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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 11,478	$ 5,617

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 15,059	$ 16,898

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2025 and 2024, the Company calculated its year-to-date provision for income taxes by applying the estimated annual effective tax rate to the year-to-date profit from operations before income taxes and adjusts the provision for income taxes for discrete tax items recorded in the period. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income before income taxes and any significant permanent tax items. During the three months ended March 31, 2025, the Company recorded a provision for income taxes of $11.5 million, primarily driven by the Company's operating profit and equity compensation activity that occurred during the period. During the three months ended March 31, 2024, the Company recorded a provision for income taxes of $5.6 million, primarily driven by the Company's operating profit, partially offset by equity compensation activity that occurred during the period.

- Definition

The entire disclosure for income tax.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Peter Anevski [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 31, 2025, Peter Anevski, our Chief Executive Officer, adopted a trading plan that is intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Anevski’s trading plan is for the sale of up to 1,244,220 shares of the Company’s common stock in amounts and prices determined in accordance with a formula set forth in the plan. The plan terminates on the earlier of the date all shares under the plan are sold or June 30, 2026.
Name	Peter Anevski
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 31, 2025
Expiration Date	June 30, 2026
Arrangement Duration	456 days
Aggregate Available	1,244,220

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues [Abstract]
Total revenue	$ 324,038	$ 278,078
Fertility benefits services revenue
Revenues [Abstract]
Total revenue	206,405	169,769
Pharmacy benefits services revenue
Revenues [Abstract]
Total revenue	$ 117,633	$ 108,309

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-Topic 280
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Acquisitions (Details) € in Millions, $ in Millions	Jan. 08, 2025 USD ($)	Jun. 17, 2024 USD ($)	Jun. 17, 2024 EUR (€)
Benefit Bump LLC
Business Acquisition, Contingent Consideration [Line Items]
Consideration transferred	$ 10.5
Escrow deposit	$ 2.5
Apryl GmbH
Business Acquisition, Contingent Consideration [Line Items]
Consideration transferred		$ 5.5	€ 5.1

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income and Number of Shares in the Calculation of Basic and Diluted Net Income per Share

A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31
	2025		2024
Basic net income per common share:
Numerator:
Net income	$	15,059	$	16,898

Denominator:
Weighted-average shares used in computing basic net income per share	85,499,153		96,484,657
Basic net income per share	$	0.18	$	0.18

Diluted net income per common share:
Numerator:
Net income	$	15,059	$	16,898

Denominator:
Weighted-average shares used in computing basic net income per share	85,499,153		96,484,657
Effect of dilutive securities
Options to purchase common stock	3,176,495		3,922,757
Shares issuable under ESPP	—		809
Warrants to purchase common stock	—		291,643
Restricted stock units	632,286		353,067
Total effect of dilutive securities	3,808,781		4,568,276
Weighted-average shares used in computing diluted net income per share	89,307,934		101,052,933
Diluted net income per share	$	0.17	$	0.17

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted income per share for the period presented because including them would have been antidilutive:


	Three Months Ended March 31,
	2025	2024
Options to purchase common stock	14,856,451	12,631,505
Shares issuable under ESPP	2,768	—
Restricted stock units	2,221,536	814,281
Total	17,080,755	13,445,786

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of financial instruments is determined based on assumptions that market participants would use when pricing an asset or liability at the balance sheet date. Certain assets are categorized based on the following fair value hierarchy of market participant assumptions: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value of the asset or liability and supported by little or no market activity. The Company uses observable market data when available, and minimizes the use of unobservable inputs when determining fair value. As of March 31, 2025 and December 31, 2024, the Company had $111.9 million and $167.7 million, respectively, in financial assets held in money market accounts and $146.9 million and $65.6 million, respectively, held in marketable securities, including U.S. treasury bills. All were classified as Level 1 in the fair value hierarchy. The Company measured these assets at fair value. The Company classified these assets as Level 1 because the values of these assets are determined using unadjusted quoted prices in active markets for identical assets. For the three months ended March 31, 2025 and March 31, 2024, interest income on cash, cash equivalents, restricted cash, and marketable securities, including the accretion of discounts on investments, was $2.3 million and $0.6 million, respectively. As of March 31, 2025 and December 31, 2024, the Company did not maintain any assets or liabilities classified as Level 2 or Level 3 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Income Per Share - Schedule of Reconciliation of Net Income and Number of Shares in the Calculation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income	$ 15,059	$ 16,898
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	85,499,153	96,484,657
Basic net income per share (in dollars per share)	$ 0.18	$ 0.18
Numerator:
Net income	$ 15,059	$ 16,898
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	85,499,153	96,484,657
Effect of dilutive securities (in shares)	3,808,781	4,568,276
Diluted (in shares)	89,307,934	101,052,933
Diluted net income per share (in dollars per share)	$ 0.17	$ 0.17
Options to purchase common stock
Denominator:
Effect of dilutive securities (in shares)	3,176,495	3,922,757
Shares issuable under ESPP
Denominator:
Effect of dilutive securities (in shares)	0	809
Warrants to purchase common stock
Denominator:
Effect of dilutive securities (in shares)	0	291,643
Restricted stock units
Denominator:
Effect of dilutive securities (in shares)	632,286	353,067

Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended
Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Assets, Fair Value Disclosure [Abstract]
Available-for-sale, operating	$ 2,300,000	$ 600,000
Level 1 \| Fair value, recurring
Assets, Fair Value Disclosure [Abstract]
Financial assets held in marketable securities	146,900,000		$ 65,600,000
Level 2
Assets, Fair Value Disclosure [Abstract]
Assets classified as level 2 or level 3, fair value	0
Liabilities classified as level 2 or level 3, fair value			0
Level 3
Assets, Fair Value Disclosure [Abstract]
Assets classified as level 2 or level 3, fair value			0
Liabilities classified as level 2 or level 3, fair value	0
Money Market Funds \| Level 1 \| Fair value, recurring
Assets, Fair Value Disclosure [Abstract]
Financial assets held in money market accounts	$ 111,900,000		$ 167,700,000

Significant Accounting Policies - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 56,355
Charged to Costs and Expenses	5,659	$ 4,772
Write-offs	(3,404)
Balance at end of period	$ 58,610

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-39100
Entity Registrant Name	Progyny, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2220139
Entity Address, Address Line One	1359 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	888-3124
Title of 12(b) Security	Common Stock,
Trading Symbol	PGNY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,718,029
Entity Central Index Key	0001551306
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Leases - Schedule of Operating Leases and Other Information (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets and Liabilities, Lessee [Abstract]
Right-of-use asset	$ 26,949	$ 17,251
Short-term lease liabilities	$ 2,898	$ 2,859
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term lease liabilities	$ 25,998	$ 16,413
Lessee Disclosure [Abstract]
Weighted average remaining lease term, operating lease (in years)	9 years 6 months	8 years 10 months 24 days
Weighted-average discount rate, operating lease	4.87%	4.61%

Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in Note 2 of the Company’s Annual Report on Form 10-K.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The Company applies the following five-step model to recognize revenue from contracts with clients:

•Identification of the contract, or contracts, with a client;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, a performance obligation is satisfied.

