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Item 1. Business

2026-02-27 compared with 2025-03-03 · 102 added, 174 removed, 217 unchanged (56% of the section changed)

Progyny is a global leader in women’s health and family building solutions.

We envision a world where everyone can realize their dreams of family and ideal health.

Our mission is to empower healthier, supported journeys through transformative fertility, family building and women’s health benefits.

Progyny is a leading benefits management company specializing in fertility, family building and women's health benefits solutions in the United States.

We launched our fertility benefits solution in 2016 with five employer clients and have since expanded our platform to include solutions in pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing in order to address the continuum of women’s health.

Today, we have grown our current base of clients to more than 590 employers, each with at least 1,000 covered lives.

Our clients include many of the nation’s most prominent employers across a broad array of industries.

We launched our fertility benefits solution in 2016 with our first five employer clients, and we have grown our current base of clients to more than 530 employers, each with at least 1,000 covered lives.

We currently have contracts to provide coverage to approximately 7.2 million employees and their covered dependents (known in our industry as covered lives, and to whom we refer to as our members).

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We have retained substantially all of our clients since we launched our fertility benefits solution, and our member satisfaction is evidenced by our most recent industry-leading Net Promoter Score, or NPS, of +81 for our fertility benefits solution and +79 for Progyny Rx, our integrated pharmacy benefits solution, as of December 31, 2025.

We are redefining fertility and family building benefits, proving that a comprehensive fertility solution can simultaneously benefit employers, members and providers.

We are transforming women’s health benefits, proving that comprehensive, inclusive, and intentionally designed solutions can simultaneously benefit employers, members and providers.

We believe the value proposition we deliver to all of these constituents is key to our success and growth.

By empowering our members with education, guidance and financial support, and enabling high-quality fertility specialists to use the latest science and technologies, our solution leads to the development of customized treatment plans that result in optimal clinical outcomes for our members and cost savings for our clients.

In order to simplify the process for our members, we offer our proprietary Smart Cycle approach.

Smart Cycles are designed by us to include the medical services required for a member’s full course of treatment, including all necessary diagnostic testing and access to the latest technology.

In conjunction with the Smart Cycle plan design, each member who utilizes our benefit has a dedicated Patient Care Advocate, or PCA, who has fertility expertise and provides end-to-end concierge support, including logistical support (i.e., fertility specialist selection, appointment scheduling, treatment authorization and treatment payment), clinical guidance (i.e., treatment options, outcomes statistics and what to expect) and emotional support during the often challenging and unpredictable fertility journey.

Additionally, all Progyny members have access to our selective network of high-quality fertility specialists, who we equip with a benefits design that enables them to pursue the best treatment pathways, providing our members with tailored treatments that result in optimal clinical outcomes.

In addition to our fertility benefits solution, we offer an integrated pharmacy benefits solution, Progyny Rx, which can be added by our clients.

Progyny Rx provides our members with access to the medications needed during their fertility treatment.

As part of this solution, we provide care management services, which include our formulary plan design, simplified authorization, assistance with prescription fulfillment and timely delivery of the medications by our network of specialty pharmacies, as well as medication administration training, pharmacy support services and continuing PCA support.

We also expanded our solutions to include a preconception, maternity and postpartum care offering as well as a menopause and midlife care offering.

We have demonstrated our ability to drive better outcomes for our clients, members and provider clinics across multiple metrics.

Provider clinics in our network produce outcomes that surpass their own reported practice averages when treating Progyny members because of our differentiated solution.

Additionally, across our membership, our outcomes compared to national averages have been consistently superior to date.

Industry Background

The prevalence of infertility is high, affecting one in five married women aged 15 to 49 years with no prior births in the United States, according to the Centers for Disease Control and Prevention, or CDC, and there is increasing

awareness around infertility as a disease as more individuals are openly discussing their struggles with fertility.

As transparency and dialogue around infertility have increased, there has been a de-stigmatization of the disease.

Despite this change in perception of infertility and its high prevalence, it is one of the only high-prevalence medical conditions with limited or non-existent medical insurance.

By comparison, medical conditions with similar prevalence, such as diabetes and asthma, are comprehensively covered by conventional health insurance carriers and employers.

Due to the high prevalence of infertility, its high costs of treatment and the limited insurance coverage provided for this disease, there is a significant unmet need for fertility services in the United States, and several macro trends are driving the need for fertility treatments and propelling the overall size of the fertility market.

While fertility treatments have been available for over 40 years to help individuals suffering from infertility build their families, access to these treatments has been limited due to the lack of comprehensive coverage and the prohibitive costs.

We believe that the lack of adequate coverage has been the result of both broader public policy issues, as well as conventional health insurance carrier-specific policies.

For example, it was not until 2017 that infertility was first recognized as a disease by the American Medical Association, and, as of February 2025, only 22 states and the District of Columbia have mandated insurance coverage for infertility.

For the states that do mandate coverage, the mandates vary greatly and may leave patients with inadequate coverage or unable to pursue care at all.

When conventional health insurance carriers have chosen to structure fertility coverage for their employer clients, that coverage often has limited lifetime dollar maximums and clinically antiquated "one size fits all" clinical protocols, such as mandated step therapy protocols.

Major cultural shifts and the evolving demographics of the workforce in the United States are driving demand for fertility treatments and adequate coverage to support them.

