As of Q1'26, HIMS's cash and short-term investments stood at $222M USD, reflecting a significant decline from the peak of $1.14B in Q2'25, while debt reached $1.13B USD, maintaining a high level consistent with recent quarters. This latest data point indicates a net debt position of approximately $911M USD, highlighting potential liquidity pressures despite earlier cash accumulation. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited strong overall growth, rising from $193M to a high of $1.14B in Q2'25 before dropping sharply to $629M in Q3'25 and further to $222M in Q1'26, suggesting volatile expansion followed by rapid depletion possibly due to operational or investment activities. In contrast, debt remained relatively stable at low levels below $12M through Q4'24, then surged to $1.04B in Q2'25 and stabilized around $1.1B-$1.13B thereafter, resulting in a trend of increasing leverage that could impact financial flexibility if cash reserves continue to erode.