FIGS (NYSE: FIGS) signs 91-month lease to consolidate Santa Monica HQ

Rhea-AI Filing Summary

FIGS, Inc. entered a First Amendment to its office lease to relocate and consolidate its headquarters within the building at 2834 Colorado Avenue in Santa Monica. The company will move from about 26,118 square feet of original space plus 20,033 square feet of subleased space into approximately 39,260 square feet of contiguous office space on the fourth floor, which it believes will result in overall cost savings.

The new lease term for the relocated premises is 91 months from the relocation date, with monthly base rent of $249,301 for the first 12 months and 3% annual increases up to about $306,609 in the final year. FIGS will receive a credit of base rent for the first seven months of this term if it is not in default, will surrender its original premises early without a termination fee, and will temporarily occupy the former subleased space rent-free until that surrender. The company also gains two five-year renewal options and a right of first refusal on additional space, and this arrangement creates a direct long-term lease obligation.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 9, 2025

FIGS, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-40448

46-2005653

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2834 Colorado Avenue, Suite 100

Santa Monica, California

90404

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (424) 300-8330

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.0001 par value per share

FIGS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 1.01 Entry into a Material Definitive Agreement.

On December 9, 2025, FIGS, Inc. (the “Company”) entered into a First Amendment to Office Lease (the “First Amendment”) with 2834 Colorado Avenue, LLC, a Delaware limited liability company (the “Landlord”), amending that certain Office Lease, by and between the Company and Landlord, dated as of November 26, 2018, which was originally expected to expire by its terms on January 31, 2030 (the “Original Lease” and, as amended by the First Amendment, the “Lease”).

Prior to the First Amendment, the Company’s headquarters consisted of (i) approximately 26,118 square feet that it leases from Landlord under the Original Lease (the “Original Premises”) on the ground floor of the building located at 2834 Colorado Avenue, Santa Monica, California (the “Building”) and (ii) approximately 20,033 square feet that it subleases from a third-party on the third floor of the Building (the “Subleased Premises”). The First Amendment provides that the Company will relocate away from both the Original Premises and Subleased Premises and into approximately 39,260 square feet of different office space on the fourth floor of the Building (the “Relocated Premises”). In addition to consolidating its headquarters into a contiguous office space, the Company believes that, compared to its remaining obligations for the Original Premises and Subleased Premises, the relocation and other terms of the First Amendment will result in an overall cost savings to the Company.

Under the First Amendment, Landlord will use reasonable efforts to deliver possession of the Relocated Premises to the Company on or before April 15, 2026 (the “Estimated Relocation Date”). The Company’s lease obligations for the Relocated Premises commence upon the earlier of (i) the date the Company commences business operations at the Relocated Premises and (ii) the later of (a) the date Landlord delivers possession of the Relocated Premises to the Company with the Landlord Work Substantially Complete (as defined in the First Amendment) and (b) the Estimated Relocation Date (such earlier date, the “Relocation Date”).

Within 15 days of the Relocation Date, the Company will early surrender the Original Premises to Landlord without any termination fee (the “Original Premises Surrender Date”). In addition, following the January 31, 2026 expiration of the sublease for the Subleased Premises, the Company will have a temporary license to occupy the Subleased Premises rent-free until the Original Premises Surrender Date, at which point the Company will also surrender the Subleased Premises to Landlord.

The lease term for the Relocated Premises is 91 months following the Relocation Date (the “Relocated Premises Term”). The monthly base rent for the Relocated Premises is $249,301 for the first twelve months of the Relocated Premises Term, with annual increases of three percent (3%), culminating in a monthly base rent of approximately $306,609 in the final year. In addition, so long as the Company is not in default under the Lease, the Company is entitled to a credit of base rent for the Relocated Premises for the first seven months of the Relocated Premises Term.

The Company has two renewal options, each for a period of five years at the then-current fair market rental rates. The Company also has a right of first refusal to lease additional space in the Building.

The First Amendment contains other customary provisions for real property leases of this type. Except as amended by the First Amendment, the remaining material terms of the Original Lease remain in full force and effect.

The foregoing description of the First Amendment is only a summary and is qualified in its entirety by reference to the full text of the First Amendment, a copy of which will be filed with the Company’s Annual Report on Form 10-K for the year ending December 31, 2025.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above in Item 1.01 of this Current Report on Form 8-K regarding the First Amendment is incorporated into this Item 2.03 by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						FIGS, INC.
Date:			December 15, 2025			By:			/s/ Sarah Oughtred
						Name:			Sarah Oughtred
						Title:			Chief Financial Officer

FAQ

What new agreement did FIGS (FIGS) enter into?

FIGS, Inc. entered into a First Amendment to its office lease with 2834 Colorado Avenue, LLC, modifying its existing lease for headquarters space at 2834 Colorado Avenue in Santa Monica.

How is FIGS (FIGS) changing its headquarters space?

FIGS will relocate from approximately 26,118 square feet of original space and 20,033 square feet of subleased space into about 39,260 square feet of contiguous office space on the building’s fourth floor.

What are the key financial terms of FIGS' new lease?

The lease for the relocated premises runs 91 months from the relocation date, with monthly base rent of $249,301 for the first 12 months, rising 3% annually to about $306,609 in the final year, and includes a seven-month base rent credit if FIGS is not in default.

When will FIGS (FIGS) give up its current office and subleased space?

Within 15 days after the relocation date, FIGS will surrender the original premises without a termination fee. After the January 31, 2026 sublease expiration, it can occupy the subleased space rent-free until that surrender, then will also surrender the subleased premises.

What options and rights does FIGS have under the amended lease?

FIGS has two renewal options, each for five years at then-current fair market rent, and a right of first refusal to lease additional space in the same building.

Does this lease amendment create a direct financial obligation for FIGS (FIGS)?

Yes. The amended lease establishes a direct long-term financial obligation for FIGS through the 91-month rent commitments and related terms for the relocated headquarters space.