Hims House

Jonathan Stern
  • 5.0 (8)
  • Investing
  • Updated Semiweekly

Hims House is the ultimate podcast for Hims & Hers investors. Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping $HIMS — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com

  1. 1d ago

    Enhanced Group CEO: Hot peptide summer is coming — but likely not till 2027

    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.

    Enhanced Group CEO: Hot peptide summer is coming — but likely not till 2027

  2. Jul 27

    🚨 FDA committee votes "YES" on 6 of 7 peptides — here's what happens next, with Dr. Alex Tatem

    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.

    🚨 FDA committee votes "YES" on 6 of 7 peptides — here's what happens next, with Dr. Alex Tatem

  3. Jul 15

    The FDA peptides vote is days away. This insider expects approval

    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.

    The FDA peptides vote is days away. This insider expects approval

  4. Jul 7

    Ryan MacDonald: Peptides could be a $30B+ market, and Hims is positioned to win meaningful share

    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.

    Ryan MacDonald: Peptides could be a $30B+ market, and Hims is positioned to win meaningful share

  5. Jul 1

    🚨 EXCLUSIVE: Hims board member David Wells on why he bought $1.2M of Hims

    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.

    🚨 EXCLUSIVE: Hims board member David Wells on why he bought $1.2M of Hims

  6. Jun 24

    Hedge funder Ignacio Canto on retail cults, Hims as Costco + Netflix, and why Hims has 10x upside

    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

    Hedge funder Ignacio Canto on retail cults, Hims as Costco + Netflix, and why Hims has 10x upside

  7. Jun 16

    Hedge fund manager Imran Khan bought more Hims at its most hated moment -- here's why

    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.

    Hedge fund manager Imran Khan bought more Hims at its most hated moment -- here's why

  8. Jun 10

    Cremieux - Half of America could be on GLP-1s by 2030 (and why peptides are probably overhyped)

    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.

    Cremieux - Half of America could be on GLP-1s by 2030 (and why peptides are probably overhyped)
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Ratings & Reviews

5
out of 5
8 Ratings

About

Hims House is the ultimate podcast for Hims & Hers investors. Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping $HIMS — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com

Information

  • Creator
    Jonathan Stern
  • Years Active
    2024 - 2026
  • Episodes
    76
  • Rating
    Explicit
  • Copyright
    © Jonathan Stern
  • Show Website
    Hims House

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