NASDAQ: PGNY

We are transforming women’s health benefits, proving that comprehensive, inclusive, and intentionally designed solutions can simultaneously benefit employers, members and providers. We believe the value proposition we deliver to all of these constituents is key to our success and growth. Our solutions empower members with concierge support, coaching, education, and digital tools; provide access to a premier network of fertility and women’s health specialists who use the latest science and technologies; drive optimal clinical outcomes; and reduce healthcare costs.

Market Opportunity

We believe we have a significant opportunity to provide employers with a superior comprehensive solution that addresses the unique challenges and complexities of women’s health and family building benefits. We estimate that the market for women’s health and family building benefits in the United States will continue to grow, especially as current estimates of the market exclude those individuals who do not have access to a comprehensive family building benefit and, as a result, do not seek treatment for infertility.

We contract with employers to provide women's health and family building benefits to their employees and covered dependents. We believe our addressable market primarily consists of large self-insured employers as well as labor populations under the Labor Management Relations Act of 1947 (also known as the Taft-Hartley Act) and federal government populations. There are approximately 9,000 employers in the United States who have a minimum of 1,000 employees, who together with the Taft-Hartley populations and federal government populations, represent approximately 106 million potential covered lives in total. As such, we estimate that our current member base of 7.2 million covered lives under contract represents a mid-single digit percent of our total market opportunity.

As part of our growth strategy, we anticipate expanding our addressable market to include large group fully insured employers. Overall, we believe our market opportunity is substantial and is continuing to grow as a result of the rising demand for women’s health and family building benefits solutions, the lack of adequate offerings in the market today and the increased awareness of the challenges of women’s health that we are helping to drive.

Solutions

We are redefining women's health and family building benefits through our purpose-built, data-driven and disruptive platform through which we offer our benefits solutions. Our innovative and comprehensive solutions have proven to be simultaneously beneficial for our clients, our members and our network of providers and specialists. Through our differentiated approach to benefits plan design, member education and support and active network management, our clients’ employees are able to pursue the most effective treatment from the best providers and specialists and achieve optimal outcomes in a cost-efficient manner, while our clients and members achieve savings in upfront treatment costs as well as reduced maternity and neonatal intensive care unit, or NICU, expenses.

6

Table of Contents

Fertility Benefits Solution

Differentiated Benefits Plan Design

In order to simplify the process for our members, we offer our proprietary Smart Cycle approach. The innovative Smart Cycle is our proprietary, easy-to-understand fertility benefits design. It provides members with equitable access to the treatment they need and is designed to drive superior outcomes and reduce both upfront treatment expenses and subsequent costs. Everything needed for a comprehensive fertility treatment is contained within a Smart Cycle treatment bundle, including all necessary diagnostic testing and access to the latest technology (e.g., in the case of IVF treatment, preimplantation genetic testing). We currently offer 20 different Smart Cycle treatment bundles, which may be used independently or in combination depending on a member’s need. Each Smart Cycle has a separate unit value (i.e., some have fractional values and some have whole values). Our clients contract to purchase a cumulative Smart Cycle unit value per eligible member. These can range from one to unlimited cumulative Smart Cycle units. Members have access to our selective network of high-quality fertility specialists and can choose their preferred provider clinics within our network and utilize their Smart Cycles for whichever treatments they and their fertility specialists determine to be necessary throughout their fertility journey, providing our members with tailored treatments that result in optimal clinical outcomes. Our superior clinical outcomes driven by our Smart Cycle plan design include higher rates of pregnancy and live births, as well as lower miscarriage rates and fewer multiple births. In addition, these clinical outcomes are further reinforced through our pregnancy and postpartum program, which provides support throughout from pregnancy through postpartum.

Personalized Concierge-Style Member Support Services

We provide our members with access to high-touch, end-to-end concierge support, including logistical assistance, clinical guidance and emotional support through our Progyny Care Advocates, or PCAs, and our in-house clinical staff, as well as access to digital tools. Our PCAs have deep fertility expertise and provide extensive clinical education, guidance and emotional support to our members. Additionally, we have an in-house clinical staff, comprised of professionals with substantial expertise in reproductive endocrinology, fertility nursing, clinical psychology and social work who design our PCA training curriculum and direct our comprehensive member experience. Our comprehensive member portal further supports the member experience by providing key educational resources and easy-to-access benefits information to our members. We believe our platform provides our members with best-in-class support services to help them navigate their fertility and family building journeys.