More individuals than ever are making the choice to start their families later in life, increasing the biological likelihood of infertility as an individual's fertility declines with age.

Additionally, the increased acceptance of non-traditional paths to parenthood has created an increased need for access to fertility treatments.

As employees are demanding more robust fertility benefits coverage, employers are increasingly focused on providing a comprehensive fertility benefits solution that supports an inclusive and diverse workplace in order to attract and retain top employees.

Because employers in the same industry are competing for employee talent, once the availability of fertility benefits begins to penetrate a particular industry, a demonstrable network effect occurs in which employees within that industry begin to expect the benefit from their employers, which can cause an employer to adopt the benefit to remain competitive and bolster employee satisfaction and retention.

Industry Challenges

We believe employers are faced with three major challenges related to providing fertility benefits to their employee bases:

• the lack of a comprehensive fertility benefits solution that optimizes their fertility treatment expenditures;

• the need to reduce the significant maternity and neonatal intensive care unit, or NICU, expenses resulting from multiple births caused by fertility treatments and the resulting workplace impact;

• the desire to find innovative ways to attract and retain highly sought-after talent.

Employers are seeing an increasing demand for fertility and family building benefits solutions from their employees, yet the programs offered by their conventional health insurance carriers do not successfully address these core challenges.

Driven by these market dynamics, the market for fertility treatments has grown as more individuals pursue treatment.

Given this increasing demand coupled with inadequate existing coverage, there is a greater need for a fertility benefits manager that can provide comprehensive and effective benefits to the employer market.

Lack of Effective Fertility Benefits Solutions

The conventional fertility benefits options available to employers have been designed to control the utilization of services (and expenditures) by employees rather than to optimize outcomes.

As such, their plan designs have included restrictive features, such as lifetime dollar maximums, mandated step therapy protocols and limited or no coverage for advanced diagnostics and procedures.

In addition, these plan designs have failed to provide access to premier fertility specialists, robust patient support and the ability to dispense fertility medication in a timely manner.

When conventional fertility benefits coverage is restrictively structured with a lifetime dollar maximum, the patient often makes poor clinical decisions that ultimately result in greater costs for the employer.

Because the dollar maximum can easily be exhausted in the midst of a fertility treatment cycle, patients may elect to transfer multiple embryos because they are under financial pressure and mistakenly believe that it will optimize their chance of becoming pregnant.

The common use of multiple embryo transfer belies the fact that this procedure greatly increases the risk of multiple births and health complications among the mother and babies.

One of the most common complications associated with multiples is preterm births, which significantly increases healthcare costs, including maternity care, labor and delivery costs and NICU expenses.

Conventional health insurance carriers also often mandate step therapy protocols and restrict access to use of advanced diagnostics and procedures, which exacerbates the inefficient utilization of dollars available under the lifetime dollar maximum and wastes valuable time on less effective treatments.

The fertility process is a long, rigorous journey, both emotionally and physically.

Conventional benefits programs lack meaningful care coordination, education or patient support.

Patients and their dependents have no help in understanding the complex choices they are faced with and discerning between treatment alternatives.

There is also limited emotional support when patients face setbacks or unexpected outcomes as the current system ignores the emotional burden of patients embarking on the path to pregnancy through assisted reproductive technology, or ART, treatments and the impact that burden has on employee productivity and the workplace.

The conventional pharmacy delivery infrastructure is not designed to address the uniqueness of fertility treatment, which requires highly coordinated and timely delivery of medications.

Conventional benefits managers require extensive and multiple authorizations and have inconsistent approval processes, which can complicate and delay the provision of medications that are essential to fertility treatment.

We believe that authorization and delivery times of one to two weeks are typical for conventional benefits programs.

If medications are not received on time, patients may have to wait a month or longer to commence another round of fertility treatment, wasting valuable time and money.

In addition, the storage, preparation and administration of fertility medication is complex and requires extensive self-administered injections, yet most fertility benefits solutions offer limited guidance and clinical support to patients around these issues.

Additionally, because fertility medications are often self-administered injectable drugs, the effectiveness of a patient’s treatment may be compromised by improper storage and/or incorrect administration of their medications if the patient is not provided access to education and support.

Because of the unique challenges of infertility, including high costs and complexity of treatment and the variability of outcomes across fertility specialists, conventional benefits solutions have been unable to optimize outcomes and efficiently utilize employers’ dollars committed to fertility.

As a result, employers are facing increased demand for an expensive benefits program without the availability of an effective solution in the conventional managed care environment.

Costs Associated with Multiple Births and Poor Fertility Treatment Outcomes

Regardless of whether an employer chooses to cover fertility treatments, they end up bearing the significant medical costs associated with unanticipated multiple births and miscarriages, as well as the associated impacts on the workplace.

The high number of multiple embryo transfers that conventionally occurs during IVF leads to a significant number of multiple births, which in turn is a primary cause of dangerous and expensive preterm births, the most common complication resulting from multiple births, which lead to extensive maternity and NICU costs.

In addition to multiple birth rates, the relatively higher miscarriage rate associated with IVF treatment leads to significant additional medical costs for employers and their employees, as well as emotional and physical strain on patients.

