Hims House

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

In 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: Superpower

04:51 - Revenue of R$4.5 million (~$1 million USD)

10:25 - Margins of each category

13:35 - Brazil healthcare 101

16:43 - 1 in 4 adults in Brazil has obesity

19:22 - Meta Ads brings in 80% of customers

24:30 - Why ANVISA banned Voy, then reversed it on August 5

28:32 - Voy "more than 10x Eles & Elas' revenue"

30:57 - Generic semaglutide margin is only 5-10%

34:26 - Lilly suing in Brazil too

35:30 - Paraguay shenanigans

40:38 - Hims should buy a telehealth to expand into Brazil

48:34 - Other countries in LatAm

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.com

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

In 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: Superpower

01:37 - The Shopify of virtual healthcare

04:32 - OpenLoop serving 8M patients this year

05:33 - MEDVi

07:08 - OpenLoop's January data breach

08:13 - Consumerism in healthcare

10:38 - 80% of people over 30 will be on GLP-1s

16:22 - Peptides likely this year, but not all at once

18:46 - Ready to launch peptides the day FDA allows

21:17 - Peptide API from FDA green-listed vendors

22:51 - Peptide gray market is $6 to $8 billion

27:01 - AI data moats

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.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: Superpower

01:27 - Why should Hims investors care?

03:35 - 12K Boner holders in five days

06:00 - Why buy Boner instead of the stock token

14:31 - 99% of meme coins go to zero

19:00 - Open pairing: Boner-Hims

22:27 - $132 on chain vs $28.75 on the NYSE

26:44 - Could this trigger a short squeeze?

34:06 - Has anyone at Hims called?

36:25 - Every major stock gets a meme coin community

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.com

Jonathan 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: Superpower

01:35 - Complaint is a "marketing document"

03:52 - He ranks the three buckets

08:15 - Amazon Prime and Uber first

11:53 - ROSCA stretched to health data

17:12 - Northern District of California and Judge Chhabria

19:44 - Overbroad sealing nearly got sanctions

23:57 - BakerHostetler and Keker

26:12 - The $62.5M legal accrual

27:32 - A Motion to Dismiss costs six figures

28:51 - $50M floor, nine-figure ceiling?

30:31 - Utah and LA County

33:06 - Pay, plus changes to the flows

35:46 - Would Ro and Noom have to follow?

38:00 - Why Hims, not Ro

39:42 - Visa's chargeback watchlist

43:03 - Worst case vs most likely scenarios

48:41 - Next steps in the case

51:23 - 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.com

In 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: Superpower

01:16 - No one knows anything about Heidi Overton (FDA nominee)

06:29 - Eli Lilly's war on 503A pharmacies

08:47 - The Lilly "grand bargain"

13:49 - When compounding becomes a "new drug"

17:34 - Branded drugs crush margins

21:51 - Hims management scorecard

26:29 - Retatrutide reclassification fight

35:10 - Suing the reta gray market vendors

37:06 - Why the Wegovy pill is beating Foundayo

40:56 - Europe is a second-tier market

42:15 - Can LillyDirect beat telehealth?

46:14 - Peptides Wild West

50:51 - Category 1 by November?

52:40 - Peptides market 10x bigger than estimates

55:56 - 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.

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

Max's recent essays on peptides:

https://maximilianbmartin.substack.com/p/six-peptides-one-signal-washington

https://maximilianbmartin.substack.com/p/the-peptide-moment-is-here-enhanced

In episode 76 of Hims House, Jonathan Stern hosts Maximilian Martin, CEO of Enhanced Group ( $ENHA ), the newly public company behind the Enhanced Games and the Live Enhanced telehealth platform. Martin grades the inaugural games ten weeks out — 42 athletes, 21 personal bests, one world record, and $32M in contracted sponsorship — and argues the 40% stock price selloff that occurred after the Games is misplaced. He recounts his week in Washington D.C., around the FDA compounding advisory committee, where six of seven peptides were recommended, and explains why Enhanced will wait on FDA’s formal rulemaking to start selling peptides. He concedes peptides are essentially a “commodity”, so the edge has to come from brand and personalized protocols. Also covered: whether big pharma is quietly slowing things down, how big the market for peptides could be, and Enhanced’s recent supplements launch in 33 new countries.

