The latest data point for Q4'25 shows HIMS holding $577M in cash and short-term investments, a decline from the peak of $1.14B in Q2'25, while debt stands at $1.12B, reflecting a stable but elevated level compared to earlier quarters. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited strong overall growth, rising from $184M to a high of $1.14B before moderating to $577M, indicating robust liquidity buildup followed by a notable contraction in the latter half of 2025. In contrast, debt remained relatively low and stable at under $12M through Q4'24, then surged dramatically to over $1B starting in Q2'25 and held steady thereafter, suggesting increased leverage that has outpaced cash reserves in recent periods and may signal strategic financing or expansion activities. The net cash position shifted from positive in early years to negative by mid-2025, with debt exceeding cash by approximately $543M in Q4'25, highlighting potential liquidity pressures despite the company's historical cash accumulation trend.