Shalin Shah is the founder & CEO of Marius Pharmaceuticals, the company that partnered with $HIMS to launch oral testosterone (KYZATREX). We discuss how the partnership came about, the benefits of teaming up with $HIMS, and the future of TRT.

(00:41) Origin of the partnership

(02:55) Benefits of partnering with $HIMS

(04:14) Deal shape and exclusivity

(06:51) How KYZATREX will sit alongside compounded meds on the $HIMS platform

(09:22) Will KYZATREX be personalized?

(16:07) TRT as a schedule 3 substance

(21:39) Gearing up for 2026 launch of KYZATREX

(22:40) Future of TRT market

(27:29) Peptides

(29:44) Testosterone for females

In episode 49 of Hims House, Jonathan Stern and Patrick Lester (Bayside) host Mark Mikhael and Joshua Fritzler from Olympia Pharmacy. Mark (CEO of Olympia), and Josh (CFO) discuss the evolution of their Orlando-based compounding pharmacy -- around GLP-1s and beyond. They dive into regulatory uncertainties, the impact of ongoing MFN negotiations involving Big Pharma, the role of compounded GLP-1s, and the burgeoning field of peptides. The conversation also touches on the concept of longevity through peptides and diagnostic testing, the broader implications of their work, and the role of Hims & Hers in the compounding industry.

(00:48) Olympia Pharmacy

(04:03) GLP-1s

(10:10) MFN negotiations

(20:45) Self-injection

(24:20) MAHA PAC appointment and goals

(31:43) Peptides peptides peptides

(42:32) Longevity & diagnostic testing

(45:56) Hims industry impact

In episode 48 of Hims House, Jonathan Stern and Patrick Lester (Bayside) are joined by Saad Alam, founder & CEO of Hone Health. The discussion dives into Saad’s personal health journey and the founding of Hone Health during the pandemic. Saad discusses the company’s focus on hormonal health, weight loss, thyroid medications, and new longevity medications. Saad shares insights into diagnostics, the future of primary care, implications of the Meta ad privacy policy changes and FDA advertising crackdown, and the future of the telehealth industry.

00:43 Saad’s personal health journey

02:34 Hone’s products, revenue, competitors

04:29 Enclomiphene vs. clomiphene

09:07 Testosterone market and demographics

14:10 What longevity means

19:25 Lab testing and biomarkers

22:09 Why Hone hasn’t offered GLP-1s

25:14 “Everyone has a Chinese peptide dealer now”

33:53 Which peptides should Hims start with

35:38 Meta ads and the FDA crackdown on ads

40:43 Is primary care in trouble?

47:52 Why Saad is bullish on Hims

In Episode 47 of Hims House, Jonathan Stern and Patrick “Bayside” Lester talk to Lee Rosebush, chair of the Outsourcing Facilities Association (OFA), about what’s really going on with GLP-1 medications and peptide compounding. We the FDA warning letters over drug ads, what the new FDA “Green List” means for the future of compounding, and whether the DDC list (which could restrict what’s “too hard” to compound) or MFN drug-pricing might change the rules. We also touch on the MAHA PAC, recent patent challenges to sema and tirz, and what all this could mean for patient access in the near future.

Note: Conversation includes legal/policy and financial analysis; none of it is legal or financial advice.

(00:46) Lee’s Twitter comeback

(02:09) FDA’s warning letters to drug advertisers

(12:41) Lee on the Lilly vs. Willow/Mochi lawsuits

(20:45) GLP-1 patents

(25:12) FDA “Green List”

(28:51) Is a compounded GLP-1 crackdown on the way?

(32:11) The DDC List

(36:48) MFN price negotiations

(44:15) MAHA PAC

(46:09) RFK on peptides and “patient access”

(50:35) Thoughts on Hims

In Episode 46 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Rob Leclerc, founder of AgFunder and one of TIME Magazine’s Top 100 VCs. Rob explains why he believes Hims is a category-defining company -- comparing it to Nvidia in 2016 -- and weighs in on the company’s high-profile engineering/AI hires from Cruise. The discussion covers Rob’s own experience as a Hims customer, Hims’ push into AI and tech leadership, the ZAVA acquisition and global expansion, and emerging frontiers like testosterone, diagnostics, and wearables. They also dig into public-market pressures, regulatory challenges, and how Hims might stack new S-curves to fuel growth over the next decade.

00:00 Intro

01:15 Rob’s background + AgFunder

02:21 Why Hims?

03:37 Rob as a Hims customer

06:55 Ex-Cruise tech leadership

11:04 AI, robotics & safety mindset

16:46 Is AI a bubble?

21:41 Core growth slowdown

27:45 Acquisition of ZAVA: how to evaluate

28:56 The $1B raise

31:17 Diagnostics, wearables, & home testing

35:12 Emerging healthcare trends

39:10 Regulation and patents

44:37 Public markets

50:27 Valuation

In Episode 45 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) welcome Scott Brunner, CEO of the Alliance for Pharmacy Compounding, for a conversation on the future of compounding. They cover the surge in GLP-1 demand, lawsuits involving Eli Lilly and Novo Nordisk, FDA policies, and the regulatory pressures shaping 503A and 503B pharmacies. Brunner also unpacks the challenges around the demonstrably difficult to compound list, compounded hormone therapy, and peptides, while sharing insights into congressional actions and the MAHA movement’s role in protecting patient access to compounded medications.