Selective Network of High-Quality Fertility Specialists

We have utilized our deep industry knowledge and the insights derived from our data analytics platform to establish and actively manage a national network of leading fertility specialists in the United States. Our members have access to our selective Center of Excellence network of high-quality providers that includes over 1,100 fertility specialists who practice at over 690 provider clinic locations throughout the United States and over 1,190 specialists in total when including reproductive urologists. Our network includes 45 of the top 50 fertility practice groups by volume in the United States according to 2022 CDC data, which was published in 2024 and is the most recent data available. Fertility specialists who are invited to join our network must meet and maintain rigorous credentialing standards and quality thresholds that we set for inclusion in our network to ensure that our members receive the highest quality care. Our national network serves members in virtually every state, providing extensive geographic coverage to our national employers.

Progyny Rx, an Integrated Pharmacy Benefits Solution

Progyny Rx is our integrated pharmacy benefits solution that can be added by clients that utilize our fertility benefits solution. This solution provides our members with access to the medications needed during their treatment. As part of this solution, we provide care management services, which include our formulary plan design, simplified authorization, assistance with prescription fulfillment and timely delivery of the medications by our network of specialty pharmacies, as well as medication administration training, pharmacy support services and continuing PCA support. Our single treatment and medication authorization process reduces the administrative burden, creating an efficient pharmacy solution for our members and their fertility specialists. Progyny Rx reduces dispensing and delivery time to eliminate the risk of missed treatment cycles. Given the importance of the timely use of medication to the success of fertility treatments, and the complexity involved in administering the medications, we believe Progyny Rx provides a differentiated and effective pharmacy solution for our clients and their employees.

7

Table of Contents

Pregnancy and Postpartum Solution

Our pregnancy and postpartum solution offers comprehensive support from pregnancy through postpartum and return-to-work, improving outcomes, reducing complications, and supporting a healthier workforce. Progyny’s integrated care model provides personalized clinical guidance and coaching, emotional support, access to digital tools and logistical expertise.

Menopause and Midlife Solution

Our menopause and midlife solution offers access to programmatic clinical coaching, personalized digital tools, and a curated network of menopause and midlife providers. Our comprehensive approach removes barriers to treatment and improves health outcomes through a specialized clinical network, proactive, personalized guidance, and early intervention and treatment options.

Benefit and Leave Navigation Solution

Our benefit and leave navigation solution provides expecting parents with a concierge-level service model that delivers expert guidance, navigation and support for parental leave planning. It offers access to benefit and leave navigation tools, educational resources, and return-to-work support.

Parent and Child Wellbeing Solution

Our parent and child wellbeing solution provides comprehensive, personalized support, expert guidance and benefit navigation, and interactive education and community to address the unique challenges parents face. It offers access to a continuum of support to help members with children ages 0-12 navigate parenthood, including tailored 1:1 coaching from licensed clinical social workers, proactive stress-reduction strategies, and guidance on navigating workplace policies and benefits.

Assistance Service Reimbursement Programs

We also offer an assistance services program where certain services can be offered through a reimbursement program, including adoption, surrogacy, doula, and travel reimbursement when travel is required to receive medical services. We manage the reimbursement of these expenses for those clients who offer such reimbursement benefits. For these programs, employers designate a specific lifetime dollar amount toward the elected assistance service for their employees. We then administer the expense reimbursement to employees up to this dollar amount. We work with our clients to determine what expenses related to adoption or surrogacy or any other elected benefit will be covered under their plan, thereby alleviating their administrative burden.

Global Solution

Progyny Global offers expertise, a high-touch partnership model and a compliant framework to deliver on country-specific needs across the fertility, family building and women’s health benefits space. Progyny Global offers inclusive, personalized support for every stage of life and simplifies women’s health journeys by helping members find quality care and providing crucial support and advocacy.

