Hims House

In episode 68, Jonathan Stern hosts Sagar and Sahil Chopra, founders of Empower Sleep, to unpack why sleep care is still fragmented, slow, and overly dependent on single-night testing. They explain how Empower uses multi-night diagnostics, wearable integrations, coaches, and clinicians to build a fuller picture of what is actually driving poor sleep. They also discuss how weight loss, GLP-1s, alcohol, congestion, and physiology changes can alter sleep therapy over time. Finally, they explore how Hims could enter sleep through diagnostics, targeted treatments, cash-pay CPAP, and AI-enabled longitudinal care.

00:59 - Background on Empower Sleep
07:41 - Why sleep care is broken
11:12 - The single-night testing flaw
15:02 - Medical-grade sensors vs wearables
20:08 - Empower’s patient journey
28:29 - The sleep market opportunity
36:29 - How Hims could enter sleep
46:02 - Future of sleep tech

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 67 of Hims House, Jonathan Stern hosts Eli Dorf, founder and president of Bask Health. Bask provides the operating infrastructure for telehealth brands to launch quickly, choose pharmacy and clinical partners, route patients, process payments, and fulfill medications. Eli explains why outsourced infrastructure can let small teams scale fast, what Medvi’s rise reveals about the telehealth stack, and why he sees Hims’ strongest moat as brand trust and customer scale rather than pure technology. They also discuss pricing pressure in compounded GLP-1s, FDA enforcement, 503A compounding latitude, and why fragmentation could keep compressing margins. The conversation closes with peptides, LegitScript and payments hurdles, trusted brands, wearables, the health super app race, and whether Ro could go public.

00:00 - Sponsor: Superpower
02:18 - What Bask Health does
03:19 - Launching a telehealth brand overnight
07:21 - Can anyone copy Hims?
14:28 - Bask's business model
16:28 - Fragmentation hits telehealth margins
19:48 - Medvi’s cautionary tale
21:56 - What are Hims’ real moats
25:29 - Data, AI, and wearables
26:39 - Should Hims sell hardware?
30:15 - FDA pressure on GLP-1s
33:44 - Peptides as the next GLP-1 moment
36:48 - Payment processing and LegitScript
41:05 - Why peptide trust matters
43:52 - The health super-app race
47:44 - Ro vs Hims
50:45 - 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.

Thanks to our partner:
Superpower - https://superpower.com

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Brian's excellent essay on Hims:
https://thepsychoanalyst.substack.com/p/protect-this-hims-house

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In episode 66 of Hims House, Jonathan Stern hosts Brian Birnbaum, “The Psycho Analyst,” for a post-earnings breakdown of Hims & Hers’ Q1. They unpack the transition to branded GLP-1s, the $608M in revenue (and y/y U.S. revenue decline), lower gross margins, subscriber net new adds, and why guidance matters more than the headline numbers. Brian argues Hims is still a venture-style bet, as they discuss all of the factors that will shape the next phase. They also discuss Ro’s momentum, peptides, Hims as an AI doctor / healthcare "operating system", wearables, insider selling, and valuation. The episode closes with Brian’s broader market outlook and why he remains bullish despite volatility, short pressure, and execution risk.

00:56 - Meet Brian Birnbaum
01:51 - Why “The Psycho Analyst”
03:03 - Market psychology and Hims
04:38 - Q1 numbers that actually matter
07:07 - Bullish revenue guidance
07:56 - Gross margins
10:17 - Testosterone and Wegovy scale
13:26 - Branded GLPs
14:30 - Subscribers, churn, and Q2 guidance
19:02 - Novo lawsuit aftermath
21:41 - Volatility and conviction
23:53 - Why Brian trusts Andrew
25:25 - International risk and Ro pressure
28:22 - Ro’s domestic momentum
31:08 - Is Ro preparing to IPO?
32:14 - Peptides
34:39 - Why best beats first
36:34 - Speed
40:40 - The AI doctor thesis
41:19 - Wearables
46:59 - Insider selling
50:30 - Valuing a venture-stage public company
52:35 - Broader market outlook
58:33 - Final takeaways

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.

$HIMS #hims #peptides #glp1 #retatrutide #tirzepatide #semaglutide

In episode 65 of Hims House, Jonathan Stern talks with Mansi Hukmani, founder of Chief Longevity Officer, about how peptide culture moved from biohacker circles into the next big frontier for telehealth. Mansi explains how New York, San Francisco, London, and Dubai each approach longevity culture differently, and why distrust in traditional healthcare has helped peptides feel more like a movement than a product category. They discuss her own experience with retatrutide, the coming FDA regulatory milestones, and why reclassification could unleash a wave of clinics, compounders, and telehealth players. The conversation then turns to the real bottleneck: supply chain control, especially China’s dominance in protected amino acids and peptide synthesis. Mansi argues the winners may not be first to market, but first to secure manufacturing, data, and trust at scale.

02:09 - The #1 peptide substacker
03:45 - Inside peptide culture
06:30 - NAD+ shots and different form factors
08:20 - Peptide culture across cities
10:54 - Dubai’s longevity gold rush
12:21 - Why peptides feel a little like crypto
16:41 - Mansi’s peptide experiments
19:50 - FDA timeline for peptide reclassification
24:46 - Why supply chain wins
26:11 - The synthesis bottleneck
28:15 - China’s scale advantage
30:29 - Why Hims bought CS Bio
31:39 - State laws
33:57 - Who wins the peptide rush
36:51 - Pricing power, tariffs, and trust
41:53 - Why gray markets persist
45:01 - Peptides with real LTV
47:51 - The Flatiron Health for peptides

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 64, Jonathan Stern hosts Max Martin & Christian Angermayer, co-founders of Enhanced, ahead of their inaugural May 24 Las Vegas games featuring track, swimming, weightlifting, and a deadlift showdown between Thor Björnsson and Mitchell Hooper. They argue that banning PEDs drives unsafe, hidden use and that openly allowing FDA-approved substances under medical supervision, paired with an IRB-approved clinical study of about 40 athletes at a top Abu Dhabi longevity hospital, is both safer and more honest. Enhanced is also building a consumer health and longevity brand selling supplements (Longer+ and Stronger+), hormone therapy, compounded GLP-1s, and approved peptides, with plans to launch more peptides immediately once the FDA reclassifies them in July. Angermayer also discusses his family office Apeiron, his psychedelics company atai Life Sciences, and the recent White House endorsement of psychedelic therapeutics. The company is going public via SPAC in early-to-mid May at a $1.2B valuation under the ticker ENHA, with founders arguing now is the right time to bring fans along as shareholders.

02:40 - The case for allowing PEDs in sports
06:19 - Prize money and equal pay
10:40 - Humans vs robots? 🤯
15:32 - Inside the Abu Dhabi clinical trial
20:07 - Why Abu Dhabi
24:04 - Launching the consumer health line
29:40 - Peptides ready to go
32:32 - Sizing the peptide market
35:42 - The shift to preventative medicine
39:56 - Double digit peptide adoption forecast
43:21 - Apeiron and the next human agenda
47:53 - Psychedelics x White House boost
51:50 - Going public to include fans
55:24 - Telehealth megacycle just starting
58:15 - Sports as customer acquisition engine
01:08:17 - Enhanced’s Longer+ formulation
01:10:57 - Biohacking roots and wrap up

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.