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HIMS

1. The $350 million convertible notes settled today, and about $318 million of net cash was received after the cost of the capped call

1. The $350 million convertible notes settled today, and about $318 million of net cash was received after the cost of the capped call. The two convertible issues total about $1.32 billion. The new notes convert at $29.53, far below the $70.67 of the old notes. Use of proceeds: the Eucalyptus acquisition, an AI platform and fulfilment infrastructure. 2.

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Details overlooked from the Q1 call: (1) On peptides the strategy is 'the best, not the fastest'. Dudum was explicit that HIMS will not rush to market first, so the payoff from the catalyst after the FDA advisory committee in July may slip to Q3-Q4. (2) A multi-agent AI model integrates wearable-device data to keep users engaged in their health continuously, and it connects in the technology stack with the 7 May Labs AI (130 biomarkers). 3. TrumpRx has had mixed results after two months. AJMC's assessment is that some price cuts have taken effect but prices have risen in many categories. The real impact of most-favoured-nation pricing on Zepbound and Wegovy may be smaller than it looks on paper, but the long-term direction still compresses margins in branded-drug channels, and the value of the HIMS platform will depend on a premium for personalised services.

Key points

  • $350 million convertible notes settled, with about $318 million of net cash received
  • The new convertible converts at $29.53 against $70.67 for the old one, which reflects valuation reality
  • Use of proceeds: the Eucalyptus acquisition, an AI platform and fulfilment infrastructure
  • Conservative peptide strategy: no rush to be first to market, with the catalyst expected to pay off in Q3-Q4
  • Multi-agent AI architecture: several AI agents working together, plus integration of wearable data
  • Labs AI (130 biomarkers) connects with the multi-agent AI in the technology stack
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  • The TrumpRx roll-out is patchy, and its hit to HIMS's branded drugs is smaller than the threat on paper
  • Long term: the value of the HIMS platform rests on a premium for personalised services, not on the price spread on drugs

A brief is a lead for our research, not a verified conclusion or advice.