Robust Data Collection Process

We believe that we are the only fertility and family building benefits company to collect data in a timely manner directly from fertility providers on adherence to treatment protocols and clinical outcomes, including single embryo transfer rates, pregnancy rates, miscarriage rates, live birth rates, multiple birth rates, practice patterns, treatment timelines and costs per birth. This data is used to understand the utilization of our benefits, our provider clinics’ adherence to best practices and the outcomes produced by each clinic and across our network. This data also informs decisions across our platform, from services covered to our fertility network standards and enables us to actively manage our fertility specialist network and ensure that our fertility specialists are utilizing best practices and optimizing outcomes. The data collection process also includes extensive member surveys, which allow us to understand and improve our member experience and satisfaction. Finally, this data allows us to provide our clients with unique and detailed reports in order to provide full transparency into the utilization of their benefit program, their expenditures and the outcomes delivered and value created. We believe that we effectively utilize our thorough data collection and analysis process and our unique and robust data set to continuously improve the client and member experience across our platform.

8

Table of Contents

Prestigious Medical Advisory Board

Our Medical Advisory Board is comprised of nationally recognized fertility specialists who are advancing fertility science and research. They are responsible for oversight of key clinical issues, including evaluating new fertility treatment diagnostics and procedures to ensure that our benefits design and overall program is comprehensive and designed to drive the best outcomes. This review ensures that we are evaluating and covering the latest and most effective fertility treatments and identifying opportunities to improve our plan design, member experience and fertility specialists network standards.

Full Service Client Success

We provide a dedicated client success team to help ensure that we are delivering superior service to our clients and members. Our client success managers support our clients’ day-to-day needs and resolve issues that arise, including benefit awareness and client reporting. We believe our client success services, including our detailed client reporting, play an important role in helping us maintain and strengthen our client relationships.

Value Proposition

We believe that our competitive success is a function of our ability to concurrently: (1) provide tangible financial value to our clients through total cost management; (2) deliver better and more supported journeys to our members; and (3) provide value to, and work collaboratively with, the nation’s leading providers and specialists.

We Provide Measurable Value to Our Employer Clients

•Substantial and Measurable Financial Value. Our superior clinical outcomes drive savings and total cost management in both upfront fertility treatment costs (due to our higher live birth rates) as well as subsequent maternity and NICU expenses for our clients (due to our lower multiple birth rates).

•Progyny Rx Savings. Progyny Rx delivers unit cost savings to our clients based on a reduction in unnecessary quantities of medication dispensed.

•Employee Productivity and Retention. Our solutions address employee absenteeism, poor productivity, and the lack of employee retention as well as the return-to-work issues.

•Appeal to Existing and Prospective Employees. Better fertility benefits programs can be a key component to enhancing a company’s overall benefits program and an important tool in its recruiting efforts and in helping retain key talent. An appealing feature of the Progyny benefit from an employee retention perspective is that the benefit is both comprehensive and is accessible by all groups across an employee population. The level of employee satisfaction we provide is important for any employer focused on employee retention.

We Provide Meaningful Value to Our Members

•Superior Clinical Outcomes. Our members experience healthier pregnancies (with significantly increased utilization of single embryo transfer) and superior rates of pregnancy and live births, as well as reduced rates of miscarriages and multiple births, saving valuable time and money and limiting personal and professional disruption.

OutcomeNational Averages for All Provider ClinicsProgyny In-Network Provider Clinic

Averages

for All Patients
Progyny In-Network Provider Clinic

Averages

for Progyny Members Only(3)

Live birth rate per attempted retrieval(2)
34.9 %36.8 %46.7 %

Single embryo transfer rate(1)
78.9 %80.8 %96.6 %

Pregnancy rate per IVF transfer(1)
54.3 %55.6 %60.8 %

Miscarriage rate(1)
18.2 %17.9 %14.4 %

Live birth rate per transfer(2)
42.2 %43.2 %52.1 %

IVF multiples rate(2)
5.8 %5.4 %2.1 %

9

Table of Contents

(1)Calculated based on the Society for Assisted Reproductive Technology, or SART, 2021 National Summary Report, finalized in 2024.

(2)Calculated based on CDC, 2022 National Summary and Clinic Data Sets, published in 2024.

(3)Calculated based on the 12-month period ended December 31, 2023.