As a result of these suboptimal treatment outcomes, employers also bear the related costs of increased employee absenteeism at the workplace, which is common with instances of multiples births.

Employers may not be fully aware of the causal effect and ultimate impact of suboptimal fertility care under the current solutions offered by the conventional benefits programs since these programs do not collect outcomes data from their fertility specialists and therefore cannot accurately report on their program’s performance in a timely manner.

Ability to Attract and Retain Talent

Employers are facing increasing competition to attract and retain talent.

As a result, we believe that employers are enhancing their value proposition to employees by evaluating and providing benefits that are most in demand.

Family building solutions are an increasing area of focus for employees, and in turn, employers.

Our solutions empower members with concierge support, coaching, education, and digital tools;

provide access to a premier network of fertility and women’s health specialists who use the latest science and technologies;

drive optimal clinical outcomes;

and reduce healthcare costs.

Market Opportunity

We believe we have a significant opportunity to provide employers with a superior comprehensive solution that addresses the unique challenges and complexities of fertility treatment and related fertility pharmacy services.

We estimate that the market for fertility treatments in the United States will continue to grow, especially as current estimates of the market exclude those individuals who do not have access to a comprehensive family building benefit and, as a result, do not seek treatment for infertility.

Furthermore, when comparing the United States to other countries, the percentage of babies born utilizing ART is materially lower, at approximately 2% in the United States (where fertility treatment is not adequately covered), compared to approximately 10% in Denmark and more than 8% in Japan (where there is more public health funding for fertility treatment).

We contract with employers to provide fertility and family building benefits to their employees and covered dependents.

We believe we have a significant opportunity to provide employers with a superior comprehensive solution that addresses the unique challenges and complexities of women’s health and family building benefits.

We estimate that the market for women’s health and family building benefits in the United States will continue to grow, especially as current estimates of the market exclude those individuals who do not have access to a comprehensive family building benefit and, as a result, do not seek treatment for infertility.

We contract with employers to provide women's health and family building benefits to their employees and covered dependents.

We believe our addressable market primarily consists of large self-insured employers as well as labor populations under the Labor Management Relations Act of 1947 (also known as the Taft-Hartley Act) and federal government populations.

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As such, we estimate that our current member base of 7.2 million covered lives under contract represents a mid-single digit percent of our total market opportunity.

Regardless of whether or not these employers currently provide a fertility benefit, we believe they are prospective clients of Progyny.

Further, 40% of our current clients had no prior fertility coverage before adopting the Progyny benefit, and 92% of our current clients enhanced their coverage when they switched to Progyny.

Overall, we believe our market opportunity is substantial and is continuing to grow as a result of the rising demand for fertility benefits solutions, the lack of adequate offerings in the market today and the increased awareness of the challenges of infertility that we are helping to drive.

We are redefining effective fertility and family building benefits through our purpose-built, data-driven and disruptive platform through which we offer our fertility benefits and Progyny Rx solutions.

Our innovative and comprehensive fertility solution has proven to be simultaneously beneficial for our clients, our members and our network of fertility specialists.

Through our differentiated approach to benefits plan design, patient education and support and active network management, our clients’ employees are able to pursue the most effective treatment from the best fertility specialists and achieve optimal outcomes in a cost-efficient manner, while our clients and members achieve savings in upfront treatment costs as well as reduced maternity and NICU expenses.

As part of our growth strategy, we anticipate expanding our addressable market to include large group fully insured employers.

Overall, we believe our market opportunity is substantial and is continuing to grow as a result of the rising demand for women’s health and family building benefits solutions, the lack of adequate offerings in the market today and the increased awareness of the challenges of women’s health that we are helping to drive.

We are redefining women's health and family building benefits through our purpose-built, data-driven and disruptive platform through which we offer our benefits solutions.

Our innovative and comprehensive solutions have proven to be simultaneously beneficial for our clients, our members and our network of providers and specialists.

Through our differentiated approach to benefits plan design, member education and support and active network management, our clients’ employees are able to pursue the most effective treatment from the best providers and specialists and achieve optimal outcomes in a cost-efficient manner, while our clients and members achieve savings in upfront treatment costs as well as reduced maternity and neonatal intensive care unit, or NICU, expenses.

Fertility Benefits Solution

Differentiated Benefits Plan Design

In order to simplify the process for our members, we offer our proprietary Smart Cycle approach.

The innovative Smart Cycle is our proprietary, easy-to-understand fertility benefits design.

Our Smart Cycle plan design allows members equitable access to the treatment they need and is designed to drive superior outcomes and reduce both upfront treatment expenses and subsequent costs.

It provides members with equitable access to the treatment they need and is designed to drive superior outcomes and reduce both upfront treatment expenses and subsequent costs.

Everything needed for a comprehensive fertility treatment is contained within a Smart Cycle treatment bundle, including all necessary diagnostic testing and access to the latest technology (e.g., in the case of IVF treatment, preimplantation genetic testing).

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Our clients contract to purchase a cumulative Smart Cycle unit value per eligible member.

These can range from one to unlimited cumulative Smart Cycles units.

Members can choose their preferred provider clinics within our network and utilize their Smart Cycles for whichever treatments they and their fertility specialists determine to be necessary throughout their fertility journey.

