FIGS, Inc.

# Signal Note: Driehaus Capital Initiates FIGS Position **Why it matters:** Driehaus's $23.2M entry into FIGS (medical apparel/scrubs company) signals conviction in healthcare worker spending resilience post-pandemic normalization, likely driven by sustained demand from telehealth adoption and elective procedure recovery. However, **this is not a biotech play**—FIGS operates in medical fashion/consumer goods, not drug development, making it an unusual allocation for a growth-focused biotech-heavy fund and potentially indicating portfolio diversification into healthcare adjacencies rather than pipeline catalysts.