•Comprehensive Coverage. We provide all individuals with access to comprehensive coverage. Our Smart Cycle design ensures that members always have coverage for a full treatment cycle as their access to treatment is not limited by a dollar maximum that could be exhausted mid-treatment.

•Access for All Employees and Dependents. Our solutions are available to be utilized across all employee groups, including populations not typically covered.

•Equitable Access to Care. Our benefit plan design ensures members receive fair and balanced access to care that is not dependent on where members live, how expensive a provider is or which specific treatments are required.

•High-Touch Concierge Member Experience. We provide our members with high-touch, end-to-end concierge support, including logistical assistance, clinical guidance and emotional support through our PCAs and our in-house clinical staff.

•Access to Selective, Premier Fertility Specialist Network. Our solution provides members with access to the nation’s leading fertility specialists.

•Integrated Pharmacy Benefits Solution. Progyny Rx provides members with a simplified authorization process, timely medication delivery and member support from pharmacy clinicians seven days a week.

We Provide Meaningful Value to Our Providers and Specialists

•Members Supported with a Comprehensive Benefit. Our solutions provide our members with access to a comprehensive benefit and the flexibility to utilize the latest approved technologies and best practices. Members are supported by PCAs throughout their journeys.

•Superior Clinical Outcomes. Outcomes for Progyny members across our fertility specialist network are superior to the average outcomes that the same provider clinics report to the CDC for all of their patients. Specifically, as shown in the table above, the in-network average live birth rate per attempted retrieval for Progyny members is 46.7%, as compared to the 36.8% average live birth rate per attempted retrieval for all patients at those same clinics. This results in the typical Progyny member undergoing 2.1 retrievals for a live birth as compared to the national average of 3.6 retrievals. This difference of more than one retrieval represents substantial cost avoidance for our clients, as well as significantly less physical and emotional stress on the member.

•Eliminating Financial Risk Associated with Collections. We assume full responsibility for the collection of all members’ deductibles and coinsurance, thereby eliminating the burden and cost of collection (and bad debt expense) for member payments that our provider clinics otherwise would experience.

•Data Sharing and Reporting. We produce clinic scorecards quarterly with key performance indicators that allow fertility specialists to compare their results with peer averages.

•Higher Volumes and Improved Financial Performance. Fertility specialists in our network often experience an increase in patient volume, and because of our comprehensive benefits design, an increase in the number of patients who progress from consultation to treatment.

10

Table of Contents

Growth Strategy

Expand Our Client Base

We intend to continue expanding our client base of self-insured employers in the United States by leveraging our experienced sales team and strong relationships with benefits consultants. As we have grown, we have meaningfully diversified our client base across an array of different industries. We believe that our employer clients are thought leaders in their respective industries and are creating a network effect that is helping to drive more widespread adoption of women’s health and family building benefits in their specific industries. We are expanding our client base within each industry that we serve, and have developed industry-specific strategies, which enable us to most effectively target our addressable market. Additionally, we believe that our expanding presence has resulted in a heightened awareness of women’s health and family building benefits and has informed the market of the value we provide to our employer clients and our members, which we believe also helps facilitate growth.

Capitalize on Embedded Growth Potential within Our Existing Client Base

Because of how our revenue model is structured, we believe we are positioned to realize organic revenue growth as our clients and their respective employee bases grow and utilize more of our services as a result. A meaningful portion of our clients have grown, and we believe many of them will continue to grow. In addition, we have historically realized similar utilization trends of fertility services for new members compared with existing members on a same client basis. We believe the combination of these factors results in meaningful and sustainable embedded growth potential well into the future.

Expansion of Progyny Benefits Solutions within Our Existing Client Base

We expect to see further growth from existing clients that add incremental services to their fertility benefits program. For example, a client can expand the fertility benefits they offer to their employees by increasing the number of Smart Cycles they contract for, and they can expand the solutions they offer by adding our new solutions in pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing. More than 2.7 million members will have access to one or more of our newer solutions. In addition, our fertility benefits solution clients can purchase our add-on Progyny Rx solution. Currently, 92% of our clients under contract are utilizing our Progyny Rx solution, including 97% of the clients we signed in fiscal year 2025. We believe our sales and marketing capabilities play an important role in informing and educating clients about the additional value and impact we can provide to them and their members by enhancing their benefits program.

