Hims House

In episode 51 of Hims House, Bayside returns to the podcast to for year-end recap + 2026 predictions. The conversation covers Hims & Hers’ eventful 2025—international expansion, acquisitions, new product categories, partnerships and breakups—before pivoting to what investors should watch for in 2026. Bayside, who shifted to a more cautious stance mid-2025, explains his current thinking on valuation, growth rates, and the catalysts that could change the narrative. The episode closes with bold predictions about tirzepatide, a potential Super Bowl ad, and where the stock might trade heading into earnings.00:00 - Welcome back to Bayside01:10 - 2025 Recap: Labs, testosterone, menopause, international, acquisitions (Livewell, YourBio), $250M buyback, Deb Autor as Chief Policy Officer03:21 - Revenue concerns08:45 - Valuation framework11:30 - Is compounding still at risk?16:51 - The competitive landscape20:22 - Super Bowl Ad Speculation24:15 - Tirzepatide?!29:32 - Peptides Opportunity32:13 - Novo partnership “active talks”38:13 - 2026 predictions45:30 - Wearables?50:10 - Celebrity partnership gap Get full access to Hims House at himshouse.substack.com/subscribe

Shalin Shah is the founder & CEO of Marius Pharmaceuticals, the company that partnered with $HIMS to launch oral testosterone (KYZATREX). We discuss how the partnership came about, the benefits of teaming up with $HIMS, and the future of TRT.(00:41) Origin of the partnership(02:55) Benefits of partnering with $HIMS(04:14) Deal shape and exclusivity(06:51) How KYZATREX will sit alongside compounded meds on the $HIMS platform(09:22) Will KYZATREX be personalized? (16:07) TRT as a schedule 3 substance(21:39) Gearing up for 2026 launch of KYZATREX(22:40) Future of TRT market(27:29) Peptides(29:44) Testosterone for females Get full access to Hims House at himshouse.substack.com/subscribe

In episode 49 of Hims House, Jonathan Stern and Patrick Lester (Bayside) host Mark Mikhael and Joshua Fritzler from Olympia Pharmacy. Mark (CEO of Olympia), and Josh (CFO) discuss the evolution of their Orlando-based compounding pharmacy -- around GLP-1s and beyond. They dive into regulatory uncertainties, the impact of ongoing MFN negotiations involving Big Pharma, the role of compounded GLP-1s, and the burgeoning field of peptides. The conversation also touches on the concept of longevity through peptides and diagnostic testing, the broader implications of their work, and the role of Hims & Hers in the compounding industry.(00:48) Olympia Pharmacy(04:03) GLP-1s(10:10) MFN negotiations(20:45) Self-injection(24:20) MAHA PAC appointment and goals(31:43) Peptides peptides peptides(42:32) Longevity & diagnostic testing(45:56) Hims industry impact Get full access to Hims House at himshouse.substack.com/subscribe

Saad Alam, Founder and CEO of Hone Health, shares his journey into hormonal health and telehealth. He discusses the innovative services Hone offers, including testosterone therapy and personalized diagnostics. With insights into the future of primary care, he explores the intriguing landscape of peptides and longevity medications. Saad also touches on the effects of social media ad policies on healthcare advertising and expresses optimism about the potential of longevity platforms transforming the industry.

In Episode 47 of Hims House, Jonathan Stern and Patrick “Bayside” Lester talk to Lee Rosebush, chair of the Outsourcing Facilities Association (OFA), about what’s really going on with GLP-1 medications and peptide compounding. We the FDA warning letters over drug ads, what the new FDA “Green List” means for the future of compounding, and whether the DDC list (which could restrict what’s “too hard” to compound) or MFN drug-pricing might change the rules. We also touch on the MAHA PAC, recent patent challenges to sema and tirz, and what all this could mean for patient access in the near future.Note: Conversation includes legal/policy and financial analysis; none of it is legal or financial advice.(00:46) Lee’s Twitter comeback(02:09) FDA’s warning letters to drug advertisers(12:41) Lee on the Lilly vs. Willow/Mochi lawsuits(20:45) GLP-1 patents(25:12) FDA “Green List”(28:51) Is a compounded GLP-1 crackdown on the way?(32:11) The DDC List(36:48) MFN price negotiations(44:15) MAHA PAC(46:09) RFK on peptides and “patient access”(50:35) Thoughts on Hims Get full access to Hims House at himshouse.substack.com/subscribe

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

Scott Brunner, CEO of the Alliance for Pharmacy Compounding, dives deep into the world of compounding pharmacies. He discusses the struggle between compounding and big pharmaceutical companies, particularly against giants like Eli Lilly and Novo Nordisk. The conversation touches on regulatory challenges, including the 5% rule and a contentious list of hard-to-compound medications. Brunner also highlights the increasing demand for GLP-1 drugs and the implications for patient access, advocating passionately for the future of compounded medications.

Geoff Cook, CEO of Noom, discusses the company's innovative approach to behavioral health and the shift towards GLP-1 microdosing. He emphasizes the importance of democratizing longevity medicine while navigating regulatory challenges and market dynamics. Geoff shares insights on the evolving healthcare landscape, including the integration of AI and personalized solutions. The conversation also touches on strategic partnerships, potential legal risks, and the future of health tech, as Noom adapts to compete in a saturated market.

In this engaging discussion, Dr. William Seeds, a board-certified orthopedic surgeon and pioneer in peptide therapy, shares his transformative journey from finance to medicine after a personal tragedy. He delves into the fascinating world of peptides, highlighting their potential as 'magical' drugs and the skepticism they face. The conversation explores the U.S. lag in peptide adoption compared to Europe and Asia, the influence of Big Pharma, and how Hims plans to navigate the legal landscape to introduce innovative peptide products in the coming decade.

Shaun Noorian, the founder and CEO of Empower Pharmacy, leads the world's largest compounding pharmacy, advocating for personalized medicine. He dives into the misconceptions about GLP-1 drugs and the ongoing legal battle against Eli Lilly over tirzepatide patents. The discussion highlights the critical role compounding plays in healthcare, not as a loophole but as a necessary service. Noorian also outlines future trends in hormone therapy and peptides, navigating the complexities of regulations and patient safety in an evolving industry.