The Smart Cycle structure allows our members, together with the advice of their fertility specialists and the support of their PCAs, to select the Smart Cycle treatment bundles that align with their unique treatment needs and their intended family building pathway, without having to follow the “one size fits all” protocols common to conventional health insurance carriers, and without the worry that their desired treatment approach will not be authorized or covered for the full treatment cycle.

Our comprehensive Smart Cycles, which are our proprietary treatment bundles, are assessed regularly by our Medical Advisory Board, and include access to the latest science and technologies, enabling our network of fertility specialists to utilize best practices.

These can range from one to unlimited cumulative Smart Cycle units.

Members have access to our selective network of high-quality fertility specialists and can choose their preferred provider clinics within our network and utilize their Smart Cycles for whichever treatments they and their fertility specialists determine to be necessary throughout their fertility journey, providing our members with tailored treatments that result in optimal clinical outcomes.

Our superior clinical outcomes driven by our Smart Cycle plan design include higher rates of pregnancy and live births, as well as lower miscarriage rates and fewer multiple births.

In addition, these clinical outcomes are further reinforced through our pregnancy and postpartum program, which provides support throughout from pregnancy through postpartum.

Personalized Concierge-Style Member Support Services

Our fertility benefits solution provides members with access to significant support services that are crucial to the success of the fertility and family building journey.

Before the fertility treatment process begins, and throughout every step of the fertility journey, we deliver high-touch member support services through a dedicated PCA, who is paired to a member and interacts with them an average of 15 times over the course of their treatment.

We provide our members with access to high-touch, end-to-end concierge support, including logistical assistance, clinical guidance and emotional support through our Progyny Care Advocates, or PCAs, and our in-house clinical staff, as well as access to digital tools.

Our PCAs have deep fertility expertise and provide extensive clinical education, guidance and emotional support to our members.

Additionally, we have an in-house clinical staff, comprised of professionals with substantial expertise in reproductive endocrinology, fertility nursing, clinical psychology and social work who design our PCA training curriculum and direct our comprehensive member experience.

Our comprehensive member portal, accessible via any desktop or mobile device or via the mobile application, further supports the member experience by providing key educational resources and easy-to-access benefits information to our members.

Our members can use the portal to securely message their PCA or access a curated library of videos, articles, podcasts and webinars on fertility and family building.

The portal also offers digital solutions that help our members address the emotional effects that are often associated with infertility, including loss, self-blame, anxiety and depression.

Additionally, the portal can be used to review plan coverage, benefit utilization, claim details and account balances.

Our comprehensive member portal further supports the member experience by providing key educational resources and easy-to-access benefits information to our members.

We believe our platform provides our members with best-in-class support services to help them navigate their fertility and family building journeys.

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We have utilized our deep industry knowledge and the insights derived from our data analytics platform to establish and actively manage a national network of leading fertility specialists in the United States.

Our members receive access to our selective Center of Excellence network of high-quality providers that includes over 1,050 fertility specialists who practice at over 650 provider clinic locations throughout the United States and over 1,140 specialists in total when including reproductive urologists.

Our members have access to our selective Center of Excellence network of high-quality providers that includes over 1,100 fertility specialists who practice at over 690 provider clinic locations throughout the United States and over 1,190 specialists in total when including reproductive urologists.

Our network includes 45 of the top 50 fertility practice groups by volume in the United States according to 2022 CDC data, which was published in 2024 and is the most recent data available.

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Our single treatment and medication authorization process reduces the administrative burden, creating an efficient pharmacy solution for our members and their fertility specialists.

Progyny Rx reduces dispensing and delivery time to two days to eliminate the risk of missed treatment cycles.

Our single medication authorization and delivery process ensures that our members will not miss or delay cycles.

We provide access to phone-based, clinical education and support seven days a week to ensure that our members understand any necessary medication storage requirements and administration techniques, including injection training.

To further support members who require additional education, we also offer a library of on-demand videos.

Progyny Rx reduces dispensing and delivery time to eliminate the risk of missed treatment cycles.

Given the importance of the timely use of medication to the success of fertility treatments, and the complexity involved in administering the medications, we believe Progyny Rx provides a differentiated and effective pharmacy solution for our clients and their employees.

Pregnancy and Postpartum Solution

Our pregnancy and postpartum solution offers comprehensive support from pregnancy through postpartum and return-to-work, improving outcomes, reducing complications, and supporting a healthier workforce.

Progyny’s integrated care model provides personalized clinical guidance and coaching, emotional support, access to digital tools and logistical expertise.

Menopause and Midlife Solution

Our menopause and midlife solution offers access to programmatic clinical coaching, personalized digital tools, and a curated network of menopause and midlife providers.

Our comprehensive approach removes barriers to treatment and improves health outcomes through a specialized clinical network, proactive, personalized guidance, and early intervention and treatment options.

Benefit and Leave Navigation Solution

Our benefit and leave navigation solution provides expecting parents with a concierge-level service model that delivers expert guidance, navigation and support for parental leave planning.

It offers access to benefit and leave navigation tools, educational resources, and return-to-work support.

Parent and Child Wellbeing Solution

Our parent and child wellbeing solution provides comprehensive, personalized support, expert guidance and benefit navigation, and interactive education and community to address the unique challenges parents face.

