lifestyle content, presence in brick-and-mortar retail stores, and physical brand advertising campaigns.
This overall strategy drives significant customer traffic to our platform, including direct type-in traffic and organic online search traffic.
4 unchanged sentences
We view our marketing capabilities as a core strength of the Company and a key differentiator in the market.
−Removed: We expect our weight loss specialty will drive new seasonality considerations for our business.
−Removed: Specifically, we expect individuals’ health and wellness-based New Year's resolutions to result in additional traffic to our platform and thus increase the number of Subscribers utilizing one of our weight loss offerings.
−Removed: This may result in higher Subscriber and Monthly Online Revenue per Average Subscriber growth in the first quarter compared to the remainder of the year.
−Removed: See Part II, Item 7:
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K for definitions of Subscribers and Monthly Online Revenue per Average Subscriber.
Human Capital Management
2 unchanged sentences
Our team is central to our mission to help the world feel great through the power of better health.
−Removed: We believe that celebrating multiple approaches and perspectives allows us to better meet the challenge of providing access to affordable, accessible, personalized health and wellness solutions.
+Added: We believe that celebrating varied approaches and perspectives allows us to better meet the challenge of providing access to affordable, accessible, personalized health and wellness solutions that work for everyone.
We continue to look for intentional ways to expand our programs and initiatives to not only attract, develop, and retain top talent, but also to center the well-being of our people.
3 unchanged sentences
We have heavily invested in the software, tools, and culture that allow our company to be a leading force in the new remote-work environment.
−Removed: Not only has this allowed us to maintain and enhance our commitment to quality, our management team believes it has also provided a real competitive advantage by attracting diverse talent and garnering new geographic exposure.
−Removed: We prioritize hiring team members with a diversity of lived experiences, and we believe we get the benefit of more multi-faceted and nuanced insight into the customers we serve.
−Removed: This also ensures that our internal community reflects our vision for an equity-centered, inclusive workforce.
+Added: Not only has this allowed us to maintain and enhance our commitment to quality, our management team believes it has also provided a competitive advantage by attracting diverse talent and garnering new geographic exposure.
+Added: We prioritize hiring team members with a variety of lived experiences, and we believe we get the benefit of more multi-faceted and nuanced insight into the customers we serve.
+Added: This also ensures that our internal community reflects our vision for a human-centered workforce.
We aim to create an environment of mutual trust, confidence, and inclusion to provide opportunity for growth and recognition, with the ultimate goal of helping more customers feel great through providing access to better health and wellness solutions.
3 unchanged sentences
We evaluate the data obtained through employee feedback to architect learning pathways and experiences that are truly valuable to our employees.
−Removed: We have regular people manager training and labs as well as effective communication training across the organization.
+Added: We have regular people manager training as well as effective communication training across the organization.
We are continually working to improve our processes and policies to align with our growing and evolving workforce.
Further, we have committed to, and formalized, employee development programs that are focused on feedback, coaching, and employee development.
−Removed: Programming includes a formalized performance review process that includes a self-evaluation process, peer-evaluation process and a manager self-evaluation process, together with training and resources on how to approach these evaluations.
+Added: Programming includes a formalized performance review process, a self-evaluation process, peer-evaluation process, and a manager self-evaluation process, together with training and resources on how to approach these evaluations.
We also offer our employees a holistic total rewards package with premier benefit and well-being programs intended to fit the needs of our employees and their family members.
5 unchanged sentences
Commitment to highest standards of provider quality
−Removed: In addition to our employees, as of December 31, 2024, 1,307 medical providers located throughout all 50 states in the U.S.
−Removed: provided services on the Hims & Hers platform through the Affiliated Medical Groups.
+Added: In addition to our employees, as of December 31, 2025, 1,586 medical providers located throughout all 50 states in the United States provided services on the Hims & Hers platform through the Affiliated Medical Groups.
All credentials, licenses, and qualifications of these medical professionals are cross-checked against federal, state, and other agencies.
2 unchanged sentences
This rigor in provider selection ensures a strong culture of high standards focused around improving health and wellness outcomes for our customers.
+Added: In Canada, as of December 31, 2025, approximately 30 licensed healthcare providers delivered healthcare services through the Hims & Hers platform.
+Added: These providers must maintain active registration in good standing with applicable provincial or territorial regulators, and are subject to credential verification and quality review.
+Added: This oversight framework is intended to support consistent clinical standards and positive health outcomes for Canadian customers.
