Hims House Ep 36 - Adam May: The Bear Case on HIMS, GLP-1s, Legal Risk, and the Collapse of the Novo Deal
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Jun 23, 2025 In this discussion, Adam May, a keen biotech investor and dermatologist, unpacks his bearish stance on HIMS. He shares insights on the implosion of the HIMS-Novo deal and navigates the rocky waters of GLP-1 legality and market risk. May also reflects on his trading experiences and the ethical complexities surrounding HIMS' compounding model. Additionally, the conversation touches on AI's potential impact on drug development and the challenges posed by competition in the healthcare sector. Tune in for a blend of sharp critique and industry intrigue!
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Adam May's Biotech Investing Origin
- Adam May started investing in biotech during medical training and saw strong returns early on.
- He managed a fund called Rare Life Capital but later shifted to part-time medicine and investing.
Early HIMS Short Strategy
- Adam initially shorted HIMS during a short squeeze with limited company knowledge.
- He used short positions as trades based on momentum and growing understanding of HIMS.
Novo Deal Shifted Bearish Thesis
- Novo Nordisk's partnership announcement caused Adam to go long short term despite prior bearishness.
- He admits part of his earlier bearish thesis was wrong once the deal reduced litigation risk.