H
HYPERION DEFI, INC.
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
15.16M
Op. Cash Flow
$-14.80M
Business
Hyperion DeFi, Inc. is a digital assets and ophthalmic technology company that operates as a cryptocurrency treasury entity and developer of medical delivery devices. The company builds and deploys a treasury of HYPE tokens, the native token of the Hyperliquid blockchain, and operates a validator node to generate staking yield; it also participates in liquid staking and decentralized finance protocols on the HyperEVM. Separately, the company is developing the Optejet ophthalmic liquid delivery device designed for chronic front-of-the-eye diseases.
Summary from 10-K filed 2026-03-30
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 |
|---|---|---|---|---|---|---|
| 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 | 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 | 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 | 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 |
|---|---|---|---|---|---|---|
| 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
Frequently asked questions
What is HYPERION DEFI, INC.'s CIK number?
HYPERION DEFI, INC.'s SEC CIK number is 0001682639 (1682639). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find HYPERION DEFI, INC.'s SEC filings?
All of HYPERION DEFI, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did HYPERION DEFI, INC. last report earnings?
HYPERION DEFI, INC. (HYPD) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-060677). This is HYPERION DEFI, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is HYPERION DEFI, INC.'s most recent earnings 8-K?
HYPERION DEFI, INC.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001104659-26-060677. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View HYPERION DEFI, INC.'s latest earnings 8-K →
Look up any company's CIK number →