Hims House

In Hims House episode 57, former quant Annanay Kapila (ex–Tower Research, Cambridge math) breaks down how high-frequency trading actually works and why retail investors shouldn't try to beat HFT firms at their own game. He breaks down QFEX, his new 24/7 exchange built with crypto-style efficiency for traditional markets, and the core case for nonstop trading. The conversation then turns to Hims' extraordinary short interest — roughly 76 million shares, around 44% of float — with Annanay pointing out that theoretically much of it *could* stem from long/short hedge fund mandates, risk-model offsets, and institutional groupthink rather than fundamental bets against the business. They also unpack what large disclosed stakes from firms like Jane Street and JP Morgan actually signal. The episode closes on Annanay’s essay “Prediction Market Paradox” - a dimmer view on prediction markets.

00:00 Sponsor: Mochi Health
02:10 High-frequency trading
03:59 Background of a quant
12:47 Why Annanay left Tower to build QFEX
15:28 The case for 24/7 trading
18:56 Does HFT “rig” the market?
25:45 Why Is Hims so heavily shorted?
34:25 How to read short disclosures correctly
37:14 What might trigger shorts to cover?
40:15 Hims down 17 out of 18 weeks 🤯
41:41 Convertible notes and the anti-squeeze
45:52 What a Jane Street stake really means
52:11 Prediction markets

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 56 of Hims House, Jonathan Stern sits down with Myra Ahmad, founder and CEO of Mochi Health, to unpack where GLP-1s are headed - and how Mochi is building a broader telehealth marketplace around metabolic care. Myra explains Mochi’s pharmacy “marketplace” model and how she thinks about staying compliant with compounded GLP-1 pills amid increasing FDA scrutiny. They discuss oral vs. injectable GLP-1s, why pills may be an on-ramp but not a long-term winner for most patients, and what the Hims GLP-1 pill episode signals about enforcement and risk. Myra also outlines Mochi’s expansion beyond weight loss, including longevity and labs, and where AI can (and can’t) meaningfully replace humans in healthcare. The conversation closes with predictions on the next wave of GLP-1s.

00:00 - Sponsor: Mochi Health
01:56 - Mochi's compounded semaglutide pill
04:27 - Oral vs. injectable GLP-1s
11:25 - $HIMS GLP-1 pill blowback
17:19 - FDA enforcement risk and what could change
22:27 - Patents, “personalization,” and where compounders may get exposed
24:05 - Mochi's growth story
24:47 - Retatrutide
31:32 - Why the U.S. could resemble Canada's system
34:09 - AI in healthcare
37:40 - Labs, GRAIL, and prevention
41:01 - The next era of GLP-1s

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, Mochi Health! https://JoinMochi.com
In this episode of Hims House, Jonathan Stern is joined by patent attorney Gaston Kroub to break down Novo Nordisk’s Delaware lawsuit accusing Hims of infringing the semaglutide “343” patent (U.S. Patent No. 8,129,343). They discuss what Novo is actually asking the court for (a reasonable royalty, damages, and a permanent injunction), what Novo has to prove, and what levers Hims has to fight back. Gaston explains why Novo didn’t seek a preliminary injunction at filing, why that may be intentional, and how venue, jury dynamics, and Delaware court congestion may shape the case timeline. They also get into the downside scenarios for Hims, possible defenses and mitigation strategies (invalidity, damages limitations, indemnification), and how parallel FDA and DOJ pressure could influence the broader future of compounded GLP-1s.
02:25 The lawsuit and what Novo is seeking: royalties, damages, injunction
07:41 Why no preliminary injunction filed
12:31 Why did Novo file now vs. 8-9 months ago?
24:04 Why did Novo file in Delaware?
29:21 Likely timelines, chances of settlement or dismissal
33:20 Worst-case scenarios
36:48 Indemnification and supplier liability?
45:01 FDA & DOJ pressure on compounded GLP-1s
49:46 How Hims miscalculated the oral launch
55:00 What to watch next 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, Mochi Health! https://JoinMochi.com

Subscribe to Hims House:
https://himshouse.com/subscribe

Follow us:
https://x.com/himshouse
https://x.com/jonathanrstern
https://x.com/maxmarchione

Join the Discord:
https://discord.gg/tJqGgVhkEt

In this episode of Hims House, Jonathan Stern sits down with Max Marchione (Founder/CEO of Superpower) to break down what Hims' “rich people live longer” Super Bowl ad signals about the company’s ambitions beyond GLP-1s. They debate the path from DTC e-commerce to a true health platform -- membership, verticalized manufacturing, and “Pharma 2.0” wellness therapeutics -- then widen to the peptide boom, gray-market demand, and the “health super app” race. They close on labs pricing dynamics, AI hiring, and what could re-rate Hims’ valuation.

00:00 – Sponsor: Mochi Health
01:58 – Why Hims' Super Bowl ad works
03:52 – Membership + manufacturing + pharma 2.0
06:33 – Superpower's approach
10:19 – The peptide market explosion + retatrutide
16:13 – Health "super-app" race: Hims, Whoop, Oura, Superpower
19:50 – Deep dive into peptides and regulatory outlook
27:50 – Superpower's product roadmap
28:39 – Pharma 2.0 and consumer-driven wellness
30:25 – Labs pricing strategies and market dynamics
36:51 – AI and engineering: what is Hims building?! 
42:25 – Hims valuation: 10x (or even 100x) potential 🤯
47:27 – Future of GLP-1s  

Not financial, legal, or medical advice

EMERGENCY EPISODE!!! Hims has launched a compounded oral semaglutide (GLP-1) pill, immediately triggering legal threats from Novo Nordisk. Jonathan Stern is joined by Cremieux, a bioinformatician and leading GLP-1 researcher, to break down what Hims actually released and why the drug-delivery mechanism matters. The conversation examines liposomal delivery vs. Novo’s proprietary SNAC technology, whether Hims’ product will work at all, and whether Novo will sue / how things might shake out if they do. The episode closes with a look at unit economics, next-gen GLP-1s, and what this gambit means for Hims, Novo, and the broader obesity drug market.

00:00 Sponsor: Mochi Health
02:24 Initial reaction to the news
03:56 Science deep dive: liposomal delivery vs. SNAC
06:02 Legal implications and possible lawsuit
18:38 Future of the GLP-1 market (retatrutide, Viking, orforglipron)
25:03 Final risk assessment and conclusions

Not financial, legal, or medical advice