Hims House

In this episode of Hims House, Jonathan Stern sits down with Jonah Lupton, founder and CIO of FirstWave Capital and one of the largest Hims shareholders to appear on the show, to break down his bull case around peptides. Lupton argues peptides, GLPs, and testosterone make up roughly 80% of his Hims thesis, with AI as the remaining upside. They dig into the FDA's July 23-24 advisory meeting, what reclassification could mean for the gray market, and why a Lilly partnership could be bigger than Novo. Lupton also shares his personal stack, BPC-157, TB-500, NAD+, TRT, and microdosed GLPs, plus the roughly $1,500 - $2,000 a month he spends on all of it. He closes with a long-term model projecting Hims at $15B in revenue by 2035, and flags Bachem as one of the few other public ways to play peptides.

02:34 - How Jonah got into peptides

03:39 - Current Hims position

05:04 - Original Hims thesis in the teens

09:12 - FDA peptide timeline & July meeting

15:03 - Peptides are "80% of the thesis"

18:37 - Jonah's personal peptide stack

26:00 - Spending $30K a year on peptides

28:47 - Black market and WhatsApp China

30:25 - Gray market and the COA problem

31:05 - Why Hims wins on legitimacy

32:36 - Best, not first

32:54 - Frustration with Hims transparency

35:28 - Speed vs the Apple approach

37:45 - Surviving the Novo scare

42:46 - Branded vs compounded future

44:41 - Why Lilly matters more than Novo

50:18 - Valuation and the 2035 model

57:04 - Wrap up and other peptide plays

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.

Noom CEO Geoff Cook returns to Hims House to discuss the company's acquisition of Tailor Made Compounding, a 503A pharmacy in 46 states, and what it signals about Noom's expansion beyond weight loss into healthy aging. Cook explains why vertical integration matters now, from supply chain control to faster R&D on peptides, as 14 peptides may soon return to being legal to compound. He shares his outlook on compounded GLP-1 regulation, branded oral offerings like the Wegovy pill, and why DTC-pharma partnerships are set to accelerate. The conversation digs into peptide market sizing, competition dynamics, and Noom's plan to expand at-home biomarker testing past 30 markers. Cook also makes the case for Noom's moat in engagement and behavior change and shares his personal BPC-157 recovery story.

00:00 - Why pharma needs DTC platforms

01:12 - Sponsor: Mochi Health

03:03 - Noom's 90% revenue growth

05:01 - Why Noom bought Tailor Made Pharmacy (503A)

07:29 - The case for vertical integration

08:56 - Compounded GLP-1s aren't going anywhere

16:48 - The Hims-Novo deal

19:08 - Noom's pitch to next-gen pharma

24:24 - Peptide market sizing

25:33 - Why GLP-1 users will buy peptides first

27:22 - Ten million potential peptide patients 👀

30:09 - When will legalization happen?

31:09 - Tracking the FDA green list

34:26 - Who wins when peptides go legal?

37:58 - Why Noom won't rush peptide launch

39:33 - Geoff's BPC-157 ski injury recovery

46:42 - Expanding at-home labs past 30 biomarkers

52:47 - Noom IPO coming?!

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 60, Sam Koppelman (co-founder of Hunterbrook Media) joins Jonathan Stern to break down the renewed Hims x Novo Nordisk partnership that sent Hims' stock soaring. Koppelman argues CEO Andrew Dudum "wiped the floor" with Novo, essentially conceding nothing beyond dropping compounded GLP-1 ads. They dig into why Novo folded, how FDA enforcement under Marty Makary has been softer than expected, and whether compounded GLP-1s will survive 2026. The conversation also turns to peptides as Hims' next major growth lever, powered by its own manufacturing facility and coming regulatory changes under RFK. Koppelman also discusses Hims vs Ro, and discloses that Hunterbrook Capital is currently long $HIMS.

00:00 - Sponsor: Mochi Health

02:39 - Hims x Novo are back!

07:40 - Why Dudum "wiped the floor" with Novo

11:38 - The semaglutide pill controversy

13:48 - Branded vs compounded GLP-1s

16:32 - Eli Lilly next?

17:36 - FDA enforcement since Makary

21:31 - Why peptides could be HUGE

30:57 - Hims subscriber growth and outlook

33:18 - Ro vs Hims

35:45 - Hunterbrook’s current Hims position 👀

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, Mochi Health! https://JoinMochi.com

Subscribe to Hims House:

https://himshouse.com/subscribe

Follow us:

https://x.com/himshouse

https://x.com/jonathanrstern

https://x.com/Raul_DSF

Join the Discord:

https://discord.gg/tJqGgVhkEt

In this emergency episode of Hims House, Jonathan Stern is joined by Raul Shah, founder and CEO of DocShah Financial and a longtime HIMS shareholder, to unpack the new HIMS–Novo Nordisk partnership. They break down the deal terms, why Raul thinks it removes the biggest legal and regulatory overhangs and restores the platform thesis, and what both sides get out of it. From there they stress-test every major bear case, discuss margin impacts, future pharma partnerships, buybacks vs. dilution, the peptides opportunity, and long-term valuation math.