00:00 - Introduction

01:02 - The Role of the Alliance for Pharmacy Compounding

01:51 - 503Bs Ramping Production? Rumors vs Realities

07:55 - Lawsuits Involving Eli Lilly and Novo Nordisk

11:58 - Patents

15:51 - Policy Negotiations and the MFN Debate

25:06 - Lawmaker Letter to FDA

28:04 - What’s in the APC Blueprint

28:51 - The 5% Rule and MOU Requirements

33:42 - The Demonstrably Difficult to Compound List

41:00 - Compounded Hormone Therapy

43:21 - Peptides

In Episode 44 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Geoff Cook, CEO of Noom. Noom is one of Hims' competitors and is best known for its behavioral health platform and recent expansion into GLP-1 microdosing and hormone replacement therapy. Geoff discusses Noom’s evolution, the shift in revenue from behavioral programs to medicated plans, and the company’s vision for democratizing longevity medicine. The conversation covers the business of GLP-1s, regulatory and legal challenges, the impact of tariffs and partnerships, and the future of personalized healthcare. The episode closes with predictions for the next decade in health tech and reflections on human flourishing.

Link to the article about the "high-priced drug list": https://www.mmm-online.com/news/noom-wsj-ad-policy-changes-compounded-glp-1

00:00 - Introduction

01:11 - Noom’s background and evolution

05:17 - Noom's revenue breakdown: behavioral vs. medicated programs

07:22 - Launch of GLP-1 microdosing

17:44 - Geoff’s personal experience with microdosing

21:12 - Policy and regulatory landscape for GLP-1s

24:19 - Compounding, MFN pricing, and drug shortages

28:38 - Noom's WSJ ad for high-priced drug list

31:36 - Supply chain and tariffs on APIs

34:10 - Partnerships with pharma (Lilly, Novo)

37:11 - Legal risks and the future of healthcare “front doors”

40:36 - Hims' core business slowdown: competition and ad policy

45:21 - Noom’s strategy for growth... free tier?

46:06 - Looking ahead: AI, peptides, and the future of health tech

53:52 - Reflections on human flourishing

In Episode 43 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Dr. William Seeds, a board-certified orthopedic surgeon and pioneer in peptide therapy. Dr. Seeds shares how a personal tragedy led him to explore the power of peptides and why he believes they will redefine the future of medicine. The conversation covers the fundamentals of peptides, why they are often called "magical" drugs, and the skepticism they sometimes face. The trio also explores why the U.S. lags behind Europe and Asia in adoption, and the historical influence of Big Pharma. The episode closes with Dr. Seeds sharing predictions on how Hims could legally enter the peptide market, what products they may launch first, and how the field will evolve over the next decade.

00:00 - Introduction

01:31 - Dr. Seeds’ personal journey into peptides

05:28 - Peptides 101

13:44 - Legal & Regulatory Barriers

17:00 - Response to Eric Topol's recent article

25:29 - The U.S. legal landscape

35:56 - Potential FDA crackdown bad actors

36:29 - Risks facing physicians and vendors

37:19 - What’s next in peptide policy

38:43 - Patents

40:51 - How Big Pharma shapes regulation

44:37 - Peptide adoption worldwide

47:06 - How will Hims enter the market?

56:45 - The two, five and ten-year outlook

01:02:55 - Final takeaways

In Episode 42 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Shaun Noorian, founder & CEO of Empower Pharmacy, the world’s largest compounding pharmacy. We dig into why rumors about 503Bs “ramping up GLP-1s” may be misleading, how Empower is challenging Eli Lilly on tirzepatide patents, and the broader fight over compounding. We also how Trump’s new administration - RFK Jr. at HHS, and Marty Makary at FDA - could reshape the industry. We close with the MFN pricing backdrop under the new administration. All along the way, Noorian makes the case that compounding is not a loophole but a critical, highly regulated part of healthcare, and looks ahead to its future in hormone therapy, peptides, longevity medicine, and sleep health.

00:00 – Intro

00:52 – Empower’s mission: personalized medicine at scale

03:07 – GLP-1 rumors: are 503Bs ramping? What’s actually legal

09:21 – 503A vs. 503B compliance

19:14 – The Eli Lilly v. Empower lawsuit

27:04 – MFN pricing, EO chatter & compounding

33:11 – Hims’ impact on the industry: awareness, lobbying & demand

37:15 – HRT, peptides, longevity

39:59 – Sermorelin explained

41:32 – Bad actors vs. legitimate compounders

43:08 – Odds: percent chance of FDA action against compounders

In this episode of Hims House, Jonathan Stern and Patrick Lester (“Bayside”) sit down with Peter Pitts, president of the Center for Medicine in the Public Interest (CMPI) and former FDA Associate Commissioner. Pitts recently authored a paper arguing that the FDA has failed to enforce existing limits on GLP-1 compounding, creating major public-health risks. They explore how CMPI operates and who funds it (big pharma), whether compounders are breaking the law or simply skirting its intent, and why the FDA’s resource constraints may explain its lack of action. The discussion digs into the dangers of unregulated foreign API supply chains, Pitts’ critique of “phony personalization” schemes, and how aggressive advertising complicates oversight. They also look at the enforcement tools available—from the 5% rule to “too difficult to compound” lists—and debate whether we’ll see targeted crackdowns or blanket bans.

00:00 – Intro

01:14 – Background on Pitts & CMPI

03:08 – Initial Views on Hims

05:43 – Are Compounders Breaking the Law or Just the Spirit of the Law?

10:58 – FDA Enforcement Gaps & Compounding Loopholes

18:33 – Unregulated Foreign API and Supply Chain Risks

23:53 – “Phony Personalization Schemes”

25:05 – Should Dosing Be Individualized?

25:30 – FDA’s Role in Dosing Oversight

26:11 – Why Pitts Thinks "Personalization" Claims Fall Short

32:11 – Where GLP-1 Regulation May Be Headed

35:11 – Odds that the FDA and/or Congress Will Crack Down