{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-4b92274d3e76", "slug": "0a0319cd79cc", "title": "FIGS, Inc. (FIGS)", "subtitle": "Spruce Point Capital Management · 2022-09", "author": "Spruce Point Capital Management", "date": "2022-09-07 00:00:00", "pageCount": 113, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "FIGS, Inc.", "targetTicker": "FIGS", "document": { "id": "019dd923-622c-750b-8b99-4b92274d3e76", "slug": "0a0319cd79cc", "title": "FIGS, Inc. 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{ "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "87753057-0ba9-49de-bed2-54f2e4254f3e", "evidence": "chart/waterfall-bridge: FIGS TAM: ~$5 billion to FIGS SOM: ?", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:04:45.597634+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a75f85e7-ab7d-436b-b0f7-05eb35b6c287", "evidence": "The slide features a critical commentary about the company culture of FIGS, highlighting negative reviews from Glassdoor, which is a common characteristic of a villain slide.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:04:47.775186+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "c64607bd-14e2-40b5-a58d-e69136360d35", "evidence": "Using past successful short calls to establish authority for current 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20:31:23.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" }, { "matchId": "91306508-6cb2-4b1e-8a5b-8e95e54a9d4d", "evidence": "The slide explicitly frames the co-founders and the company culture as the source of material risk.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:31:24.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "antagonist-introduction" }, { "matchId": "31439674-9790-4628-b840-2b5043cbb922", "evidence": "The slide systematically deconstructs the company's stated competitive moats (brand, DTC, sourcing, materials).", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:31:24.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": 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Cover uses the 'This might hurt a little' syringe metaphor — memorable genre opener. Spruce Point leads with its own track-record slide (Oatly, WD-40, Church & Dwight) as credibility priming, a recurring short-seller pattern. Heavy reliance on the SPI v. FIGS lawsuit record (Case 2:19-cv-02286) as evidentiary scaffolding for the false-advertising angle on SILVADUR antimicrobial claims. No named individual author — firm-level signature only. Campaign phase set to initial_thesis as this appears to be Spruce Point's first public short report on FIGS. stake_disclosed_pct left null: disclaimer states SPCM 'has a short position' but does not quantify it as an ownership percentage. Final 'Sell The Truth' slide (p.95) turns a Spear quote back on her as a closing rhetorical punch.", "kpisCited": [ { "detail": "FIGS' pre-IPO revenue figures overstated by ~82%; 2018 revenue presented as >$100M in press stories vs. $55M disclosed in IPO prospectus", "metric": "Historical revenue inflation" }, { "detail": "2,040 bps overstated vs. DTC peer convention (fulfillment/distribution allocated to opex instead of COGS)", "metric": "Gross margin overstatement" }, { "detail": "FIGS claims $12.0B US TAM; Spruce Point estimates $5.1B (57% lower) based on BLS data", "metric": "US TAM overstatement" }, { "detail": "324 days in recent quarter vs. 211 a year ago (+54% YoY); DTC peer average 114", "metric": "Days Inventory Outstanding (DIO)" }, { "detail": "Slowed to 21% in Q2 2022 vs. 59% FY2021; international now undergrowing US", "metric": "YoY revenue growth" }, { "detail": "-6% YoY in Q2 2022, the largest decline on record", "metric": "Average order value" }, { "detail": "Plunged -18% QoQ in Q2 to lowest level since Q1'20", "metric": "Return on marketing spend" }, { "detail": "Only 22% of FIGS customers place a fourth order, conflicting with management claims of 8-12 sets per year", "metric": "Customer repurchase rate" }, { "detail": "FIGS at ~4.0x 2022E revenue (Spruce Point adj 3.9x) vs. DTC peer average 1.2x", "metric": "EV/Revenue multiple" }, { "detail": "Founders Hasson/Spear and major investor Tulco sold ~$1.5B in shares since October 2020", "metric": "Insider share sales" }, { "detail": "Founders purchased $80M of LA mansions (Hasson $57M / Spear $22M)", "metric": "Founder personal spending" }, { "detail": "Fully-diluted market cap ~$400M higher than reported (ignores 6.5M Class B shares, 38M options, 3.7M unvested RSUs)", "metric": "Share count / market cap understatement" } ], "closingAsk": "Sell FIGS (NYSE: FIGS) — Strong Sell opinion with 45%-60% downside risk to $4.40-$6.05 per share.", "extraction": { "at": "2026-04-22 21:40:20+00", "model": "unknown-legacy", "runId": null, "seconds": 187.91168, "promptVersion": null }, "scqaReward": "Target price of $4.40-$6.05 per share against the $11.04 quote, representing 45%-60% downside as growth normalizes, inventory unwinds, and the market re-rates FIGS to peer multiples.", "thesisTypes": [ "fraud_exposure", "multiple_rerating", "management_change" ], "top3Reasons": [ "Historical revenue inflated ~82%, gross margins overstated 2,040 bps, US TAM exaggerated 135%", "No sustainable competitive advantage as premium-scrubs landscape is now crowded with DTC rivals", "Trades at ~4x 2022E revenue vs 1.2x DTC-peer average; 45%-60% downside to $4.40-$6.05" ], "scqaSituation": "FIGS is a 2021 IPO DTC retailer of medical scrubs that rode COVID-era tailwinds from $18M revenue in 2017 to $419M in 2021, branding itself a premium healthcare-apparel disruptor with 'structurally advantaged' margins.", "thesisSummary": "FIGS, a direct-to-consumer healthcare-apparel brand that IPO'd in 2021 after COVID-era tailwinds, is built on an origin story Spruce Point argues is largely fiction. Co-founder Heather Hasson misrepresented a seven-year Italian handbag career records show never meaningfully existed, and management has a pattern of inflating metrics — historical revenue overstated roughly 82%, gross