Hold HIMS by May 14, 2026.

I started looking at this after the Novo suit dropped and kept pulling threads. Figured I’d post the risk map because the bull and bear takes I keep seeing here miss the same thing. People argue HIMS like it’s one company. It’s two. Business A is the cash pay subscription platform: hair, ED, derm, mental health. Recurring revenue, no insurance friction. That engine is real and I’m not here to dunk on it. Business B was the GLP1 compounding era. …