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Solana Co
HSDTCIK 0001610853NasdaqNon-AcceleratedSmaller ReportingFinance ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$6.02M
Net Income
$-40.89M
Total Assets
$303.93M
Equity
$300.91M
Shares Out
55.03M
Op. Cash Flow
$-16.51M
Business
Solana Co is a neurotechnology company that develops, licenses and acquires non‑implantable technologies for neurological wellness focused on reducing symptoms of neurological disease or trauma. Its main product is the Portable Neuromodulation Stimulator (PoNS®) and the associated PoNS Therapy, a controller and mouthpiece system delivering translingual electrical stimulation used as an adjunct to supervised therapeutic exercise to treat gait and balance deficits. Key business divisions include clinical research and regulatory affairs, product development and manufacturing, and commercialization and distribution. The company markets PoNS in the U.S., Canada and Australia and distributes through authorized clinics, telehealth/e‑commerce platforms and strategic distribution partnerships, including federal healthcare channels.
Summary from filing dated 2025-03-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Staking revenue | 5 | — | — | — | — | |
| Product sales and other revenue | 548,000 | 520,000 | 605,000 | 778,000 | 493,000 | |
| Total revenue | 6 | 520,000 | 644,000 | 787,000 | 522,000 | |
| Cost of revenue | 500,000 | 582,000 | — | — | — | |
| Gross profit (loss) | 6 | −62,000 | 61,000 | 324,000 | 224,000 | |
| Selling, general and administrative expenses | 23 | 10 | 9 | 11 | 12 | |
| Research and development expenses | 4 | 4 | 3 | 4 | 6 | |
| Unrealized loss on digital assets and digital assets receivable | 209 | — | — | — | — | |
| Realized loss on digital assets | 12 | — | — | — | — | |
| Unrealized loss on digital assets fund investment | 2 | — | — | — | — | |
| Realized gain on digital asset derivatives | −316,000 | — | — | — | — | |
| Total operating expenses | 249 | 14 | 12 | 16 | 18 | |
| Loss from operations | −244 | −14 | −12 | −16 | −18 | |
| Interest expense, net | −635,000 | −17,000 | 257,000 | −834,000 | — | |
| Foreign exchange gain (loss) and other income | 785,000 | −803,000 | 275,000 | −756,000 | 10,000 | |
| Change in fair value of derivative liability | 938 | 3 | 3 | 3 | — | |
| Loss on derivative liability | −540 | — | — | — | — | |
| Financing costs | −195 | — | — | — | — | |
| Nonoperating income, net | 203 | 2 | 4 | 1 | 10,000 | |
| Loss before provision for income taxes | −41 | −12 | −9 | −14 | −18 | |
| Provision for income taxes | 0 | 0 | 0 | 0 | 0 | |
| Net loss | −41 | −12 | −9 | −14 | −18 | |
| Foreign currency translation adjustments | −594,000 | 1 | −285,000 | 737,000 | −26,000 | |
| Comprehensive loss | −41 | −11 | −9 | −13 | −18 | |
| Basic (in dollars per share) | −1.85 | −3,282 | −14.56 | −52.13 | −7.38 | |
| Diluted (in dollars per share) | −1.85 | −3,282 | −14.56 | −52.13 | −7.38 | |
| Basic (in shares) | 22 | 3,577 | 607,890 | 269,929 | 2 | |
| Diluted (in shares) | 22 | 3,577 | 607,890 | 269,929 | 2 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 7 | 1 | 5 | 15 | 11 | |
| Digital assets | 21 | — | — | — | — | |
| Inventory | 1 | 1 | 457,000 | 589,000 | 476,000 | |
| Prepaid expenses and other current assets | 2 | 1 | — | — | — | |
| Total current assets | 31 | 3 | 7 | 17 | 13 | |
| Digital assets | 197 | — | — | — | — | |
| Digital assets, restricted | 39 | — | — | — | — | |
| Digital assets receivable | 31 | — | — | — | — | |
| Digital assets fund investment | 6 | — | — | — | — | |
