HYPERION DEFI, INC.

Listed Company

HYPDCIK 0001682639NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$813.5K

Net Income

$-45.30M

Total Assets

$51.76M

Equity

$41.06M

Shares Out

11.39M

Op. Cash Flow

$-14.80M

Business

HYPERION DEFI, INC. develops and commercializes an Optejet piezo-print microdose ophthalmic delivery platform and related therapeutics. Its main products and candidates include the Optejet device family with embedded Optecare digital dosing/monitoring, marketed Mydcombi ophthalmic spray, FDA‑approved clobetasol propionate ophthalmic suspension, and investigational programs such as MicroLine and MicroPine. The business is organized around a device platform segment, drug‑device combination development and licensing/collaboration activities, plus manufacturing and commercialization operations. It targets U.S. clinical and office-based eye care settings and pursues licensing and partner distribution in Greater China, South Korea and other markets.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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
Revenue	813,455	57,336	3,787	—	14
Cost of revenue	−303,290	−4	−16,005	—	−2
Gross Profit (Loss)	510,165	−4	−12,218	—	12
Research and development	2	14	13	13	15
Selling, general and administrative	17	14	12	—	—
Realized gain - digital assets	−8	—	—	—	—
Unrealized loss - digital assets	9	—	—	—	—
Impairment loss - digital assets	27	—	—	—	—
Impairment loss - other assets	—	11	—	—	—
Gain on covered call option	−157,570	—	—	—	—
Provision for credit losses	400,000	—	—	—	—
Reacquisition of license rights	—	5	—	—	—
Net Operating Expenses	47	45	25	27	25
Loss From Operations	−47	−49	−25	−27	−13
Other income (expense), net	389,685	−90,601	−176,411	197,090	164,027
Gain on extinguishment of liabilities	2	—	—	—	—
Change in fair value of equity consideration payable	—	1	—	—	—
Interest expense	−2	−2	−2	—	—
Interest income	240,018	254,024	693,612	—	—
Total Other Income (Expense), Net	1	−1	−2	−1	—
Net Loss	−45	−50	−27	−28	−13
Dividend to preferred stockholders	−2	—	—	—	—
Net Loss Attributable to Common Stockholders	−47	−50	—	—	—
Net Loss per Share - Basic (in dollars per share)	−9.4	−59.81	−53.15	−0.83	−0.49
Net Loss per Share - Diluted (in dollars per share)	−9.4	−59.81	−53.15	−0.83	−0.49
Shares Outstanding - Basic (in shares)	5	832,997	512,912	34	26
Shares Outstanding - Diluted (in shares)	5	832,997	512,912	34	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	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	6	2	15	23	19
Prepaid expenses and other current assets	802,342	645,736	1	1	734,942
Total Current Assets	7	3	21	28	22
Digital assets	16	—	—	—	—
Digital assets receivable, net	7	—	—	—	—
Digital intangible assets	21	—	—	—	—
Operating lease right-of-use asset	415,998	718,360	2	1	—
Other assets	230,416	182,200	—	—	—
Total Assets	52	4	29	31	32
Accounts payable	317,900	2	2	1	2
Accrued former licensor obligations	—	2	—	—	—
Accrued expenses and other current liabilities	2	1	287,928	503,076	845,719
Operating lease liabilities - current portion	512,007	575,163	501,250	484,882	—
Notes payable - current portion, net of debt discount of $0 and $527,870 as of December 31, 2025 and December 31, 2024, respectively	—	5	5	174,448	7
Convertible notes payable - net of debt discount of $0 and $263,930 as of December 31, 2025 and December 31, 2024, respectively	—	5	—	174,448	—
Total Current Liabilities	3	16	10	5	11
Notes payable - non-current portion, net of debt discount of $543,230 and $0 as of December 31, 2025 and December 31, 2024, respectively	8	—	4	4	—
Operating lease liabilities, non-current portion	206,600	717,504	1	907,644	—
Total Liabilities	11	17	20	14	11
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated, and 5,435,897 and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, with a liquidation preference of $50,795,000 as of December 31, 2025	544	—	—	—	0
Common stock, $0.0001 par value, 600,000,000 shares authorized; 8,762,329 shares issued and 8,680,005 shares outstanding as of December 31, 2025 and 1,506,369 shares issued and outstanding as of December 31, 2024	876	151	—	—	—
Additional paid-in capital	282	182	154	135	111
Treasury stock, at cost, 82,324 shares as of December 31, 2025	−253,558	—	—	—	—
Accumulated deficit	−241	−195	−145	−118	−90
Total Stockholders' Equity (Deficit)	41	−13	9	17	20
Total Liabilities and Stockholders' Equity (Deficit)	52	4	29	31	32

