Overview
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- TickerHYPD on Nasdaq1
- IndustryFinance Services1
- HeadquartersDallas, Texas1
- Incorporated inDE2
- Business address3090 Nowitzki Way, Suite 300, Dallas, Tx 752192
- Filer categoryNon-accelerated filer, Smaller reporting company2
- Legal formCorporation
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We were organized as a corporation under the laws of the State of Florida on March 12, 2014 under the name “PGP Holdings V, Inc.” On May 5, 2014, we changed our name to Eyenovia, Inc. On October 6, 2014, we reincorporated in the State of Delaware by merging into Eyenovia, Inc., a Delaware corporation. On July 1, 2025, we changed our name to Hyperion DeFi, Inc. Our principal executive office is located at 23461 S. Pointe Drive, Suite 390, Laguna Hills, CA 92653, and our telephone number is (833) 393-6684. We maintain a website at www.hyperiondefi.com, to which we regularly post copies of our press releases as well as additional information about us. The information contained on, or that can be accessed through, our website is not a part of this report. We have included our website address in this report solely as an inactive textual reference.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
62.7%Gross margin4
-5743.5%Operating margin4
-5570.6%Net margin4
1318.8%Revenue growth, 20254
-110.4%Return on equity4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Digital Assets brought in 98% of the revenue HYPERION DEFI, INC. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Digital Assets | $798.7K | |
| Ophthalmic Technology | $57.3K | $14.7K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue2¢$303.3K
- Research and development10¢$1.9M
- Selling, general and admin88¢$17.2M
- Income tax0¢$30.9K
Out of $813.5K in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $813.5K | $57.3K |
| Cost of revenue | -$303.3K | -$3.9M |
| Gross Profit (Loss) | $510.2K | -$3.9M |
| Research and development | $1.9M | $14.5M |
| Selling, general and administrative | $17.2M | $14.3M |
| Realized gain - digital assets | -$8.3M | |
| Unrealized loss - digital assets | $9.0M | |
| Impairment loss - digital assets | $27.2M | |
| Impairment loss - other assets | $11.2M | |
| Gain on covered call option | -$157.6K | |
| Provision for credit losses | $405.3K | |
| Reacquisition of license rights | $4.9M | |
| Net Operating Expenses | $47.2M | $44.9M |
| Loss From Operations | -$46.7M | -$48.7M |
| Other income (expense), net | $389.7K | -$90.6K |
| Gain on extinguishment of liabilities | $2.3M | |
| Change in fair value of equity consideration payable | $1.2M | |
| Interest expense | -$1.6M | -$2.5M |
| Interest income | $240.0K | $254.0K |
| Total Other Income (Expense), Net | $1.4M | -$1.1M |
| Net Loss | -$45.3M | -$49.8M |
| Dividend to preferred stockholders | -$1.7M | |
| Net Loss Attributable to Common Stockholders | -$47.0M | -$49.8M |
| Net Loss per Share - Basic (in dollars per share) | -$9.40 | -$59.81 |
| Net Loss per Share - Diluted (in dollars per share) | -$9.40 | -$59.81 |
| Shares Outstanding - Basic (in shares) | 5.0M shares | 833.0K shares |
| Shares Outstanding - Diluted (in shares) | 5.0M shares | 833.0K shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-08-31 | 2024-12-31 | 2024-05-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $6.4M | $2.1M | |||
| Prepaid expenses and other current assets | $802.3K | $645.7K | |||
| Total Current Assets | $7.2M | $2.8M | |||
| Digital assets | $16.3M | ||||
| Digital assets receivable, net | $6.9M | ||||
| Digital intangible assets | $20.6M | ||||
| Operating lease right-of-use asset | $416.0K | $718.4K | |||
| Other assets | $230.4K | $182.2K | |||
| Total Assets | $51.8M | $3.7M | |||
| Accounts payable | $317.9K | $2.0M | |||
| Accrued former licensor obligations | $2.2M | ||||
| Accrued expenses and other current liabilities | $1.9M | $1.3M | |||
| Operating lease liabilities - current portion | $512.0K | $575.2K | |||
| Notes payable - current portion, net of debt discount of $0 and $527,870 as of December 31, 2025 and December 31, 2024, respectively | $5.2M | ||||
| Convertible notes payable - net of debt discount of $0 and $263,930 as of December 31, 2025 and December 31, 2024, respectively | $4.7M | ||||