Progyny’s contracts typically have a stated term of three years and include contractual termination options after the first year, allowing the client to terminate the contract with 30 to 90 days’ notice.

Fertility Benefits Solution Revenue

Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (“clients”) and their employees and partners (together, “members”) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs.

The promises within Progyny’s fertility benefits contract with a client represent a single performance obligation because Progyny provides a significant service of integrating the Progyny designed Smart Cycles and access to the fertility treatment services provided by provider clinics with the other comprehensive services into the combined fertility benefits solution that the client contracted to receive. Progyny’s fertility benefits solution is a stand-ready obligation that is satisfied over the contract term.

Progyny’s contracts include the following sources of consideration, which are all variable: a per employee per month (“PEPM”) administration fee (in most, but not all contracts), and a fixed rate per Smart Cycle. The PEPM administration fee is estimated using the expected value method and is allocated between the fertility benefits solution and the pharmacy benefits solution based on standalone selling price, estimated using an expected cost-plus margin method. The fixed rate per Smart Cycle meets the variable consideration allocation exception as the usage-based fees relate specifically to the Company’s efforts to satisfy the performance obligation to provide services and is allocated to the distinct period during which the related services were performed and represents the consideration the Company is entitled to for the fertility benefits services provided. As a result, the fixed rate per Smart Cycle is included in the transaction price for the fertility benefits solution.

Progyny’s contracts also include potential service level agreement refunds related to outcome-based service metrics. These service level refunds, which are determined based on results of a full plan year, if met, are based on a percentage of the PEPM fee paid by clients. The Company estimates the variable consideration related to the total PEPM administration fee, less estimated refunds related to service level agreements using the expected value method and

recognizes the amounts allocated to the fertility benefits solution ratably over the contract term. Progyny’s estimates of service level agreement refunds have not historically resulted in significant adjustments to the transaction price. There is no constraint on variable consideration within Progyny’s fertility benefits contracts.

The Company recognizes revenue for its fertility benefit solution in the period in which the Smart Cycle services are provided to the member. The services provided in a reporting period are based on actual claims received from the provider clinic and an estimate of services provided but for which a claim has not been received at the end of the reporting period, which we refer to as accrued receivables, and is discussed in further detail below.

Clients are typically invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their respective portions of the fixed rate per Smart Cycle bundle when all treatment services within a Smart Cycle are completed by the provider clinic. Once an invoice is issued, payment terms are typically between 30 to 60 days.

The Company assesses whether it is the principal or the agent for each arrangement with a client, since fertility treatment services are provided by a third party—the provider clinics. The Company is the principal in its arrangements with clients and therefore presents revenue gross of the amounts paid to the provider clinics because Progyny controls the specified service (the fertility benefits solution) before it is transferred to the client. Progyny integrates the fertility treatment services provided by the provider clinics into the overall fertility benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the provider clinics and monitors the performance of the provider clinics. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with the provider clinics, which establish pricing for each treatment service. Pricing of services from provider clinics is independent from the fees charged to clients.

Pharmacy Benefits Solution Revenue

For clients that have the fertility benefits solution, Progyny offers, as an add-on, its pharmacy benefits solution, which is a separate, fully integrated pharmacy benefit. As part of the pharmacy benefits solution, Progyny provides care management services, which include Progyny’s formulary plan design, prescription fulfillment, simplified authorization and timely delivery of the medications used during treatment through Progyny’s network of specialty pharmacies, and clinical services consisting of member assessments, UnPack It calls, telephone support, online education, medication administration training, pharmacy support services and continuing PCA support.

The pharmacy-related promises represent a single performance obligation because Progyny provides a significant service of integrating the formulary plan design, prescription fulfillment, clinical services and PCA support into the combined pharmacy benefits solution that the client contracted to receive. The pharmacy benefits solution is a stand-ready obligation that is satisfied over the contract term.

Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not all contracts) and a fixed fee per fertility drug. As described above, the PEPM administration fee, less estimated refunds related to service level agreements, is allocated to the pharmacy benefits solution and recognized ratably over the contract term. The fixed fee per fertility drug meets the variable consideration allocation exception as the usage-based fees relate specifically to the Company’s efforts to satisfy the performance obligation to provide services and is allocated to the distinct period during which the related services were performed and represents the consideration the Company is entitled to for the pharmacy benefits services provided. As a result, the fixed fee per fertility drug is included in the transaction price and recognized in the period in which the Company is entitled to consideration from a client, which is when a prescription is filled and delivered to the members. There is no constraint on variable consideration within Progyny’s pharmacy benefits contracts.

As stated above, clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices the client and the member for their respective portions of the fixed fee per fertility drug, when the prescription services are completed by the specialty pharmacies. Once an invoice is issued, payment terms are typically between 30 to 60 days.

The Company assesses whether it is the principal or the agent for each arrangement with a client, as prescription fulfillment and clinical services are provided by a third party—the specialty pharmacies. The Company is the principal in its arrangements with clients, and therefore presents revenue gross of the amounts paid to the specialty pharmacies. Progyny controls the specified service (the pharmacy benefits solution) before it is transferred to the client. Progyny

integrates the prescription fulfillment and clinical services provided by the pharmacies and PCAs into the overall pharmacy benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the specialty pharmacies and monitors the performance of the specialty pharmacies. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with pharmacies, which establish pricing for each drug. Pricing of fertility drugs is independent from the fees charged to clients.

The Company does not disclose the transaction price allocated to remaining performance obligations because all of the transaction price is variable and is allocated to the distinct periods to which the services relate, as discussed above. The remaining contract term is typically less than one year, due to the client’s contractual termination options. There were no material contract asset or contract liability balances as of March 31, 2025 and December 31, 2024.

Accrued Receivables and Accrued Claims Payable

Accrued receivables are estimated based on historical experience for those fertility benefits services provided but for which a claim has not been received from the provider clinic at the end of the reporting period, which includes assumptions regarding the lag between authorization date and service date as well as estimates for changes and cancellations of services. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and expected gross margin on fertility benefits services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.

As of March 31, 2025 and December 31, 2024, accrued receivables were $75.6 million and $45.6 million, respectively. Accrued receivables are included within accounts receivable in the consolidated balance sheet.

Accrued claims payable of $45.6 million and $32.1 million as of March 31, 2025 and December 31, 2024, respectively, are included within accrued expenses and other current liabilities in the consolidated balance sheet. Claims payable are generally paid within 30 days based on contractual terms.