It offers access to a continuum of support to help members with children ages 0-12 navigate parenthood, including tailored 1:1 coaching from licensed clinical social workers, proactive stress-reduction strategies, and guidance on navigating workplace policies and benefits.

Assistance Service Reimbursement Programs

We also offer an assistance services program where certain services can be offered through a reimbursement program, including adoption, surrogacy, doula, and travel reimbursement when travel is required to receive medical services.

We manage the reimbursement of these expenses for those clients who offer such reimbursement benefits.

For these programs, employers designate a specific lifetime dollar amount toward the elected assistance service for their employees.

We then administer the expense reimbursement to employees up to this dollar amount.

We work with our clients to determine what expenses related to adoption or surrogacy or any other elected benefit will be covered under their plan, thereby alleviating their administrative burden.

Global Solution

Progyny Global offers expertise, a high-touch partnership model and a compliant framework to deliver on country-specific needs across the fertility, family building and women’s health benefits space.

Progyny Global offers inclusive, personalized support for every stage of life and simplifies women’s health journeys by helping members find quality care and providing crucial support and advocacy.

Robust Data Collection Process

We believe that we are the only fertility and family building benefits company to collect data in a timely manner directly from providers on adherence to treatment protocols and clinical outcomes, including single embryo transfer rates, pregnancy rates, miscarriage rates, live birth rates, multiple birth rates, practice patterns, treatment timelines and costs per birth.

Our data is used to understand the utilization of our benefits, our provider clinics’ adherence to best practices and the outcomes produced by each clinic and across our network.

This data informs decisions across our platform, from services covered to our fertility network standards.

The insights from our data also enable us to actively manage our fertility specialist network and ensure that our fertility specialists are utilizing best practices and optimizing outcomes.

We believe that we are the only fertility and family building benefits company to collect data in a timely manner directly from fertility providers on adherence to treatment protocols and clinical outcomes, including single embryo transfer rates, pregnancy rates, miscarriage rates, live birth rates, multiple birth rates, practice patterns, treatment timelines and costs per birth.

This data is used to understand the utilization of our benefits, our provider clinics’ adherence to best practices and the outcomes produced by each clinic and across our network.

This data also informs decisions across our platform, from services covered to our fertility network standards and enables us to actively manage our fertility specialist network and ensure that our fertility specialists are utilizing best practices and optimizing outcomes.

The data collection process also includes extensive member surveys, which allow us to understand and improve our member experience and satisfaction.

Finally, our data allows us to provide our clients with unique and detailed reports in order to provide full transparency into the utilization of their benefit program, their expenditures and the outcomes delivered and value created.

Finally, this data allows us to provide our clients with unique and detailed reports in order to provide full transparency into the utilization of their benefit program, their expenditures and the outcomes delivered and value created.

We believe that we effectively utilize our thorough data collection and analysis process and our unique and robust data set to continuously improve the client and member experience across our platform.

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Our Medical Advisory Board is comprised of nationally recognized fertility specialists who are advancing fertility science and research.

They are responsible for oversight of key clinical issues, including evaluating new fertility treatment diagnostics and procedures to ensure that our benefits design and overall program is comprehensive and designed to drive to the best outcomes.

This review ensures that we are evaluating and covering the latest and most effective fertility treatments and identifying opportunities to improve our plan design, member experience and fertility specialists network standards.

Full Service Client Success

We provide a dedicated client success team to help ensure that we are delivering superior service.

Our client success managers support our clients’ day-to-day needs and resolve issues that arise.

For example, to help our clients ensure that their employees are fully aware of the Progyny program, our client success teams work with our clients to create co-branded materials to support health fairs, open enrollment events and other employee communications.

The client success team also attends open enrollment benefits fairs and other health fairs throughout the year and hosts virtual open enrollment webinars for members to attend live or on-demand.

Our client success team also reviews all program reports with our clients to reinforce the transparency we provide to clients into their expenditures and outcomes and to review and quantify the value created by our solutions.

We provide a dedicated client success team to help ensure that we are delivering superior service to our clients and members.

Our client success managers support our clients’ day-to-day needs and resolve issues that arise, including benefit awareness and client reporting.

We believe our client success services, including our detailed client reporting, play an important role in helping us maintain and strengthen our client relationships.

Ease of Integration for Our Clients

Once we are selected by an employer to manage their fertility and family building benefit, our solution is easy to implement as part of their broader pre-tax medical benefits package.

Integrating our solution involves only a small commitment of our client's time (typically only six to ten hours over the course of six weeks).

Underlying the ease of integration is the fact that we have developed multiple integration solutions that allow us to integrate with any health plan or health insurance carrier, reducing significant time and expense for our clients.

Our ability to integrate our solution with our clients' health insurance plan allows our benefit to be offered to employees on a pre-tax basis, providing our members with significant savings in comparison to a post-tax reimbursement.

We believe our ability to integrate our benefits solutions with all of the large national health insurance carriers is a differentiating factor within the industry.

Assistance Service Reimbursement Programs

We also offer an assistance service program where certain services can be offered through a reimbursement program, including adoption, surrogacy, doula, and travel reimbursement when travel is required to receive medical services.

We can manage the reimbursement of these expenses for those clients who offer such reimbursement benefits.

For these programs, employers designate a specific lifetime dollar amount toward the elected assistance service for their employees.

We then administer the expense reimbursement to employees up to this dollar amount.

