Ep 36 - Adam May: The Bear Case on $HIMS, GLP-1s, Legal Risk, and the Collapse of the Novo Deal

Thanks to our partner, Godel Terminal! Go to https://app.godelterminal.com/?via=HOUSE to get 25% off your first month and lock in lifetime access for $80/mo. Subscribe to Hims House: https://himshouse.com/subscribe Follow us: https://x.com/himshouse https://x.com/jonathanrstern https://x.com/BaysideGrowth https://x.com/A_May_MD Join the Discord: https://discord.gg/tJqGgVhkEt In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny. 00:00 - Welcome & What’s on Deck 03:25 - Adam May’s Background and Biotech Origin Story 08:19 - Adam's History Trading HIMS 17:28 - Hims' Approach to GLP-1s and Personalized Dosing 39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding 43:58 - European Expansion 45:04 - Future of Pharma Ads 45:30 - RFK Jr. & MAHA 50:03 - AI in Biotech: Drug Discovery 52:05 - Could HIMS Ever Be a Drug Developer? 54:43 - Future of “Personalization” in Medicine 01:00:00 - Peptides Beyond GLP-1 01:09:37 - Valuation & Price Targets 01:17:47 - Adam's Gift to Hims House $HIMS #hims #himsandhers #stockmarket #stocks #shortsqueeze #glp1

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