As of March 31, 2025 and December 31, 2024, unbilled receivables, which represent claims received and approved but unbilled at the end of the reporting period, were $58.4 million and $47.0 million, respectively. Unbilled receivables are typically billed to clients within 30 days of the approved claim based on the contractual billing schedule agreed upon with the client. Unbilled receivables are included in accounts receivable in the consolidated balance sheet.

Accounts Receivable and Allowance for Doubtful Accounts

The accounts receivable balance primarily includes amounts due from clients and members. The Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this current expected credit losses model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience of losses, current economic conditions, and reasonable and supportable forecasts of future economic conditions in order to develop loss rates for each of its receivable pools. An allowance for credit losses is applied at the time the asset is recognized, including to current or not yet due amounts, based on the Company’s estimated loss rates which consider the migration of receivables from current to aged and collection rates associated with receivables that are delinquent. Expected credit losses are recorded as general and administrative expenses on the consolidated statements of operations. The Company records write-offs, as a deduction from the allowance for doubtful accounts, in the period in which its receivables are deemed uncollectible, which is when all efforts of collection have been exhausted or it is no longer pursuing collection of the receivable, and can take up to several years from the initial billing based on the nature of the Company’s receivables, which consist of a high volume of low dollar balances, particularly on the member receivable pool. The following table provides a summary of the activity in this allowance (in thousands):


Three Months Ended March 31, 2025	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs		Balance at End of Period
Allowance for doubtful accounts	$	56,355	$	5,659	$	(3,404)	$	58,610

Cost of Services

Fertility Benefits Services

Fertility benefits services costs include: (1) fees paid to provider clinics within the Company’s network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with provider clinics are typically for a term of one to two years.

Pharmacy Benefits Services

Pharmacy benefits services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year.

In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacies, net of any volume-related or other discounts.

Vendor Rebates

The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacies. The Company’s contractual arrangements with pharmacy program partners provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmacy program partner (such as through a specialty pharmacy). These rebates are recognized as a reduction of cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 20 days after the end of each month. Vendor rebates are included within accounts receivable in the consolidated balance sheet. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard is intended to provide a better understanding of an entity's overall performance and business activities through improved disclosure about an entity's reportable segments, including more detailed information about reportable segment expenses. The Company adopted this standard in the annual period beginning January 1, 2024 and applied the disclosure requirements retrospectively to all prior periods presented in the financial statements. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Accounting Pronouncements Issued but Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The new standard will be effective for the Company for the fiscal year beginning January 1, 2025. While the new standard does require further disaggregation of the income tax footnote, the Company currently does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to provide enhanced transparency into the nature of expenses and requires more detailed information on specific expense categories (purchases of inventory, employee compensation, depreciation, and intangible asset amortization)

included in certain expense captions presented on the face of the income statement. The new standard will be effective for the Company for the fiscal year beginning January 1, 2027, and for interim periods within the fiscal year beginning January 1, 2028. Early adoption is permitted. The amendments may be applied either 1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or 2) retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of the new standard including the impact on its disclosures.

Net Income Per Share - Schedule of Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	17,080,755	13,445,786
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	14,856,451	12,631,505
Shares issuable under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	2,768	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	2,221,536	814,281

Significant Accounting Policies - Revenue Recognition (Details)	3 Months Ended
	Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from contract with customer, term (in years)	3 years
Remaining contract term related to remaining performance obligations (in years)	1 year
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue contract termination, notice period (in days)	30 days
Customer payment terms (in days)	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue contract termination, notice period (in days)	90 days
Customer payment terms (in days)	60 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 75: http://www.xbrl.org/2003/role/disclosureRef
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Reference 76: http://www.xbrl.org/2003/role/disclosureRef
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Reference 77: http://www.xbrl.org/2003/role/disclosureRef
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Reference 78: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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Reference 79: http://www.xbrl.org/2003/role/disclosureRef
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Reference 80: http://www.xbrl.org/2003/role/disclosureRef
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Reference 81: http://www.xbrl.org/2003/role/disclosureRef
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
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Reference 85: http://www.xbrl.org/2003/role/disclosureRef
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Reference 88: http://www.xbrl.org/2003/role/disclosureRef
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Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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Reference 96: http://www.xbrl.org/2003/role/disclosureRef
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Reference 99: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Leases - Narrative (Details) $ in Thousands	3 Months Ended
Leases - Narrative (Details) $ in Thousands	Mar. 31, 2025 USD ($) ft²	Mar. 31, 2024 USD ($)	Jun. 30, 2029 USD ($) ft²	Dec. 31, 2024 USD ($)	Feb. 28, 2023 USD ($) ft²	Sep. 30, 2019 USD ($) ft²
Lessee, Operating Lease, Description [Abstract]
Operating lease right-of-use assets	$ 26,949			$ 17,251
Present value of lease liabilities	28,896
Lease expense	800	$ 600
Cash outflows from operating activities attributable to operating leases	$ 800	$ 300
September 2019 Sublease Agreement
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²						25,212
Februray 2023 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²					24,099
March 2025 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²	21,262
Operating lease right-of-use assets	$ 10,100
Present value of lease liabilities	10,000
Forecast
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²			25,212
Operating lease, base rent per annum			$ 1,600
Through fifth lease year \| September 2019 Sublease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum						$ 1,300
Through fifth lease year \| Februray 2023 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum					$ 1,400
Through fifth lease year \| March 2025 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum	1,300
After fifth lease year \| September 2019 Sublease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum						$ 1,400
After fifth lease year \| Februray 2023 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum					$ 1,500
After fifth lease year \| March 2025 Lease Agreement
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum	$ 1,400

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Mar. 31, 2025	Aug. 31, 2024	Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased (in shares)		12,998,173	12,998,173
Shares repurchased		$ 303,889	$ 303,889
February 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 100,000	$ 100,000
Repurchase of common stock (in shares)		12,382,193
May 2024 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased	$ 26,400
Average price per share (in dollars per share)	$ 36.27
Repurchase of common stock (in shares)		12,382,193
May 2024 Share Repurchase Program \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased (in shares)	723,577

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Significant Accounting Policies - Accrued Receivable and Accrued Claims Payable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Accrued receivables	$ 75.6	$ 45.6
Accrued claims payable	$ 45.6	32.1
Claims payable, payment period (within) (in days)	30 days
Unbilled receivables	$ 58.4	$ 47.0
Period in which unbilled receivables are billed to clients (within) (in days)	30 days

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	98,052,017	97,692,891
Common stock, shares outstanding (in shares)	85,669,824	85,310,698
Treasury stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Treasury stock, shares outstanding (in shares)	12,998,173	12,998,173

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

In September 2019, the Company’s sublease agreement for the 25,212 square foot office in its corporate headquarters commenced in New York, NY and is scheduled to expire in May 2029. Pursuant to the sublease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

In February 2023, the Company's lease agreement for the additional 24,099 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. Pursuant to the lease, the

Company is obligated to pay the base rent of approximately $1.4 million per annum through the end of the fifth lease year and approximately $1.5 million per annum thereafter through the expiration date.