margins by 2,040 basis points, and US TAM by 135% to $12 billion versus Spruce Point's $5.1 billion estimate. Finance-department turnover has been extreme, inventory days have ballooned to 324 (triple the DTC peer average), and an SPI lawsuit alleges false antimicrobial claims not permitted under SILVADUR's own brand guidelines. With FIGS still trading at ~4x 2022E revenue versus a 1.2x DTC-peer average, Spruce Point models 45%-60% downside to a $4.40-$6.05 target.", "primaryDemands": [ "Sell FIGS shares — Strong Sell Opinion", "Re-rate FIGS to DTC peer multiples (1.5x-2.0x 2022E revenue) instead of ~4x premium", "Scrutinize co-founders' origin story, exaggerated metrics, and antimicrobial product claims", "Replace unseasoned finance leadership and address governance lapses on the audit committee" ], "scqaResolution": "Short FIGS. Spruce Point issues a Strong Sell Opinion and applies a 1.5x-2.0x 2022E revenue multiple aligned with DTC peer comparables, rather than the ~4x premium the market currently awards.", "thesisOneLiner": "FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.", "precedentsCited": [ "Oatly (OTLY) — prior Spruce Point short, shares declined 88%", "WD-40 (WDFC) — prior Spruce Point short on inventory accounting", "Church & Dwight (CHD) — prior Spruce Point short on FLAWLESS acquisition" ], "scqaComplication": "Spruce Point documents a pattern of exaggeration: fabricated origin story, revenue inflated 82% and gross margins by 2,040 bps, TAM overstated 135%, ballooning inventory, finance-team turnover, and an SPI lawsuit alleging false antimicrobial advertising.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 6, 89, 91, 98 ], "peerCompaniesCited": [ "Lululemon (LULU)", 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(NYSE: FIGS or “the Company”) is class of 2021 IPO and retailer of healthcare apparel (i.e. “scrubs”) to medical professionals. Founded in 2013 by Heather Hasson and Trina Spear, FIGS has grown revenue rapidly, from $18 million in 2017 to $419 million in 2021. FIGS management is fond of saying that it branded an unbranded industry, de-commoditized a commoditized product, and were first to introduce a direct-to-consumer model for scrubs. With media savvy and an early brand recognition, we believe FIGS was a COVID-19 beneficiary that will fail to sustain momentum due to demand normalization and increasing competition. After a detailed forensic review of FIGS management, its business, and financial reporting, we see a markedly different side to the FIGS “Awesome Humans” story. We believe FIGS co-founders are prone to exaggerating their professional work history and key business and financial metrics. For example, we find evidence to suggest that historical revenue figures were inflated by 82%, gross margins by 2,040 basis points, and its Total Addressable Market (TAM) potential by 135%. Although FIGS initially altered the scrubs landscape, we believe it has virtually no sustainable competitive advantage and see multiple signs, including ballooning inventory and a change in its “Forward-looking statements” disclaimer, that its optimistic future goals will sorely disappoint. The history of retail stocks shows that revenue growth slowdowns are a harbinger for multiple compression, and given FIGS industry premium multiple of nearly 4.0x 2022E revenues, we see room for up to 45% – 60% downside risk ($4.40 - $6.05) per share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57548b16-4a2f-4a8f-8583-cee7b9f19216", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "was never able to put any energy into the project — Heather Hasson (admitted in testimony regarding Hasson International).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:46:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7de-17e620be6ef9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Strong Sell Opinion on FIGS With 45%-60% Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bec1e705-b0c6-4e9b-89d8-e7d95ffdace4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b7dc8945-4422-4f3c-ba86-5c7c36707fc3", "evidence": "The slide explicitly targets the co-founder's credibility to undermine the company's brand narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:27:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "86f72659-c9b2-4b6d-8778-16516b4f763e", "matchId": "f82c72ec-a140-48e2-8eb4-23fea1d7a03f", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Detailed critique of FIGS' business practices and financials", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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"This is a classic activist short-seller slide designed to undermine management credibility by highlighting discrepancies between public claims and internal/external data.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:31:23.567+00", "seconds": 3.553, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/7", "deck": "/decks/019dd923-622c-750b-8b99-4b92274d3e76", "deckAnchor": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe FIGS has a troubling history of exaggerating key financial and business metrics.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 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"subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:23.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58f22888-4c3e-4a04-b78f-480fe8d8a9ad", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.96, "x": 0.02, "y": 0.2 }, "kind": "list", "text": "Details on revenue discrepancies, customer retention claims vs. actual data, TAM overstatement, gross margin accounting, and skepticism regarding international/non-scrub expansion.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:23.