Hims House

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

In episode 72 of Hims House, Jonathan Stern interviews David Wells, Hims board member and former Netflix CFO, about his recent $1.2 million open-market purchase of Hims shares. Wells explains why he believes the company is at an inflection point after the Novo dispute and why the market may be missing the larger healthcare platform story. He discusses Hims’ mission, the broken cost and access structure of U.S. healthcare, and why he focuses more on longer-term cohorts and customer value than quarter-to-quarter CAC. The conversation covers the GLP-1 transition, peptides, acquisition pace, Andrew Dudum’s leadership, remote culture, AI, wearables, and what Hims can learn from Netflix’s disruption playbook. Wells also breaks down 10b5-1 insider selling plans, the promise of preventative scans, and why poor execution is the bear case that matters most.

00:00 - Sponsor: Superpower

01:07 - Meet David Wells

02:30 - Why he bought $1.2M in shares

05:58 - Building a mission-driven company

09:03 - Why he accepted the offer to join the board

10:45 - Financial metrics David is tracking

12:53 - Novo deal + GLP-1s

15:13 - Peptides: best, not first

19:45 - M&A and execution risk

20:40 - What CEO Andrew Dudum does well

22:30 - Remote impact on company culture

24:22 - AI, tech, and wearables

29:55 - Lessons from Netflix

36:17 - Insider sales 10b5-1 explained

45:37 - Short interest and the bear case

48:23 - Hims in 2030

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 71, Jonathan Stern sits down with hedge fund manager Ignacio Canto -- founder & portfolio manager at X-Square Capital, which held over 420k Hims shares as of Q1. Canto traces his interest back years, through personal product discovery and his late father's perspective as a urologist, and frames Hims as a platform business attacking a broken, expensive, and slow healthcare system. He explains why he never considered selling through the Novo Nordisk lawsuit, then lays out the moats he cares about: network effects, data ownership, proprietary wearables, and a retail following that grants rare access to cheap equity capital. He compares Hims to a mix of Costco + Netflix, makes a Tesla-style case for why the retail cult is itself part of the thesis, and argues geographic expansion widens the TAM and helps surface winning verticals. He flags regulation and competition as the main risks, but sees logarithmic upside that makes any linear price target a trap -- and thinks the stock could eventually command a 10x price-to-sales.

00:00 - Sponsor: Superpower

01:38 - Why he never considered selling

03:41 - Buying the collapse into the teens

06:29 - Why Hims first caught his eye

10:37 - Healthcare is broken and overpriced

12:50 - Why Ignacio has added to his position since 2024

21:41 - Why price targets aren't right for Hims

27:42 - Retail cults

38:40 - Hims as Costco + Netflix

41:33 - Why Hims should own the wearable

44:25 - Regulation as a bear case

46:09 - Competition: Ro, Amazon, and others

55:30 - Why Hims could command a 10x P/S ratio

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

In Hims House episode 70, Jonathan Stern sits down with hedge fund manager Imran Khan, founder and CIO of Proem Asset Management and a Hims shareholder (110,000 shares as of March 31). Khan lays out his investment framework -- long-term growth potential, execution track record -- and argues that Hims' core asset is its loyal customer base and its ability to stack new products and services on top of it, with execution as the main bear case. Drawing on his years at Snap as Chief Strategy Officer, he explains why markets overreact in both directions and why investors should follow the numbers rather than the narrative. They dig into the risks of hiring big-company executives, the limited visibility into product progress, and gross margins hitting an all-time low (which Khan sees as non-structural for Hims). The discussion widens to SpaceX's IPO, software vs semis in the AI capex cycle, Duolingo as a "learning social network," buybacks and insider buying, and the dangers of excessive leverage and round-the-clock markets.

00:00 - Sponsor: Superpower

02:07 - Conviction to double down on Hims

04:32 - How being an operator reshaped his investing

06:51 - Inside the Proem portfolio

09:38 - The bull case for Hims

14:15 - Why founder focus matters

15:45 - Execution is the whole bear case

17:45 - The LTV and CAC flywheel

21:56 - The risk of hiring big-company execs

27:03 - Is the pace of product development too slow?

29:51 - Let the numbers speak

31:10 - Gross margins heading the wrong way?

32:59 - What SpaceX's IPO does to markets

35:33 - Software versus semis in the AI cycle

38:51 - Duolingo as a learning social network

42:45 - Buybacks and why insider buys don't excite him

44:28 - Why memory names may go higher

45:23 - The value of sell-side research

48:31 - Why he loves being an investor (and spectating)

50:55 - Managing risk and avoiding leverage

52:26 - Leverage, 24/7 markets, and closing advice

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.

In episode 69 of Hims House, Jonathan Stern welcomes back researcher and data analyst Cremieux to take stock of the GLP-1 and peptides market. Cremieux points to Epic's new EHR dashboard as the best live read on adoption, backing estimates that roughly one in eight adults are on GLP-1s and one in five have tried them -- with cost and stigma holding back uptake until semaglutide generics arrive around 2031. They also dig into the next wave of GLP-1s, spotlighting glucagon combos like servadutide and mazdutide for dramatic liver-fat reductions, plus retatrutide's standout weight-loss numbers. Cremieux pushes back on the claim that retatrutide preserves muscle and throws cold water on peptide hype, especially BPC-157, while flagging thymosin alpha-1 as the one with the most real clinical support. They close on why wearables rarely change behavior, and whether Ro will ever go public.