We work with our clients to determine what expenses related to adoption or surrogacy or any other elected benefit will be covered under their plan, thereby alleviating their administrative burden.

Value Proposition

We believe that our competitive success is a function of our ability to concurrently:

(1) provide tangible financial value to our clients;

(2) deliver a better and more supported fertility journey to our members;

and (3) provide value to, and work collaboratively with, the nation’s leading fertility specialists.

(1) provide tangible financial value to our clients through total cost management;

(2) deliver better and more supported journeys to our members;

and (3) provide value to, and work collaboratively with, the nation’s leading providers and specialists.

We Provide Measurable Value to Our Employer Clients

• Substantial and Measurable Financial Value.

Our superior clinical outcomes drive savings in both upfront fertility treatment costs (due to our higher live birth rates) as well as subsequent maternity and NICU expenses for our clients (due to our lower multiple birth rates).

Our superior clinical outcomes drive savings and total cost management in both upfront fertility treatment costs (due to our higher live birth rates) as well as subsequent maternity and NICU expenses for our clients (due to our lower multiple birth rates).

• Progyny Rx Savings.

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• Employee Productivity and Retention.

Our solution addresses employee absenteeism, poor productivity, and the lack of employee retention driven by the stress of suffering from infertility (and undergoing fertility treatment) as well as the return-to-work issues related to multiple births.

Our members are able to receive the most effective treatments more quickly and have access to high-touch member support services through our PCAs, thereby reducing the physical and emotional rigors of infertility and its treatment.

Our solutions address employee absenteeism, poor productivity, and the lack of employee retention as well as the return-to-work issues.

• Appeal to Existing and Prospective Employees.

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Our Smart Cycle design ensures that members always have coverage for a full treatment cycle as their access to treatment is not limited by a dollar maximum that could be exhausted mid-treatment.

Additionally, members have access to the latest technologies and procedures, which are reviewed and approved by our Medical Advisory Board.

• Access for All Employees and Dependents.

Smart Cycles are available to be utilized across all employee groups, including populations not typically covered.

Our solutions are available to be utilized across all employee groups, including populations not typically covered.

• Equitable Access to Care.

Our Smart Cycle design ensures members receive fair and balanced access to care that is not dependent on where members live, how expensive a fertility specialist is or which specific treatments are required.

Our benefit plan design ensures members receive fair and balanced access to care that is not dependent on where members live, how expensive a provider is or which specific treatments are required.

• High-Touch Concierge Member Experience.

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• Access to Selective, Premier Fertility Specialist Network.

Our solution provides members with access to the nation’s leading fertility specialists, including over 1,050 fertility specialists who practice at over 650 provider clinic locations throughout the United States.

Our network includes 45 of the top 50 fertility practice groups by volume in the United States according to 2022 CDC data.

Our solution provides members with access to the nation’s leading fertility specialists.

• Integrated Pharmacy Benefits Solution.

Progyny Rx provides members with a simplified authorization process, timely medication delivery and member support from pharmacy clinicians seven days a week.

We Provide Meaningful Value to Our Fertility Specialists

We Provide Meaningful Value to Our Providers and Specialists

• Members Supported with a Comprehensive Benefit.

Our solutions allow our members to arrive at their fertility specialist with a fully-covered course of treatment and the flexibility to utilize the latest approved technologies and best practices via our comprehensive Smart Cycle benefits plan design.

Members are also educated on the use of best practices and are supported by PCAs throughout their fertility journey.

• Eliminate Step Therapy Protocols.

Our network of fertility specialists have access to the latest science and technologies through our innovative Smart Cycles, which free our fertility specialists from having to follow the ineffective protocols common to conventional coverage and allow them to pursue the most effective treatments first, thereby saving time and money.

• Simplified Administration.

Once a Smart Cycle treatment is authorized, fertility specialists within our network are able to prescribe the optimal treatment plan without any need for pre-certification or pre-authorization.

Our solutions provide our members with access to a comprehensive benefit and the flexibility to utilize the latest approved technologies and best practices.

Members are supported by PCAs throughout their journeys.

• Superior Clinical Outcomes.

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Expand Our Client Base

We intend to continue increasing our client base of self-insured employers in the United States by leveraging our experienced sales team and strong relationships with benefits consultants.

We believe that we have a total addressable market of approximately 8,000 potential employer clients in the United States, who have a minimum of 1,000 employees, as well as Taft-Hartley labor populations, and federal government populations, and, with our base of over 530 clients under contract, we are still in the early stages of our growth trajectory.

Importantly, as we have continued to grow, we have meaningfully diversified our client base across an array of different industries.

We believe that our employer clients are thought leaders in their respective industries and are creating a network effect that is helping to drive more widespread adoption of fertility benefits in their specific industries.

We intend to continue expanding our client base of self-insured employers in the United States by leveraging our experienced sales team and strong relationships with benefits consultants.

As we have grown, we have meaningfully diversified our client base across an array of different industries.

We believe that our employer clients are thought leaders in their respective industries and are creating a network effect that is helping to drive more widespread adoption of women’s health and family building benefits in their specific industries.

We are expanding our client base within each industry that we serve, and have developed industry-specific strategies, which enable us to most effectively target our addressable market.