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39991d8f-9189-436b-9ec2-80bce74c9cf5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "We believe FIGS has a troubling history of exaggerating key financial and business metrics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:31:30.46+00", "seconds": 10.032, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/8", "deck": "/decks/019dd923-622c-750b-8b99-4b92274d3e76", "deckAnchor": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.94, "x": 0.03, "y": 0.89 }, "kind": "list", "text": "Finally, SPI alleges that FIGS has misrepresented the extent of its philanthropic activities.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, 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"extraction": { "at": "2026-05-02 20:31:30.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "346aa03f-820d-41c6-bf6d-890b34b32303", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.41 }, "kind": "list", "text": "An SPI expert gave sworn testimony that FIGS scrubs contain insignificant amounts of silver and cannot kill bacteria “on contact”.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:30.46+00", "model": 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"7cd1d9b2-c75a-4d76-b9a0-7dd4f136315b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.65 }, "kind": "list", "text": "Most importantly, FIGS ultimately retracted these statements and removed them from its key marketing messages. Tellingly, these retractions came after FIGS hired its first General Counsel.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:30.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "884684be-c0da-4ff1-88ab-98cf2bb065d0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.3 }, "kind": "list", "text": "FIGS product promotional materials claimed that FIGS scrubs contained special materials (SILVADUR™) with antimicrobial properties that killed bacteria “on contact”. SPI claims, and we believe the evidence presented supports, that FIGS exaggerated this claim.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:30.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb74342c-3178-443a-8e39-86e19538799d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.77 }, "kind": "list", "text": "While the question of whether Spear's actions violated the California Uniform Trade Secrets Act (CUTSA) remains outstanding, there are multiple interviews in which Spear definitively acknowledges taking the SPI materials from Blackstone and sending them to Hasson.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:30.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5750ad6-7b13-4861-8882-5ae2545cbd04", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.49 }, "kind": "list", "text": "Additionally, FIGS adopted a generic (and highly questionable) claim regarding the health benefits of scrubs, that their use can reduce hospital infections by 66%, as a key FIGS product attribute.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:30.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ceceb31f-dcf9-4772-afa6-c2e40346c6bd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.72 }, "kind": "paragraph", "text": "SPI has also claimed that Spear used confidential materials obtained while employed at Blackstone (an SPI creditor) to assist in her efforts to form FIGS, a claim that Spear has denied.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:30.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4703bb94-d978-4ceb-a485-85ddc145a5ab", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "In 2019, Strategic Partners (SPI), 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Many former employees describe a culture of fear that lacked transparency.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82f36e88-4f1d-493b-a48d-aa24bc17fb67", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.94, "x": 0.03, "y": 0.6 }, "kind": "list", "text": "Finance function understaffed; no formal CFO/controller from early 2019 to Dec 2020 despite revenue scaling from $55M to $260M. Jeff Lawrence (CFO) departed after <1 year, forfeiting $6.6M. Replacement lacks public company CFO experience.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.399+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8336460-9cc9-4106-8a4a-572a5959c952", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.52 }, "kind": "paragraph", "text": "Viewed in the context of exaggerated claims of financial performance, commentary indicating a low regard for the truth, and excessive employee turnover, we 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FIGS is a dual-class structured company... most financial data services materially undercount FIGS' fully diluted share count... FIGS co-founders and major investor Tulco have been heavy sellers... Based on our application of a generous 1.5x - 2.0x 2022E revenue multiple, we estimate a price target of $4.40 - $6.05", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cb4b92b-0784-48ac-8ddb-7418b5920ce4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.07, "y": 0.25 }, "kind": "list", "text": "YoY revenue growth has slowed to 21%... International revenue is now undergrowing the US... Customer additions have shown QoQ declines... Period net revenue per active customer has declined -4% YoY... Average order value declined -6%... Period return on marketing spend plummeted -18% QoQ", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e65b8265-7cd4-4ae0-b168-377ca9e52f83", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue multiple: 45%-60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:46:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7dd-d0f7a3db0ae2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "We see 45% - 60% downside risk in FIGS share price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad3c7d1e-1f4e-4ab5-8713-1abd145d77a4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "We believe FIGS was a pandemic beneficiary and that its business is showing signs of slowdown, and financial strain. In fact, nearly all key business metrics have deteriorated in 2022...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4af988a-af52-4b25-b2f6-dc0ae7f59370", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "A Bet On The FIGS Brand Is Risky, And Business Appears To Be Reverting To Slower Growth; 45% - 60% Downside", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:24.