New Services and Addressable Markets to Enhance the Depth and Breadth of Our Comprehensive Offerings

As we continue to grow and expand our client base, we continually evaluate the latest evolving trends to identify ways we can better serve the needs of existing and potential clients and their employees. We believe we are uniquely positioned to do this for several reasons. We believe the combination of our Medical Advisory Board and our selective network of high-quality fertility specialists, as well as the data we collect and analyze, provides us with differentiated insights into fertility care delivery and support. In addition, we believe we have positive and collaborative relationships with our clients that offer us additional insights into their needs. We believe the combination of these factors, coupled with our demonstrated track record of adding more services to our benefits design, highlights that we are well positioned to continue to do so in the future. To date, we have identified several ways we believe we can expand our comprehensive benefit offerings, our addressable market, and our client base in the future, including through acquisitions and the addition of new solutions, such as pregnancy and postpartum, menopause and midlife, benefit and leave navigation, and parent and child wellbeing. In addition, as part of our growth strategy, we anticipate expanding our addressable market to include large group fully insured employers. We will continue to evaluate opportunities as our platform continues to expand.

Clients

We currently have contracts to serve over 590 employers in the United States across more than 40 industries, including technology, consumer retail, e-commerce, industrial, healthcare, media, insurance, legal, food and beverage, financial services, life sciences, professional services, government services, union, energy, manufacturing, logistics, transportation, aerospace, real estate, nonprofit and hospitality sectors. Our current clients, who are leaders across both high-growth and mature industries and range in size from at least 1,000 to 300,000 employees, represent approximately 7.2 million lives under contract.

11

Table of Contents

Substantially all of our clients have renewed their benefits management contracts since our fertility benefit offering launched in 2016. The majority of our clients have signed multi-year contracts or contracts that renew automatically on an annual basis.

Given that the majority of our clients contract with us for a January 1st benefits plan start date, our sales cycle follows the conventional healthcare benefits cycle, which largely concludes by the end of October of the prior year to allow for benefits education and annual open enrollment to occur. In the 2025 sales cycle, substantially all of our new clients with benefits going live in 2026 opted for comprehensive coverage, electing Progyny Rx, multiple Smart Cycles and/or egg-freezing.

Competitive Landscape

We believe we are the leader in the market for employer-sponsored women’s health and family building solutions. We believe we compete favorably based on the following factors: the value and comprehensiveness of our benefit solutions and superior outcomes for members; benefits plan design; access for all employees and their covered dependents; equitable access to care across geographic areas; treatment plans that maximize effectiveness and achieve desired outcomes; member experience, including unlimited dedicated patient education, clinical guidance and emotional support; access to a network of high-quality providers and specialists; data reporting and sharing; and access to an integrated pharmacy solution.

While we do not believe any single competitor offers a similarly robust, integrated fertility and family building benefits solution, there are alternative solutions in the market such as the health insurance companies who are able to provide fertility benefits management services as part of their overall administration of a company’s health plan and who are our primary competitors. In addition, other competitors include specialty fertility-focused solutions owned or sponsored by health insurance companies to provide more comprehensive support to fertility patients than their general medical coverage provides, such as case management or educational support, and venture capital or private equity-backed companies who focus on maternity and reproductive health services more broadly, or who provide fertility-specific benefits solutions.

Sales and Marketing

We sell our solutions through our sales organization and, in many cases, we leverage our relationships with top benefits consultants, channel partners and health plan partners to establish relationships with potential clients. Our sales team has broad experience in health benefits management and extensive long-term relationships with industry participants and benefits executives at large employers. Our sales team is organized principally by geography and account size and is responsible for identifying potential clients and managing the overall sales process. The success and effectiveness of our sales team is evidenced by the addition of over 70 new clients in 2025, and the fact that a majority of our current clients terminated their prior fertility benefit to switch to Progyny.