| Total Current Liabilities | $2.7M | $16.0M | |||
| Notes payable - non-current portion, net of debt discount of $543,230 and $0 as of December 31, 2025 and December 31, 2024, respectively | $7.8M | ||||
| Operating lease liabilities, non-current portion | $206.6K | $717.5K | |||
| Total Liabilities | $10.7M | $16.8M | |||
| 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 | ||||
| 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 | $281.9M | $182.2M | |||
| Treasury stock, at cost, 82,324 shares as of December 31, 2025 | -$253.6K | ||||
| Accumulated deficit | -$240.6M | -$195.3M | |||
| Total Stockholders' Equity (Deficit) | $41.1M | -$13.1M | $9.0M | ||
| Total Liabilities and Stockholders' Equity (Deficit) | $51.8M | $3.7M | |||
| Notes payable - current portion, net of debt discount | $0 | $527.9K | |||
| Convertible notes payable - net of debt discount | $0 | $263.9K | |||
| Notes payable - non-current portion, net of debt discount | $543.2K | $0 | |||
| Preferred stock, par value | $0.00 | $0.00 | $0.00 | ||
| Preferred stock, shares authorized | 60.0M shares | 60.0M shares | 60.0M shares | ||
| Preferred stock, shares issued | 5.4M shares | 0 shares | |||
| Preferred stock, shares outstanding | 5.4M shares | 0 shares | |||
| Preferred stock liquidation preference | $50.8M | ||||
| Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized | 600.0M shares | 600.0M shares | 600.0M shares | 90.0M shares | |
| Common stock, shares issued | 8.8M shares | 1.5M shares | |||
| Common stock, shares outstanding | 8.7M shares | 1.5M shares | |||
| Treasury stock, at cost, shares | 82.3K shares |
| Period ending | 2025-12-31 | 2025-08-31 | 2024-12-31 | 2024-05-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $6.4M | $2.1M | |||
| Prepaid expenses and other current assets | $802.3K | $645.7K | |||
| Total Current Assets | $7.2M | $2.8M | |||
| Digital assets | $16.3M | ||||
| Digital assets receivable, net | $6.9M | ||||
| Digital intangible assets | $20.6M | ||||
| Operating lease right-of-use asset | $416.0K | $718.4K | |||
| Other assets | $230.4K | $182.2K | |||
| Total Assets | $51.8M | $3.7M | |||
| Accounts payable | $317.9K | $2.0M | |||
| Accrued former licensor obligations | $2.2M | ||||
| Accrued expenses and other current liabilities | $1.9M | $1.3M | |||
| Operating lease liabilities - current portion | $512.0K | $575.2K | |||
| Notes payable - current portion, net of debt discount of $0 and $527,870 as of December 31, 2025 and December 31, 2024, respectively | $5.2M | ||||
| Convertible notes payable - net of debt discount of $0 and $263,930 as of December 31, 2025 and December 31, 2024, respectively | $4.7M | ||||
| Total Current Liabilities | $2.7M | $16.0M | |||
| Notes payable - non-current portion, net of debt discount of $543,230 and $0 as of December 31, 2025 and December 31, 2024, respectively | $7.8M | ||||
| Operating lease liabilities, non-current portion | $206.6K | $717.5K | |||
| Total Liabilities | $10.7M | $16.8M | |||
| 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 | ||||
| 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 | $281.9M | $182.2M | |||
| Treasury stock, at cost, 82,324 shares as of December 31, 2025 | -$253.6K | ||||
| Accumulated deficit | -$240.6M | -$195.3M | |||
| Total Stockholders' Equity (Deficit) | $41.1M | -$13.1M | $9.0M | ||
| Total Liabilities and Stockholders' Equity (Deficit) | $51.8M | $3.7M | |||
| Notes payable - current portion, net of debt discount | $0 | $527.9K | |||
| Convertible notes payable - net of debt discount | $0 | $263.9K | |||
| Notes payable - non-current portion, net of debt discount | $543.2K | $0 | |||
| Preferred stock, par value | $0.00 | $0.00 | $0.00 | ||
| Preferred stock, shares authorized | 60.0M shares | 60.0M shares | 60.0M shares | ||
| Preferred stock, shares issued | 5.4M shares | 0 shares | |||
| Preferred stock, shares outstanding | 5.4M shares | 0 shares | |||
| Preferred stock liquidation preference | $50.8M | ||||
| Common stock, par value | $0.00 | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized | 600.0M shares | 600.0M shares | 600.0M shares | 90.0M shares | |
| Common stock, shares issued | 8.8M shares | 1.5M shares | |||
