Hims House

• Ep 46 - VC Rob Leclerc on HIMS: the ultimate venture-style 10X opportunity in the public markets

  In Episode 46 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Rob Leclerc, founder of AgFunder and one of TIME Magazine’s Top 100 VCs. Rob explains why he believes Hims is a category-defining company -- comparing it to Nvidia in 2016 -- and weighs in on the company’s high-profile engineering/AI hires from Cruise. The discussion covers Rob’s own experience as a Hims customer, Hims’ push into AI and tech leadership, the ZAVA acquisition and global expansion, and emerging frontiers like testosterone, diagnostics, and wearables. They also dig into public-market pressures, regulatory challenges, and how Hims might stack new S-curves to fuel growth over the next decade.00:00 Intro01:15 Rob’s background + AgFunder02:21 Why Hims?03:37 Rob as a Hims customer06:55 Ex-Cruise tech leadership11:04 AI, robotics & safety mindset16:46 Is AI a bubble?21:41 Core growth slowdown27:45 Acquisition of ZAVA: how to evaluate28:56 The $1B raise31:17 Diagnostics, wearables, & home testing35:12 Emerging healthcare trends39:10 Regulation and patents44:37 Public markets50:27 Valuation Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 45 - Scott Brunner on Compounders vs. Big Pharma

  In Episode 45 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) welcome Scott Brunner, CEO of the Alliance for Pharmacy Compounding, for a conversation on the future of compounding. They cover the surge in GLP-1 demand, lawsuits involving Eli Lilly and Novo Nordisk, FDA policies, and the regulatory pressures shaping 503A and 503B pharmacies. Brunner also unpacks the challenges around the demonstrably difficult to compound list, compounded hormone therapy, and peptides, while sharing insights into congressional actions and the MAHA movement’s role in protecting patient access to compounded medications.00:00 - Introduction01:02 - The Role of the Alliance for Pharmacy Compounding01:51 - 503Bs Ramping Production? Rumors vs Realities07:55 - Lawsuits Involving Eli Lilly and Novo Nordisk11:58 - Patents15:51 - Policy Negotiations and the MFN Debate25:06 - Lawmaker Letter to FDA28:04 - What’s in the APC Blueprint28:51 - The 5% Rule and MOU Requirements33:42 - The Demonstrably Difficult to Compound List41:00 - Compounded Hormone Therapy43:21 - Peptides Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 44 - Geoff Cook (CEO of Noom) on the future of compounded GLP-1s

  In Episode 44 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Geoff Cook, CEO of Noom. Noom is one of Hims' competitors and is best known for its behavioral health platform and recent expansion into GLP-1 microdosing and hormone replacement therapy. Geoff discusses Noom’s evolution, the shift in revenue from behavioral programs to medicated plans, and the company’s vision for democratizing longevity medicine. The conversation covers the business of GLP-1s, regulatory and legal challenges, the impact of tariffs and partnerships, and the future of personalized healthcare. The episode closes with predictions for the next decade in health tech and reflections on human flourishing.Link to the article about the "high-priced drug list": https://www.mmm-online.com/news/noom-wsj-ad-policy-changes-compounded-glp-100:00 - Introduction01:11 - Noom’s background and evolution05:17 - Noom's revenue breakdown: behavioral vs. medicated programs07:22 - Launch of GLP-1 microdosing17:44 - Geoff’s personal experience with microdosing21:12 - Policy and regulatory landscape for GLP-1s24:19 - Compounding, MFN pricing, and drug shortages28:38 - Noom's WSJ ad for high-priced drug list31:36 - Supply chain and tariffs on APIs34:10 - Partnerships with pharma (Lilly, Novo)37:11 - Legal risks and the future of healthcare “front doors”40:36 - Hims' core business slowdown: competition and ad policy45:21 - Noom’s strategy for growth... free tier?46:06 - Looking ahead: AI, peptides, and the future of health tech53:52 - Reflections on human flourishing Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 43 - WTF are peptides? Are they legal? And where does Hims fit in?

  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 - Introduction01:31 - Dr. Seeds’ personal journey into peptides05:28 - Peptides 10113:44 - Legal & Regulatory Barriers17:00 - Response to Eric Topol's recent article25:29 - The U.S. legal landscape35:56 - Potential FDA crackdown bad actors36:29 - Risks facing physicians and vendors37:19 - What’s next in peptide policy38:43 - Patents40:51 - How Big Pharma shapes regulation44:37 - Peptide adoption worldwide47:06 - How will Hims enter the market?56:45 - The two, five and ten-year outlook01:02:55 - Final takeaways Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 42 - Shaun Noorian, CEO of Empower Pharmacy, on GLP-1s, Patents, and the Future of Compounding

  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 – Intro00:52 – Empower’s mission: personalized medicine at scale03:07 – GLP-1 rumors: are 503Bs ramping? What’s actually legal09:21 – 503A vs. 503B compliance19:14 – The Eli Lilly v. Empower lawsuit27:04 – MFN pricing, EO chatter & compounding33:11 – Hims’ impact on the industry: awareness, lobbying & demand37:15 – HRT, peptides, longevity39:59 – Sermorelin explained41:32 – Bad actors vs. legitimate compounders43:08 – Odds: percent chance of FDA action against compounders Get full access to Hims House at himshouse.substack.com/subscribe

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