Doximity, Inc. (DOCS) – SEC staff letter
2026-02-23 · Re: Form 10-K for the Year Ended March 31, 2025 Form 10-Q for the Period Ended December 31, 2025 · Accession 0000000000-26-001798 · 5 staff comment(s) issued
Company response(s): 2026-03-23
MD&A: Results & Known TrendsLiquidity & Capital ResourcesKPIs, Metrics & Earnings CallsBusiness Description (Item 101)
2026-02-23 · Form 10-K for the Year Ended March 31, 2025 Form 10-Q for the Period Ended December 31, 2025 · Comment 1 · Business, page 3 Responded
Staff comment: You disclose you had more than 620,000 unique active providers use your clinical workflow tools in the quarter ended March 31, 2025. To enhance comparability for investors, please show us how you intend to revise to define "use" of your clinical workflow tools (for example, clarify the types of activities and useage duration needed for this metric). Please also provide comparable metrics for all periods presented. letter →
Company response: The Company respectfully acknowledges the Staff’s comment and confirms that beginning with its Annual Report on Form 10-K for the fiscal year ending March 31, 2026 (the “2026 10-K”) it will provide (i) additional disclosure defining the use of its clinical workflow tools by unique active providers on a quarterly basis and (ii) comparable data on the metric for the prior period. 1 The following is an example of how the Company expects to provide this additional disclosure, which will be included in the Key Business and Financial Metrics section of Management’s Discussion and Analysis of Financial Condition and Results of Operations beginning with the 2026 10-K. “Quarterly Unique Active… response letter →
2026-02-23 · Form 10-K for the Year Ended March 31, 2025 Form 10-Q for the Period Ended December 31, 2025 · Comment 2 · Key Business and Financial Metrics, page 46 Explained / pushed back
Staff comment: In your earnings calls for the year ended March 31, 2025 and the six months ended September 30, 2025, you make reference to a number of user engagement metrics that are not described or defined in your MD&A. Among the metrics discussed in those earnings calls were: • Number of quarterly, monthly, weekly and daily active users • Number of unique newsfeed users • Number of newsfeed articles read or tapped • Number of unique active prescribers using workflow tools • Adoption of AI-driven features Since user engagement metrics appear to be an important factor management considers in evaluating the business and allocating resources, please show us how you intend to revise to define, quantify and… letter →
Company response: The Company respectfully acknowledges the Staff’s comment and refers the Staff to its response to comment 1 above for future disclosures regarding the number of quarterly unique active providers using its workflow tools. The Company notes that user engagement metrics have been referenced on earnings calls periodically, primarily in response to analyst and investor questions from prior periods, to provide supplemental context regarding platform activity. These references were not intended to convey that management relies on such metrics to evaluate financial condition or allocate resources. The majority of the engagement metrics identified in the Staff's comment were referenced… response letter →
2026-02-23 · Form 10-K for the Year Ended March 31, 2025 Form 10-Q for the Period Ended December 31, 2025 · Comment 3 · Release 33-10751. Responded
Staff comment: You disclose that (as of March 31, 2025) your platform has over two million registered members, including more than 80% of U.S. physicians. We note from your disclosures on page 4 that your platform provides most medical professions with a pre-populated professional profile based on publicly and commercially available third-party data. Please show us how you intend to revise to clarify if the 80% figure includes only actively practicing physicians who have completed your identity and credential verification process or if some other criteria were used. Please also show us how you intend to revise to clarify how the number of registered members compares to the number of quarterly, monthly,… letter →
Company response: The Company respectfully acknowledges the Staff’s comment and confirms that beginning with its 2026 10-K it will provide additional clarifying disclosure regarding the U.S. physicians that are included in the percentage of U.S. physician calculations. The following is an example of how the Company expects to provide this additional disclosure, which will be included in the Business section of the 2026 10-K. “We are the leading digital platform for U.S. medical professionals, with over [●] registered members 2 as of March 31, 2026. Our registered members represent more than [●]% of U.S. physicians, spanning all 50 states and every medical specialty, along with over [●]% of U.S. nurse… response letter →
2026-02-23 · Form 10-K for the Year Ended March 31, 2025 Form 10-Q for the Period Ended December 31, 2025 · Comment 4 · Comparison of the Fiscal Years Ended , page 50 Explained / pushed back
Staff comment: You indicate that average revenue per existing Marketing Solutions customer increased by 22% during fiscal 2025. In your May 15, 2025 earnings call, your CEO indicated that newsfeed was both your most widely used and most monetized product. Please show us how you intend to revise to provide greater insight to investors about your revenue trends over time by disclosing disaggregated revenues by modules (Newsfeed, Workflow, and Peer) for each period presented. It appears you have this information readily available and that management is actively using it to evaluate your business. Refer to Item 303(b)(2) of Regulation S-K. letter →
Company response: The Company respectfully acknowledges the Staff’s comment and advises the Staff that it has considered the disclosure requirements of Item 303(b)(2) of Regulation S-K, however, the Company does not track or manage revenue at the individual module level, and its financial systems do not have the capability to identify or allocate revenue by module. Although the Company tracks module usage for operational purposes, and available data indicates that the newsfeed module was the most widely used product during the period, management does not use module-level usage data to assess revenue performance. As noted in the Company’s response to comment 2 above, the Company does not believe user… response letter →
2026-02-23 · Form 10-K for the Year Ended March 31, 2025 Form 10-Q for the Period Ended December 31, 2025 · Comment 5 · Comparison of the three and nine months ended December 31, 2025 and 2024, page 33 Agreed to revise
Staff comment: In your February 5, 2026 earnings call, management spent time discussing some "short- term industry-wide policy headwinds" that are impacting client budgets and advertising booking rates for pharmaceutical companies. Management also indicated that higher AI infrastructure investment has impacted the results through the period ended December 31, 2025 and is expected to continue impacting future periods. Please show us how you intend to revise to address (and quantify where possible) any known material trends, demands, commitments, events or uncertainties that are reasonably likely to result in a material change to your liquidity or results from operations. Please refer to Item 303(c) of… letter →
Company response: The Company respectfully acknowledges the Staff’s comment and advises the Staff that it has considered the disclosure requirements of Item 303(c) of Regulation S-K, however, the discussion regarding policy headwinds in the February 5, 2026 earnings call did not result in a material change to our liquidity and results from operations for the three and nine months ended December 31, 2025, and was only intended to provide additional color to analysts and investors on industry dynamics due to uncertainty surrounding the Most Favored Nation (“MFN”) pricing negotiations between certain pharmaceutical companies and the federal government. As of February 5, 2026, sixteen out of the seventeen… response letter →
Full letter on EDGAR → · Filing index · All Doximity, Inc. (DOCS) correspondence
MD&A: Results & Known Trends – what to check: Quantify drivers of changes (price vs. volume), discuss known trends and uncertainties, and avoid repeating the financial statements.
Liquidity & Capital Resources – what to check: Explain the drivers of operating cash flow changes (not just the line items), material cash requirements, and known trends affecting liquidity.
KPIs, Metrics & Earnings Calls – what to check:
Business Description (Item 101) – what to check:
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