In March 2025, the Company's lease agreement for the additional 21,262 square foot office in its corporate offices (entered into in February 2022) commenced in New York, NY and expires in April 2036. In accordance with ASC 842, the Company recorded a right-of-use asset and a lease liability of $10.1 million and $10.0 million, respectively. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for the three months ended March 31, 2025 and 2024 was $0.8 million and $0.6 million, respectively.

Cash outflows from operating activities attributable to the operating leases for the three months ended March 31, 2025 and 2024 was $0.8 million and $0.3 million.

Information related to the Company's leases is as follows (in thousands):


	Balance Sheet Location	March 31, 2025		December 31, 2024
Operating Leases
Right-of-use asset	Operating lease right-of-use assets	$	26,949	$	17,251
Short-term lease liabilities	Accrued expenses and other current liabilities	$	2,898	$	2,859
Long-term lease liabilities	Operating lease noncurrent liabilities	$	25,998	$	16,413

Other Information
Weighted-average remaining lease term, operating lease		9.5 years		8.9 years
Weighted-average discount rate, operating lease		4.87%		4.61%

Future minimum facility lease payments related to the Company's operating lease liabilities as of March 31, 2025 were as follows (in thousands):


Year Ending December 31:	Operating Lease Payments as of March 31, 2025
2025	$	2,276
2026	3,917
2027	4,361
2028	4,340
2029	3,551
Thereafter	18,303
Total undiscounted lease payments	$	36,748
Less: imputed interest	7,852
Present value of lease liabilities	$	28,896
Less: current portion of operating lease liabilities	2,898
Operating lease noncurrent liabilities	$	25,998

February 2022 Lease Agreement

As noted above, the Company commenced its leases for the additional 24,099 square foot and 21,262 square foot offices in its corporate offices in New York, NY in February 2023 and March 2025, respectively, pursuant to a lease agreement entered into by the Company in February 2022. The lease agreement also provides for continued occupancy of the 25,212 square foot office after the expiration of the current sublease. For the current 25,212 square foot office, the Company is obligated to pay the base rent of approximately $1.6 million per year beginning in June 2029, which is the lease commencement, through April 2036, the expiration date.

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of Reportable Segments	1

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable and Allowance for Doubtful Accounts

The following table provides a summary of the activity in this allowance (in thousands):


Three Months Ended March 31, 2025	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs		Balance at End of Period
Allowance for doubtful accounts	$	56,355	$	5,659	$	(3,404)	$	58,610

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income (Loss)
Net income	$ 15,059	$ 16,898
Other comprehensive income (loss), net of tax
Unrealized (loss) gain on marketable securities before reclassifications	(50)	2,398
Reclassification of gains on the sale of marketable securities into net income	0	(2,488)
Net change on unrealized losses/gains on marketable securities	(50)	(90)
Foreign currency translation gains	121	21
Total other comprehensive income (loss), net of tax	71	(69)
Total comprehensive income	$ 15,130	$ 16,829

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stockholders’ Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 422,062	$ 553,429
Other comprehensive income (loss) before reclassifications, net of tax	71	2,419
Amounts reclassified from accumulated other comprehensive income, net of tax	0	(2,488)
Net current period other comprehensive (loss) income	71	(69)
Balance at end of period	467,159	571,604
Unrealized gains/losses	(100)	3,300
Tax expense (benefit)	0	900
Interest and other income, net	2,367	3,992
Income before income taxes	26,537	22,515
Provision for income taxes	11,478	5,617
Net income	15,059	16,898
Unrealized gains on marketable securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	18	2,829
Other comprehensive income (loss) before reclassifications, net of tax	(50)	2,398
Amounts reclassified from accumulated other comprehensive income, net of tax	0	(2,488)
Net current period other comprehensive (loss) income	(50)	(90)
Balance at end of period	(32)	2,739
Unrealized gains on marketable securities \| Reclassification out of Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Interest and other income, net	0	3,395
Income before income taxes	0	3,395
Provision for income taxes	0	907
Net income	0	2,488
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	21	(10)
Other comprehensive income (loss) before reclassifications, net of tax	121	21
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Net current period other comprehensive (loss) income	121	21
Balance at end of period	142	11
Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	39	2,819
Net current period other comprehensive (loss) income	71	(69)
Balance at end of period	$ 110	$ 2,750

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Lease Information

Information related to the Company's leases is as follows (in thousands):


	Balance Sheet Location	March 31, 2025		December 31, 2024
Operating Leases
Right-of-use asset	Operating lease right-of-use assets	$	26,949	$	17,251
Short-term lease liabilities	Accrued expenses and other current liabilities	$	2,898	$	2,859
Long-term lease liabilities	Operating lease noncurrent liabilities	$	25,998	$	16,413

Other Information
Weighted-average remaining lease term, operating lease		9.5 years		8.9 years
Weighted-average discount rate, operating lease		4.87%		4.61%

Schedule of Future Minimum Facility Lease Payments

Future minimum facility lease payments related to the Company's operating lease liabilities as of March 31, 2025 were as follows (in thousands):


Year Ending December 31:	Operating Lease Payments as of March 31, 2025
2025	$	2,276
2026	3,917
2027	4,361
2028	4,340
2029	3,551
Thereafter	18,303
Total undiscounted lease payments	$	36,748
Less: imputed interest	7,852
Present value of lease liabilities	$	28,896
Less: current portion of operating lease liabilities	2,898
Operating lease noncurrent liabilities	$	25,998

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregated revenue

The following table disaggregates revenue by service (in thousands):


	Three Months Ended March 31,
	2025		2024

Fertility benefits services revenue	$	206,405	$	169,769
Pharmacy benefits services revenue	117,633		108,309
Total revenue	$	324,038	$	278,078

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The CODM uses net income to allocate resources (including personnel, technology, and capital resources) for the single segment to make decisions regarding the annual budget, ongoing operations, and strategic investments to drive the Company's strategy and mission.


	Three Months Ended March 31,
	2025		2024
Revenue(1)	$	324,038	$	278,078
Less:
Cost of services	248,243		215,672
Sales and marketing	17,786		15,454
General and administrative	33,839		28,429
Interest and other income, net	(2,367)		(3,992)
Provision for income taxes	11,478		5,617
Net income	$	15,059	$	16,898

(1) Refer to footnote 3, for disaggregated revenue by service.



