Hims House

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

In episode 40 of Hims House, Jonathan and Patrick Lester (Bayside) dive into HIMS' Q2 2025 earnings — the company’s first-ever miss vs. Wall Street expectations. They discuss slowing subscriber growth, flat core business performance, the GLP-1 revenue pullback, and the broader implications for future growth. They also debate whether this was simply a “transition quarter” or a warning sign, and explore what the next 12-18 months might look like with international expansion and new product categories. They also analyze commentary around the ZAVA acquisition, AI ambitions, and the role of lab testing in building a “membership model” for healthcare.

00:22 – Revenue miss: $545M vs. $552M estimate

01:56 – Net new subscribers fall below 100K for first time since Q2'23

03:54 – GLP-1 breakdown reveals flat core business

05:14 – Long-term thesis still intact?

08:35 – International expansion

10:31 – ZAVA acquisition: $265M for $50M in revenue by 2025

14:34 – Marketing spend decline: sign of diminishing returns?

18:02 – AI + at-home testing ambitions

19:52 – Transition quarter or something worse?

24:05 – HIMS AI aspirations

24:56 – No analyst questions on collapsed Novo deal

26:09 – “Investment period” signals higher near-term expenses

26:56 – New Novo CEO + legal/regulatory risk

28:54 – FDA levers that could shake compounding market

31:44 – Audience Q&A

In Episode 39 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with David Maris—one of the most decorated healthcare analysts of the past two decades. Maris shares why he flagged HIMS as a buy around $15, what excites him about the company’s growth, and how he views its expansion into Europe and Canada. The discussion covers the implosion of Hims’ partnership with Novo Nordisk, litigation risk, and how this all plays into the broader GLP-1 landscape. David also weighs in on Hims as a healthcare platform, its acquisition potential, and new verticals like TRT and menopause. The episode concludes with insights into the valuation, high short interest, and a discussion on governance issues related to Hims’ dual-class stock structure.

00:00 - Introduction

01:48 - Why David Got Bullish at $15

04:50 - HIMS’ Acquisition of ZAVA and European Expansion

09:20 - Expansion into Canada

13:21 - Novo Partnership Implosion & Legal Risk

22:04 - Long-Term Outlook for GLP-1s

28:16 - Can HIMS Become a Full-Fledged Healthcare Platform?

35:13 - Acquisition Potential

39:22 - Kare Schultz

40:50 - Clinical Adherence and Personalized Medicine

46:28 - Core Business Concerns, CAC, and Ad Trends

48:38 - Why This is a Massive Earnings Report

55:36 - TRT, Menopause, and the Next $1B Category

01:11:27 - Valuation Frameworks, Short Interest, and Governance

In Episode 38 of Hims House, Jonathan Stern and Patrick Lester (Bayside) break down all the recent news surrounding Hims. They cover the new Bloomberg Businessweek article and Washington Post coverage, discuss Hims’ expansion into Canada with generic semaglutide, and highlight the company’s recent job listing for a new blood diagnostics vertical. The episode closes with an analysis of Hims’ positioning ahead of earnings. They unpack alt data trends, app rankings, web traffic discrepancies, and Google Trends.

00:52 Bloomberg Businessweek Story Analysis

03:45 Hims Expansion into Canada

09:00 Washington Post Story and the Novo Deal Collapse

24:40 New Blood Diagnostics Vertical

29:17 Andrew Responds to Nighthawk: "🤣"

31:00 Hims Alt Data Recap

31:39 Morgan Stanley's Note on App Deceleration

32:08 Web Traffic

34:02 GLP-1 Contribution and Revenue Impact

46:17 Advertising

01:00:14 Short Interest Hits 38%

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In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.

00:00 – Godel Terminal

00:54 – Intro

02:43 – Gaston’s Legal Background and Expertise

04:46 – Will Novo Nordisk Sue Hims?