| Common stock, shares outstanding | 8.7M shares | 1.5M shares | |||
| Treasury stock, at cost, shares | 82.3K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$45.3M | -$49.8M |
| Stock-based compensation | $6.4M | $1.7M |
| Change in fair value of equity consideration payable | -$1.2M | |
| Depreciation of property and equipment | $1.1M | |
| Amortization of debt discount | $656.0K | $759.0K |
| Asset impairments | $11.2M | |
| Write-down of inventories to net realizable value | $3.1M | |
| Reacquisition of license rights | $2.9M | |
| Non-cash lease expense | $302.4K | $528.4K |
| Gain on extinguishment of liabilities | -$2.3M | |
| Non-cash realized gain - digital assets | -$8.3M | |
| Unrealized loss - digital assets | $9.0M | |
| Impairment loss - digital assets | $27.2M | |
| Staking income | -$554.1K | |
| Non-cash commission paid to co-validators | $26.2K | |
| Provision for credit losses | $405.3K | |
| Unamortized non-refundable upfront fee on digital asset receivable | $307.3K | |
| Paid-in-kind interest expense | $380.0K | |
| Prepaid expenses and other current assets | -$156.6K | $554.0K |
| License fee and expense reimbursement receivables | $99.0K | |
| Deferred clinical supply costs | $868.3K | |
| Security and equipment deposits | -$48.2K | $1.5K |
| Accounts payable | -$1.6M | $446.6K |
| Accrued compensation | -$1.5M | |
| Accrued expenses and other current liabilities | -$497.7K | -$293.6K |
| Lease liabilities | -$574.1K | -$501.2K |
| Net Cash and Cash Equivalents Used In Operating Activities | -$14.8M | -$30.1M |
| Purchase of property and equipment | -$161.5K | |
| Purchase of productive digital assets | -$72.0M | |
| Net Cash and Cash Equivalents Used In Investing Activities | -$72.0M | -$161.5K |
| Proceeds from sale of common stock and warrants in direct offering | $19.4M | |
| Proceeds from sale of preferred stock and warrants in private placement | $50.0M | -$2.4M |
| Payment of private placement issuance costs | -$634.2K | |
| Proceeds from sale of common stock in At the Market offering | $40.6M | $6.2M |
| Payment of issuance costs for At the Market offering | -$1.3M | -$187.0K |
| Proceeds from exercise of stock warrants | $3.9M | $1.2K |
| Proceeds from induced exercise of stock warrants | $1.0M | |
| Payment of cash issuance costs for induced exercise of stock warrants | -$116.5K | |
| Reverse stock split settlement of fractional shares | -$160 | |
| Repayments of notes payable | -$1.5M | -$5.5M |
| Payment of preferred dividend | -$892.2K | |
| Payment of costs in connection with debt extinguishment | -$136.8K | |
| Net Cash and Cash Equivalents Provided By Financing Activities | $91.0M | $17.6M |
| Net Increase (Decrease) in Cash and Cash Equivalents | $4.3M | -$12.7M |
| Interest | $481.4K | $1.6M |
| Taxes | -$8.1K | $36.1K |
| Deposits of HYPE into liquid staking activities | $58.8M | |
| Redemption of liquid staking tokens for HYPE | $15.9M | |
| Transfer of HYPE to digital asset receivable | $9.9M | |
| Accrued dividend payable | $792.6K | |
| Purchase of insurance policy financed by note payable | $505.1K | |
| Accrual for intangible asset milestone obligation | $2.0M | |
| Reclassification of deferred clinical supply costs to inventories | $3.0M | |
| Modification date carrying value of extinguished Avenue Loan | $10.3M | |
| Modification date fair value of modified Avenue Loan | $10.2M | |
| Warrants issued for debt modification | $858.3K | |
| Warrant modification and additional warrants - incremental value | $1.2M | $2.9M |
| Common stock issued in consideration for equipment received in conjunction with licensing agreement | $135.4K | |
| Conversion of Avenue Loan to common stock | $640.3K | |
| Common stock issued in consideration for licensing agreement | $436.8K | |
| Common stock issued in consideration for reacquisition of licensing agreement | $2.3M | |
| Common stock issued as consideration for modification of loan agreement | $200.0K | |
| Interest expense added to note principal | $367.3K | $102.9K |
| Issuance of common stock related to vested restricted stock units | $53 | |
| Treasury stock held for employee payroll taxes upon the delivery of restricted stock units | $253.6K |
No quarter-by-quarter statement was filed.