	March 31, 2025		December 31, 2024
Total Assets	$	730,285	$	607,102

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense for Employees

The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of services	$	9,398	$	9,033
Sales and marketing	7,875		7,503
General and administrative	15,239		14,516
Total stock-based compensation expense	$	32,512	$	31,052

Schedule of Accumulated Other Comprehensive Income

Accumulated other comprehensive income consisted of the following (in thousands):


	Three Months Ended March 31, 2025
	Unrealized gains on marketable securities		Foreign currency translation adjustments		Total
Balance at December 31, 2024	$	18	$	21	$	39
Other comprehensive (loss) income before reclassifications, net of tax(1)	(50)		121		71
Amounts reclassified from accumulated other comprehensive income, net of tax(2)	—		—		—
Net current period other comprehensive (loss) income	(50)		121		71
Balance at March 31, 2025	$	(32)	$	142	$	110


	Three Months Ended March 31, 2024
	Unrealized gains on marketable securities		Foreign currency translation adjustments		Total
Balance at December 31, 2023	$	2,829	$	(10)	$	2,819
Other comprehensive income before reclassifications, net of tax(1)	2,398		21		2,419
Amounts reclassified from accumulated other comprehensive income, net of tax(2)	(2,488)		—		(2,488)
Net current period other comprehensive (loss) income	(90)		21		(69)
Balance at March 31, 2024	$	2,739	$	11	$	2,750

________________________________

(1) Represents unrealized losses of $0.1 million, net of tax benefit of $0, for the three months ended March 31, 2025 and unrealized gains of $3.3 million, net of tax expense of $0.9 million, for the three months ended March 31, 2024.

(2) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):


Details about Accumulated Other Comprehensive Income Component	Three Months Ended March 31,				Affected Line Item in Statement of Operations
	2025		2024
Gains on marketable securities	$	—	$	3,395	Interest and other income, net
	—		3,395		Income before income taxes
	—		907		Provision for income taxes
	$	—	$	2,488	Net income

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company records accruals for loss contingencies when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. If the Company determines that a loss is reasonably possible, the Company discloses the matter, and the amount or range of the possible loss, if estimable, in the notes to the consolidated financial statements. From time to time, the Company is involved in certain claims and litigation arising in the normal course of business. The Company is not aware of any legal proceedings or claims, that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations.

Stockholders’ Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	$ 32,512	$ 31,052
Cost of services
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	9,398	9,033
Sales and marketing
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	7,875	7,503
General and administrative
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	$ 15,239	$ 14,516

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Accumulated Earnings	Accumulated Other Comprehensive Income
Balance at beginning of period (in shares) at Dec. 31, 2023		96,348,522
Balance at beginning of period at Dec. 31, 2023	$ 553,429	$ 9	$ (1,009)	$ 461,639	$ 89,971	$ 2,819
Increase (Decrease) in Stockholders' Equity (Loss)
Issuance of employee equity awards, net of shares withheld (in shares)		490,871
Issuance of employee equity awards, net of shares withheld	(3,502)			(3,502)
Stock-based compensation	31,206			31,206
Repurchase of common stock (in shares)		(723,577)
Repurchase of common stock	(26,358)		(26,358)
Other comprehensive income (loss), net of tax	(69)					(69)
Net income	16,898				16,898
Balance at end of period (in shares) at Mar. 31, 2024		96,115,816
Balance at end of period at Mar. 31, 2024	571,604	$ 9	(27,367)	489,343	106,869	2,750
Balance at beginning of period (in shares) at Dec. 31, 2023		96,348,522
Balance at beginning of period at Dec. 31, 2023	$ 553,429	$ 9	(1,009)	461,639	89,971	2,819
Balance at end of period (in shares) at Dec. 31, 2024	85,310,698	85,310,698
Balance at end of period at Dec. 31, 2024	$ 422,062	$ 9	(303,889)	581,596	144,307	39
Increase (Decrease) in Stockholders' Equity (Loss)
Issuance of employee equity awards, net of shares withheld (in shares)		359,126
Issuance of employee equity awards, net of shares withheld	(3,045)			(3,045)
Stock-based compensation	33,012			33,012
Other comprehensive income (loss), net of tax	71					71
Net income	$ 15,059				15,059
Balance at end of period (in shares) at Mar. 31, 2025	85,669,824	85,669,824
Balance at end of period at Mar. 31, 2025	$ 467,159	$ 9	$ (303,889)	$ 611,563	$ 159,366	$ 110

Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments

Progyny is a benefits management company specializing in fertility, family building and women's health benefits solutions. Substantially, all of the Company's revenues and assets are attributable to the United States.

The chief operating decision maker (“CODM”) is the Chief Executive Officer. The Company determined it has one operating segment and one reportable segment, as the CODM manages the business and evaluates performance at the consolidated level.


	Three Months Ended March 31,
	2025		2024
Revenue(1)	$	324,038	$	278,078
Less:
Cost of services	248,243		215,672
Sales and marketing	17,786		15,454
General and administrative	33,839		28,429
Interest and other income, net	(2,367)		(3,992)
Provision for income taxes	11,478		5,617
Net income	$	15,059	$	16,898

(1) Refer to footnote 3, for disaggregated revenue by service.



	March 31, 2025		December 31, 2024
Total Assets	$	730,285	$	607,102

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 109,239	$ 162,314
Marketable securities	146,884	65,640
Accounts receivable, net of $58,610 and $56,355 of allowance at March 31, 2025 and December 31, 2024, respectively	299,743	235,324
Prepaid expenses and other current assets	11,826	9,443
Total current assets	567,692	472,721
Property and equipment, net	15,740	12,383
Operating lease right-of-use assets	26,949	17,251
Goodwill	19,651	15,534
Intangible assets, net	6,753	1,303
Deferred tax assets	84,948	84,933
Other noncurrent assets	8,552	2,977
Total assets	730,285	607,102
Current liabilities:
Accounts payable	145,713	95,097
Accrued expenses and other current liabilities	91,415	73,530
Total current liabilities	237,128	168,627
Operating lease noncurrent liabilities	25,998	16,413
Total liabilities	263,126	185,040
Commitments and Contingencies (Note 6)
STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; at March 31, 2025 and December 31, 2024, respectively; 98,052,017 and 97,692,891 shares issued; 85,669,824 and 85,310,698 outstanding at March 31, 2025 and December 31, 2024, respectively	9	9
Additional paid-in capital	611,563	581,596
Treasury stock, at cost, $0.0001 par value; 12,998,173 and 12,998,173 shares at March 31, 2025 and December 31, 2024, respectively	(303,889)	(303,889)
Accumulated earnings	159,366	144,307
Accumulated other comprehensive income	110	39
Total stockholders’ equity	467,159	422,062
Total liabilities and stockholders’ equity	$ 730,285	$ 607,102

