Hyperion DeFi Provides Corporate Update and Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

Hyperion DeFi (NASDAQ: HYPD), formerly Eyenovia, has transformed from an ophthalmic technology company into the first U.S. public company implementing DeFi strategies on the Hyperliquid blockchain. The company reported Q2 2025 financial results and highlighted key achievements, including a $50 million private placement and the accumulation of over 1.5 million HYPE tokens in its treasury.

Key developments include appointing Hyunsu Jung as CIO, establishing a co-branded validator with Kinetiq for yield generation, and maintaining progress on FDA registration of the Optejet UFD device for September 2025. Q2 2025 financial results showed a net loss of $8.8 million ($2.50 per share), compared to $11.1 million loss in Q2 2024. The company's cash position stood at $7.5 million as of June 30, 2025.

Positive

• Secured $50 million through private placement financing
• Accumulated over 1.5 million HYPE tokens in treasury
• Established revenue-generating validator partnership with Kinetiq
• Research and development expenses decreased by 85% year-over-year
• FDA registration for Optejet UFD remains on track for September 2025

Negative

• Net loss of $8.8 million in Q2 2025
• General and administrative expenses increased 104% year-over-year
• Cash position of only $7.5 million despite $50 million financing
• Terminated CHAPERONE study and commercial operations in November 2024

Insights

Cryptocurrency and Blockchain Analyst

Hyperion pivots from ophthalmic tech to DeFi, accumulating 1.5M HYPE tokens while maintaining FDA device registration plans for September.

Hyperion DeFi's Q2 earnings reveal a dramatic strategic pivot from an ophthalmic technology company (formerly Eyenovia) to a cryptocurrency-focused entity. The company has established a $50 million treasury reserve specifically focused on HYPE, the native token of the Hyperliquid protocol, accumulating over 1.5 million HYPE tokens to date.

This transformation represents a significant business model shift as Hyperion becomes the first publicly-listed U.S. company implementing DeFi strategies on the Hyperliquid blockchain. The company has appointed cryptocurrency executive Hyunsu Jung as CIO and established a co-branded validator with Kinetiq, allowing them to earn yield on their HYPE holdings while contributing to blockchain security.

The financial data reveals a net loss of $8.8 million ($2.50 per share), an improvement from the $11.1 million loss in Q2 2024. R&D expenses decreased by 85% to $0.7 million, reflecting the termination of their CHAPERONE study. However, G&A expenses doubled to $7.7 million, driven by executive compensation and strategic assessment costs.

This corporate transformation carries significant execution risk. While the pivot to cryptocurrency might position Hyperion to capitalize on DeFi growth, it represents a dramatic departure from their previous medical technology focus. The company maintains $7.5 million in cash reserves as of June 30, 2025, up from $2.1 million at the end of 2024, providing some operational runway. Interestingly, they're continuing development of their Optejet User Filled Device with FDA registration anticipated for September 2025, suggesting they're not completely abandoning their original business.

Medical Device Industry Expert

Hyperion's Q2 results reflect a company in dramatic transition, splitting focus between cryptocurrency and medical device development. While the HYPE token acquisition dominates the announcement, the continued development of the Optejet User Filled Device (UFD) represents a potential secondary value stream with FDA registration still targeted for September 2025.

The 85% reduction in R&D expenses (down to $0.7 million from $4.6 million) signals significantly reduced investment in their ophthalmic technology following the termination of their CHAPERONE study in late 2024. This substantial R&D cutback raises questions about the company's long-term commitment to medical device development despite maintaining the UFD registration timeline.

CEO Michael Rowe's statement that they "continue to work tirelessly" on the Optejet UFD development and seeing "interest from potential development partners" suggests they may be seeking external partnerships to advance the medical technology rather than fully developing it in-house. This approach aligns with their reduced R&D spending and new strategic direction.

From a medical device perspective, the company appears to be positioning the Optejet UFD as a supplementary asset rather than their core focus, evidenced by the minimal discussion of the device's potential market, competitive advantages, or commercialization strategy. The brief mention of the device as "an additional source of value" further reinforces this secondary status in their corporate strategy.

Successfully establishes cryptocurrency treasury reserve focused on the HYPE token and becomes the first
publicly listed U.S. company to implement DeFi strategies on Hyperliquid blockchain

Accumulates more than 1.5 million HYPE to date and establishes co-branded validator with Kinetiq

Reiterates FDA registration of the Optejet User Filled Device (UFD) remains on track for September 2025

LAGUNA HILLS, Calif., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Hyperion DeFi, Inc. (NASDAQ: HYPD), the first publicly-listed U.S. company to implement DeFi strategies on its treasury of HYPE, the native token of the Hyperliquid protocol, and a pioneer in ophthalmic digital technologies, today provided a corporate update and announced financial results for the second quarter ended June 30^th, 2025.