00:00 - Sponsor: Mochi Health

01:14 - Background on DocShah Financial

04:12 - The Friday night Bloomberg rumor

05:49 - Breaking down the actual deal terms

07:48 - Why does this deal make sense for both sides?

10:00 - Who won the deal?

14:15 - Will the deal actually hold this time?

16:50 - Margin impact and platform upside

18:41 - Could Lilly or other pharma deals follow?

21:47 - The remaining bear theses 

23:45 - "Hims is too dependent on GLP-1s"

25:30 - "The core business is dead"

27:31 - "International expansion won't work"

30:46 - "Subscriber growth slowing, CAC rising"

31:33 - Lifetime value vs. customer acquisition cost

34:04 - Why did Raul hold through the 2025 drawdown

37:22 - Buybacks and capital allocation

40:18 - Peptides 

42:57 - 2026 priorities

44:04 - Does Hims actually have a moat?

49:12 - Revenue targets and valuation

55:57 - Peptides as a re-rating catalyst

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 sits down with Mark Mulhern (Manu Invests) to break down HIMS’ Q4 and full-year results: $2.35B in 2025 revenue, 59% Q4 growth, and $318M EBITDA—alongside subscriber growth that has slowed to ~flat sequentially. They unpack 2026 guidance of $2.7-$2.8B (excluding the pending Eucalyptus deal) and why total 2026 revenue could still land around ~$3B once Eucalyptus is included. The core debate is around what management didn’t address: the Novo Nordisk patent lawsuit, FDA/DOJ probes, an SEC investigation disclosed in the 10-K, plus the compounded semaglutide pill launch-and-pullback that triggered chaos. They also dig into competitive pressure (Ro and pharma price cuts), the pivot to international + labs as growth levers, the unanswered AI/ML product roadmap, and whether peptides are the next “GLP-1 moment” or just hype.

00:00 Sponsor: Mochi Health

01:57 Q4 2025 earnings recap

05:22 2026 guidance & Eucalyptus impact

09:34 Unanswered issues: Novo, FDA/DOJ, SEC

14:06 Semaglutide pill chaos

19:49 International expansion

23:38 U.S. core slowdown

24:50 Why Mark still holds HIMS

27:44 Labs: acquisition and flywheel

31:14 Execution on new launches

34:55 Peptides

38:58 What is Hims’ new AI team building?!

41:30 Ranking risks: Novo vs. FDA vs. DOJ vs. SEC

44:00 Hims x Lilly?

47:44 Sentiment drag

54:48 Valuation and stock price

57:36 2026 predictions

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 57, former quant Annanay Kapila (ex–Tower Research, Cambridge math) breaks down how high-frequency trading actually works and why retail investors shouldn't try to beat HFT firms at their own game. He breaks down QFEX, his new 24/7 exchange built with crypto-style efficiency for traditional markets, and the core case for nonstop trading. The conversation then turns to Hims' extraordinary short interest — roughly 76 million shares, around 44% of float — with Annanay pointing out that theoretically much of it *could* stem from long/short hedge fund mandates, risk-model offsets, and institutional groupthink rather than fundamental bets against the business. They also unpack what large disclosed stakes from firms like Jane Street and JP Morgan actually signal. The episode closes on Annanay’s essay “Prediction Market Paradox” - a dimmer view on prediction markets.

00:00 Sponsor: Mochi Health

02:10 High-frequency trading

03:59 Background of a quant

12:47 Why Annanay left Tower to build QFEX

15:28 The case for 24/7 trading

18:56 Does HFT “rig” the market?

25:45 Why Is Hims so heavily shorted?

34:25 How to read short disclosures correctly

37:14 What might trigger shorts to cover?

40:15 Hims down 17 out of 18 weeks 🤯

41:41 Convertible notes and the anti-squeeze

45:52 What a Jane Street stake really means

52:11 Prediction markets

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 56 of Hims House, Jonathan Stern sits down with Myra Ahmad, founder and CEO of Mochi Health, to unpack where GLP-1s are headed - and how Mochi is building a broader telehealth marketplace around metabolic care. Myra explains Mochi’s pharmacy “marketplace” model and how she thinks about staying compliant with compounded GLP-1 pills amid increasing FDA scrutiny. They discuss oral vs. injectable GLP-1s, why pills may be an on-ramp but not a long-term winner for most patients, and what the Hims GLP-1 pill episode signals about enforcement and risk. Myra also outlines Mochi’s expansion beyond weight loss, including longevity and labs, and where AI can (and can’t) meaningfully replace humans in healthcare. The conversation closes with predictions on the next wave of GLP-1s.