Significant Accounting Policies - Cost of Services (Details)	3 Months Ended
	Mar. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term with specialty pharmacies (in years)	1 year
Billing terms (in days)	20 days
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term, clinics (in years)	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term, clinics (in years)	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income	$ 15,059	$ 16,898
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax expense	11	2,877
Non-cash interest income	0	(190)
Depreciation and amortization	1,108	716
Loss on disposal of property and equipment	79	0
Stock-based compensation expense	32,512	31,052
Bad debt expense	5,659	4,772
Net accretion of discounts on marketable securities	1,106	(3,395)
Foreign currency exchange rate loss	0	35
Changes in operating assets and liabilities:
Accounts receivable	(69,732)	(60,118)
Prepaid expenses and other current assets	(2,383)	15,169
Accounts payable	49,618	4,790
Accrued expenses and other current liabilities	17,509	12,995
Other noncurrent assets and liabilities	(738)	131
Net cash provided by operating activities	49,808	25,732
INVESTING ACTIVITIES
Purchase of property and equipment, net	(2,843)	(850)
Purchase of marketable securities	(145,809)	(110,806)
Sale of marketable securities	63,382	131,000
Acquisition of business, net of cash acquired	(9,340)	0
Net cash (used in) provided by investing activities	(94,610)	19,344
FINANCING ACTIVITIES
Repurchase of common stock	0	(23,764)
Proceeds from exercise of stock options	39	962
Payment of employee taxes related to equity awards	(3,583)	(4,959)
Proceeds from contributions to employee stock purchase plan	256	350
Net cash used in financing activities	(3,288)	(27,411)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	15	(2)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(48,075)	17,663
Cash, cash equivalents, and restricted cash, beginning of period	162,314	97,296
Cash, cash equivalents, and restricted cash, end of period	114,239	114,959
Cash and cash equivalents	109,239	114,959
Restricted cash included within noncurrent assets	5,000	0
Total cash, cash equivalents, and restricted cash	114,239	114,959
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds received	400	(362)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Additions of property and equipment, net included in accounts payable and accrued expenses	$ 1,246	$ 155

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 2,276
2026	3,917
2027	4,361
2028	4,340
2029	3,551
Thereafter	18,303
Total undiscounted lease payments	36,748
Less: imputed interest	7,852
Present value of lease liabilities	28,896
Less: current portion of operating lease liabilities	2,898	$ 2,859
Operating lease noncurrent liabilities	$ 25,998	$ 16,413

Business and Basis of Presentation (Details)	3 Months Ended
Business and Basis of Presentation (Details)	Mar. 31, 2025 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of operating segments	1

Net Income Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period.

Diluted net income per share is computed by dividing the diluted net income by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming dilutive effect of outstanding common stock options, restricted stock units, common stock warrants, and shares issuable under the employee stock purchase plan. In periods when the Company has incurred a net loss, diluted net loss per share is the same as basic net loss per share because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31
	2025		2024
Basic net income per common share:
Numerator:
Net income	$	15,059	$	16,898

Denominator:
Weighted-average shares used in computing basic net income per share	85,499,153		96,484,657
Basic net income per share	$	0.18	$	0.18

Diluted net income per common share:
Numerator:
Net income	$	15,059	$	16,898

Denominator:
Weighted-average shares used in computing basic net income per share	85,499,153		96,484,657
Effect of dilutive securities
Options to purchase common stock	3,176,495		3,922,757
Shares issuable under ESPP	—		809
Warrants to purchase common stock	—		291,643
Restricted stock units	632,286		353,067
Total effect of dilutive securities	3,808,781		4,568,276
Weighted-average shares used in computing diluted net income per share	89,307,934		101,052,933
Diluted net income per share	$	0.17	$	0.17


	Three Months Ended March 31,
	2025	2024
Options to purchase common stock	14,856,451	12,631,505
Shares issuable under ESPP	2,768	—
Restricted stock units	2,221,536	814,281
Total	17,080,755	13,445,786

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions On January 8, 2025, the Company completed its acquisition of Benefit Bump LLC, a comprehensive parental leave benefits navigation program for new and growing families. The acquisition enhances the Company's existing offerings, extending its ability to further serve the needs of families on their journey from pregnancy to early childhood and beyond. The transaction was for a purchase price of $10.5 million, including $2.5 million held in escrow for standard indemnifications and the satisfaction of certain conditions. The transaction was accounted for using the acquisition method resulting in tangible and intangible assets acquired and liabilities assumed, recorded at their estimated fair values as of the acquisition date. Any excess consideration over the fair value of the assets and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is completed during the measurement period (up to one year from acquisition date). This acquisition did not have a material impact on the Company’s consolidated financial statements. On June 17, 2024, the Company completed its acquisition of Apryl GmbH, a Berlin-based fertility benefits platform, to expand its global offering. The transaction was for a purchase price of €5.1 million, or $5.5 million based on the exchange rate on the acquisition closing date, and was accounted for using the acquisition method. As a result, tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. Any excess consideration over the fair value of the assets and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is completed during the measurement period (up to one year from acquisition date). This acquisition did not have a material impact on the Company’s consolidated financial statements.

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statements of Operations
Revenue	$ 324,038	$ 278,078
Cost of services	248,243	215,672
Gross profit	75,795	62,406
Operating expenses:
Sales and marketing	17,786	15,454
General and administrative	33,839	28,429
Total operating expenses	51,625	43,883
Income from operations	24,170	18,523
Interest and other income, net	2,367	3,992
Income before income taxes	26,537	22,515
Provision for income taxes	11,478	5,617
Net income	$ 15,059	$ 16,898
Net income per share:
Basic (in dollars per share)	$ 0.18	$ 0.18
Diluted (in dollars per share)	$ 0.17	$ 0.17
Weighted-average shares used in computing net income per share:
Basic (in shares)	85,499,153	96,484,657
Diluted (in shares)	89,307,934	101,052,933

Segments - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
Segments - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 324,038	$ 278,078
Cost of services	248,243	215,672
General and administrative	33,839	28,429
Provision for income taxes	11,478	5,617
Total Assets	730,285		$ 607,102
Reportable segment
Segment Reporting Information [Line Items]
Revenue	324,038	278,078
Cost of services	248,243	215,672
Sales and marketing	17,786	15,454
General and administrative	33,839	28,429
Interest and other (income), net	(2,367)	(3,992)
Provision for income taxes	11,478	5,617
Net income	15,059	16,898
Total Assets	$ 730,285	$ 607,102