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a849f8fc-d77d-471d-b2fd-42090ff574f3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6389f34b-f752-4c69-8cb3-94296f53ad20", "evidence": "Slide provides a high-level summary of the investment thesis and valuation conclusion.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:31:24.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "executive_summary" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "86f72659-c9b2-4b6d-8778-16516b4f763e", "matchId": "f82c72ec-a140-48e2-8eb4-23fea1d7a03f", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Detailed critique of FIGS' business practices and financials", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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While we acknowledge the business has grown, we believe such inconsistencies are indicative of a general inattentiveness to detail.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:25.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "520aaa81-bf4b-4dd8-9fd3-628e9e2169bd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Heather: My first experience with scrubs was when I was premed in college. 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Of notable concern, FIGS now warns it has “not independently verified” any market opportunity estimates. In the following slides, we will illustrate why investors should heavily discount FIGS’ market opportunity claims.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:28.797+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47207b8b-25f5-4cca-82b8-546110d22eb3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point highlights that FIGS materially expanded its Risk Factor language around its market opportunity in the recent 10-K. 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Market opportunity estimates and growth forecasts are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate, including as a result of any of the risks described in this prospectus.\" — FIGS IPO Prospectus, p. 52", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:46:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7de-adfd54997c6e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.23, "y": 0.528 }, "kind": "source-note", "text": "Source: FIGS IPO Prospectus, p. 52", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, we observe that it has not updated its market share estimate in nearly 6 months since filing its Annual Report on March 10, 2022. If we take FIGS' $12.0 billion market opportunity at face value, its current valuation relative to the entire market is 17.5%. However, by using Spruce Point's adjusted market opportunity of $5.1 billion, we estimate FIGS is valued at 41% of the market opportunity. To put these figures in perspective, FIGS was founded in 2013 and only claims it captured 3.5% market share. 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21:27:32.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dc1a3fb-3b35-41cf-bb60-070763371cd4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4b2bfb81-40ca-43f2-992b-dbe0c84802a9", "evidence": "Contrasting company claims with analyst estimates to suggest overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:27:32.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "The table highlights a specific accounting discrepancy between FIGS and its peer group.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 485, "nDataPoints": 13, "notes": "The table highlights a specific accounting discrepancy between FIGS and its peer group.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:31:27.475+00", "seconds": 2.56, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/38", "deck": 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While CEO Spear has often been positioned as the “finance expert” in the media given her background on Wall Street, there are clear signs that she is aggressive with numbers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:36.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cdafae4-ebf4-46a8-9f7d-e9cdfb6f7ba5", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.25, "y": 0.48 }, "kind": "quote", "text": "Like really basic stuff. I remember an example where Trina was quoting our CAC as something and it was just totally wrong. It was like, all right, this is what our CAC is. And she’s like, oh, okay. I’ve been telling people this. I would say, like for numbers, the general respect for the truth was low. It was very like, ‘whatever, I have been telling people this other number for a long time’ kind of attitude about it. And you’re just like, ‘CAC is pretty basic’. And the fact that she was doing that wrong was a little bit of a orange flag. 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She will kinda follow orders.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:36.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ade59af-1854-41bf-b001-f98acc16a371", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.25, "y": 0.67 }, "kind": "quote", "text": "[some executives might be worried about an analyst calling them out on their numbers] “, but I would say that Trina's mindset is more like, ‘I’ll do whatever the hell I want. I’m Teflon.’ I kind of describe her as like, she kind of has a Donald Trumpian mindset a little bit. Like she kind of gets away with stuff and she has the confidence to do so. And a lot of founders have that, but that’s just something to think about. I would say that if there is a number where there’s an opportunity to kind of be aggressive with something, they probably will be.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:36.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82c13b8b-65cd-4756-b229-a083c8dfe356", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.25, "y": 0.83 }, "kind": "quote", "text": "what they tend to do is they hire these really junior people. And then they sort of groom them so that they’re a little bit more malleable.