As of Q4'25, HIMS reported Cash & Short-term Investments of USD 229M and Debt of USD 1.12B. This marks a significant shift, with debt levels now far exceeding cash holdings at the latest data point. From Q1'23 to Q2'25, both cash and debt remained relatively stable, with cash generally outpacing debt by a wide margin. However, starting in Q2'25, there was a dramatic increase in both metrics: Cash & Short-term Investments spiked to 1.14B USD in Q2'25 before dropping sharply, while debt surged even more steeply, reaching 1.12B USD by Q4'25. This recent trend indicates a substantial change in the company's capital structure, with a notable rise in leverage and a reversal from a net cash to a net debt position.