17:02 – How Novo Has Targeted Other Compounders

21:54 – FDA Law and Whether Novo Can Sue Directly

26:57 – Breaking Down Novo’s Patent Portfolio

39:10 – Lawsuit Scenarios

41:19 – How Preliminary Injunctions Work

42:53 – Why Novo Might NOT File A Lawsuit

45:43 – Legal Precedents and Comparisons

46:36 – What Makes Compounders Vulnerable in Court

52:46 – Possible Outcomes If Novo Files a Lawsuit

01:00:29 – Future of Compounding & Possible Congressional Actions

01:16:15 – Final Takeaways

In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny.

00:00 - Welcome & What’s on Deck

03:25 - Adam May’s Background and Biotech Origin Story

08:19 - Adam's History Trading HIMS

17:28 - Hims' Approach to GLP-1s and Personalized Dosing

39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding

43:58 - European Expansion

45:04 - Future of Pharma Ads

45:30 - RFK Jr. & MAHA

50:03 - AI in Biotech: Drug Discovery

52:05 - Could HIMS Ever Be a Drug Developer?

54:43 - Future of “Personalization” in Medicine

01:00:00 - Peptides Beyond GLP-1

01:09:37 - Valuation & Price Targets

01:17:47 - Adam's Gift to Hims House

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In this episode of Hims House, Jonathan Stern and Patrick Lester break down Hims & Hers’ recent acquisition of ZAVA, a major telehealth provider in Europe, alongside two European healthcare experts: Sekander Amini, a UK-based private pharmacy owner and longtime Hims investor; and Mads Christiansen, founder of New Deal Invest and a practicing GP in Denmark. Together, they explore how Hims’ U.S. playbook will need to adapt for European markets, the realities of competing with publicly funded healthcare systems, and the regulatory and operational hurdles ahead. They also discuss the likely strategic rationale behind the deal—licenses, market entry speed—and discuss the potential long-term opportunity around personalized medicine, AI, and peptides.

00:00 – Godel Terminal

02:23 – Europe vs. US — What “competing with free healthcare” really means

05:06 – Google Trends data: rising interest in ZAVA over time

05:35 – Why “free” care often leaves room for paid services

16:34 – Advertising laws in Europe vs. US

25:41 – Cross-border shipping: Will Hims need pharmacies in every EU country?

29:55 – Compounding and Personalization

33:29 – Strategic rationale: Why Hims bought ZAVA

35:07 – The hidden importance of pharmacy licenses in the UK

36:03 – Hims’ evolving product strategy in Europe

37:59 – How AI + real-world data will unlock personalized treatment

39:20 – Platform vision: Hims as the “front door” to next-gen healthcare

01:00:24 – How to judge the success of the ZAVA acquisition

01:04:11 – The future of medicine

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In episode 33 of Hims House, hosts Jonathan Stern and Patrick Lester sit down with Max Marchione, founder of Superpower — a health tech startup reimagining preventive care through AI, advanced diagnostics, and personalized protocols. The conversation explores how healthcare might look if rebuilt from first principles today, why AI could become the true "front door" to care, and how Superpower is betting on a tech-first model. Max also shares candid thoughts on Hims' billion-dollar raise, its AI and international strategy, the potential of peptides, and what it takes to build a healthcare brand with cultural pull.

00:00 – The Godel Terminal

01:01 – Intro - Max Marchione & Superpower’s Mission

02:40 – Reimagining Healthcare from First Principles

04:16 – AI as the New Front Door to Care

07:18 – Lessons Learned: Superpower’s Evolving Strategy

17:24 – Branding in Healthcare: Sci-Fi vs. Friendly

23:29 – Long-Term Vision: Membership, Outcomes, and Impact

28:01 – Vertical Integration & Personalized Therapeutics

30:14 – Hims, AI, and the Commoditization of Care

32:52 – Global Expansion: Who Hims Might Acquire

38:48 – What Peptides Are and Why They Matter

42:45 – Legal Gray Zones

46:43 – Innovation in the UAE & Saudi Arabia

50:11 – Taking More Risks

52:43 – Final Reflections