HYPERION DEFI, INC. Segments Disclosure
Note 15 – Segment Reporting
The Company has two operating and reporting segments (ophthalmic technology and digital assets). The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes the Company’s financial information on an aggregate basis for purposes of making operating decisions, allocating resources and assessing financial performance, as well as for making strategic operations decisions and managing the organization.
The following table summarizes the activity of the Company’s segments for the years ended December 31, 2025 and 2024:
For the Years Ended December 31, | ||||||||||||||||||||||||
| 2025 | | 2024 | |||||||||||||||||||||
Ophthalmic | Digital | Corporate/ | Ophthalmic | Digital | Corporate/ | |||||||||||||||||||
| Technology | | Assets | | Other | | Total | | Technology | | Assets | | Other | | Total | |||||||||
Revenue: | ||||||||||||||||||||||||
Revenue | $ | 14,720 | $ | 798,735 | $ | — | $ | 813,455 | $ | 57,336 | $ | — | $ | — | $ | 57,336 | ||||||||
Less: |
| |
| | ||||||||||||||||||||
Cost of revenue | (48) | (303,242) |
| — | (303,290) | (3,927,228) | — | — |
| (3,927,228) | ||||||||||||||
Gross Income (Loss) | 14,672 | 495,493 |
| — | 510,165 | (3,869,892) | — | — |
| (3,869,892) | ||||||||||||||
Less: |
| |
| | ||||||||||||||||||||
Research and Development: |
| |
| | ||||||||||||||||||||
Salaries and benefits | 1,099,840 | — |
| — | 1,099,840 | 6,215,323 | — | — |
| 6,215,323 | ||||||||||||||
Direct clinical and non-clinical expenses | 151,180 | — |
| — | 151,180 | 3,072,416 | — | — |
| 3,072,416 | ||||||||||||||
Facilities expenses | 190,182 | — | — | 190,182 | 834,406 | — | — | 834,406 | ||||||||||||||||
Non-cash stock based compensation expenses | 389,245 | — | — | 389,245 | 623,049 | — | — | 623,049 | ||||||||||||||||
Supplies and materials | 25,130 | — |
| — | 25,130 | 2,195,608 | — | — |
| 2,195,608 | ||||||||||||||
Other Expenses(1) | 42,165 | — | — | 42,165 | 409,457 | — | — | 409,457 | ||||||||||||||||
Depreciation expense | 12,688 | — |
| — | 12,688 | 1,112,463 | — | — |
| 1,112,463 | ||||||||||||||
Realized gain - digital assets | — | (8,321,844) |
| — | (8,321,844) | — | — | — |
| — | ||||||||||||||
Unrealized gain/loss - digital assets | — | 9,030,413 |
| — | 9,030,413 | — | — | — |
| — | ||||||||||||||
Impairment loss - digital assets | — | 27,188,768 |
| — | 27,188,768 | — | — | — |
| — | ||||||||||||||
Impairment loss - other assets | — | — |
| — | — | 11,207,897 | — | — |
| 11,207,897 | ||||||||||||||
Gain on covered call option | — | (157,570) |
| — | (157,570) | — | — | — |
| — | ||||||||||||||
Provision for credit losses | — | 405,331 |
| — | 405,331 | — | — | — |
| — | ||||||||||||||
Reacquisition of license rights | — | — |
| — | — | 4,864,600 | — | — |
| 4,864,600 | ||||||||||||||
Segment loss | 1,910,430 | 28,145,098 |
| — | 30,055,528 | 30,535,219 | — | — |
| 30,535,219 | ||||||||||||||
Reconciling Items |
|
| ||||||||||||||||||||||
Selling, general and administrative expense (2) | — | — | 17,175,698 | 17,175,698 | 14,333,114 | — | — | 14,333,114 | ||||||||||||||||
Other (income) expense, net (3) | — | — |
| (1,406,626) | (1,406,626) | (1,080,208) | — | — |
| (1,080,208) | ||||||||||||||
Net Income (Loss) | $ | (1,895,758) | $ | (27,649,605) | $ | (15,769,072) | $ | (45,314,435) | $ | (49,818,433) | $ | — | $ | — | $ | (49,818,433) | ||||||||
| (1) | Other research and development expenses include outsourced engineering and IT systems used for research and development. |
| (2) | Selling, general and administrative expenses primarily include professional fees, general and administrative compensation expenses, general strategic consulting, Nasdaq/SEC fees, insurance and facilities expenses. |
| (3) | Other (income) expense, net includes interest income, interest expense and gain on extinguishment of liabilities. |
The following table summarizes the segment assets for the years ended December 31, 2025 and 2024:
December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| Ophthalmic | | Digital | | Corporate/ | | | Ophthalmic | | Digital | | Corporate/ | | |||||||||||
Technology | Assets | Other | Total | Technology | Assets | Other | Total | |||||||||||||||||
Segment Assets |
| |
| |
| |
| |
| |
| |
| |
| | ||||||||
Cash | $ | — | $ | — | $ | 6,443,467 | $ | 6,443,467 | $ | 2,121,463 | $ | — | $ | — | $ | 2,121,463 | ||||||||
Digital assets |
| — |
| 43,872,033 |
| — |
| 43,872,033 |
| — |
| — |
| — |
| — | ||||||||
All other assets |
| 132,652 |
| — |
| 1,316,104 |
| 1,448,756 |
| 1,546,296 |
| — |
| — |
| 1,546,296 | ||||||||
Total Assets | $ | 132,652 | $ | 43,872,033 | $ | 7,759,571 | $ | 51,764,256 | $ | 3,667,759 | $ | — | $ | — | $ | 3,667,759 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Apr 15, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.