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:36.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a250ffb4-1b49-4426-a0ea-760986a1a116", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.25, "y": 0.35 }, "kind": "quote", "text": "I would say transparency wise, it was always a little bizarre. Trina and Heather were really cagey about sharing any numbers internally. They’d say ‘don’t tell anyone the revenue number, that’s only for us’. 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at senior levels and during 2020, a year when the Company grew nearly 140% and posted $263 million in revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:46:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7df-a6ce21e0d81f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "chart", "text": "FIGS Finance Employee Tenures", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:34.101+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98546de6-3157-4418-b077-26f45d5fefc5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.58, "y": 0.41 }, "kind": "framework", "text": "Critical Pre-IPO Period We Identify A Void In Financial Leadership", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", 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Based on the -21% decline in FIGS shares upon the announcement of his departure on Dec 20, 2021, the market did not expect his quick departure. We estimate he forfeited millions of dollars upon his resignation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:37.53+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56557f57-aa40-418e-b36c-a6b0b159d3fb", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.0052 }, "kind": "callout", "text": "Lawrence’s employment agreement stipulated a December 31, 2020 start date and contained a one year cliff... We find it troubling that: (1) Lawrence notified the Company of his resignation on December 9, 2021... (2) the Company was willing to grant accelerated vesting... (3) Based on the options forfeited... Lawrence gave up $6.6 million to depart from FIGS one week sooner.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:37.53+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f044dbb0-cff1-447b-a4f6-b62c577c15fd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.0078 }, "kind": "paragraph", "text": "The Company anticipates that Mr. Lawrence will be eligible to receive severance payments and benefits in accordance with the terms of his existing offer letter...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:37.53+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3faffa82-8b56-44c7-bb3b-dae6214973b9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.0035 }, "kind": "paragraph", "text": "In connection with Mr. Lawrence’s commencement of employment with us on December 31, 2020, we granted Mr. Lawrence a stock option covering 2,047,212 shares of our common stock...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:37.53+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "504c617b-2cf7-4d00-9ab9-96e1179cd0ca", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.0095 }, "kind": "source-note", "text": "Source: FIGS 424B filed 5/28/21, FIGS 8-K filed 12/10/2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Recognizing that the Company does frequent limited edition releases, we find that FIGS' core color palette is not materially different from others. 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:51:32.79+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d34a65f9-dbd4-421d-9a51-1d095f73fa2a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.42 }, "kind": "subtitle", "text": "Color Palette of Select Scrubs Companies", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:51:32.79+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "931d0f78-ea86-4d01-b4f7-cc0a8ae0e582", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.41, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Does FIGS Really \"Own\" Color?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:51:32.79+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ceec6d3-6c40-4e8e-9a18-49615d64b11a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d18dfc2d-4a21-4a02-99d6-0f2ef3fb2644", "evidence": "Comparing FIGS' claim of 'owning color' against competitor color palettes", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:51:32.79+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "expose-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 65, "type": "setup", "title": "The slide uses a 'villain critique' style to undermine the company's core competitive moat argument.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 706, "nDataPoints": 0, "notes": "The slide uses a 'villain critique' style to undermine the company's core competitive moat argument.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:31:35.763+00", "seconds": 6.503, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/65", "deck": "/decks/019dd923-622c-750b-8b99-4b92274d3e76", "deckAnchor": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.42, "x": 0.29, "y": 0.84 }, "kind": "callout", "text": "Selling product online is not unique to FIGS. There are many DTC brands and major online shopping options.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:35.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "453b8096-0f37-4367-a051-48ed8db0c74a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.16 }, "kind": "callout", "text": "FIGS often tells the story that healthcare professionals are forced to shop for scrubs at medical supply stores that close at 5pm. However, product from several dozen suppliers is available on a handful of online stores. In addition, most of the emerging specialty brands such as Jaanuu, Koi, Medelita and others offer DTC online shopping.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:35.