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  "documentTitle": "FIGS, Inc. (FIGS)",
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      "text": "We do not believe FIGS' fabric is proprietary. In fact, elements that have any intellectual property associated with them, such as SILVADUR, are owned by others and can be licensed by any competitors.",
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      "text": "\"We currently source the vast majority of the fabrics used in our products from two third-party suppliers in China... we do not own or license the intellectual property rights for the underlying fabric technology...\"",
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      "text": "Source: FIGS website, FIGS 424B filed 5/28/21",
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      "text": "FIGS Website (Left) and IPO Prospectus Disclosures (Right) on Its Fabrics",
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      "text": "Our View: FIGS Is Nothing Special, Sourced in Asia",
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