HIMS · Hims & Hers Health, Inc.

Hims & Hers Health, Inc. has enhanced its liquidity through a $400 million receivables purchase agreement (RPA) with JPMorgan Chase Bank, N.A., entered into on July 1, 2026. The agreement involves two subsidiaries: XeCare LLC and Apostrophe Pharmacy LLC, which may offer eligible receivables for sale to JPMorgan on an uncommitted basis. The purchase price is calculated as the Purchase Percentage (typically 100%) of the Net Receivables Balance minus a Purchase Discount based on Term SOFR plus a Credit Spread. The facility is not a commitment by JPMorgan to purchase receivables; each offer is subject to JPMorgan's sole discretion. The initial term is 364 days, renewable by written agreement. Hims & Hers also provided a Performance Undertaking guaranteeing the Sellers' obligations under the RPA but not the collectability of receivables. Concurrently, the company amended its existing Revolving Credit and Guaranty Agreement (Amendment No. 4, dated June 26, 2026) to permit the RPA and related indebtedness, adding a $400 million basket for such obligations and updating lien and collateral provisions. This financing provides Hims & Hers with additional working capital flexibility by monetizing receivables, and the amendment ensures no conflict with existing credit agreements. The structure is true-sale based, meaning receivables are removed from the balance sheet, improving liquidity ratios. Investors should note the uncommitted nature gives JPMorgan discretion, but the substantial size indicates strong counterparty interest.