Hims House

Thanks to our partners:Superpower - https://superpower.comCareValidate - https://carevalidate.com/himshouseSubscribe to Hims House:https://himshouse.comFollow us:https://x.com/himshousehttps://x.com/jonathanrsternhttps://x.com/jefftangxIn episode 86, Jonathan Stern talks with Jeff Tang, a Y Combinator founder who sold his longevity meal prep company to Bryan Johnson and now hosts Peptide Parties in SF and LA Jeff thinks Hims is right to let Superpower and Enhanced go first, since the biggest player has the most to lose. He expects the new ban on peptide blends (like the "Wolverine Stack") to be mostly ignored, and says anyone taking peptides should carry an EpiPen. Then we get into the 4 peptides Hims is not planning to sell at launch, and why peptide ads on Meta may stay in limbo until LegitScript updates its rules. We also cover TikTok's recent ban on peptide searches.00:00 - Sponsors: Superpower + CareValidate01:03 - 6 peptides cleared: "It's going to be a knife fight"02:30 - Why Hims should be Apple: best, not first03:47 - Why the ban on BPC-157 + TB-500 blends (Wolverine Stack) will be ignored05:56 - Peptide parties11:24 - The 4 peptides Hims left out14:47 - Will Ro sit out peptides?! 👀17:15 - Hims' rivals + telehealths that hit 9-figures20:28 - LegitScript + Meta ads28:42 - TikTok's ban on peptide searches34:10 - Superpower pricing vs. the gray market39:43 - Jeff's peptide stack: tirz, tesamorelin, and cerebrolysin (made from pig brains)45:30 - Predictions: a MOTS-c hospitalization + state-by-state rules49:57 - What will be the top peptide in 5 years? Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partners:Superpower - https://superpower.comCareValidate - https://carevalidate.com/himshouseFollow us:https://x.com/himshousehttps://x.com/jonathanrsternhttps://x.com/TravisHoiumhttps://youtube.com/@asymmetricinvesting https://asymmetric-investing.beehiiv.com In episode 85, Jonathan Stern talks with Travis Hoium, founder of Asymmetric Investing, who started buying Hims in spring 2024 and has never sold a share. Travis explains why he calls Hims "the modern pharma company," with the doctor and pharmacy in one place and insurance left out, and why he wants operating margins near zero while subscribers grow. He makes the case for kids as Hims' next category, starting with the refills parents already chase every few months. Then he takes on Jonathan's list of worries, from gross margin falling to 64% to Ro catching up. We close on peptides and what $HIMS could be worth 5 years from now. 00:00 - Sponsors: Superpower + CareValidate02:11 - First bought in the teens in 2024, never sold a share08:12 - Hims = "the modern pharma company"13:26 - Travis pitches "Hims for Kids" 22:21 - Gross margin fell from 82% to 64%. Why he's not worried26:06 - Shipping delays & surprise charges30:45 - Ro has caught up to Hims in credit card data33:17 - Hims slow AI / tech progress?36:38 - Hims should sync with every device 40:49 - Why no drug company will pay for peptide research44:22 - Could peptides add $1 billion in revenue next year?52:07 - Why Hims refuses to take insurance, and Ro does53:45 - Insider buying and selling57:03 - Why Hims could go from 2x to 10x salesDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partners:Superpower - https://superpower.comCareValidate - https://carevalidate.comFDA warning letter: https://www.fda.gov/inspections-compliance-enforcement-and-criminal-investigations/warning-letters/peptide-partners-llc-735063-08242026In episode 84, Jonathan Stern talks with Zak David, founder of Peptide Partners, one of the largest research-peptide sellers in the US. This is Zak's first and only interview discussing Peptide Partners' FDA warning letter! We get into why payment processors consider research peptides riskier than gambling, what advice he'd give Hims, and whether the gray market will be even bigger in three years. Zak also responds to Martin Shkreli's claim that peptides are setting Western medicine back 70 years.00:00 - Sponsors: Superpower + CareValidate01:49 - How Zak found peptides 04:19 - 80% of vials now "fill-finished" in the US06:15 - Just under 100K customers all-time 08:48 - Retatrutide is #112:33 - Zak's take on the FDA letter 20:25 - Peptides "riskier than gambling" to payment processors25:01 - Why they now test more than 10 vials per batch31:06 - All China today, India lab coming in December31:04 - Peptide Partners' supply chain today34:58 - American-made peptide potential pricing40:48 - Grindr's $250 million deal46:32 - TSA agent recognized his peptide vials49:48 - Zak's advice to