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "838e5a12-9738-405d-909d-6722d05646e3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: allheart.com, Scrubin uniforms, Scrubs and Beyond, Uniform Advantage", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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FIGS even goes so far as to chide its competitors for manufacturing product in Asia.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:34.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e36006e0-f8dd-4561-9f79-5e95bf623715", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.32, "x": 0.018, "y": 0.955 }, "kind": "source-note", "text": "Source: Inc. Magazine, Wall Street Journal, Fast Company", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Moreover, search trends over the past three months have remained strong for Jaanuu, while those for FIGS have largely fallen below 10% YoY growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:53:13.363+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5148acfc-ca07-49cf-95ae-b427553ca580", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.87, "x": 0.00108, "y": 0.17 }, "kind": "callout", "text": "Founded in 2012 by pediatrician Neela Sethi and her brother, Jaanuu is also a DTC seller of premium scrubs. 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"attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:32.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bd2f538-808a-4233-a5ad-7085ddd61cca", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "We question both the ethics and the long-term prospects of FIGS' ambassador program... the “hot sexy nurse” positioning as one that may have limited or only transitory appeal.", "attrs": null, 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It is not surprising that physical retailers Uniform Advantage and Scrubs and Beyond failed to maintain elevated levels of search activity given the rapid migration to on-line shopping during this period.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:36.711+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20066a35-3e52-4c80-a511-27e8361c1170", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.95, "x": 0.04, "y": 0.41 }, "kind": "chart", "text": "8 individual line charts showing search trends for FIGS, Cherokee, Dickies, Greys Anatomy, Jaanuu, Koi, Uniform Advantage, and Scrubs and Beyond.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:36.711+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec3e034e-dfee-484f-84c5-941e7e7ac974", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Google Trends", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We note that most key business metrics deteriorated on YoY and/or QoQ bases through much of 2021. 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We note that most key business metrics deteriorated on YoY and/or QoQ bases through much of 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:46:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7e1-9642b54aff19", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Revenue", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:46:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7e1-9a519ff4a3cb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: FIGS 424B filed 5/28/21, FIGS 10-Q filed 8/12/21, FIGS 10-Q filed 11/10/21, FIGS 10-K filed 3/10/22, FIGS 10-Q filed 5/12/22, FIGS 10-Q filed 8/4/22", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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FIGS' stated definitions of Marketing expense and its calculation of CAC both account for the major components of Marketing expense: performance marketing and brand marketing. However, FIGS clearly excludes some Marketing expense from its CAC calculation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:47.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50504699-e178-4f33-997f-ffaa16f95f22", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.67 }, "kind": "callout", "text": "Why hasn't FIGS provided an update of this chart/data, even for FY 2021, in either its SEC filings or investor presentation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:47.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edd0769e-fc2d-41f9-a1ad-4544425bcf02", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.36 }, "kind": "chart", "text": "Customer Acquisition Cost chart showing decline from $101 (2018) to $73 (2019) to $39 (2020)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:47.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "245ce18b-3691-4077-9da0-831d31a1ba8a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.89 }, "kind": "disclaimer", "text": "As we see on the following page, the marketing expense included in the FIGS CAC metric does not equal the reported line item. 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Marketing expenses also include our spend on brand marketing channels...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:47.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7402d401-ec9d-40f7-ac1d-fb6030269454", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe FIGS Has Touted Its Declining CAC Based On A Non-Transparent Definition Of Marketing 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FIGS has not reported its own CAC calculation since year-end 2020, but we suspect it has increased dramatically, even using the Company’s calculation. Moreover, we believe that calculating CAC using total reported marketing expense provides a more accurate picture for investors, both because it enhances transparency and because the practical reality is that all payroll and other expense in the marketing line item are ultimately meant to facilitate customer acquisition. 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Recognizing the case remains unresolved, we believe it relevant to note that SPI accused FIGS on numerous occasions of discovery misconduct, and the court has sanctioned FIGS for discovery violations at least twice. As recently as September 2021, new information came to light that suggested FIGS withheld material evidence. Unfortunately, this new information, including email evidence, has been redacted.