Anna Bryson

About Anna Bryson

Anna Bryson is Doximity’s Chief Financial Officer (CFO), serving since February 2021. She previously held finance leadership roles at Doximity (most recently VP of Strategic Finance, FP&A) and founded ACB Capital, an investment advisory firm. She holds B.A. and M.A. degrees in Philosophy, Politics, and Economics from the University of Oxford and is 35 years old . During fiscal 2025, Doximity delivered revenue of $570.4 million and net income of $223.2 million, while cumulative TSR since the IPO reference date measured 109.49; management incentive plans referenced revenue and adjusted EBITDA targets, both of which exceeded maximum thresholds in FY25 .

Past Roles

External Roles

Fixed Compensation

Performance Compensation

• FY2025 short‑term incentive design for non‑CEO NEOs (including CFO):
  • Step 1 (Corporate metrics): Revenue target $512m and Adjusted EBITDA target $244m, 50%/50% weighting; results exceeded $563m revenue and $268m adjusted EBITDA, triggering Step 1 maximum (110% of target) .
  • Step 2 (Individual performance): CEO assessment could modify payout to 0–120% of target; CFO’s actual FY2025 payout was $421,296 vs. $350,000 target .

Long‑term incentives:

• FY2025: CFO did not receive a new equity refresh grant; Compensation Committee deemed existing equity sufficient .
• FY2024: CFO granted 104,091 RSUs on 2/15/2024 (grant-date fair value $3,158,121); vests 1/8 quarterly following grant date .

Additional context on performance alignment:

• For incentive plans, Adjusted EBITDA is defined per company policy (excludes SBC, acquisition-related items, restructuring, etc.) and was used alongside revenue; both exceeded maximum FY2025 thresholds for the year .

Equity Ownership & Alignment

Beneficial ownership (as of June 11, 2025):

• Class A shares beneficially owned: 313,011
• Options exercisable within 60 days: 267,302 (Class B)
• Ownership percentage is less than 1% per company table

Outstanding awards (as of March 31, 2025):

Vesting cadence and potential supply:

• The 2/15/2024 RSU grant vests 1/8 quarterly following the vesting start; as of 3/31/2025, remaining installments continue to vest quarterly through approximately early 2026 (subject to continued service) .
• FY2025 realized liquidity: 383,942 option shares exercised ($16,864,229 realized) and 52,046 RSU shares vested ($2,410,920 realized) .

Alignment policies and practices:

• Hedging, short sales, and pledging of company stock are prohibited for employees and directors (one‑time pledging exception applied only to CEO and was terminated May 2025) .
• Robust clawback policy adopted Oct 26, 2023, applies to current and former executive officers for erroneously awarded incentive-based compensation upon a required restatement .
• Use of Rule 10b5‑1 plans is encouraged for executives and directors .

Employment Terms

• Employment is at‑will; CFO’s amended offer letter (Feb 4, 2021) provides for double‑trigger equity acceleration (100% of unvested equity) upon a termination without Cause or a Constructive Termination within 12 months following a Change in Control .
• Estimated value of accelerated vesting for CFO upon such a qualifying termination as of March 31, 2025: $11,157,476 (based on $58.03 share price) .
• No separate cash severance for CFO is disclosed outside the change‑in‑control context .

Additional Compensation Governance Context

• Say‑on‑pay support was 98.6% at the 2024 annual meeting; no changes were made to the FY2025 executive compensation program as a result .
• FY2025 benchmarking peer group (21 companies) spans application software and healthcare technology; selection criteria include revenue $225m–$1.2b, market cap $1.5b–$13b, and 300–3,000 employees .
• Company prohibits hedging/pledging and maintains a clawback policy; ESPP and 401(k) match up to $3,000 are available broadly (no executive‑only perqs) .

Performance & Track Record Indicators

• Fiscal 2025 performance (compensation‑relevant): Revenue $570.4m; net income $223.2m . Incentive metrics exceeded maximum thresholds for both revenue and adjusted EBITDA in FY2025 .
• TSR context: Cumulative TSR value was 109.49 as of FY2025 end on the company’s pay‑versus‑performance table methodology .
• FY2025 pay mix shift: CFO total reported compensation decreased to $825,394 from $3,866,207 in FY2024, reflecting absence of a new equity award in FY2025 (FY2024 included a $3.16m RSU grant) .

Risk Indicators & Red Flags

• Trading/overhang: Significant option exercises in FY2025 (383,942 shares; $16.86m realized) indicate recent insider liquidity; remaining unexercised options and scheduled RSU vesting represent ongoing potential supply .
• Hedging/pledging: Prohibitions mitigate misalignment risk; no pledging exceptions disclosed for the CFO .
• Clawback: Formal policy in place covering executives for restatements .
• Legal backdrop: The company and certain directors/officers are defendants in securities and derivative actions initiated in 2024; defendants intend to defend vigorously (no CFO‑specific allegation breakdown in proxy) .

Compensation Structure Analysis

• Year‑over‑year mix: CFO’s FY2024 package was equity‑heavy (RSU grant of 104,091; $3.16m grant-date fair value), while FY2025 compensation was predominantly cash (base + bonus) with no new equity grant .
• Incentive design: Cash incentives tied explicitly to revenue and adjusted EBITDA, with outcomes scaled to performance (corporate thresholds and CEO‑assessed individual performance) .
• Ownership alignment: Meaningful direct holdings, outstanding options, and continuing RSU vesting; hedging/pledging prohibitions and clawback support alignment .

Equity Ownership Snapshot (as of March 31, 2025 unless noted)

Employment Terms (Severance / Change‑in‑Control)

Investment Implications

• Alignment and pay‑for‑performance: CFO’s cash incentive design is anchored to revenue and adjusted EBITDA, with FY2025 over‑target payout reflecting corporate over‑achievement and individual performance, reinforcing alignment with operating outcomes .
• Supply/dilution watch: Significant FY2025 option exercises and ongoing RSU vesting suggest continued, though moderating, potential insider supply; CFO had no new FY2025 equity grant, reducing incremental overhang versus FY2024 .
• Retention and M&A dynamics: Double‑trigger CoC acceleration provides protection in a change‑in‑control scenario and could influence retention and negotiation dynamics around strategic transactions; no separate CFO cash severance outside CoC is disclosed .
• Governance risk mitigants: Prohibitions on hedging/pledging, a formal clawback policy, and robust say‑on‑pay support (98.6%) indicate shareholder‑friendly guardrails around pay and conduct .