00:00 - Sponsor: Superpower 


01:38 - The Enhanced Games: an honest scorecard


06:35 - Why $ENHA stock fell 40%


10:13 - The athlete-led flywheel


11:52 - Why he flew to Washington for peptides


18:07 - Six of seven peptides recommended


20:21 - How long will FDA rulemaking take? 


22:51 - Where the peptide moat actually is


30:16 - Is big pharma slowing down peptide approval?

32:14 - Being first vs being best


40:33 - Could peptides be a $10B market in 2027? 


46:00 - Enhanced now live in 33 new markets


50:25 - Life as a public company CEO

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.com

In episode 75 of Hims House, Jonathan Stern talks with Dr. Alex Tatem, a board-certified urologist who has worked with peptides for 12 years and paid his own way to Silver Spring, MD, to testify on all 7 peptides before the FDA's Pharmacy Compounding Advisory Committee. The panel overruled the FDA's own scientists and recommended six of seven for the 503A Bulks List — DSIP the lone no — and Tatem describes what the national media coverage missed: specifically, briefing documents that omitted the peptide data entirely. He explains why the recommendation isn't binding, why a final rule could take months or years, and how limits on route of administration could hollow out the win. On the business side: why Hims and Noom will wait for final rulemaking while smaller players roll the dice, the API landscape, and the market dynamics of BPC-157 once approved.

00:00 - Sponsor: Superpower

01:37 - What it was like in the room of the FDA

05:53 - Briefing documents OMITTED the data

11:33 - The one "NO" vote

17:33 - Why the win isn't binding

21:33 - Rulemaking timeline: likely months or years

24:19 - RFK vs the FDA bureaucracy

28:06 - Who will sell peptides before final rulemaking

31:34 - Hims likely won't

34:43 - Peptide marketing claims

40:18 - Every raw material (API) comes from China

45:23 - BPC under $100 a month?

48:29 - Where was Ro?

50:08 - The best argument *against* peptides

55:12 - Peptides will be an economic gold rush

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.com

In episode 74, Jonathan Stern sits down with Dr. Jesse Morse, a board-certified family and sports medicine physician, longtime peptide prescriber who helped assemble safety evidence for the upcoming PCAC review. They discuss the FDA briefing recommending against adding seven peptides to the 503A bulks list and how the 2023 restrictions pushed demand into gray and black markets. Morse breaks down the 7 peptides under review -- BPC-157, TB-500, KPV, MOTS-c, DSIP, Epitalon, and Semax -- including their proposed uses, safety concerns, and his approval odds for each. The conversation also covers peptide efficacy standards, the politics behind the FDA process, and why U.S.-made API could become a major advantage for Hims & Hers.

00:00 - Sponsor: Superpower

01:37 - FDA briefing document

03:24 - Getting peptides back in front of the FDA

08:58 - Prescribing peptides back in 2017

12:42 - Peptides safety data

16:08 - BPC-157 deep-dive and odds for approval

22:56 - TB-500 deep-dive

26:15 - Approval odds for the other 5 peptides

31:02 - Peptide efficacy data

34:40 - FDA politics and final decisions

40:30 - Peptides market size

42:48 - Training the doctors

47:20 - Shipping hurdles and gray-market risk

53:25 - Why peptides could reshape healthcare

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.com

In Hims House episode 73, Jonathan Stern talks with Needham’s Ryan MacDonald, the lead Hims & Hers analyst with a $35 price target and Buy rating. They break down the latest peptide news, how the FDA/PCAC process actually works, and why peptides may be more of a 2027 revenue story for major telehealth platforms like Hims. They also size the peptide opportunity, debate Hims’ potential share, and dig into GLP-1s, the Novo partnership, branded vs compounded economics, competition, valuation, short interest, insider signals, and the catalysts that matter most.

00:00 - Sponsor: Superpower

01:58 - FDA briefing document breakdown

04:15 - The timeline of peptide approval

09:50 - Category 1 vs 503A Bulks List

11:34 - When will telehealths start to sell peptides?

14:25 - Sizing the peptide market

19:31 - Hims’ peptide share

21:55 - Peptide pricing & margins

24:45 - Peptides likely a 2027 revenue story

29:58 - Hims-Novo deal check-in

32:11 - Branded vs compounded GLP-1s margins

35:27 - Pills vs injectables

40:43 - International

42:04 - Hims' moat

46:22 - 2030 targets and valuation models

50:32 - Shorts, insiders, and catalysts

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.