Hims & Andrew Dudum52:22 - Why Shkreli is wrong about peptides Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partners:Superpower - https://superpower.comCareValidate - https://carevalidate.comIn episode 83, Jonathan Stern talks with Scott Brunner, CEO of the Alliance for Pharmacy Compounding, the trade group for more than 600 compounding businesses, about the WaPo report that the administration may let pharmacies sell certain peptides before a formal rule is finished. Brunner says he thinks an announcement is "highly likely" before EOY, and he wants conditions on it: ingredients only from FDA-registered wholesalers, a clearer warning to patients, and reports of serious side effects.00:00 - Sponsors 01:22 - Peptides may be "imminent"09:36 - The guardrails the Scott is advocating for 14:00 - RFK is driving this through19:26 - Pharmacies may need 2-3 months to get ready23:08 - Which peptides would be included? 25:57 - What about 503B facilities? 28:22 - How long formal rulemaking takes30:45 - U.S. peptide API capacity will take time 32:56 - Future of the gray market35:52 - The Empower warning letter and future of compounded GLP-1s 39:28 - Congressional bills Scott is watchingDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner: Superpower - https://superpower.comIn episode 82, Jonathan Stern talks with Abrahão Fecury, co-founder and CEO of Eles & Elas, a Brazilian telehealth company built on the Hims playbook and now at about R$4.5 million (~$1 million USD) in annual revenue, growing about +10% a month. Weight loss is about 70% of that (compounded tirzepatide) at a 54% gross margin, with hair loss and mental health smaller and more profitable. Fecury walks through cash-pay pharmacies, Meta and WhatsApp customer acquisition, and how ANVISA's summer ban on Voy changed the category. We close with a discussion about Hims & Hers - where he says, if Hims wants to expand into Brazil, it should "absolutely buy" a telehealth in Brazil (like Voy or Eles & Elas) vs building everything itself. 00:00 - Sponsor: Superpower04:51 - Revenue of R$4.5 million (~$1 million USD)10:25 - Margins of each category13:35 - Brazil healthcare 10116:43 - 1 in 4 adults in Brazil has obesity19:22 - Meta Ads brings in 80% of customers24:30 - Why ANVISA banned Voy, then reversed it on August 528:32 - Voy "more than 10x Eles & Elas' revenue"30:57 - Generic semaglutide margin is only 5-10%34:26 - Lilly suing in Brazil too35:30 - Paraguay shenanigans40:38 - Hims should buy a telehealth to expand into Brazil48:34 - Other countries in LatAmDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner:Superpower - https://superpower.com

Thanks to our partner:Superpower - https://superpower.comIn episode 80 of Hims House, Jonathan Stern talks with Dr. Jon Lensing, co-founder and CEO of OpenLoop, the white-label company that runs telehealth behind the scenes for other brands. Lensing started OpenLoop out of the University of Iowa's medical school and says the platform will see more than 8 million patients this year and treat more than a million a month, across 400-plus brands from telehealth companies to grocery stores, dating apps, and gyms. He said he thinks GLP-1s will become a default medication the way statins did for cholesterol: he expects 80% of people over 30 could be on them by 2035, and he thinks Andrew Dudum's path to $40-$50 a month cash-pay is directionally right, maybe lower. On peptides he thinks some could be legal to compound before year-end, but not all at once. And he sizes today's gray market at $6 to $8 billion. 00:00 - Sponsor: Superpower01:37 - The Shopify of virtual healthcare04:32 - OpenLoop serving 8M patients this year05:33 - MEDVi 07:08 - OpenLoop's January data breach08:13 - Consumerism in healthcare10:38 - 80% of people over 30 will be on GLP-1s16:22 - Peptides likely this year, but not all at once18:46 - Ready to launch peptides the day FDA allows21:17 - Peptide API from FDA green-listed vendors22:51 - Peptide gray market is $6 to $8 billion27:01 - AI data moatsDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner:Superpower - https://superpower.com🚨 WARNING: This is not a typical Hims House podcast! I wanted to do this interview because what happened on Robinhood Chain this weekend directly affected $HIMS -- and I think Hims investors should at minimum understand what happened.Jonathan Stern talks with Eric, an Ethereum OG and the world's largest $BONER holder, and Yoni, co-founder of Long.xyz, about BONER — a memecoin on Robinhood Chain paired with the $HIMS stock token. BONER reached roughly 12,000 holders in five