Business and Basis of Presentation	3 Months Ended
Business and Basis of Presentation	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Description of Business Progyny, Inc. (together with its subsidiaries referred to as “Progyny” or the “Company”) was incorporated in the state of Delaware on April 3, 2008, and maintains its corporate headquarters in New York, NY. Progyny is a benefits management company specializing in fertility, family building and women's health benefits solutions and operates and manages in one operating segment. The fertility benefits solution consists of a significant service that integrates: (1) the treatment services (“Smart Cycles”) that the Company has designed, (2) access to the Progyny network of high-quality fertility specialists that perform the Smart Cycle treatments and (3) active management of the selective network of high-quality provider clinics, real-time member eligibility and treatment authorization, member-facing digital tools and detailed quarterly reporting supported by the Company’s dedicated client success teams, and end-to-end comprehensive concierge member support provided by Progyny’s in-house staff of Progyny Care Advocates (“PCAs”) (collectively, the “care management services”). The Company enhanced its benefits solution offerings with the launch of its pharmacy benefits solution, Progyny Rx, effective January 1, 2018. Progyny Rx provides the Company's members with access to the medications needed during their fertility treatment. As part of this solution, the Company provides care management services, which include formulary plan design, simplified authorization, assistance with prescription fulfillment, and timely delivery of the medications by the Company’s network of specialty pharmacies, as well as medication administration training, pharmacy support services, and continuing PCA support. As a pharmacy benefits solution provider, Progyny manages the dispensing of pharmaceuticals through the Company’s specialty pharmacy contracts. Progyny Rx is only available as an add-on service to the fertility benefits solution. Basis of Presentation The accompanying interim unaudited consolidated financial statements include the accounts of Progyny, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial reporting. These interim consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company's financial position as of March 31, 2025, the results of the Company's operations for the three months ended March 31, 2025 and 2024 and the results of the Company's cash flows for the three months ended March 31, 2025 and 2024. Therefore, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025 (the “Annual Report on Form 10-K”). The results for the three months ended March 31, 2025 are not necessarily indicative of the operating results expected for the year ending December 31, 2025 or any other future period. The Company will continue to assess these potential impacts to its business and will make adjustments to its operations as necessary. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of accrued receivables related to revenue recognition, accrued claims payable, allowance for doubtful accounts, stock-based compensation expense, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates revenue by service (in thousands):


	Three Months Ended March 31,
	2025		2024

Fertility benefits services revenue	$	206,405	$	169,769
Pharmacy benefits services revenue	117,633		108,309
Total revenue	$	324,038	$	278,078

Stockholders’ Equity

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders’ Equity

Share Repurchase Program

In February 2024, the Company’s Board of Directors authorized a share repurchase program of up to $100 million in shares of common stock (the “February Share Repurchase Program”). In May 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “May Share Repurchase Program”). In August 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “August Share Repurchase Program,” and together with the February Share Repurchase Program and the May Share Repurchase Program, the ("2024 Share Repurchase Programs"). For the three months ended March 31, 2024, the Company repurchased a total of 723,577 shares of common stock under the 2024 Share Repurchase Programs for a total cost of $26.4 million, inclusive of excise taxes and trading fees, for an average price per share of $36.27. For the year ended December 31, 2024, the Company repurchased a total of 12,382,193 shares of common stock under the 2024 Share Repurchase Programs.

As of the year ended December 31, 2024, the 2024 Share Repurchase Programs were completed, and no amounts remained available for repurchase under the programs.

Stock-based Compensation Expense

The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of services	$	9,398	$	9,033
Sales and marketing	7,875		7,503
General and administrative	15,239		14,516
Total stock-based compensation expense	$	32,512	$	31,052

Accumulated Other Comprehensive Income

Accumulated other comprehensive income consisted of the following (in thousands):


	Three Months Ended March 31, 2025
	Unrealized gains on marketable securities		Foreign currency translation adjustments		Total
Balance at December 31, 2024	$	18	$	21	$	39
Other comprehensive (loss) income before reclassifications, net of tax(1)	(50)		121		71
Amounts reclassified from accumulated other comprehensive income, net of tax(2)	—		—		—
Net current period other comprehensive (loss) income	(50)		121		71
Balance at March 31, 2025	$	(32)	$	142	$	110


	Three Months Ended March 31, 2024
	Unrealized gains on marketable securities		Foreign currency translation adjustments		Total
Balance at December 31, 2023	$	2,829	$	(10)	$	2,819
Other comprehensive income before reclassifications, net of tax(1)	2,398		21		2,419
Amounts reclassified from accumulated other comprehensive income, net of tax(2)	(2,488)		—		(2,488)
Net current period other comprehensive (loss) income	(90)		21		(69)
Balance at March 31, 2024	$	2,739	$	11	$	2,750

________________________________

(2) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):


Details about Accumulated Other Comprehensive Income Component	Three Months Ended March 31,				Affected Line Item in Statement of Operations
	2025		2024
Gains on marketable securities	$	—	$	3,395	Interest and other income, net
	—		3,395		Income before income taxes
	—		907		Provision for income taxes
	$	—	$	2,488	Net income