| Other long-term assets | 75,000 | 118,000 | — | — | — | |
| Total assets | 304 | 4 | 8 | 17 | 14 | |
| Accounts payable | 2 | 873,000 | 531,000 | 627,000 | 1 | |
| Accrued and other current liabilities | 1 | 1 | 1 | 1 | 1 | |
| Total current liabilities | 3 | 2 | 2 | 2 | 3 | |
| Other long-term liabilities | — | 79,000 | — | — | — | |
| Derivative liability | — | 241,000 | 3 | 7 | — | |
| Total liabilities | 3 | 2 | 5 | 9 | 3 | |
| Class A common stock, $0.001 par value; 800,000,000 shares authorized; 43,744,207 and 4,936 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 44,000 | 4,000 | 1,000 | 1,000 | 4,000 | |
| Additional paid-in capital | 514 | 172 | 163 | 160 | 149 | |
| Accumulated deficit | −213 | −172 | −160 | −151 | −137 | |
| Accumulated other comprehensive (loss) income | −261,000 | 333,000 | −673,000 | −388,000 | −1 | |
| Total stockholders' equity | 301 | 1 | 2 | 8 | 11 | |
| Total liabilities and stockholders' equity | 304 | 4 | 8 | 17 | 14 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −41 | −12 | −9 | −14 | −18 | |
| Amortization of debt discount and imputed interest expense | 680,000 | — | — | — | — | |
| Change in fair value of derivative liability | −938 | −3 | −3 | — | — | |
| Net change in fair value of digital assets and digital assets receivable | 209 | — | — | — | — | |
| Net change in fair value of digital assets fund investment | 2 | — | — | — | — | |
| Stock-based compensation expense | 9 | 3 | 2 | 2 | 4 | |
| Other | −550,000 | 1 | — | — | — | |
| Inventory | −85,000 | −607,000 | 137,000 | −111,000 | −87,000 | |
| Prepaid expense and other current assets | −452,000 | 359,000 | 54,000 | −354,000 | −127,000 | |
| Accounts payable | 1 | 344,000 | −103,000 | −418,000 | 369,000 | |
| Accrued and other current liabilities | −169,000 | −63,000 | −20,000 | −152,000 | 194,000 | |
| Other liabilities | −81,000 | −41,000 | — | — | — | |
| Net cash used in operating activities | −17 | −11 | −10 | −14 | −13 | |
| Digital assets purchased | −421 | — | — | — | — | |
| Digital assets sold | 47 | — | — | — | — | |
| Digital assets receivable purchased | −45 | — | — | — | — | |
| Digital assets fund investment | −8 | — | — | — | — | |
| Purchase of property and equipment | — | −5,000 | −29,000 | −17,000 | −54,000 | |
| Net cash used in investing activities | −427 | −5,000 | −29,000 | −11,000 | −56,000 | |
| Proceeds from issuance of common stock in ATM | 30 | 3 | 500,000 | 19 | 23 | |
| Proceeds from issuance of warrants and common stock warrants in private placement | 433 | 5 | — | — | — | |
| Proceeds from exercise of warrants | 4 | 164,000 | 642,000 | — | — | |
| Share issuance costs | −17 | −1 | −65,000 | −775,000 | −3 | |
| Proceeds from issuance of notes payable | 880,000 | — | — | — | — | |
| Repayment of notes payable | −2 | — | — | — | — | |
| Net cash provided by financing activities | 449 | 7 | 1 | 18 | 21 | |
| Effect of currency exchange rate changes on cash and cash equivalents | 1,000 | −2,000 | 1,000 | −4,000 | −8,000 | |
| Net increase (decrease) in cash and cash equivalents | 6 | −4 | −9 | 4 | 8 | |
| Digital assets received in-kind from private placement | 85 | — | — | — | — | |
| Purchase of digital assets with stablecoins | 34 | — | — | — | — | |
| Derivative warrant liability reclassified to equity on exercise of warrants | 10 | 101,000 | 628,000 | — | — | |
| Derivative warrant liability reclassified to equity on warrant amendment | 105 | — | — | — | — | |
| Deferred offering costs reclassified to equity upon public offering | 8,000 | 132,000 | — | — | — |
Filings
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