days and helped make Hims a top-15 Robinhood stock token. Then, with the NYSE closed and limited Hims tokens available on-chain, $HIMS briefly traded at $132 versus a $28.75 NYSE close. Token supply jumped from roughly 20,000 to 80,000 in 72 hours. Eric and Yoni both stress that BONER is highly speculative and could go to zero. But Eric's longer-term thesis is that every major tokenized stock could eventually develop its own memecoin community.00:00 - Sponsor: Superpower01:27 - Why should Hims investors care? 03:35 - 12K Boner holders in five days06:00 - Why buy Boner instead of the stock token14:31 - 99% of meme coins go to zero19:00 - Open pairing: Boner-Hims22:27 - $132 on chain vs $28.75 on the NYSE26:44 - Could this trigger a short squeeze?34:06 - Has anyone at Hims called?36:25 - Every major stock gets a meme coin communityDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner:Superpower - https://superpower.comJonathan Stern talks with Gaston Kroub, founding partner of K2K Law, registered patent attorney, and Hims House's resident legal expert on his third appearance, about the FTC's July 29 federal complaint against Hims & Hers. Kroub calls the filing a public "marketing document" aimed at a quick settlement and ranks three allegation buckets: health data sharing with Meta and Snap as the most exposure, hard cancellation under ROSCA (Restore Online Shoppers' Confidence Act) second, charging before a real consultation as the least dangerous. The case is in the Northern District of California before Judge Vince Chhabria; an overbroad sealing request triggered an order to show cause that was later lifted with a warning, and Hims' response is due Sept. 28 with an initial case management conference Oct. 30. They walk through Hims' defense lineup at BakerHostetler and Keker Van Nest & Peters, treat the $62.5M legal accrual as likely the low end of a settlement, and cover co-plaintiffs Utah and LA County. His likely path is a payment plus operational changes; absent a deal, litigation could run years, and he treats the Visa chargeback spike as a minor narrative risk.00:00 - Sponsor: Superpower01:35 - Complaint is a "marketing document"03:52 - He ranks the three buckets08:15 - Amazon Prime and Uber first11:53 - ROSCA stretched to health data17:12 - Northern District of California and Judge Chhabria19:44 - Overbroad sealing nearly got sanctions23:57 - BakerHostetler and Keker26:12 - The $62.5M legal accrual27:32 - A Motion to Dismiss costs six figures28:51 - $50M floor, nine-figure ceiling?30:31 - Utah and LA County33:06 - Pay, plus changes to the flows35:46 - Would Ro and Noom have to follow?38:00 - Why Hims, not Ro39:42 - Visa's chargeback watchlist43:03 - Worst case vs most likely scenarios48:41 - Next steps in the case51:23 - Change the flows now, or wait?Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner:Superpower - https://superpower.comIn episode 77, Jonathan Stern talks with Dr. Bijan Salehizadeh -- physician and managing director of NaviMed Capital, former pharma venture investor, founding investor in Auris Health. Bijan holds no position in HIMS. The conversation opens on the FDA: why Heidi Overton is "moldable clay," her 30-40% confirmation odds, and why pharma prefers interim commissioner Kyle Diamantis. They then move to Eli Lilly's multi-front war on compounded GLP-1s, the ReviveRx suit, the effort to pull semaglutide and tirzepatide off the 503B bulks list, and Bijan's theory of a "grand bargain" trading compounding restrictions for Medicare pricing cooperation. He walks through the retatrutide biologic fight ahead of the September 24th appellate argument in Chicago, and why Hims' 76% gross margins are gone for good as branded dispensing grows. They close on peptides: Bijan has heard Category 1 rulemaking *could* come as soon as November, and he thinks the market could be 10x bigger than current estimates.00:00 - Sponsor: Superpower01:16 - No one knows anything about Heidi Overton (FDA nominee)06:29 - Eli Lilly's war on 503A pharmacies08:47 - The Lilly "grand bargain"13:49 - When compounding becomes a "new drug" 17:34 - Branded drugs crush margins21:51 - Hims management scorecard26:29 - Retatrutide reclassification fight35:10 - Suing the reta gray market vendors37:06 - Why the Wegovy pill is beating Foundayo40:56 - Europe is a second-tier market42:15 - Can LillyDirect beat telehealth?46:14 - Peptides Wild West50:51 - Category 1 by November?52:40 - Peptides market 10x bigger than estimates55:56 - Will Ro go public?58:34 - Bullish $HIMS long term Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.