Corporate structure
HYPERION DEFI, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of HYPERION DEFI, INC.
- Forsakringsaktiebolaget Avanza Pension Filed SCHEDULE 13G/A on HYPERION DEFI, INC., latest Oct 5, 2026 (7 filings since Oct 22, 2025)
- Avenue Venture Opportunities Fund, L.P. Filed SCHEDULE 13D/A on HYPERION DEFI, INC., latest Sep 19, 2025 (7 filings since May 15, 2025)
- Hyunsu Jung Filed SCHEDULE 13D on HYPERION DEFI, INC., latest Jul 16, 2025
- Stuart M. Grant Filed SC 13D/A on HYPERION DEFI, INC., latest Dec 4, 2024 (3 filings since Dec 27, 2021)
- ARMISTICE CAPITAL, LLC Filed SC 13G/A on HYPERION DEFI, INC., latest Nov 14, 2024 (2 filings since Feb 14, 2024)
- Tsontcho Ianchulev Filed SC 13D/A on HYPERION DEFI, INC., latest Jul 18, 2024 (2 filings since Jan 24, 2023)
- Fredric N. Eshelman Filed SC 13D/A on HYPERION DEFI, INC., latest Feb 13, 2023
- HYPERION DEFI, INC. Dallas, Texas
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What HYPERION DEFI, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $5.8M7 Dec 31, 2024 | $4.8M7 Dec 31, 2023 | +21.0% |
| Accumulated depreciation | $2.5M7 Dec 31, 2024 | $1.4M7 Dec 31, 2023 | +79.5% |
| Operating-lease assets (leased space) | $416.0K4 Dec 31, 2025 | $718.4K4 Dec 31, 2024 | −42.1% |
Investments
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Indefinite-lived intangibles (excluding goodwill) | $20.6M4 Dec 31, 2025 |
Properties, in its own words
Our principal executive offices are located in approximately 4,600 square feet of office space in Laguna Hills, California and co-located with our R&D and commercial teams. In addition, we lease approximately 12,000 square feet of office space in Reno, Nevada, that has been fully subleased as of December 31, 2025. We also lease approximately 3,800 square feet of office space in New York City, New York for our finance team.
We believe that our existing facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms.
Item 2 of the 10-K filed Mar 30, 2026.3
Leadership
Who has led HYPERION DEFI, INC., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerTsontcho Ianchulev Jan 24, 2018 to Nov 3, 202112
- Chief financial officerDavid R. Knox Oct 1, 2025 to now13
- Chief financial officerAndrew D. Jones Sep 3, 2024 to Sep 3, 202414
- Chief operating officerBren Kern Jan 4, 2023 to now15
Board members and other officers (19)
- Chief Investment OfficerHyunsu Jung Jul 9, 2025 to now16
- VP, Clinical OperationsJennifer G. Clasby Jan 24, 2018 to Jul 21, 202117
- VP, Research and DevelopmentLuke Clauson Apr 12, 2018 to Jun 17, 202118
- Board memberHyunsu Jung Jul 9, 2025 to now16
- Board memberHappy David Walters Sep 9, 2025 to now19
- Board memberMichael S. Geltzeiler Nov 16, 2023 to now20
- Board memberRachel Jacobson Mar 10, 2022 to now21
- Board memberStephen Keith Benjamin Mar 11, 2022 to Jun 29, 202222
- Board memberEllen R. Strahlman Jul 12, 2022 to now23
- Board memberRam Palanki Jul 12, 2022 to now24
- Board memberJulia Haller Apr 1, 2021 to Jun 21, 202225
- Board memberCurt H. Labelle Jan 24, 2018 to Nov 22, 202126
- Board memberErnest Mario Jan 24, 2018 to Nov 22, 202127
- Board memberShuhei Yoshida Jan 24, 2018 to May 16, 201928
- Board memberTsontcho Ianchulev Jan 24, 2018 to now12
- Board memberFredric N. Eshelman Jan 25, 2018 to Nov 22, 202129
- Board memberCharles E. Mather Iv. Apr 5, 2018 to now30
- Board memberKenneth B. Lee Jr. Apr 5, 2018 to Jun 21, 202231
- General counselRobert Rubenstein Jan 12, 2026 to now32
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Executive Officer, DirectorMichael Rowe named Jul 22, 202533
Former names
- EYENOVIA, INC.Aug 24, 2016 to Jun 27, 20252
Timeline
- Oct 2, 20268-K Ended a material agreement; Results of operations; Regulation FD disclosure34
- Aug 12, 20268-K Results of operations; Regulation FD disclosure35
- Jul 8, 20268-K Executive or director change36