Second Quarter 2025 and Recent Achievements:

• Closed a private placement financing of $50 million and successfully established a cryptocurrency treasury reserve focused on the HYPE token, acquiring more than 1.5 million HYPE to date.
• Appointed cryptocurrency executive Hyunsu Jung as Chief Investment Officer and Board member.
• Announced a co-branded validator with Kinetiq, a leading liquid staking protocol built natively for the Hyperliquid ecosystem.
  • The validator marks a significant step in Hyperion’s onchain engagement strategy, enabling the Company to earn yield on its more than 1.5 million HYPE while contributing directly to Hyperliquid blockchain’s stability and security.
• Implemented a corporate rebranding and name change from Eyenovia, Inc. to Hyperion DeFi, Inc.
• Hosted a successful corporate update webinar to discuss the Company's transformation from a digital ophthalmic technology company into Hyperion DeFi.
  • The event offered insight into how Hyperion DeFi is using blockchain-native assets like HYPE to build scalable, yield-generating products and support the growth of the Hyperliquid ecosystem.
    
    

Michael Rowe, Chief Executive Officer of Hyperion DeFi, stated, “The transformation that we have undergone over the past two months has been nothing short of remarkable, and I could not be more excited to be part of a pioneering organization that is leading the way in leveraging the accelerating adoption of digital currencies to create long-term value for shareholders. Hyperion DeFi blends the benefits of a regulated public company with opportunities only available through decentralized finance, and our focus on HYPE and the Hyperliquid ecosystem truly sets us apart as more and more companies adopt various digital treasury asset strategies.”

“At the same time, we continue to work tirelessly to complete the remaining development steps in support of FDA registration of the Optejet User Filled Device, which we anticipate next month. We are pleased with the level of interest we are seeing from potential development partners and view the Optejet UFD as an additional source of value.”

Hyunsu Jung, Chief Investment Officer of Hyperion DeFi, added, “Our focus here at Hyperion DeFi is to provide investors with the unique opportunity to partake in the value created by our operations in staking, capital deployment in DeFi, and other unique Hyperliquid growth initiatives. Accumulating more than 1.5 million HYPE was just the beginning - I am very excited for what the future holds for our company and our shareholders as we begin to deploy our other revenue-generating products. We expect these strategies to create powerful tailwinds for Hyperliquid’s continued growth and adoption, which should in turn benefit the performance of the HYPE token that we are continuing to accumulate in our treasury.”

Second Quarter 2025 Financial Review

For the second quarter of 2025, net loss attributable to common stockholders was $8.8 million, or $2.50 per share. This compares to a net loss of $11.1 million, or $16.65 per share, for the second quarter of 2024.

Research and development expenses for the second quarter of 2025 totaled $0.7 million, a decrease of $3.9 million, or 85%, compared to $4.6 million recorded for the second quarter of 2024. The decrease was driven primarily by a reduction in headcount in the fourth quarter of 2024 after the termination of the Company’s CHAPERONE study in November 2024.

General and administrative expenses for the second quarter of 2025 totaled $7.7 million, an increase of $3.9 million, or 104%, compared to $3.8 million recorded for the second quarter of 2024. The increase was due to a one-time non-cash stock-based compensation inducement grant given to a newly hired executive, as well as higher professional fees as a result of our assessment of strategic options earlier this year concluding with our $50 million financing and establishment of the treasury strategy in June. These costs were offset by decreases in costs resulting from initiatives that we implemented beginning late last year with the termination of the CHAPERONE study and commercial operations in November 2024.

As of June 30, 2025, the Company’s unrestricted cash and cash equivalents were $7.5 million, as compared to $2.1 million in unrestricted and restricted cash as of December 31, 2024.

About Hyperion DeFi, Inc.
Hyperion DeFi, Inc. is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid’s native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. Shareholders benefit from a gradually compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility.

Hyperion DeFi is also developing its proprietary Optejet User Filled Device (UFD) that is designed to work with a variety of topical ophthalmic liquids, including artificial tears and lens rewetting products. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may result in higher treatment compliance and better outcomes for patients and providers.

For more information, please visit Hyperiondefi.com.