00:00 - Sponsor: Mochi Health

01:56 - Mochi's compounded semaglutide pill

04:27 - Oral vs. injectable GLP-1s

11:25 - $HIMS GLP-1 pill blowback

17:19 - FDA enforcement risk and what could change

22:27 - Patents, “personalization,” and where compounders may get exposed

24:05 - Mochi's growth story

24:47 - Retatrutide

31:32 - Why the U.S. could resemble Canada's system

34:09 - AI in healthcare

37:40 - Labs, GRAIL, and prevention

41:01 - The next era of GLP-1s

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, Mochi Health! https://JoinMochi.com

In this episode of Hims House, Jonathan Stern is joined by patent attorney Gaston Kroub to break down Novo Nordisk’s Delaware lawsuit accusing Hims of infringing the semaglutide “343” patent (U.S. Patent No. 8,129,343). They discuss what Novo is actually asking the court for (a reasonable royalty, damages, and a permanent injunction), what Novo has to prove, and what levers Hims has to fight back. Gaston explains why Novo didn’t seek a preliminary injunction at filing, why that may be intentional, and how venue, jury dynamics, and Delaware court congestion may shape the case timeline. They also get into the downside scenarios for Hims, possible defenses and mitigation strategies (invalidity, damages limitations, indemnification), and how parallel FDA and DOJ pressure could influence the broader future of compounded GLP-1s.

02:25 The lawsuit and what Novo is seeking: royalties, damages, injunction

07:41 Why no preliminary injunction filed

12:31 Why did Novo file now vs. 8-9 months ago?

24:04 Why did Novo file in Delaware?

29:21 Likely timelines, chances of settlement or dismissal

33:20 Worst-case scenarios

36:48 Indemnification and supplier liability?

45:01 FDA & DOJ pressure on compounded GLP-1s

49:46 How Hims miscalculated the oral launch

55:00 What to watch next 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, Mochi Health! https://JoinMochi.com

Subscribe to Hims House:

https://himshouse.com/subscribe

Follow us:

https://x.com/himshouse

https://x.com/jonathanrstern

https://x.com/maxmarchione

Join the Discord:

https://discord.gg/tJqGgVhkEt

In this episode of Hims House, Jonathan Stern sits down with Max Marchione (Founder/CEO of Superpower) to break down what Hims' “rich people live longer” Super Bowl ad signals about the company’s ambitions beyond GLP-1s. They debate the path from DTC e-commerce to a true health platform -- membership, verticalized manufacturing, and “Pharma 2.0” wellness therapeutics -- then widen to the peptide boom, gray-market demand, and the “health super app” race. They close on labs pricing dynamics, AI hiring, and what could re-rate Hims’ valuation.

00:00 – Sponsor: Mochi Health

01:58 – Why Hims' Super Bowl ad works

03:52 – Membership + manufacturing + pharma 2.0

06:33 – Superpower's approach

10:19 – The peptide market explosion + retatrutide

16:13 – Health "super-app" race: Hims, Whoop, Oura, Superpower

19:50 – Deep dive into peptides and regulatory outlook

27:50 – Superpower's product roadmap

28:39 – Pharma 2.0 and consumer-driven wellness

30:25 – Labs pricing strategies and market dynamics

36:51 – AI and engineering: what is Hims building?! 

42:25 – Hims valuation: 10x (or even 100x) potential 🤯

47:27 – Future of GLP-1s  

Not financial, legal, or medical advice

EMERGENCY EPISODE!!! Hims has launched a compounded oral semaglutide (GLP-1) pill, immediately triggering legal threats from Novo Nordisk. Jonathan Stern is joined by Cremieux, a bioinformatician and leading GLP-1 researcher, to break down what Hims actually released and why the drug-delivery mechanism matters. The conversation examines liposomal delivery vs. Novo’s proprietary SNAC technology, whether Hims’ product will work at all, and whether Novo will sue / how things might shake out if they do. The episode closes with a look at unit economics, next-gen GLP-1s, and what this gambit means for Hims, Novo, and the broader obesity drug market.

00:00 Sponsor: Mochi Health

02:24 Initial reaction to the news

03:56 Science deep dive: liposomal delivery vs. SNAC

06:02 Legal implications and possible lawsuit

18:38 Future of the GLP-1 market (retatrutide, Viking, orforglipron)

25:03 Final risk assessment and conclusions

Not financial, legal, or medical advice