Analyzing Zava's International Expansion and Revenue Challenges

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