Additionally, we believe that our expanding presence has resulted in a heightened awareness of fertility benefits and has informed the market of the value we provide to our employer clients and our members, which we believe also helps facilitate growth.

Additionally, we believe that our expanding presence has resulted in a heightened awareness of women’s health and family building benefits and has informed the market of the value we provide to our employer clients and our members, which we believe also helps facilitate growth.

Capitalize on Embedded Growth Potential within Our Existing Client Base

Because of how our revenue model is structured, we believe we are positioned to realize organic revenue growth as our clients and their respective employee bases grow and utilize more fertility treatment services as a result.

A meaningful portion of our clients have grown, and we believe many of them will continue to grow.

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We expect to see further growth from existing clients that add incremental services to their fertility benefits program.

For example, a client can expand the fertility benefits they offer to their employees by increasing the number of Smart Cycles they contract for, and they can expand the solutions they offer by adding our new preconception, maternity and postpartum offering and menopause and midlife care offering.

For example, a client can expand the fertility benefits they offer to their employees by increasing the number of Smart Cycles they contract for, and they can expand the solutions they offer by adding our new solutions in pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing.

More than 2.7 million members will have access to one or more of our newer solutions.

In addition, our fertility benefits solution clients can purchase our add-on Progyny Rx solution.

We introduced Progyny Rx in the third quarter of 2017 and went live with a select number of clients in January 2018.

Currently, 91% of our clients under contract are utilizing this solution, including 95% of the clients we signed in fiscal year 2024.

We believe our sales and marketing capabilities play an important role in informing and educating clients about the additional value and impact we can provide to them and their members by enhancing their benefit program.

New Services and Addressable Markets to Enhance the Depth and Breadth of Our Comprehensive Family Building Offering

As we continue to grow and expand our client base, we are continually evaluating the latest evolving trends to identify ways we can better serve the needs of existing and potential clients and their employees.

Currently, 92% of our clients under contract are utilizing our Progyny Rx solution, including 97% of the clients we signed in fiscal year 2025.

New Services and Addressable Markets to Enhance the Depth and Breadth of Our Comprehensive Offerings

As we continue to grow and expand our client base, we continually evaluate the latest evolving trends to identify ways we can better serve the needs of existing and potential clients and their employees.

We believe we are uniquely positioned to do this for several reasons.

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We believe the combination of these factors, coupled with our demonstrated track record of adding more services to our benefits design, highlights that we are well positioned to continue to do so in the future.

To date, we have identified several ways we believe we can potentially expand our comprehensive family building offering, our addressable market, and our client base in the future, including the addition of our new preconception, maternity and postpartum offering and menopause and midlife care offering.

In addition, we may aim to expand our addressable market to middle market employers with under 1,000 employees, including fully insured populations.

To date, we have identified several ways we believe we can expand our comprehensive benefit offerings, our addressable market, and our client base in the future, including through acquisitions and the addition of new solutions, such as pregnancy and postpartum, menopause and midlife, benefit and leave navigation, and parent and child wellbeing.

In addition, as part of our growth strategy, we anticipate expanding our addressable market to include large group fully insured employers.

We will continue to evaluate opportunities as our platform continues to expand.

We currently have contracts to serve over 530 employers in the United States across more than 40 industries.

We currently have contracts to serve over 590 employers in the United States across more than 40 industries, including technology, consumer retail, e-commerce, industrial, healthcare, media, insurance, legal, food and beverage, financial services, life sciences, professional services, government services, union, energy, manufacturing, logistics, transportation, aerospace, real estate, nonprofit and hospitality sectors.

Our current clients, who are leaders across both high-growth and mature industries and range in size from at least 1,000 to 300,000 employees, represent approximately 7.2 million lives under contract.

We have clients in the technology, consumer retail, e-commerce, industrial, healthcare, media, insurance, legal, food and beverage, financial services, life sciences, professional services, government services, union, energy, manufacturing, logistics, transportation, aerospace, real estate, nonprofit and hospitality sectors.

Substantially all of our clients have renewed their benefits management contracts since our initial benefit offering launched in 2016.

Substantially all of our clients have renewed their benefits management contracts since our fertility benefit offering launched in 2016.

The majority of our clients have signed multi-year contracts or contracts that renew automatically on an annual basis.

Given that the majority of our clients contract with us for a January 1 st benefits plan start date, our sales cycle follows the conventional healthcare benefits cycle, which largely concludes by the end of October of the prior year to allow for benefits education and annual open enrollment to occur.

In the 2024 sales cycle, more clients, with benefits going live in 2025, have opted for comprehensive coverage, with substantially all of our new clients electing Progyny Rx, multiple Smart Cycles and/or egg-freezing.

In the 2025 sales cycle, substantially all of our new clients with benefits going live in 2026 opted for comprehensive coverage, electing Progyny Rx, multiple Smart Cycles and/or egg-freezing.

Competitive Landscape

We believe we are the leader in the market for employer-sponsored fertility benefits and family building solutions.

We believe we compete favorably based on the following competitive factors:

• the value and comprehensiveness of the benefits solution and superior outcomes for members;

We believe we are the leader in the market for employer-sponsored women’s health and family building solutions.

