$HYPD

HYPERION DEFI, INC.

CIK:0001682639|SEC Filings

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Condensed Statements of Operations
Revenue	$ 357,693		$ 601,964	$ 14,720
Cost of revenue				(48)
Gross Profit	357,693		601,964	14,672
Operating (Income) Expenses:
Research and development	58,491	$ 674,578	345,255	1,347,621
Selling, general and administrative	3,918,592	7,678,704	8,412,196	10,051,026
Impairment of right of use assets	57,773		57,773
Realized gain - digital assets and digital assets receivable, net	(17,859,505)		(21,483,269)
Unrealized gain - digital assets, net	(16,939,634)		(27,913,613)
Unrealized loss - digital intangible assets receivable	367,251
Impairment loss - digital intangible assets	768,857		2,000,525
Net gain on derivative instruments	(112,032)		(151,433)
Recovery of credit losses	(909,842)		(405,331)
Total Operating (Income) Expenses, Net	(30,650,049)	8,353,282	(39,137,897)	11,398,647
Income (Loss) From Operations	31,007,742	(8,353,282)	39,739,861	(11,383,975)
Other Income (Expense):
Other income (expense), net	(29,783)	168,840	60,350	172,527
Gain on extinguishment of liabilities				89,623
Interest expense	(233,760)	(528,410)	(459,629)	(1,109,909)
Interest income	206,764	21,933	450,931	57,282
Total Other Income (Expense), Net	(56,779)	(337,637)	51,652	(790,477)
Net Income (Loss)	30,950,963	(8,690,919)	39,791,513	(12,174,452)
Dividend to preferred stockholders	(718,478)	(97,167)	(1,533,775)	(97,167)
Net Income (Loss) Attributable to Participating Securities	30,232,485	(8,788,086)	38,257,738	(12,271,619)
Less: income allocated to preferred stockholders	(15,892,379)		(21,378,486)
Net Income (Loss) Available to Common Stockholders - Basic	14,340,106	(8,788,086)	16,879,252	(12,271,619)
Add: undistributed earnings reallocated to common upon assumed exercise/vesting of dilutive securities	1,391,300		1,727,571
Net Income (Loss) Available to Common Stockholders - Diluted	$ 15,731,406	$ (8,788,086)	$ 18,606,823	$ (12,271,619)
Net earnings (loss) per common share:
Net earnings (loss) per share - Basic (in dollars per share)	$ 1.01	$ (2.5)	$ 1.36	$ (4.29)
Net earnings (loss) per share - Diluted (in dollars per share)	$ 0.92	$ (2.5)	$ 1.25	$ (4.29)
Weighted average shares outstanding
Weighted average shares outstanding - Basic (in shares)	14,173,457	3,518,906	12,401,910	2,857,596
Weighted average shares outstanding - Diluted (in shares)	17,040,392	3,518,906	14,873,109	2,857,596