We generate client leads, accelerate sales opportunities and build brand awareness through our marketing programs. Our marketing programs target human resource, benefits and finance executives in addition to healthcare professionals and senior business leaders. Our principal marketing programs include learning opportunities for potential members, demand generation, field marketing events, integrated marketing campaigns (including direct email and online advertising) and participation in industry events, trade shows and conferences. We also benefit from strong referrals as several of our prominent clients have publicly endorsed Progyny and discussed the value they and their members receive.

Government Regulation

The healthcare industry is subject to significant and evolving federal and state regulation and judicial interpretation. We are regulated, directly or indirectly through our client relationships, by various federal agencies, including, but not limited to, the Department of Health and Human Services, or HHS, the Department of Labor, or DOL, and the Federal Trade Commission, or FTC, as well as by various state governments and agencies. Although many regulatory and governmental requirements do not directly apply to us or our business, our clients may be directly subject to such regulations and requirements, and, in turn, we may be required to comply as a result of our contractual obligations with our clients. We have structured our operations to comply with all laws, regulations and other requirements applicable to us directly and to our clients, members, fertility specialists and specialty pharmacies. However, it is uncertain how our operations may be impacted by changing political, legislative, and regulatory landscapes and priorities, as well as other factors impacting the healthcare industry.

12

Table of Contents

Licensing Requirements

Many states have licensure or registration requirements for entities acting as a third-party administrator, or TPA, or pharmacy benefit manager, or PBM. Given the nature and scope of the solutions and services that we provide, we are required to maintain TPA and/or PBM licenses and registrations in certain jurisdictions and to ensure that such licenses and registrations are in good standing on an annual basis. These licenses require us to comply with the rules and regulations of the governmental bodies that issued such licenses, including maintaining certain solvency or bond requirements. In addition, certain states impose licensing requirements on entities that provide utilization review services. We are licensed, are exempt from licensure or registration, or believe that we are otherwise authorized in the states where we provide utilization review services.

ERISA Regulation

The Employee Retirement Income Security Act of 1974, or ERISA, regulates certain aspects of employee health plans, including both insured and self-funded health plans sponsored by our clients, with whom we have agreements to provide TPA services and, in most cases, PBM services through Progyny Rx. In our capacity as a TPA and/or PBM for our clients, we may be subject to certain provisions of ERISA.

Under ERISA, health plan fiduciaries are subject to certain fiduciary obligations. However, we believe that the conduct of our business vis-à-vis our clients’ plans is not of a fiduciary nature, and, therefore, we are not subject in general to the fiduciary obligations imposed by ERISA with respect to such plans. In addition, ERISA plans are subject to certain rules, published by the DOL, including reporting requirements for direct and indirect compensation received by health plan service providers. ERISA's prohibitions on certain forms of remuneration made to, or received by, health plan service providers or other persons are broadly written, and their application to particular cases is uncertain.

Although ERISA has historically been interpreted to have a broad preemptive effect with respect to certain state laws that “relate” to benefit plans, it does not preempt all state laws imposing transparency or other requirements on PBMs. If the interpretation of ERISA preemption is further narrowed in the future, our contractual obligations with our self-insured clients would likely require us to comply more broadly with state laws applicable to health insurance that do not currently apply to us.

PBM Regulation

Recently, there have been a number of reform efforts focused on PBM regulation, program pricing, and transparency, from both federal and state legislatures and agencies, including, but not limited to, the disclosure, receipt and retention of rebates and other payments received from pharmaceutical manufacturers or pharmacy program partners, rules governing contractual provisions between PBMs and their contracted payers and/or pharmacies, registration or licensing of PBMs, transparency reporting requirements, and audits of PBM operations.

In addition, certain quasi-regulatory organizations, including the National Association of Boards of Pharmacy and the National Association of Insurance Commissioners, have issued model regulations or may propose future model regulations related to PBM operations. PBM credentialing organizations may also establish voluntary standards regarding PBM activities. While the model regulations and standards of these quasi-regulatory or credentialing organizations are not legal requirements, federal and state lawmakers may be influenced to adopt similar legislation, and such model regulations and standards may also impact client expectations or requirements for PBM services.