- Jul 1, 20268-K Shareholder vote37
- Jun 5, 20268-K Other events38
- May 14, 20268-K Results of operations; Regulation FD disclosure; Other events39
- May 6, 20268-K Other events40
- Mar 26, 20268-K Results of operations; Bylaws or fiscal year changed; Regulation FD disclosure41
- Jan 5, 20268-K Unregistered sale of shares; Executive or director change; Regulation FD disclosure42
- Dec 10, 20258-K Other events43
- Nov 17, 20258-K Entered a material agreement44
- Nov 13, 20258-K Results of operations; Regulation FD disclosure45
- Jan 24, 2018New chief executive Tsontcho Ianchulev becomes CEO12
Calendar
Coming up
- Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.05 a share, on Nov 13, 2025.46
When it reported results
- Oct 2, 2026Reported quarterly or annual results34
- Aug 12, 2026Reported quarterly or annual results35
- May 14, 2026Reported quarterly or annual results39
- Mar 26, 2026Reported quarterly or annual results41
- Nov 13, 2025Reported quarterly or annual results45
- Aug 13, 2025Reported quarterly or annual results47
- May 19, 2025Reported quarterly or annual results48
- Mar 20, 2025Reported quarterly or annual results49
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
364 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 101 major events, 136 insider forms, 23 large holders, 1 private raises, 80 other. The latest 20:
- Oct 5, 2026SCHEDULE 13G/A EDGAR
- Oct 2, 20268-K EDGAR
- Sep 30, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 18, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- Jul 8, 20268-K EDGAR
- Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 1, 20268-K EDGAR
- Jul 1, 2026SCHEDULE 13G/A EDGAR
- Jun 5, 20268-K EDGAR
- Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
- May 28, 20264 OWNERSHIP DOCUMENT EDGAR
- May 15, 202610-Q EDGAR
- May 14, 20268-K EDGAR
- May 6, 20268-K EDGAR
- May 6, 2026424B5 EDGAR
The 364 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
60 open-market trades by officers, directors and large owners since October 2021: 55 buys and 5 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 2, 2026 | Jung HyunsuSee Remarks | Buy | 1,000 | $3.66 | $3.7K | Form 4 |
| Jun 1, 2026 | Jung HyunsuSee Remarks | Buy | 7,000 | $3.70 | $25.9K | Form 4 |
| Dec 31, 2025 | Knox David R.Chief Financial Officer | Buy | 27,950 | $3.59 | $100.3K | Form 4 |
| Dec 29, 2025 | Strahlman Ellen RDirector | Buy | 23,968 | $3.60 | $86.4K | Form 4 |
| Dec 26, 2025 | Strahlman Ellen RDirector | Buy | 6,912 | $3.86 | $26.7K | Form 4 |
| Dec 18, 2025 | Strahlman Ellen RDirector | Buy | 38,444 | $3.14 | $120.7K | Form 4 |
| Dec 17, 2025 | Walters Happy DavidDirector | Buy | 61,930 | $3.02 | $187.0K | Form 4 |
| Dec 17, 2025 | GELTZEILER MICHAEL SDirector | Buy | 30,000 | $3.01 | $90.3K | Form 4 |
| Aug 28, 2024 | Rowe Michael MChief Executive Officer | Buy | 27,071 | $0.52 | $14.1K | Form 4 |
| Aug 26, 2024 | Rowe Michael MChief Executive Officer | Buy | 50,000 | $0.57 | $28.5K | Form 4 |
| Jul 2, 2024 | Grant Stuart M.10% owner | Buy | 1,515,151 | $0.66 | $1.0M | Form 4 |
| Mar 28, 2024 | Grant Stuart M.10% owner | Buy | 100,000 | $0.98 | $98.0K | Form 4 |
| Mar 19, 2024 | Grant Stuart M.10% owner | Buy | 50,000 | $1.23 | $61.5K | Form 4 |
| Mar 8, 2024 | Grant Stuart M.10% owner | Buy | 10,717 | $1.58 | $16.9K | Form 4 |
| Dec 4, 2023 | Rowe Michael MChief Executive Officer | Buy | 4,890 | $1.36 | $6.7K | Form 4 |
| Sep 29, 2023 | Strahlman Ellen RDirector | Buy | 4,820 | $1.68 | $8.1K | Form 4 |
| Sep 19, 2023 | Rowe Michael MChief Executive Officer | Buy | 1,400 | $1.66 | $2.3K | Form 4 |
| Sep 15, 2023 | Rowe Michael MChief Executive Officer | Buy | 1,137 | $1.75 | $2.0K | Form 4 |
| Aug 17, 2023 | Grant Stuart M.10% owner | Buy | 30,000 | $1.87 | $56.1K | Form 4 |
| Aug 16, 2023 | Grant Stuart M.10% owner | Buy | 45,000 | $1.91 | $86.0K | Form 4 |
