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