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      "text": "Spruce Point highlights that FIGS materially expanded its Risk Factor language around its market opportunity in the recent 10-K. 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.",
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      "text": "Spruce Point highlights that FIGS materially expanded its Risk Factor language around its market opportunity in the recent 10-K. Of notable concern, FIGS now warns it has \"not independently verified\" any market opportunity estimates.",
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      "text": "\"The estimates of market opportunity and forecasts of market growth included in this prospectus may prove to be inaccurate. 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",
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      "text": "FIGS Today: The estimates of market opportunity and forecasts of market growth included in this Annual Report on Form 10-K may prove to be inaccurate. Market opportunity estimates and growth forecasts are subject to significant uncertainty and are based on assumptions and estimates, as well as information obtained from internal sources, market research, publicly available information and industry publications. We believe that these sources and estimates are reliable but have not independently verified them and cannot guarantee their accuracy or completeness. They may also not prove to be accurate, including as a result of any of the risks described in this Annual Report on Form 10-K.",
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      "text": "FIGS At IPO: The estimates of market opportunity and forecasts of market growth included in this prospectus may prove to be inaccurate. 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.",
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      "text": "Buyer Beware: FIGS TAM Disclaimers Increase Post IPO",
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