00:00 - Sponsor: Superpower

01:37 - What America looks like in 2030

03:58 - How many Americans are on GLP-1s today?

05:46 - Why price still keeps people off GLP-1s

06:32 - Generic GLP-1s in 2031

09:30 - The next-generation of GLP-1s

11:02 - GLP-1 effect on fatty liver disease

15:48 - Could the FDA fast-track retatrutide?

17:15 - The oral GLP-1 war: Wegovy Pill vs Foundayo

21:04 - Is it a myth that reta preserves muscle?

25:05 - ADA conference takeaways

27:23 - Why GLP-1s are likely safe over the long term

31:55 - BPC-157's thin evidence + cancer risk

35:12 - Which peptides actually have the most evidence

38:20 - Peptides market dynamics

41:29 - Why wearables usually don't change behavior

46:10 - Will Ro go public?

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.

In episode 68, Jonathan Stern hosts Sagar and Sahil Chopra, founders of Empower Sleep, to unpack why sleep care is still fragmented, slow, and overly dependent on single-night testing. They explain how Empower uses multi-night diagnostics, wearable integrations, coaches, and clinicians to build a fuller picture of what is actually driving poor sleep. They also discuss how weight loss, GLP-1s, alcohol, congestion, and physiology changes can alter sleep therapy over time. Finally, they explore how Hims could enter sleep through diagnostics, targeted treatments, cash-pay CPAP, and AI-enabled longitudinal care.

00:59 - Background on Empower Sleep

07:41 - Why sleep care is broken

11:12 - The single-night testing flaw

15:02 - Medical-grade sensors vs wearables

20:08 - Empower’s patient journey

28:29 - The sleep market opportunity

36:29 - How Hims could enter sleep

46:02 - Future of sleep tech

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.

In episode 67 of Hims House, Jonathan Stern hosts Eli Dorf, founder and president of Bask Health. Bask provides the operating infrastructure for telehealth brands to launch quickly, choose pharmacy and clinical partners, route patients, process payments, and fulfill medications. Eli explains why outsourced infrastructure can let small teams scale fast, what Medvi’s rise reveals about the telehealth stack, and why he sees Hims’ strongest moat as brand trust and customer scale rather than pure technology. They also discuss pricing pressure in compounded GLP-1s, FDA enforcement, 503A compounding latitude, and why fragmentation could keep compressing margins. The conversation closes with peptides, LegitScript and payments hurdles, trusted brands, wearables, the health super app race, and whether Ro could go public.

00:00 - Sponsor: Superpower

02:18 - What Bask Health does

03:19 - Launching a telehealth brand overnight

07:21 - Can anyone copy Hims?

14:28 - Bask's business model

16:28 - Fragmentation hits telehealth margins

19:48 - Medvi’s cautionary tale

21:56 - What are Hims’ real moats

25:29 - Data, AI, and wearables

26:39 - Should Hims sell hardware?

30:15 - FDA pressure on GLP-1s

33:44 - Peptides as the next GLP-1 moment

36:48 - Payment processing and LegitScript

41:05 - Why peptide trust matters

43:52 - The health super-app race

47:44 - Ro vs Hims

50:45 - Will Ro go public?

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

Subscribe to Hims House:

https://himshouse.com

Brian's excellent essay on Hims:

https://thepsychoanalyst.substack.com/p/protect-this-hims-house

Follow us:

https://x.com/himshouse

https://x.com/jonathanrstern

https://x.com/therealbirnbaum

In episode 66 of Hims House, Jonathan Stern hosts Brian Birnbaum, “The Psycho Analyst,” for a post-earnings breakdown of Hims & Hers’ Q1. They unpack the transition to branded GLP-1s, the $608M in revenue (and y/y U.S. revenue decline), lower gross margins, subscriber net new adds, and why guidance matters more than the headline numbers. Brian argues Hims is still a venture-style bet, as they discuss all of the factors that will shape the next phase. They also discuss Ro’s momentum, peptides, Hims as an AI doctor / healthcare "operating system", wearables, insider selling, and valuation. The episode closes with Brian’s broader market outlook and why he remains bullish despite volatility, short pressure, and execution risk.

00:56 - Meet Brian Birnbaum

01:51 - Why “The Psycho Analyst”

03:03 - Market psychology and Hims

04:38 - Q1 numbers that actually matter

07:07 - Bullish revenue guidance

07:56 - Gross margins

10:17 - Testosterone and Wegovy scale

13:26 - Branded GLPs

14:30 - Subscribers, churn, and Q2 guidance

19:02 - Novo lawsuit aftermath

21:41 - Volatility and conviction

23:53 - Why Brian trusts Andrew

25:25 - International risk and Ro pressure

28:22 - Ro’s domestic momentum

31:08 - Is Ro preparing to IPO?