All 60 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Avanza Pension ForsakringsaktiebolagetSCHEDULE 13G/A, 7 filings Oct 22, 2025 to Oct 5, 202650
- Avenue Venture Opportunities Fund, L.P.SCHEDULE 13D/A, 7 filings May 15, 2025 to Sep 19, 202551
- Hyunsu JungSCHEDULE 13D, 1 filing Jul 16, 202552
- Stuart M. GrantSC 13D/A, 3 filings Dec 27, 2021 to Dec 4, 202453
- ARMISTICE CAPITAL, LLCSC 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202454
- Tsontcho IanchulevSC 13D/A, 2 filings Jan 24, 2023 to Jul 18, 202455
- Fredric N. EshelmanSC 13D/A, 1 filing Feb 13, 202356
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Hyunsu JungChief Executive Officer / Chief Investment Officer | 30 | $9.3M57 | |
| 2025 | David KnoxChief Financial Officer | 36 | $3.3M57 | |
| 2025 | Bren KernFormer Chief Operating Officer | $715.7K57 | ||
| 2025 | Michael RoweFormer Chief Executive Officer | $488.1K57 | ||
| 2024 | Michael RoweFormer Chief Executive Officer | $807.8K57 | ||
| 2024 | Bren KernFormer Chief Operating Officer | $507.4K57 |
Money raised
Private offerings the company reported to the SEC on Form D.
- Jun 20, 2025Raised $50 million in a private offering of equity Form D: 5 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 33. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Vanguard Capital Management LLC | 466,798 | $1.5M | 0.0% | +382,389 |
| Franklin Resources Inc | 395,939 | $1.2M | 0.0% | New |
| Arrington Capital Management, LLC | 297,777 | $935.0K | 1.0% | New |
| Morgan Stanley | 237,986 | $747.3K | 0.0% | No change |
| Almanack Investment Partners, LLC. | 169,013 | $530.7K | 0.1% | New |
| Geode Capital Management, LLC | 130,707 | $410.5K | 0.0% | +53,627 |
| Jane Street Group, LLC | 127,491 | $400.3K | 0.0% | −789 |
| Oppenheimer & Co Inc | 126,365 | $396.8K | 0.0% | +62,097 |
| BlackRock, Inc. | 114,400 | $359.2K | 0.0% | +33,292 |
| Goldman Sachs Group Inc | 91,390 | $287.0K | 0.0% | New |
| Vanguard Fiduciary Trust Co | 74,455 | $233.8K | 0.0% | +46,307 |
| Citadel Advisors LLC | 56,299 | $176.8K | 0.0% | −56,607 |
| State Street Corp | 54,357 | $170.7K | 0.0% | +28,500 |
| UBS Group AG | 33,179 | $104.2K | 0.0% | −15,611 |
| Northern Trust Corp | 30,896 | $97.0K | 0.0% | +12,165 |
| Peak6 LLC | 20,000 | $62.8K | 0.0% | New |
| Investment House LLC | 17,300 | $54.3K | 0.0% | −34,575 |
| Jpmorgan Chase & Co | 16,107 | $51.2K | 0.0% | +16,099 |
| XTX Topco Ltd | 12,289 | $38.6K | 0.0% | −13,286 |
| Nations Financial Group Inc, /ia/ /adv | 11,125 | $34.9K | 0.0% | No change |
| Sanctuary Advisors, LLC | 10,800 | $33.9K | 0.0% | No change |
| Barclays PLC | 1,807 | $5.7K | 0.0% | New |
| Jones Financial Companies Lllp | 1,768 | $5.4K | 0.0% | New |
| Wells Fargo & Company/mn | 1,230 | $3.9K | 0.0% | +1,200 |
| SBI Securities Co., Ltd. | 1,219 | $3.8K | 0.0% | −695 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How HYPERION DEFI, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARHYPERION DEFI, INC.1
- CIK0001682639
- Employer ID (EIN)47-11784013
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Industry code (SIC)6199 Finance Services1
- SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
- Business address3090 Nowitzki Way, Suite 300, Dallas, TX 752191
- Phone833-393-66841
- Shares outstanding15,539,434 as of Aug 10, 202611
- Public float$50.1M as of Jun 30, 20253
- AuditorCBIZ CPAs P.C., Philadelphia, PA PCAOB ID 199; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceAug 24, 20161
- Filings612 in all: 4 (195), 8-K (159), 3 (27), 10-Q (26), 424B5 (23), SC 13D/A (18), CORRESP (16), S-8 (11)1
All 40 form types
UPLOAD (11), 4/A (10), DEF 14A (10), DEFA14A (10), EFFECT (10), 10-K (9), S-3 (8), 424B3 (7), SCHEDULE 13D/A (6), SCHEDULE 13G/A (6), PRE 14A (5), 144 (4), D (4), SC 13D (4), 10-K/A (3), ARS (3), S-3/A (3), 424B4 (2), 8-K/A (2), DRS (2), S-1 (2), S-1/A (2), SC 13G (2), SC 13G/A (2), SCHEDULE 13D (2), SEC STAFF LETTER (2), 3/A (1), 8-A12B (1), CERT (1), NT 10-K (1), NT 10-Q (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 30, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) May 5, 2026
