# Jonah Lupton - Why peptides are so bullish for Hims & Hers

Page: https://stenobird.com/podcast/hims-house-7026583/jonah-lupton-why-peptides-are-so-bullish-for-hims-hers
Text version: https://stenobird.com/podcast/hims-house-7026583/jonah-lupton-why-peptides-are-so-bullish-for-hims-hers.md
Podcast: [Hims House](https://stenobird.com/podcast/hims-house-7026583)
Published: 2026-04-17T19:47:52+00:00
Episode link: https://podcasters.spotify.com/pod/show/jonathan-stern1/episodes/Jonah-Lupton---Why-peptides-are-so-bullish-for-Hims--Hers-e3i2g61
Audio file: https://anchor.fm/s/10e9c0874/podcast/play/118619777/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-17%2F422300284-44100-2-9bdfd809114a.mp3
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JSON: https://stenobird.com/v1/public/podcasts/hims-house-7026583/episodes/jonah-lupton-why-peptides-are-so-bullish-for-hims-hers
Duration seconds: 3518

## Resource

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.

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