Ethan Colt, a mild-mannered accountant in his early 30s, leads a double life. By day, he is a jockey to, but by night, he transforms into “Silver Hoof,” a character from the beloved “My Little Pony” universe. Ethan is part of a secretive community of Bronies, adult men who share a profound love for the show and its characters. However, for Ethan and his friends, this passion has a darker side: they can only experience arousal when dressed as their pony alter egos.
Ethan’s close-knit group of friends includes Greg, a gym teacher, Mike, a software developer, and Peter, an aspiring artist. Each of them is battling inner demons tied to their Brony identity. Their shared secret creates a significant challenge for their relationships and their mental well-being, especially for Ethan, who is trying to navigate a budding romance with his colleague, Julia.
As Ethan and Julia’s relationship deepens, Julia notices Ethan’s peculiar habits and frequent absences from social events. When she finally confronts him, Ethan reluctantly reveals his Brony identity and the related condition. Julia, initially taken aback, decides to support him. However, as she delves deeper into this world, she starts uncovering unsettling truths.
The group’s fragile stability is shattered when a member of their community, Brian, is found dead under mysterious circumstances, dressed in his pony costume. The police are quick to dismiss it as an accidental overdose, but Ethan and his friends suspect foul play. As they dig deeper, they uncover a sinister plot involving blackmail, manipulation, and psychological torment within their community.
Ethan becomes increasingly paranoid, feeling watched and followed. He begins to question the loyalty of his friends and even Julia. His mental state deteriorates as he begins licking toads, and he starts experiencing vivid, disturbing hallucinations of his pony persona, Silver Hoof, guiding him through dark and twisted scenarios. The line between reality and fantasy blurs as Ethan struggles to uncover the truth behind Brian’s death.
Julia, determined to help Ethan, discovers that Brian had been trying to expose a dark secret: someone within their community was exploiting their condition for personal gain, manipulating them for blackmail and financial extortion, while high on bufotoxin. The closer Julia gets to the truth, the more dangerous the situation becomes.
The climax of the film sees Ethan confronting the true villain, who is revealed to be Greg, the gym teacher. Greg had been using his position within the group to control and exploit his friends, driven by toad venom, and a twisted sense of power and sadism. In a tense and harrowing showdown, Ethan, dressed as Silver Hoof, confronts Greg, dressed like Seabiscuit, leading to a violent struggle that ends with Greg’s death and the exposure of his toad farm.
In the aftermath, the group disbands, each member grappling with the trauma and scars left behind. Ethan and Julia’s relationship doesn’t survive the ordeal, and they are forever changed. The film ends on a somber note, with Ethan visiting a support group for people with “unconventional lifestyles”, seeking to rebuild his life and join a less controversial subculture like “Star Wars Nerds”.