Latest 8-K (8-K) Oct 2, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.0001 Par Value | HYPD | Nasdaq |
From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks HYPERION DEFI, INC. names in Item 1A of its 10-K filed Mar 30, 2026: 47 risks under these headings, as written.3
- RISKS RELATED TO OUR HYPE TOKEN TREASURY STRATEGY
- The Hyperliquid platform and technologies and HYPE have a limited operating history.
- HYPE is subject to extreme price volatility, and any sustained decline in the market price of HYPE could lead to substantial losses on our digital asset holdings and could adversely affect the market price of our common stock.
- HYPE is a highly volatile asset, and fluctuations in the price and liquidity of HYPE may influence our financial results and the market price of our listed securities.
- HYPE faces unique technical, governance and concentration risks that could materially affect its long-term viability.
- HYPE is subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols, which could have a negative impact on the price of HYPE and adversely affect the value of our HYPE holdings.
- Proof-of-stake blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.
- The concentration of our HYPE holdings could enhance the risks inherent in our HYPE treasury strategy.
- The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of HYPE and adversely affect our business.
- We plan to use a portion of our capital raised that is not required to provide working capital for our ongoing operations to invest in HYPE, which may adversely affect our financial results and the market price of our securities.
- Our digital asset holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
- Competition from central bank digital currencies (“CBDCs”) and emerging payments initiatives involving financial institutions could adversely affect the price of HYPE and other digital assets.
The other 36 risks
- The Company’s options activity on the price of HYPE exposes the Company to financial, liquidity, and counterparty risk.
- The Company’s Temporary Use Agreement with Native Markets, Inc. exposes the Company to financial risk, earnings volatility, liquidity constraints, and risk of loss.
- There may be no realized economic value of the Company’s KNTQ tokens.
- The Company’s liquid staking activities, including its holdings of HiHYPE, kHYPE, and kmHYPE (each an intangible digital asset), expose the Company to additional risks and earnings volatility.
- HYPE, the Hyperliquid network and other digital assets are novel and are subject to significant legal and regulatory uncertainty.
- Our HYPE and other digital assets treasury strategy subjects us to enhanced regulatory oversight.
- Absent federal regulations, there is a possibility that HYPE may be classified as a “security.” Any classification of HYPE as a “security” would subject us to additional regulation and could materially and adversely impact the operation of our business.
- If we were deemed to be an investment company under the Investment Company Act, applicable restrictions likely would make it impractical for us to continue segments of our business as currently contemplated.
- We are not subject to the legal and regulatory obligations that apply to investment companies such as mutual funds and funds, or to obligations applicable to investment advisers.
- HYPE is created and transmitted through the operations of the peer-to-peer Hyperliquid network, a decentralized network of computers running software following the HYPE protocol. If the Hyperliquid network is disrupted or encounters any unanticipated difficulties, the value of HYPE could be negatively impacted.