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ac535c6-5034-47d9-b8f7-3ddf5cb0ae53", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.51 }, "kind": "paragraph", "text": "The legal case has progressed for three years, so the record is long and complex. We, and most investors, are not lawyers. However, we do believe that the case materials include numerous important insights that, while perhaps not meeting a specific legal standard, present materially negative information about FIGS management and operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "454360ac-495b-47d3-8228-c715f5bb45f7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Launched in February 2019 and amended multiple times, Strategic Partners (SPI, now named Careismatic Brands) filed suit against FIGS alleging false advertising in violation of the Lanham Act, 15 U.S.C. § 1125(a); unfair business practices in violation of Cal. Bus. & Prof. Code § 17200; untrue and misleading advertising in violation of Cal. Bus. & Prof. Code § 17500; intentional interference with prospective economic relations; conversion; breach of fiduciary duty; and aiding and abetting breach of fiduciary duty. FIGS has denied the allegations and is defending its case. In assessing some elements of our thesis, we rely, in part, on documentation surfaced as part of this lawsuit.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a3de7d7-c027-4904-967b-2d74c5078b26", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "We openly acknowledge that this case remains unsettled in the courts (trial is scheduled for October 2022). However, we assume that some, if not most, investors have failed to thoroughly review the claims made by SPI, perhaps accepting unquestioningly the FIGS narrative that the lawsuit amounts to a disrupted incumbent simply seeking to harm an upstart competitor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d32b1fc7-5316-4291-a61c-941226811027", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "We highlight internal communications and other materials from FIGS that we believe sheds insights into management and the Company's operations, irrespective of the legal matters at issue. The court of investor opinion is not wholly bound by the strict parameters imposed on formal legal judgments. Therefore, we publish these materials confident that our audience can make their own decisions on their credibility, relevance, and materiality.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6ad0a86-22a6-46e0-86c7-e00fc6c4d7d8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Reference Records From The Strategic Partners (SPI) Lawsuit With Appropriate Caveats", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69b1c558-1892-4b05-9a32-5d59a32376ff", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2ba0e08a-029a-4fd1-b7ef-b23e3714f34f", "evidence": "The slide explicitly addresses potential counter-arguments regarding the validity of the lawsuit materials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:27:44.954+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 97, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 113, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 88, "name": "The Victory", "beatId": "b694edb1-a263-47ef-bdd9-574fde1c863c", "matchId": "f82c72ec-a140-48e2-8eb4-23fea1d7a03f", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "Conclusion and downside risk assessment", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Should this have been the basis for FIGS' health claims?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:42.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f7a2bff-6105-4b54-b8c1-130baa94371c", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.94, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Regarding the 66% reduction in HAI claim, one reference FIGS provided was a study in a 2009 Wall Street Journal article. However, that study's conclusions related simply to the benefits of wearing scrubs (and thus had nothing to do with FIGS scrubs specifically) and seems less relevant upon reading the entire reference (below).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:42.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bec5ace3-fe63-4c8e-b193-0929169c4191", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.48, "x": 0.05, "y": 0.52 }, "kind": "paragraph", "text": "Spear points to Hasson as being the FIGS employee accountable for the interpretation of studies regarding the 66% reduction in HAIs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:42.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a81f011-d36e-4455-9d84-a54c493acaf1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.05, "y": 0.72 }, "kind": "paragraph", "text": "Wall Street Journal Article “Hospital Scrubs Are a Germy, Deadly Mess” 1/8/2009 Excerpt", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:42.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae309446-4136-4f31-8fc5-f89675c26f09", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.05, "y": 0.77 }, "kind": "paragraph", "text": "Across the pond, a British study found that one-third of medical personnel did not launder their uniforms before coming to work. 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"callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:38.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f230d01-881f-42ff-acd5-81d79f845c51", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.67 }, "kind": "callout", "text": "Not only does FIGS reference third party studies that it has yet to produce in discovery, but it also extends its 66% HAI reduction claim as applicable to all the scrubs it has donated as part of its Threads For Threads program, thus taking credit for 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"kind": "callout", "text": "Recognizing the SPI lawsuit remains outstanding and there can be different interpretations of the record, we believe the most important data point is that FIGS withdrew its health claims in 2019, after SPI filed its lawsuit claiming false advertising and FIGS hired its first general counsel, Danielle Warner, in May 2019.