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited consolidated financial statements include the accounts of Progyny, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial reporting. These interim consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company's financial position as of March 31, 2025, the results of the Company's operations for the three months ended March 31, 2025 and 2024 and the results of the Company's cash flows for the three months ended March 31, 2025 and 2024. Therefore, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025 (the “Annual Report on Form 10-K”). The results for the three months ended March 31, 2025 are not necessarily indicative of the operating results expected for the year ending December 31, 2025 or any other future period. The Company will continue to assess these potential impacts to its business and will make adjustments to its operations as necessary.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of accrued receivables related to revenue recognition, accrued claims payable, allowance for doubtful accounts, stock-based compensation expense, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five-step model to recognize revenue from contracts with clients: •Identification of the contract, or contracts, with a client; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, a performance obligation is satisfied. Progyny’s contracts typically have a stated term of three years and include contractual termination options after the first year, allowing the client to terminate the contract with 30 to 90 days’ notice. Fertility Benefits Solution Revenue Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (“clients”) and their employees and partners (together, “members”) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs. The promises within Progyny’s fertility benefits contract with a client represent a single performance obligation because Progyny provides a significant service of integrating the Progyny designed Smart Cycles and access to the fertility treatment services provided by provider clinics with the other comprehensive services into the combined fertility benefits solution that the client contracted to receive. Progyny’s fertility benefits solution is a stand-ready obligation that is satisfied over the contract term. Progyny’s contracts include the following sources of consideration, which are all variable: a per employee per month (“PEPM”) administration fee (in most, but not all contracts), and a fixed rate per Smart Cycle. The PEPM administration fee is estimated using the expected value method and is allocated between the fertility benefits solution and the pharmacy benefits solution based on standalone selling price, estimated using an expected cost-plus margin method. The fixed rate per Smart Cycle meets the variable consideration allocation exception as the usage-based fees relate specifically to the Company’s efforts to satisfy the performance obligation to provide services and is allocated to the distinct period during which the related services were performed and represents the consideration the Company is entitled to for the fertility benefits services provided. As a result, the fixed rate per Smart Cycle is included in the transaction price for the fertility benefits solution. Progyny’s contracts also include potential service level agreement refunds related to outcome-based service metrics. These service level refunds, which are determined based on results of a full plan year, if met, are based on a percentage of the PEPM fee paid by clients. The Company estimates the variable consideration related to the total PEPM administration fee, less estimated refunds related to service level agreements using the expected value method and recognizes the amounts allocated to the fertility benefits solution ratably over the contract term. Progyny’s estimates of service level agreement refunds have not historically resulted in significant adjustments to the transaction price. There is no constraint on variable consideration within Progyny’s fertility benefits contracts. The Company recognizes revenue for its fertility benefit solution in the period in which the Smart Cycle services are provided to the member. The services provided in a reporting period are based on actual claims received from the provider clinic and an estimate of services provided but for which a claim has not been received at the end of the reporting period, which we refer to as accrued receivables, and is discussed in further detail below. Clients are typically invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their respective portions of the fixed rate per Smart Cycle bundle when all treatment services within a Smart Cycle are completed by the provider clinic. Once an invoice is issued, payment terms are typically between 30 to 60 days. The Company assesses whether it is the principal or the agent for each arrangement with a client, since fertility treatment services are provided by a third party—the provider clinics. The Company is the principal in its arrangements with clients and therefore presents revenue gross of the amounts paid to the provider clinics because Progyny controls the specified service (the fertility benefits solution) before it is transferred to the client. Progyny integrates the fertility treatment services provided by the provider clinics into the overall fertility benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the provider clinics and monitors the performance of the provider clinics. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with the provider clinics, which establish pricing for each treatment service. Pricing of services from provider clinics is independent from the fees charged to clients. Pharmacy Benefits Solution Revenue For clients that have the fertility benefits solution, Progyny offers, as an add-on, its pharmacy benefits solution, which is a separate, fully integrated pharmacy benefit. As part of the pharmacy benefits solution, Progyny provides care management services, which include Progyny’s formulary plan design, prescription fulfillment, simplified authorization and timely delivery of the medications used during treatment through Progyny’s network of specialty pharmacies, and clinical services consisting of member assessments, UnPack It calls, telephone support, online education, medication administration training, pharmacy support services and continuing PCA support. The pharmacy-related promises represent a single performance obligation because Progyny provides a significant service of integrating the formulary plan design, prescription fulfillment, clinical services and PCA support into the combined pharmacy benefits solution that the client contracted to receive. The pharmacy benefits solution is a stand-ready obligation that is satisfied over the contract term. Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not all contracts) and a fixed fee per fertility drug. As described above, the PEPM administration fee, less estimated refunds related to service level agreements, is allocated to the pharmacy benefits solution and recognized ratably over the contract term. The fixed fee per fertility drug meets the variable consideration allocation exception as the usage-based fees relate specifically to the Company’s efforts to satisfy the performance obligation to provide services and is allocated to the distinct period during which the related services were performed and represents the consideration the Company is entitled to for the pharmacy benefits services provided. As a result, the fixed fee per fertility drug is included in the transaction price and recognized in the period in which the Company is entitled to consideration from a client, which is when a prescription is filled and delivered to the members. There is no constraint on variable consideration within Progyny’s pharmacy benefits contracts. As stated above, clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices the client and the member for their respective portions of the fixed fee per fertility drug, when the prescription services are completed by the specialty pharmacies. Once an invoice is issued, payment terms are typically between 30 to 60 days. The Company assesses whether it is the principal or the agent for each arrangement with a client, as prescription fulfillment and clinical services are provided by a third party—the specialty pharmacies. The Company is the principal in its arrangements with clients, and therefore presents revenue gross of the amounts paid to the specialty pharmacies. Progyny controls the specified service (the pharmacy benefits solution) before it is transferred to the client. Progyny integrates the prescription fulfillment and clinical services provided by the pharmacies and PCAs into the overall pharmacy benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the specialty pharmacies and monitors the performance of the specialty pharmacies. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with pharmacies, which establish pricing for each drug. Pricing of fertility drugs is independent from the fees charged to clients. The Company does not disclose the transaction price allocated to remaining performance obligations because all of the transaction price is variable and is allocated to the distinct periods to which the services relate, as discussed above. The remaining contract term is typically less than one year, due to the client’s contractual termination options. There were no material contract asset or contract liability balances as of March 31, 2025 and December 31, 2024.
Accrued Receivables and Accrued Claims Payable	Accrued Receivables and Accrued Claims Payable Accrued receivables are estimated based on historical experience for those fertility benefits services provided but for which a claim has not been received from the provider clinic at the end of the reporting period, which includes assumptions regarding the lag between authorization date and service date as well as estimates for changes and cancellations of services. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and expected gross margin on fertility benefits services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The accounts receivable balance primarily includes amounts due from clients and members. The Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this current expected credit losses model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience of losses, current economic conditions, and reasonable and supportable forecasts of future economic conditions in order to develop loss rates for each of its receivable pools. An allowance for credit losses is applied at the time the asset is recognized, including to current or not yet due amounts, based on the Company’s estimated loss rates which consider the migration of receivables from current to aged and collection rates associated with receivables that are delinquent. Expected credit losses are recorded as general and administrative expenses on the consolidated statements of operations. The Company records write-offs, as a deduction from the allowance for doubtful accounts, in the period in which its receivables are deemed uncollectible, which is when all efforts of collection have been exhausted or it is no longer pursuing collection of the receivable, and can take up to several years from the initial billing based on the nature of the Company’s receivables, which consist of a high volume of low dollar balances, particularly on the member receivable pool.
Cost of Services	Cost of Services Fertility Benefits Services Fertility benefits services costs include: (1) fees paid to provider clinics within the Company’s network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with provider clinics are typically for a term of one to two years. Pharmacy Benefits Services Pharmacy benefits services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year. In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacies, net of any volume-related or other discounts. Vendor Rebates The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacies. The Company’s contractual arrangements with pharmacy program partners provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmacy program partner (such as through a specialty pharmacy). These rebates are recognized as a reduction of cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 20 days after the end of each month. Vendor rebates are included within accounts receivable in the consolidated balance sheet. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard is intended to provide a better understanding of an entity's overall performance and business activities through improved disclosure about an entity's reportable segments, including more detailed information about reportable segment expenses. The Company adopted this standard in the annual period beginning January 1, 2024 and applied the disclosure requirements retrospectively to all prior periods presented in the financial statements. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The new standard will be effective for the Company for the fiscal year beginning January 1, 2025. While the new standard does require further disaggregation of the income tax footnote, the Company currently does not expect the adoption of the new standard to have a material effect on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to provide enhanced transparency into the nature of expenses and requires more detailed information on specific expense categories (purchases of inventory, employee compensation, depreciation, and intangible asset amortization) included in certain expense captions presented on the face of the income statement. The new standard will be effective for the Company for the fiscal year beginning January 1, 2027, and for interim periods within the fiscal year beginning January 1, 2028. Early adoption is permitted. The amendments may be applied either 1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or 2) retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of the new standard including the impact on its disclosures.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details