Hims House

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.

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.

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.

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.

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