Condensed Statements of Cash Flows - USD ($)	3 Months Ended	6 Months Ended
Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income (loss)	$ 30,950,963	$ 39,791,513	$ (12,174,452)
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities:
Stock-based compensation		3,436,835	5,953,282
Change in fair value of shares issued for accrued dividend		158,544
Amortization of debt discount		110,921	585,508
Non-cash lease expense		208,954	151,179
Recovery of credit losses	(909,842)	(405,331)
Gain on extinguishment of liabilities			(89,623)
Realized gain - digital assets and digital assets receivable		(21,483,269)
Unrealized gain - digital assets, net	(16,939,634)	(27,913,613)
Net gains on derivative instruments	(112,032)	(151,433)
Impairment loss - digital intangible assets	768,857	2,000,525
Non-cash revenue, net		(601,964)
Non-cash interest income from digital assets receivable		(307,278)
Non-cash portion of other income		22,603
Paid-in-kind interest expense		169,125	211,520
Changes in operating assets and liabilities:
Refunded deposit			(888,000)
Prepaid expenses and other current assets		(1,910,336)	(321,270)
Accounts payable		(178,786)	(1,053,087)
Accrued expenses and other current liabilities		204,368	76,963
Lease liabilities		(245,365)	(341,817)
Net Cash and Cash Equivalents Used In Operating Activities		(7,093,987)	(7,889,797)
Cash Flows From Investing Activities
Purchases of property and equipment			(22,959)
Purchase of digital assets		(8,873,800)	(45,500,000)
Sales and dispositions of digital assets		2,440,000
Purchases of USDC		(2,518,820)
Proceeds from sales of USDC		2,000,000
Net Cash and Cash Equivalents Used In Investing Activities		(6,952,620)	(45,522,959)
Cash Flows From Financing Activities
Proceeds from sale of preferred stock and warrants in private placement			50,000,000
Proceeds from induced exercise of stock warrants			1,039,206
Proceeds from induced exercise of stock warrants			1,953,504
Payment to taxing authorities in connection with shares directly withheld from employees		(231,098)
Repayments of notes payable		(235,559)	(1,463,438)
Payment of issuance costs for debt modification			(177,228)
Payment of cash issuance costs for induced exercise of stock warrants			(116,456)
Reverse stock split settlement of fractional shares			(160)
Net Cash and Cash Equivalents Provided By Financing Activities		17,372,945	58,823,584
Net Increase in Cash and Cash Equivalents		3,326,338	5,410,828
Cash and Cash Equivalents - Beginning of Period		6,310,878	2,121,463
Cash and Cash Equivalents - End of Period	9,637,216	9,637,216	7,532,291
Supplemental Disclosure of Cash Flow Information:
Interest		179,582
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Modification date carrying value of extinguished Avenue Loan			10,262,280
Modification date fair value of modified Avenue Loan			10,172,657
Exchange of digital intangible assets for digital intangible assets receivable		18,746,744
Exchange of digital intangible assets receivable for digital intangible assets		19,454,154
Digital assets received for digital assets receivable		22,528,501
Deposits into Hyperion Rysk Vault		1,812,029
Redemption from Hyperion Rysk Vault		1,854,834
Warrant modification and additional warrants - incremental value			1,194,102
Prepaid insurance financed by note payable		598,055
Common stock issued for accrued dividends payable		1,719,187
Accrued dividend payable to preferred stockholders		1,533,775
Shares withheld for employee tax liabilities		148,000
Treasury shares retired		253,558
Deposits of digital assets into liquid staking activities		364,962
Liability for digital assets received pursuant to partnership agreement		150,163
Common stock issued upon conversion of preferred stock		60
Issuance of common stock upon vesting of restricted stock units		36
Digital assets acquired in exchange for USDC		3,549,105
Digital assets disposed of in exchange for USDC		2,874,699
Conversion of USDH to USDC, net		1,926,018
At Market Offering
Cash Flows From Financing Activities
Proceeds from sale of common stock	1,973,363	8,954,461	8,508,666
Payment of issuance costs	(126,464)	(442,180)	(286,260)
Public offering
Cash Flows From Financing Activities
Proceeds from sale of common stock	10,476,097	10,476,097
Payment of issuance costs	$ (1,148,776)	$ (1,148,776)
Private Placement
Cash Flows From Financing Activities
Payment of issuance costs			$ (634,250)

Condensed Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 9,637,216	$ 6,310,878
Prepaid expenses and other current assets	3,271,661	934,931
Total Current Assets	12,908,877	7,245,809
Digital assets	74,119,231	16,345,347
Digital assets receivable, net		6,935,131
Digital intangible assets	25,721,566	20,591,555
Operating lease right-of-use asset	207,044	415,998
Other assets	182,200	230,416
Total Assets	113,138,918	51,764,256
Current Liabilities:
Accounts payable	139,114	317,900
Accrued expenses and other current liabilities	2,153,114	1,871,106
Operating lease liabilities - current portion	417,593	512,007
Notes payable - current portion, net	2,798,981
Total Current Liabilities	5,508,802	2,701,013
Notes payable - non-current portion, net	5,639,696	7,796,136
Operating lease liabilities, non-current portion	55,649	206,600
Total Liabilities	11,204,147	10,703,749
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred stock, $0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated; 5,235,897 and 5,435,897 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively with a liquidation preference of $50,740,000 as of June 30, 2026	524	544
Common stock, $0.0001 par value, 600,000,000 shares authorized; 15,299,832 shares issued and outstanding as of June 30, 2026; 8,762,329 shares issued and 8,680,005 shares outstanding as of December 31, 2025, respectively	1,531	876
Additional paid-in-capital	302,765,630	281,937,072
Treasury stock, at cost, 0 and 82,324 shares as of June 30, 2026 and December 31, 2025, respectively		(253,558)
Accumulated deficit	(200,832,914)	(240,624,427)
Total Stockholders' Equity	101,934,771	41,060,507
Total Liabilities and Stockholders' Equity	$ 113,138,918	$ 51,764,256