Episode Details

In this episode of Hims House, Jonathan Stern sits down with Jonah Lupton, founder and CIO of FirstWave Capital and one of the largest Hims shareholders to appear on the show, to break down his bull case around peptides. Lupton argues peptides, GLPs, and testosterone make up roughly 80% of his Hims thesis, with AI as the remaining upside. They dig into the FDA's July 23-24 advisory meeting, what reclassification could mean for the gray market, and why a Lilly partnership could be bigger than Novo. Lupton also shares his personal stack, BPC-157, TB-500, NAD+, TRT, and microdosed GLPs, plus the roughly $1,500 - $2,000 a month he spends on all of it. He closes with a long-term model projecting Hims at $15B in revenue by 2035, and flags Bachem as one of the few other public ways to play peptides.

02:34 - How Jonah got into peptides

03:39 - Current Hims position

05:04 - Original Hims thesis in the teens

09:12 - FDA peptide timeline & July meeting

15:03 - Peptides are "80% of the thesis"

18:37 - Jonah's personal peptide stack

26:00 - Spending $30K a year on peptides

28:47 - Black market and WhatsApp China

30:25 - Gray market and the COA problem

31:05 - Why Hims wins on legitimacy

32:36 - Best, not first

32:54 - Frustration with Hims transparency

35:28 - Speed vs the Apple approach

37:45 - Surviving the Novo scare

42:46 - Branded vs compounded future

44:41 - Why Lilly matters more than Novo

50:18 - Valuation and the 2035 model

57:04 - Wrap up and other peptide plays

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.