HIPAA Privacy and Security Requirements

Regulations promulgated pursuant to the Health Insurance Portability and Accountability Act of 1996, as amended, or HIPAA, establish privacy and security standards that limit the use and disclosure of certain individually identifiable health information (known as “protected health information”), including reproductive health information, and require the implementation of administrative, physical and technical safeguards to protect the privacy of protected health information and ensure the confidentiality, integrity and availability of electronic protected health information. The privacy regulations established under HIPAA provide individuals with rights related to understanding and controlling how their protected health information is used and disclosed. As a provider of services to entities subject to HIPAA, we are directly subject to certain provisions of HIPAA in our capacity as a “Business Associate.” When acting as a Business Associate under HIPAA, to the extent permitted by applicable privacy regulations and contractual arrangements with our clients, we are permitted to use and disclose protected health information to perform our services and for other limited purposes, but other uses and disclosures, such as marketing communications, require written authorization from the member or must meet an exception specified under HIPAA. We also have downstream Business Associates that perform services for us and are also subject to HIPAA.

13

Table of Contents

Other Data Privacy and Cybersecurity Requirements

In addition to HIPAA, numerous other federal and state laws, rules, regulations and standards govern the collection, dissemination, use, handling, transfer, processing, access to and confidentiality of personal information, some of which may be applicable to our business. Certain federal and state laws protect types of personal information that may be viewed as particularly sensitive. For example, New York’s Public Health Law, Article 27-F protects information that could reveal confidential HIV-related information about an individual. In many cases, state laws are more restrictive than, and not preempted by, HIPAA, and may allow personal rights of action with respect to data privacy or cybersecurity breaches, as well as fines. State laws are contributing to increased enforcement activity and may also be subject to interpretation by various courts and other governmental authorities. Further, the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, CCPA), gives California residents certain rights to access and delete their personal information, opt out of certain personal information sharing, including certain sensitive personal information, and receive detailed information about how their personal information is used. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches, which has increased the likelihood and risks associated with data breach litigation. Additional compliance investment and potential business process changes may be required. Similar laws have passed in other states and are continuing to be proposed at the state and federal level, reflecting a trend toward more stringent privacy legislation in the United States. The enactment of such laws could have potentially conflicting requirements that would make compliance more challenging and could lead to additional liability risks.

Consumer Protection Laws

Federal and state consumer protection laws are being applied increasingly by the FTC, Federal Communications Commission, or FCC, and state attorneys general to regulate the collection, use, handling, transfer, storage, processing and disclosure of personal or health information, through websites or otherwise, and to regulate the presentation of website content. Consumer protection laws require us to publish statements to users of our services that describe how we handle personal information and choices consumers may have about the way we handle personal information.

State Corporate Practice and Fee-Splitting Prohibitions

These laws generally prohibit non-physician entities from practicing medicine, exercising control over physicians or engaging in certain practices such as fee-splitting with physicians. We have structured our operations and contracts with our providers to comply with these laws. However, regulatory authorities, state medical boards, state attorneys general and other parties, including our network physicians, may assert that we are engaged in the prohibited corporate practice of medicine, and/or that our arrangement with our network providers constitutes unlawful fee-splitting.

Intellectual Property

As of December 31, 2025, we had a number of registered trademarks, including Progyny (and design), Smart Cycle and UnPack It, none of which are subject to any known rights of any third parties, including any impairments, assignments or pledges. Other than these registered trademarks, we do not believe our business is dependent to a material degree on trademarks, patents, copyrights or trade secrets.

Seasonality

Our business experiences moderate seasonality in revenue with a slightly higher proportion of revenue during the second half of the year as compared with the first half. Given that the majority of our clients contract with us for a January 1st benefits plan start date and that the average cost of treatments earlier in the overall treatment process is somewhat lower than the average cost as treatment progresses, our revenue from treatment services tends to grow as the year continues, particularly for new clients. In addition, as with most medical benefits plans, members will typically seek to maximize the use of their benefits once they have reached their annual deductible and/or annual out-of-pocket maximums, thereby increasing treatments in the latter part of the year. For additional information, see Part I, Item 1A. “Risk Factors—Risks Related to Our Business and Industry—Our business experiences seasonality, which may cause fluctuations in our sales and results of operations” of this Annual Report on Form 10-K.

