Doximity acquires Pathway (Pathway Medical Inc.)

Doximity acquired Pathway (Pathway Medical Inc.) for $36.3 million, a transaction completed in July 2025, structured as Acquisition of all outstanding shares - acquisition-date fair value of $36.3M, comprising $26.7M cash plus $9.6M of guaranteed RSUs included in purchase consideration. Doximity separately granted joining Pathway employees ~$23.9M of service-vesting RSUs (5-year quarterly vest) plus $4M PSUs and $1M RSUs, accounted for as post-acquisition stock-based compensation (press coverage put the all-in headline at ~$63M)..

Pathway (Pathway Medical Inc.) operates in AI clinical reference, is based in Canada (Montreal, Quebec); acquired entity holds the Doximity subsidiary Pathway Medical ULC, British Columbia, Canada, had revenue of about an undisclosed amount (Pathway operated on a subscription model pre-deal; made free to Doximity members post-acquisition). Doximity acquired all outstanding shares of Pathway Medical Inc., a Montreal-based, AI-based medical knowledge / clinical-reference platform. Over ~7 years Pathway assembled one of the largest AI-purpose-built structured datasets in medicine - spanning guidelines, drugs, and landmark trials across major specialties - and its model scored a record 96% on the USMLE benchmark. Physicians make up about half of Pathway's team.

Primarily to enhance Doximity's platform with the acquired technology and engineering workforce; Pathway's dataset and AI were integrated into the free Doximity GPT tool to raise Doximity's clinical-reference capabilities.

Pathway offered a best-in-class, AI-ready structured medical dataset, a benchmark-leading clinical model (96% USMLE), and a physician-heavy AI/engineering team - an acqui-hire plus data play to accelerate Doximity's AI roadmap. Pathway's dataset and AI integrated into Doximity GPT, extending Doximity's AI clinical-reference offering to its physician network at no cost. Pathway Medical ULC (British Columbia, Canada) subsidiary; technology integrated into Doximity GPT. Closed July 29, 2025 (fiscal 2026), announced August 7, 2025. Doximity began beta-testing the combined Pathway + Doximity GPT product with physicians.

Advisory firms were not disclosed for this transaction.