32:14 - Peptides

34:39 - Why best beats first

36:34 - Speed

40:40 - The AI doctor thesis

41:19 - Wearables

46:59 - Insider selling

50:30 - Valuing a venture-stage public company

52:35 - Broader market outlook

58:33 - Final takeaways

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.

$HIMS #hims #peptides #glp1 #retatrutide #tirzepatide #semaglutide

In episode 65 of Hims House, Jonathan Stern talks with Mansi Hukmani, founder of Chief Longevity Officer, about how peptide culture moved from biohacker circles into the next big frontier for telehealth. Mansi explains how New York, San Francisco, London, and Dubai each approach longevity culture differently, and why distrust in traditional healthcare has helped peptides feel more like a movement than a product category. They discuss her own experience with retatrutide, the coming FDA regulatory milestones, and why reclassification could unleash a wave of clinics, compounders, and telehealth players. The conversation then turns to the real bottleneck: supply chain control, especially China’s dominance in protected amino acids and peptide synthesis. Mansi argues the winners may not be first to market, but first to secure manufacturing, data, and trust at scale.

02:09 - The #1 peptide substacker

03:45 - Inside peptide culture

06:30 - NAD+ shots and different form factors

08:20 - Peptide culture across cities

10:54 - Dubai’s longevity gold rush

12:21 - Why peptides feel a little like crypto

16:41 - Mansi’s peptide experiments

19:50 - FDA timeline for peptide reclassification

24:46 - Why supply chain wins

26:11 - The synthesis bottleneck

28:15 - China’s scale advantage

30:29 - Why Hims bought CS Bio

31:39 - State laws

33:57 - Who wins the peptide rush

36:51 - Pricing power, tariffs, and trust

41:53 - Why gray markets persist

45:01 - Peptides with real LTV

47:51 - The Flatiron Health for 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.

In Hims House episode 64, Jonathan Stern hosts Max Martin & Christian Angermayer, co-founders of Enhanced, ahead of their inaugural May 24 Las Vegas games featuring track, swimming, weightlifting, and a deadlift showdown between Thor Björnsson and Mitchell Hooper. They argue that banning PEDs drives unsafe, hidden use and that openly allowing FDA-approved substances under medical supervision, paired with an IRB-approved clinical study of about 40 athletes at a top Abu Dhabi longevity hospital, is both safer and more honest. Enhanced is also building a consumer health and longevity brand selling supplements (Longer+ and Stronger+), hormone therapy, compounded GLP-1s, and approved peptides, with plans to launch more peptides immediately once the FDA reclassifies them in July. Angermayer also discusses his family office Apeiron, his psychedelics company atai Life Sciences, and the recent White House endorsement of psychedelic therapeutics. The company is going public via SPAC in early-to-mid May at a $1.2B valuation under the ticker ENHA, with founders arguing now is the right time to bring fans along as shareholders.

02:40 - The case for allowing PEDs in sports

06:19 - Prize money and equal pay

10:40 - Humans vs robots? 🤯

15:32 - Inside the Abu Dhabi clinical trial

20:07 - Why Abu Dhabi

24:04 - Launching the consumer health line

29:40 - Peptides ready to go

32:32 - Sizing the peptide market

35:42 - The shift to preventative medicine

39:56 - Double digit peptide adoption forecast

43:21 - Apeiron and the next human agenda

47:53 - Psychedelics x White House boost

51:50 - Going public to include fans

55:24 - Telehealth megacycle just starting

58:15 - Sports as customer acquisition engine

01:08:17 - Enhanced’s Longer+ formulation

01:10:57 - Biohacking roots and wrap up

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.

In this episode of Hims House, Jonathan Stern welcomes back six-time #1 ranked healthcare analyst David Maris to unpack everything that's happened at Hims since last July. They walk through the wild GLP-1 timeline -- the compounded semaglutide pill launch, Novo's lawsuit, FDA/DOJ referral, and surprise Novo partnership -- debating margins, the missing Lilly deal, and what the MEDVi scandal means for the broader compounding market. Maris shares mixed feelings on peptides ahead of the July FDA meeting, and makes the case that TRT and especially sleep are billion-dollar opportunities analysts are ignoring. He also critiques Hims' voting structure and insider selling, weighs in on the stubborn 34% short interest, and closes by revealing he's long Hims as of April 17, 2026, despite worries about what Q1 data is signaling.

02:56 - Compounded semaglutide pill saga

05:49 - The "steelman" for why Hims launched the pill

07:29 - Novo deal economics

14:29 - MEDVi scandal and wild west of GLP-1s

18:19 - Peptides going mainstream

25:57 - July FDA meeting

31:27 - TRT = billion-dollar opportunity

35:31 - Sleep Sleep Sleep Sleep

37:26 - Friction in getting diagnosed

38:04 - The CPAP supply chain problem

39:17 - How Hims could revolutionize sleep

43:04 - Eucalyptus and going global

46:16 - Cruise engineers (wtf are they building?!)

50:25 - Short interest still out of control

55:05 - Voting control and insider selling

59:46 - Valuation and Q1 warning signs

01:03:48 - Should Hims buy a teletherapy?

01:07:12 - Why Maris is long Hims 🔥

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.