We believe we compete favorably based on the following factors:

the value and comprehensiveness of our benefit solutions and superior outcomes for members;

benefits plan design;

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member experience, including unlimited dedicated patient education, clinical guidance and emotional support;

• access to a network of high-quality fertility specialists;

access to a network of high-quality providers and specialists;

data reporting and sharing;

• access to an integrated pharmacy solution.

While we do not believe any single competitor offers a similarly robust, integrated fertility and family building benefits solution, there are alternative solutions in the market such as the health insurance companies who are able to provide fertility benefits management services as part of their overall administration of a company's health plan and who are our primary competition.

and access to an integrated pharmacy solution.

While we do not believe any single competitor offers a similarly robust, integrated fertility and family building benefits solution, there are alternative solutions in the market such as the health insurance companies who are able to provide fertility benefits management services as part of their overall administration of a company’s health plan and who are our primary competitors.

In addition, other competitors include specialty fertility-focused solutions owned or sponsored by health insurance companies to provide more comprehensive support to fertility patients than their general medical coverage provides, such as case management or educational support, and venture capital or private equity-backed companies who focus on maternity and reproductive health services more broadly, or who provide fertility-specific benefits solutions.

Our solutions are structured as a pre-tax benefit program integrated into employers’ overall employee medical insurance plan, which is unique compared to the offerings of benefits managers new to the industry that do not have integrated health insurance carrier solutions.

In addition to our unique plan design, member support and fertility specialist network, one of the key structural differences between our pre-tax benefit and post-tax reimbursement programs is that the individual receiving reimbursement for fertility treatments must pay income taxes on the amount of that reimbursement for the post-tax programs.

Sales and Marketing

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Our employees are our most important asset, and our culture is key to our success.

We are united around our mission and committed to our shared values of passion, collaboration, innovation, integrity and growth.

We are united around our mission and committed to our shared values of curiosity, respect, excellence, accountability, tenacity, and empathy.

Our people strategy is primarily focused on culture and engagement, competitive compensation and development, and community outreach and support.

• Culture and Engagement.

We believe our culture has been a key contributor to our success to date and that the critical nature of the mission we are pursuing promotes a sense of greater purpose and fulfillment in our employees.

We have invested substantial time and resources in building our culture in order to retain and recruit talent and to effectively focus on, and pursue, our corporate objectives.

We measure employee engagement on an ongoing basis, including through broad employee satisfaction surveys and pulse surveys on specific issues.

These are intended to assess our success in promoting an environment where employees are engaged, satisfied and productive and possess a strong understanding of our business objectives.

The results from engagement surveys are used to implement programs and processes designed to enhance employee engagement and improve the employee experience or modify existing programs and benefits offerings.

We believe that our culture is a key contributor to our ability to execute our strategy, attract and retain talent, and deliver value to our clients and members.

Our mission-driven focus on improving access to personalized fertility and family building care fosters a shared sense of purpose and accountability among our employees.

As we grow, we continue to invest time and resources in creating a culture that emphasizes curiosity, respect, empathy, accountability, and excellence, while maintaining operational discipline and clarity of execution.

We regularly measure employee engagement through company-wide engagement surveys, targeted pulse surveys, and ongoing feedback mechanisms.

These tools are designed to assess employee sentiment across areas such as communication, collaboration, leadership effectiveness, workload sustainability, recognition, and alignment with our business objectives.

Survey participation and results are reviewed by senior leadership and functional leaders to identify strengths, emerging risks, and areas for improvement.

Engagement survey results are used to inform the development and refinement of targeted action plans at the enterprise, functional, and team levels.

We also leverage manager-level commitments and leadership development efforts to reinforce consistent communication, accountability, and inclusive decision-making practices across the organization.

We continue to monitor engagement trends through follow-up pulse surveys, retention metrics, and qualitative feedback to evaluate the effectiveness of these initiatives and to adjust programs and practices as needed.

While we believe our culture remains a foundational strength, particularly in connection with our mission and peer collaboration, we recognize that maintaining employee engagement and organizational alignment is increasingly important as we operate in a complex, fast-growing environment.

• Competitive Compensation and Development.

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These benefits include access to mental health services, life and financial planning workshops, wellness initiatives, employee assistance programs, and new parent and return-to-work benefits.

We also include the Progyny benefit as part of our benefits offerings, allowing our employees to realize their dreams of family and ideal health.

We offer paid parental leave for new parents, with an extension of leave for those with an infant in the NICU, as well as a pregnancy loss leave benefit as an enhancement to our bereavement leave policy, explicitly recognizing the physical, emotional, and mental health impact of a pregnancy loss or failed fertility procedure, adoption or surrogacy.

We also include Progyny benefits as part of our offerings, allowing our employees to access comprehensive women’s and family health suppor t .

We also offer additional paid leave to all employees to support other family health and care challenges.

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We believe it is important to give back and promote community outreach and support through corporate giving, charitable matching, and employee volunteerism in the communities in which we live and work.

We allow flexible work hours to accommodate employee volunteer opportunities and attend company-sponsored charitable events and continue to develop partnerships with community organizations that align with our priorities in fertility, family building and equity in healthcare.

We allow flexible work hours to accommodate employee volunteer opportunities and attendance at company-sponsored charitable events.

We also continue to develop partnerships with community organizations that align with our priorities in women's health and healthcare equity.

Our Corporate Information

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What changed 10-K

Item 1. Business