14

Table of Contents

Employees and Human Capital

As of December 31, 2025, we had 856 employees, of which 835 were full-time. Our employees are our most important asset, and our culture is key to our success. We are united around our mission and committed to our shared values of curiosity, respect, excellence, accountability, tenacity, and empathy.

Our people strategy is primarily focused on culture and engagement, competitive compensation and development, and community outreach and support.

•Culture and Engagement. We believe that our culture is a key contributor to our ability to execute our strategy, attract and retain talent, and deliver value to our clients and members. Our mission-driven focus on improving access to personalized fertility and family building care fosters a shared sense of purpose and accountability among our employees. As we grow, we continue to invest time and resources in creating a culture that emphasizes curiosity, respect, empathy, accountability, and excellence, while maintaining operational discipline and clarity of execution. We regularly measure employee engagement through company-wide engagement surveys, targeted pulse surveys, and ongoing feedback mechanisms. These tools are designed to assess employee sentiment across areas such as communication, collaboration, leadership effectiveness, workload sustainability, recognition, and alignment with our business objectives. Survey participation and results are reviewed by senior leadership and functional leaders to identify strengths, emerging risks, and areas for improvement. Engagement survey results are used to inform the development and refinement of targeted action plans at the enterprise, functional, and team levels. We also leverage manager-level commitments and leadership development efforts to reinforce consistent communication, accountability, and inclusive decision-making practices across the organization. We continue to monitor engagement trends through follow-up pulse surveys, retention metrics, and qualitative feedback to evaluate the effectiveness of these initiatives and to adjust programs and practices as needed. While we believe our culture remains a foundational strength, particularly in connection with our mission and peer collaboration, we recognize that maintaining employee engagement and organizational alignment is increasingly important as we operate in a complex, fast-growing environment.

•Competitive Compensation and Development. We invest in our workforce by offering competitive salaries, attractive incentives and innovative benefits. Our benefits are designed to help employees and their families stay healthy, meet their financial goals, protect their income and balance their work and personal lives. These benefits include access to mental health services, life and financial planning workshops, wellness initiatives, employee assistance programs, and new parent and return-to-work benefits. We also include Progyny benefits as part of our offerings, allowing our employees to access comprehensive women’s and family health support. We offer paid parental leave for new parents, with an extension of leave for those with an infant in the NICU, as well as a pregnancy loss leave benefit as an enhancement to our bereavement leave policy, explicitly recognizing the physical, emotional, and mental health impact of a pregnancy loss or failed fertility procedure, adoption process or surrogacy arrangement. We also offer additional paid leave to all employees to support other family health and care challenges. In addition, we focus on creating opportunities for employee growth, development and training, including opportunities to cultivate talent and identify internal candidates for new roles at the Company, management and leadership development programs, technical skill building initiatives and mentoring programs.

•Community Outreach and Support. We believe it is important to give back and promote community outreach and support through corporate giving, charitable matching, and employee volunteerism in the communities in which we live and work. We allow flexible work hours to accommodate employee volunteer opportunities and attendance at company-sponsored charitable events. We also continue to develop partnerships with community organizations that align with our priorities in women's health and healthcare equity.

Our Corporate Information

We were incorporated in Delaware in 2008 under the name Auxogen Bioscience, Inc. In 2010, we changed our name to Auxogen, Inc. and in 2015 we changed our name to Progyny, Inc. Our principal executive offices are located at 1359 Broadway, New York, New York 10018, and our telephone number is (212) 888-3124. Our website address is www.progyny.com. Information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 10-K.

15

Table of Contents

Available Information

We file electronically with the SEC our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K (including amendments to those reports), proxy statements and other information. Our SEC filings are available to the public on the Internet at the SEC’s website at http://www.sec.gov. We also make available on our website at investors.progyny.com, under “Financials—SEC Filings,” free of charge, copies of these reports as soon as reasonably practicable after filing or furnishing these reports with the SEC. The information contained on the websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this Annual Report on Form 10-K. Further, our references to website URLs are intended to be inactive textual references only.

We announce material information to the public through filings with the SEC, our investor relations website at investors.progyny.com, press releases, public conference calls, and webcasts to achieve broad, non-exclusionary distribution of information. We therefore encourage investors and others interested in Progyny to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

16

Table of Contents