- We face risks relating to the custody of our HYPE and other digital assets, such as the loss or destruction of private keys required to access our HYPE and cyberattacks or other data loss relating to our HYPE, including smart contract-related losses and vulnerabilities.
- Our digital assets are not insured by the FDIC or SIPC.
- We use smart contracts that are subject to coding errors and other potential flaws.
- We are exposed to slashing risks.
- We face other risks related to our digital asset treasury reserve business model.
- We may engage in distinct digital asset financing strategies in which we will leverage our digital asset holdings to acquire additional amounts of the same leveraged digital assets, and may do so on a compounded basis, which will increase our exposure to smart-contract, operational and counterparty risks.
- We may be subject to additional tax liability if regulation or policy changes adversely affect the tax treatment of rewards from staking HYPE.
- Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our HYPE holdings.
- Unrealized fair value gains on our HYPE holdings could cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act.
- Due to the unregulated nature and lack of transparency surrounding the operations of many HYPE trading venues, these trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in HYPE trading venues and adversely affect the value of our HYPE.
- Delisting of our common stock from Nasdaq could prevent us from maintaining an active, liquid and orderly trading market for our common stock.
- The terms of our Loan and Security Agreement require us to meet certain operating covenants and place restrictions on our operating and financial flexibility. If we raise additional capital through debt financing, the terms of any new debt could further restrict our ability to operate our business.
- If we are unable to raise sufficient additional capital on acceptable terms, we may be unable to expand or maintain our HYPE reserve, which could adversely affect our liquidity, financial condition and growth prospects.
- We may need to raise additional capital in the future, which may not be available on reasonable terms, or at all.
- A significant portion of our total outstanding shares may be sold into the market in the near future, which could cause the market price of our common stock to drop significantly, even if our business is performing well.
- We have broad discretion in the use of our cash, including the net proceeds from our financings, and might not use them effectively.
- We may be adversely affected by the effects of inflation.
- As a public company, we are required to have effective internal controls and disclosure controls, which are costly and time consuming to implement. Failure to maintain adequate financial controls could cause us to have material weaknesses, which could adversely affect our operations and financial position.
- The accuracy of our financial reporting depends on the effectiveness of our internal control over financial reporting. We have identified material weaknesses in our internal control over financial reporting, which may raise questions regarding the accuracy and reliability of our financial statements and our ability to report accurately in the future.
- Provisions in our corporate charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
- Our certificate of incorporation provides that the Court of Chancery of the State of Delaware is, to the fullest extent permitted by law, the sole and exclusive forum for substantially all disputes between us and our stockholders. These choice of forum provisions could limit the ability of stockholders to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
- Because we do not anticipate paying any cash dividends on our common stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
- If securities analysts do not continue to publish research or reports about our business or if they publish negative evaluations of our stock, the price of our stock could decline.
- We are an “smaller reporting company” and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.
- We are highly dependent on the services of our senior management team, and if we are not able to retain these members of our management team or recruit and retain additional management personnel, our business will be harmed.
- We rely upon information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cyber security incidents, could harm our ability to operate our business effectively.
Legal proceedings
We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.
The opening of Item 3, Legal Proceedings.3
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARBren Kern, Chief operating officer
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- 19SEC EDGARHappy David Walters, Board member
- 20SEC EDGARMichael S. Geltzeiler, Board member
- 21SEC EDGARRachel Jacobson, Board member
- 22SEC EDGARStephen Keith Benjamin, Board member
- 23SEC EDGAREllen R. Strahlman, Board member
- 24SEC EDGARRam Palanki, Board member
- 25SEC EDGARJulia Haller, Board member
- 26SEC EDGARCurt H. Labelle, Board member
- 27SEC EDGARErnest Mario, Board member
- 28SEC EDGARShuhei Yoshida, Board member
- 29SEC EDGARFredric N. Eshelman, Board member
- 30SEC EDGARCharles E. Mather Iv., Board member
- 31SEC EDGARKenneth B. Lee Jr., Board member
- 32SEC EDGARRobert Rubenstein, General counsel
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- 36SEC EDGARExecutive or director change
- 37SEC EDGARShareholder vote
- 38SEC EDGAROther events
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- 40SEC EDGAROther events
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- 43SEC EDGAROther events
- 44SEC EDGAREntered a material agreement
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- 46NasdaqNasdaq calendar
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