+Added: In the United Kingdom and the European Union, we employ or engage physicians through our UK and Irish subsidiaries.
+Added: All clinicians employed by or contracted through our UK subsidiaries to provide telehealth consultations and related services are registered with the applicable professional regulatory body for medical practitioners.
Consumers have historically accessed the healthcare system in the U.S.
2 unchanged sentences
Much of our marketing efforts since our founding have thus focused on consumer education around these capabilities and the underlying conditions that providers on our platform can help treat.
−Removed: The relatively low (albeit rapidly increasing) penetration of telehealth implies that there is a significant market opportunity as consumers continue to shift their behavior.
+Added: The increasing penetration of telehealth implies that there is a significant market opportunity as consumers continue to shift their behavior.
While we believe there are currently no direct competitors that offer the full suite of solutions and direct-to-consumer touch points as we do, there are several companies that offer components of telehealth or address conditions that compete with our solutions.
1 unchanged sentence
• In direct-to-consumer healthcare, our competition is largely fragmented and consists of many competitors that are smaller in scale and/or are more niche in focus with respect to the conditions they treat.
−Removed: Within parts of the sexual health and hair loss market, we also compete mostly with private organizations with similar product offerings for consumers and/or similar pharmacological capabilities, including compounding capabilities.
+Added: Within parts of the sexual health, weight loss, menopause, testosterone, hair loss, and comprehensive laboratory testing markets, we also compete mostly with private organizations with similar product offerings for consumers and/or similar pharmacological capabilities, including compounding capabilities.
+Added: Additionally, we compete with certain traditional pharmaceutical companies that offer prescription products through direct-to-consumer or digitally enabled channels.
• In telehealth and health and wellness management, we compete with other providers that are larger in scale and generally provide telehealth on behalf of self-insured employers and insurance plans.
2 unchanged sentences
Our ability to obtain and maintain intellectual property protection for our proprietary technology platform, preserve the confidentiality of our trade secrets, and operate without violating the intellectual property rights of others is important to our success.
−Removed: We have a number of measures to protect our intellectual property and brand, including trademarks, confidentiality procedures, non-disclosure agreements, and employee non-disclosure and invention assignment agreements, to establish and protect our proprietary rights.
+Added: We have a number of measures to protect our intellectual property and brand, including trademarks, patents, confidentiality procedures, non-disclosure agreements, and employee non-disclosure and invention assignment agreements, to establish and protect our proprietary rights.
Despite these efforts, there can be no assurance that we will adequately protect our intellectual property.
Hims & Hers owns or is licensed to use valuable intellectual property, including trademarks, service marks, patents, copyrights, trade secrets, and other proprietary information.
−Removed: We consider the trademarks “HIMS,” “HERS,” “H,” and “HIMS & HERS” to be of material importance to our business.
+Added: We consider the trademarks “HIMS,” “HERS,” “H,” “HIMS & HERS,” and “ZAVA” to be of material importance to our business.
Depending on the jurisdiction, trademarks, and service marks generally are valid as long as they are used and/or registered.
3 unchanged sentences
Our products and services are available through the following websites:
−Removed: www.hims.com, www.forhers.com, www.forhims.co.uk and www.apostrophe.com.
+Added: www.hims.com, www.forhers.com, www.forhims.co.uk, www.hims.ca, www.forhers.ca, www.forhers.co.uk, www.zavamed.com, and www.sprechstunde.online.
+Added: We use our websites at hims.com and forhers.com;
+Added: our investor relations website at investors.hims.com;
+Added: our news website at news.hims.com;
+Added: our and Andrew Dudum’s X accounts at x.com/wearehims, x.com/wearehers, x.com/himsherscomms and x.com/AndrewDudum;
+Added: and our LinkedIn accounts at linkedin.com/company/hims-&-hers and linkedin.com/showcase/h-h-corporate-affairs as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
We make available free of charge at the Investor Relations section of the hims.com website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we file or furnish such materials with the Securities and Exchange Commission (the “SEC”).
The SEC also maintains a website located at www.sec.gov that contains reports and other information regarding issuers that file electronically with the SEC.
−Removed: The information on our websites is not, and will not be deemed to be, a part of this Annual Report on Form 10-K or incorporated into any of our other filings with the SEC, except where we expressly incorporated such information.
+Added: The information on our websites and social media accounts is not, and will not be deemed to be, a part of this Annual Report on Form 10-K or incorporated into any of our other filings with the SEC, except where we expressly incorporated such information.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.