Hims House

Thanks to our partner:Superpower - https://superpower.com
In episode 80 of Hims House, Jonathan Stern talks with Dr. Jon Lensing, co-founder and CEO of OpenLoop, the white-label company that runs telehealth behind the scenes for other brands. Lensing started OpenLoop out of the University of Iowa's medical school and says the platform will see more than 8 million patients this year and treat more than a million a month, across 400-plus brands from telehealth companies to grocery stores, dating apps, and gyms. He said he thinks GLP-1s will become a default medication the way statins did for cholesterol: he expects 80% of people over 30 could be on them by 2035, and he thinks Andrew Dudum's path to $40-$50 a month cash-pay is directionally right, maybe lower. On peptides he thinks some could be legal to compound before year-end, but not all at once. And he sizes today's gray market at $6 to $8 billion.

00:00 - Sponsor: Superpower
01:37 - The Shopify of virtual healthcare
04:32 - OpenLoop serving 8M patients this year
05:33 - MEDVi
07:08 - OpenLoop's January data breach
08:13 - Consumerism in healthcare
10:38 - 80% of people over 30 will be on GLP-1s
16:22 - Peptides likely this year, but not all at once
18:46 - Ready to launch peptides the day FDA allows
21:17 - Peptide API from FDA green-listed vendors
22:51 - Peptide gray market is $6 to $8 billion
27:01 - AI data moats

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
🚨 WARNING: This is not a typical Hims House podcast! I wanted to do this interview because what happened on Robinhood Chain this weekend directly affected $HIMS -- and I think Hims investors should at minimum understand what happened.
Jonathan Stern talks with Eric, an Ethereum OG and the world's largest $BONER holder, and Yoni, co-founder of Long.xyz, about BONER — a memecoin on Robinhood Chain paired with the $HIMS stock token. BONER reached roughly 12,000 holders in five days and helped make Hims a top-15 Robinhood stock token. Then, with the NYSE closed and limited Hims tokens available on-chain, $HIMS briefly traded at $132 versus a $28.75 NYSE close. Token supply jumped from roughly 20,000 to 80,000 in 72 hours. Eric and Yoni both stress that BONER is highly speculative and could go to zero. But Eric's longer-term thesis is that every major tokenized stock could eventually develop its own memecoin community.
00:00 - Sponsor: Superpower
01:27 - Why should Hims investors care?
03:35 - 12K Boner holders in five days
06:00 - Why buy Boner instead of the stock token
14:31 - 99% of meme coins go to zero
19:00 - Open pairing: Boner-Hims
22:27 - $132 on chain vs $28.75 on the NYSE
26:44 - Could this trigger a short squeeze?
34:06 - Has anyone at Hims called?
36:25 - Every major stock gets a meme coin community
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
Jonathan Stern talks with Gaston Kroub, founding partner of K2K Law, registered patent attorney, and Hims House's resident legal expert on his third appearance, about the FTC's July 29 federal complaint against Hims & Hers. Kroub calls the filing a public "marketing document" aimed at a quick settlement and ranks three allegation buckets: health data sharing with Meta and Snap as the most exposure, hard cancellation under ROSCA (Restore Online Shoppers' Confidence Act) second, charging before a real consultation as the least dangerous. The case is in the Northern District of California before Judge Vince Chhabria; an overbroad sealing request triggered an order to show cause that was later lifted with a warning, and Hims' response is due Sept. 28 with an initial case management conference Oct. 30. They walk through Hims' defense lineup at BakerHostetler and Keker Van Nest & Peters, treat the $62.5M legal accrual as likely the low end of a settlement, and cover co-plaintiffs Utah and LA County. His likely path is a payment plus operational changes; absent a deal, litigation could run years, and he treats the Visa chargeback spike as a minor narrative risk.

00:00 - Sponsor: Superpower
01:35 - Complaint is a "marketing document"
03:52 - He ranks the three buckets
08:15 - Amazon Prime and Uber first
11:53 - ROSCA stretched to health data
17:12 - Northern District of California and Judge Chhabria
19:44 - Overbroad sealing nearly got sanctions
23:57 - BakerHostetler and Keker
26:12 - The $62.5M legal accrual
27:32 - A Motion to Dismiss costs six figures
28:51 - $50M floor, nine-figure ceiling?
30:31 - Utah and LA County
33:06 - Pay, plus changes to the flows
35:46 - Would Ro and Noom have to follow?
38:00 - Why Hims, not Ro
39:42 - Visa's chargeback watchlist
43:03 - Worst case vs most likely scenarios
48:41 - Next steps in the case
51:23 - Change the flows now, or wait?

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 episode 77, Jonathan Stern talks with Dr. Bijan Salehizadeh -- physician and managing director of NaviMed Capital, former pharma venture investor, founding investor in Auris Health. Bijan holds no position in HIMS. The conversation opens on the FDA: why Heidi Overton is "moldable clay," her 30-40% confirmation odds, and why pharma prefers interim commissioner Kyle Diamantis. They then move to Eli Lilly's multi-front war on compounded GLP-1s, the ReviveRx suit, the effort to pull semaglutide and tirzepatide off the 503B bulks list, and Bijan's theory of a "grand bargain" trading compounding restrictions for Medicare pricing cooperation. He walks through the retatrutide biologic fight ahead of the September 24th appellate argument in Chicago, and why Hims' 76% gross margins are gone for good as branded dispensing grows. They close on peptides: Bijan has heard Category 1 rulemaking *could* come as soon as November, and he thinks the market could be 10x bigger than current estimates.

00:00 - Sponsor: Superpower
01:16 - No one knows anything about Heidi Overton (FDA nominee)
06:29 - Eli Lilly's war on 503A pharmacies
08:47 - The Lilly "grand bargain"
13:49 - When compounding becomes a "new drug"
17:34 - Branded drugs crush margins
21:51 - Hims management scorecard
26:29 - Retatrutide reclassification fight
35:10 - Suing the reta gray market vendors
37:06 - Why the Wegovy pill is beating Foundayo
40:56 - Europe is a second-tier market
42:15 - Can LillyDirect beat telehealth?
46:14 - Peptides Wild West
50:51 - Category 1 by November?
52:40 - Peptides market 10x bigger than estimates
55:56 - Will Ro go public?
58:34 - Bullish $HIMS long term

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

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.