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	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
Stock-based compensation	6	2	2	4	3
Depreciation of property and equipment	—	1	783,208	307,430	221,563
Amortization of debt discount	655,997	759,049	681,860	411,918	68,376
Write-down of inventories to net realizable value	—	3	12,218	—	—
Reacquisition of license rights	—	3	—	—	—
Non-cash lease expense	302,362	528,359	—	—	—
Non-cash realized gain - digital assets	−8	—	—	—	—
Staking income	−554,098	—	—	—	—
Non-cash commission paid to co-validators	26,160	—	—	—	—
Unamortized non-refundable upfront fee on digital asset receivable	307,278	—	—	—	—
Paid-in-kind interest expense	379,998	—	—	—	—
Prepaid expenses and other current assets	−156,606	554,020	434,128	219,555	423,896
License fee and expense reimbursement receivables	—	99,006	1	621,279	1
Deferred clinical supply costs	—	868,328	−2	−2	0
Security and equipment deposits	−48,217	1,506	1,750	−81,389	0
Accounts payable	−2	446,596	324,889	−185,821	126,115
Accrued compensation	—	−2	−88,578	203,573	392,946
Accrued expenses and other current liabilities	−497,741	−293,579	−315,148	−342,643	−634,973
Lease liabilities	−574,060	−501,250	−503,046	−412,478	—
Net Cash and Cash Equivalents Used In Operating Activities	−15	−30	−24	−25	−21
Purchase of property and equipment	—	−161,477	−3	−540,360	−1
Purchase of productive digital assets	−72	—	—	—	—
Net Cash and Cash Equivalents Used In Investing Activities	−72	−161,477	−4	−874,745	−2
Proceeds from sale of common stock and warrants in direct offering	—	19	12	15	0
Proceeds from sale of preferred stock and warrants in private placement	50	−2	—	—	—
Payment of private placement issuance costs	−634,250	—	—	—	—
Proceeds from sale of common stock in At the Market offering	41	6	5	5	13
Payment of issuance costs for At the Market offering	−1	−187,033	−142,017	−163,354	−383,564
Payment of cash issuance costs for induced exercise of stock warrants	−116,456	—	—	—	—
Reverse stock split settlement of fractional shares	−160	—	—	—	—
Repayments of notes payable	−1	−6	−609,140	−8	−705,360
Payment of preferred dividend	−892,167	—	—	—	—
Payment of costs in connection with debt extinguishment	−136,796	—	—	—	—
Net Cash and Cash Equivalents Provided By Financing Activities	91	18	20	22	21
Net Increase (Decrease) in Cash and Cash Equivalents	4	−13	−8	−4	−1
Interest	481,360	2	2	315,550	227,171
Taxes	−8,140	36,122	—	—	—
Deposits of HYPE into liquid staking activities	59	—	—	—	—
Redemption of liquid staking tokens for HYPE	16	—	—	—	—
Transfer of HYPE to digital asset receivable	10	—	—	—	—
Accrued dividend payable	792,616	—	—	—	—
Purchase of insurance policy financed by note payable	—	505,050	609,140	675,332	705,360
Accrual for intangible asset milestone obligation	—	2	—	—	—
Reclassification of deferred clinical supply costs to inventories	—	3	—	—	—
Modification date carrying value of extinguished Avenue Loan	10	—	—	—	—
Modification date fair value of modified Avenue Loan	10	—	—	—	—
Warrants issued for debt modification	858,270	—	—	—	—
Warrant modification and additional warrants - incremental value	1	3	—	—	—
Common stock issued in consideration for equipment received in conjunction with licensing agreement	—	135,400	—	—	—
Conversion of Avenue Loan to common stock	640,336	—	—	—	—
Common stock issued in consideration for licensing agreement	—	436,809	1	—	—
Common stock issued in consideration for reacquisition of licensing agreement	—	2	—	—	—
Common stock issued as consideration for modification of loan agreement	—	200,000	—	—	—
Interest expense added to note principal	367,308	102,902	—	—	—
Issuance of common stock related to vested restricted stock units	53	—	4	11	2
Treasury stock held for employee payroll taxes upon the delivery of restricted stock units	253,558	—	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro