Doximity Insider Trims 61% Stake via Option Exercise & Share Sale

Rhea-AI Filing Summary

Doximity (NYSE:DOCS) director Timothy S. Cabral filed Form 4 reporting a same-day option exercise and sale on 06/25/2025.

Cabral converted 10,000 Class B shares into Class A at a $2.21 strike, then sold the entire block at $60.00 per share under a Rule 10b5-1 plan adopted 02/13/2025, generating roughly $600,000 in gross proceeds. His direct Class A holdings fell from 16,360 to 6,360 shares, a 61% reduction. No additional acquisitions or new compensation arrangements were disclosed.

Positive

• None.

Negative

• Director Timothy S. Cabral sold 10,000 Class A shares at $60, trimming his personal stake by ≈61% and raising ≈$600k.

Insights

Insider Trading Analyst

TL;DR: Director sells 61% stake for $600k; bearish insider signal.

The filing shows a material disposition: 10,000 shares sold immediately after conversion, worth ≈$600k. Although executed under a 10b5-1 plan, the sale removes the majority of Cabral’s exposure (only 6,360 shares remain). Such a large percentage reduction can be interpreted as diminished insider conviction and may pressure sentiment, especially amid limited recent insider buying. No offsetting positive factors like concurrent purchases or option awards were disclosed, tilting the read-through negative.

Corporate Governance Specialist

TL;DR: Pre-planned trade limits governance risk; overall impact modest.

The transaction follows SEC Rule 10b5-1, reducing the likelihood of information asymmetry. Option exercise reflects routine vesting from a 2020 grant. While the 61% stake reduction is notable, Cabral remains on the board and still holds equity, preserving alignment. The dollar amount is below $1 million, so market impact should be limited; nonetheless, investors may monitor future sales for trend confirmation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cabral Timothy S

(Last) (First) (Middle)

C/O DOXIMITY, INC.

500 THIRD STREET

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Doximity, Inc. [ DOCS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/25/2025		C(1)		10,000	A	(1)	16,360	D
Class A Common Stock	06/25/2025		S(2)		10,000	D	$60	6,360	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$2.21	06/25/2025		M			10,000	(3)	09/01/2030	Class B Common Stock(4)	10,000	$0	383,500	D
Class B Common Stock	(4)	06/25/2025		M		10,000		(4)	(4)	Class A Common Stock	10,000	$0	10,000	D
Class B Common Stock	(4)	06/25/2025		C(1)			10,000	(4)	(4)	Class A Common Stock	10,000	$0	0	D

Explanation of Responses:

1. Each share of Class B Common Stock, par value $0.001 per share (the "Class B Common Stock"), converted into one share of Class A Common Stock, par value $0.001 per share (the "Class A Common Stock"), at the option of the holder.

2. The sales reported in this Form 4 occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 13, 2025.

3. The stock option vested in 36 equal monthly installments after September 2, 2020, subject to the Reporting Person's continuous service relationship with the Issuer through each applicable vesting date. The stock option was granted on September 2, 2020.

4. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder. Each share of Class B Common Stock held by the Reporting Person will automatically convert into one share of Class A Common Stock, upon the following: (1) the sale or transfer of such share of Class B Common Stock, except for certain permitted transfers described in the Issuer's amended and restated certificate of incorporation; (2) the death or incapacity of the Reporting Person; and (3) on the final conversion date, defined as the earlier of (a) the tenth anniversary of the effectiveness of the registration statement in connection with the Issuer's initial public offering; or (b) the date specified by a vote of the holders of at least 66 2/3% of the outstanding shares of Class B Common Stock, voting as a single class.

Remarks:

	/s/ Jennifer Chaloemtiarana, Attorney-in-Fact	06/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many DOCS shares did director Timothy Cabral sell on 06/25/2025?

He sold 10,000 Class A shares following conversion from Class B.

What was the sale price for the DOCS shares?

The shares were sold at $60.00 each, totaling about $600,000.

What percentage of Cabral's DOCS holdings were sold?

The sale reduced his direct holdings from 16,360 to 6,360 shares, a 61% decrease.

Was the insider sale executed under a Rule 10b5-1 plan?

Yes. The filing states the trade was made under a Rule 10b5-1 plan adopted on 02/13/2025.

How many DOCS shares does Cabral now own directly?

After the transaction, he directly owns 6,360 Class A shares.