The proposed mechanism is a hormonal one. Pumpkin seed oil contains phytosterols — plant compounds structurally similar to cholesterol — and in the laboratory some of these show weak inhibition of 5-alpha reductase, the enzyme that converts testosterone into DHT. DHT is what shrinks susceptible hair follicles in pattern hair loss, and blocking it is exactly how finasteride works.
The distance between that laboratory observation and a person taking a capsule is very large. Nobody has shown that a supplement dose of pumpkin seed oil lowers DHT meaningfully in people, or that any change it produces reaches the scalp. The human research on hair is limited to a small amount of work that does not settle the question, and supplement blends make it harder still by including several ingredients at once.
Pumpkin seed oil is also rich in zinc, vitamin E, and unsaturated fatty acids. Those are perfectly good nutrients. Unless you are deficient, taking more of them does not grow hair — the same point that applies to biotin.
Pumpkin seed oil is a food. Side effects are few and mild.
People allergic to pumpkin or pumpkin seeds. Obvious, and worth stating.
Pregnant and breastfeeding people. Not because harm is known, but because supplements marketed for their anti-androgen effect have not been studied in pregnancy, and hair-loss supplements are not worth any uncertainty during those months.
Children, unless a doctor has suggested it.
Anyone taking blood thinners or due for surgery should mention it, as they should mention any supplement.
Anyone using it instead of a diagnosis. This is the real exclusion. Untreated pattern hair loss progresses, and follicles that have been gone for years cannot be brought back by anything short of a hair transplant.
Everyone else can take it safely. The question is not whether it is safe. It is whether it does anything.
Any hair treatment takes months to judge, and that is as true of a supplement that may do nothing as of one that works.
First three months. Nothing visible. Hair grows around half an inch a month and a follicle takes a full cycle to respond to anything.
Three to six months. This is the earliest fair assessment point. Compare photographs rather than impressions. If your shedding was the sudden diffuse kind, it was probably going to recover in this window regardless.
Six months. Decide. If nothing has changed, stop and put the money towards treatment with evidence behind it. Most people reach this point with pumpkin seed oil.
When you stop. Nothing rebounds. There is no shedding phase after stopping, which is worth contrasting with minoxidil, where stopping does cause loss of the hair it maintained — a sign that minoxidil was actually doing something.