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:48.11+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"text": "FIGS' Retraction Seemed to Follow Soon After The Hiring of Its First General Counsel", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:27:48.11+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94529b77-4c0b-4cc6-8609-60474a8e7e79", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.01, "y": 0.93 }, "kind": "source-note", "text": "Source: Strategic Partners, Inc. v. 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In our opinion, the evidence seems pretty clear, as Spear is on record confirming her actions on several occasions, even confirming her knowledge of its confidentiality.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:37.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9195ea7-38a9-4e4f-9220-b34b45548f7c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Strategic Partners, Inc. v. FIGS, Inc., et al., case no. 2:19-cv-02286-JWH-KSx documents 382-3, 115-2", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, at the very least, Spear's actions seem to have violated the Blackstone Code of Ethics.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:42.433+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "734fccae-c204-4360-9099-ddb67c3ed046", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "However, at the very least, Spear's actions seem to have violated the Blackstone Code of Ethics.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bca2-a3e102df7f84", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.12, "y": 0.33 }, "kind": "paragraph", "text": "“Because all Confidential Information constitutes a valuable asset of the Firm, without the prior written consent of the Firm (which may be given or withheld in the Firm’s sole discretion) or unless legally mandated, no employee or member of the Firm may, while he or she is employed by or associated with the Firm or at any time thereafter, (a) disclose any Confidential Information to any person except in furtherance of the business of the Firm, (b) make any other use of any Confidential Information except in the business of the Firm and in a manner which at all times is intended to serve the interests of the Firm. . .”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:42.433+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c1da56e-97e9-48af-a3cb-469ab7a95b1c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Because all Confidential Information constitutes a valuable asset of the Firm, without the prior written consent of the Firm (which may be given or withheld in the Firm’s sole discretion) or unless legally mandated, no employee or member of the Firm may, while he or she is employed by or associated with the Firm or at any time thereafter, (a) disclose any Confidential Information to any person except in furtherance of the business of the Firm, (b) make any other use of any Confidential Information except in the business of the Firm and in a manner which at all times is intended to serve the interests of the Firm. . . — Code of Ethics of Distributor, Blackstone Group, filed with the SEC, dated 10/2011", "attrs": null, "canon": { 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We literally, we are accountable - and we're a B corp, by the way which keeps us accountable - um, so every three months we see how many units were sold, and you know, basically calculate how many units we gave during that time period. — Spear", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7e2-2d8c30ec16f6", "parentComponentId": null }, { "bbox": { "x": 610, "y": 985 }, "kind": "source-note", "text": "Source: Strategic Partners, Inc. v. FIGS, Inc., et al., case no. 2:19-cv-02286-JWH-KSx documents 193-5, 306-2, 307-2\nNote: Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:41.597+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d6f7c94-5c69-40b4-bc69-05e574d949fb", "parentComponentId": null }, { "bbox": { "x": 985, "y": 920 }, "kind": "table", "text": "Left column: Legal argument regarding lack of source documents. 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This anecdote strikes us as tone deaf and disingenuous. Were these units included in the donation totals?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:38.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6311b0a-c848-405b-94a2-d3243981d0d8", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.982, "x": 0.017, "y": 0.308 }, "kind": "paragraph", "text": "Hasson on Donating Flawed Scrubs to Poor Countries", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:38.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3a52c85-0725-47ba-9147-5452cc5eb49a", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.735, "x": 0.254, "y": 0.382 }, "kind": "quote", "text": "Our technical designer checked some of the returned pants and figured out that 12,000 pairs had been constructed with a women's front sewn to a men's back. That was when we realized we needed a quality-control team on the sewing side at all of our factories. We ended up donating the whole lot of pants--that was more than $100,000 in inventory.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:38.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e285286-a9c0-4ab9-9b30-bef4b66a2bf5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our technical designer checked some of the returned pants and figured out that 12,000 pairs had been constructed with a women's front sewn to a men's back. That was when we realized we needed a quality-control team on the sewing side at all of our factories. We ended up donating the whole lot of pants--that was more than $100,000 in inventory. — Hasson in 2018 Inc. 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