Doximity, Inc. Fair Value Disclosure
| As of March 31, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Commercial paper | $ | — | $ | 8,498 | $ | — | $ | 8,498 | |||||||||||||||
| Money market funds | 174,953 | — | — | 174,953 | |||||||||||||||||||
| Total cash equivalents | 174,953 | 8,498 | — | 183,451 | |||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| Commercial paper | — | 11,312 | — | 11,312 | |||||||||||||||||||
| Corporate notes and bonds | — | 390,773 | — | 390,773 | |||||||||||||||||||
| U.S. government and agency securities | 124,338 | 3,000 | — | 127,338 | |||||||||||||||||||
| Total marketable securities | 124,338 | 405,085 | — | 529,423 | |||||||||||||||||||
| Total cash equivalents and marketable securities | $ | 299,291 | $ | 413,583 | $ | — | $ | 712,874 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Contingent earn-out consideration liability | $ | — | $ | — | $ | 5,910 | $ | 5,910 | |||||||||||||||
| Total contingent earn-out consideration liability | $ | — | $ | — | $ | 5,910 | $ | 5,910 | |||||||||||||||
| As of March 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Commercial paper | $ | — | $ | 73,047 | $ | — | $ | 73,047 | |||||||||||||||
| Money market funds | 84,475 | — | — | 84,475 | |||||||||||||||||||
| Total cash equivalents | 84,475 | 73,047 | — | 157,522 | |||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| Commercial paper | — | 42,863 | — | 42,863 | |||||||||||||||||||
| Corporate notes and bonds | — | 502,444 | — | 502,444 | |||||||||||||||||||
| U.S. government and agency securities | 157,727 | 3,016 | — | 160,743 | |||||||||||||||||||
| Total marketable securities | 157,727 | 548,323 | — | 706,050 | |||||||||||||||||||
| Total cash equivalents and marketable securities | $ | 242,202 | $ | 621,370 | $ | — | $ | 863,572 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Contingent earn-out consideration liability | $ | — | $ | — | $ | 11,493 | $ | 11,493 | |||||||||||||||
| Total contingent earn-out consideration liability | $ | — | $ | — | $ | 11,493 | $ | 11,493 | |||||||||||||||
Fiscal Year Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Beginning fair value | $ | 11,493 | $ | 16,813 | |||||||
| Additions in the period | — | — | |||||||||
| Change in fair value | 417 | 680 | |||||||||
| Payments | (6,000) | (6,000) | |||||||||
| Ending fair value | $ | 5,910 | $ | 11,493 | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 19, 2026 | Showing above |
| 2025 | May 20, 2025 | |
| 2024 | May 23, 2024 | |
| 2023 | May 26, 2023 | |
| 2022 | May 27, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.