Forward Looking Statements
Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or other future events or conditions, including the estimated market opportunities for our platform technology, the viability of, and risks associated with, our cryptocurrency treasury strategy, the clinical trials that may be necessary in connection with the clearance of the Optejet UFD, and the timing for sales growth of our approved products. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission.

In addition, such statements could be affected by risks and uncertainties related to, among other things: risks of our clinical trials, including, but not limited to, the potential advantages of our products, and platform technology; the rate and degree of market acceptance and clinical utility of our products; our estimates regarding the potential market opportunity for our products; reliance on third parties to develop and commercialize our products; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products and product candidates; our competitive position; our ability to raise additional funds to maintain our business operations and to make payments on our debt obligations as and when necessary; and the risks of our cryptocurrency strategy as detailed in our Current Report on Form 8-K filed on June 27, 2025.

Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update any forward-looking statements.

Hyperion DeFi Investor Contact:
Eric Ribner
LifeSci Advisors, LLC
eric@lifesciadvisors.com
(646) 751-4363

Hyperion DeFi, Inc. Condensed Balance Sheets (unaudited)
	June 30,				December 31,
	2025				2024
	(unaudited)
Assets
Current Assets
Cash and cash equivalents	$	7,532,291			$	2,121,463
Deposit to be refunded		888,000				—
Prepaid expenses and other current assets		967,006				645,736
Total Current Assets		9,387,297				2,767,199
HYPE digital tokens		45,500,000				—
Property and equipment, net		22,959				—
Security deposits, non-current		182,200				182,200
Operating lease right-of-use asset		567,180				718,360
Total Assets	$	55,659,636			$	3,667,759
Liabilities and Stockholders’ Equity (Deficiency)
Current Liabilities:
Accounts payable	$	901,594			$	1,954,681
Accrued inducement grant		5,190,000				—
Accrued former licensor obligations		2,245,087				2,245,087
Accrued expenses and other current liabilities		1,496,804				1,322,674
Operating lease liabilities - current portion		477,609				575,163
Notes payable - current portion, net of debt discount of $0 and $527,870 as of June 30, 2025 and December 31, 2024, respectively		—				5,212,532
Convertible notes payable - current portion, net of debt discount of $0 and $263,930 as of June 30, 2025 and December 31, 2024, respectively		—				4,736,070
Total Current Liabilities		10,311,094				16,046,207
Notes payable - non-current portion, net of debt discount of $654,151 and $0 as of June 30, 2025 and December 31, 2024, respectively		7,516,735				—
Operating lease liabilities - non-current portion		473,241				717,504
Total Liabilities		18,301,070				16,763,711
Stockholders’ Equity (Deficiency):
Preferred stock, $0.0001 par value, 6,000,000 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 June 30, 2025 and December 31, 2024, respectively		544				—
Common stock, $0.0001 par value, 300,000,000 shares authorized; 4,854,827 and 1,506,369 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		485				151
Additional paid-in capital		244,841,981				182,213,889
Accumulated deficit		(207,484,444	)			(195,309,992	)
Total Stockholders’ Equity (Deficiency)		37,358,566				(13,095,952	)
Total Liabilities and Stockholders’ Equity (Deficiency)	$	55,659,636			$	3,667,759

Hyperion DeFi, Inc. Condensed Statement of Operations (unaudited)
	For the Three Months Ended								For the Six Months Ended
	June 30,								June 30,
	2025				2024				2025				2024
Operating Income
Revenue	$	—				22,625			$	14,720			$	27,618
Cost of revenue		—				(490,361	)			(48	)			(693,388	)
Gross Profit (Loss)		—				(467,736	)			14,672				(665,770	)
Operating Expenses:
Research and development		674,578				4,597,173				1,347,621				9,028,774
Selling, general and administrative		7,678,704				3,758,835				10,051,026				7,396,024
Reacquisition of license rights		—				2,864,600				—				4,864,600
Total Operating Expenses		8,353,282				11,220,608				11,398,647				21,289,398
Loss From Operations		(8,353,282	)			(11,688,344	)			(11,383,975	)			(21,955,168	)
Other Income (Expense):
Other income (expense), net		168,840				2,980				172,527				(94,578	)
Gain on debt extinguishment		—				—				89,623				—
Change in fair value of equity consideration payable		—				1,240,800				—				1,240,800
Interest expense		(528,410	)			(674,001	)			(1,109,909	)			(1,352,659	)
Interest income		21,933				64,866				57,282				185,805
Total Other Income (Expense)		(337,637	)			634,645				(790,477	)			(20,632	)
Net Loss		(8,690,919	)			(11,053,699	)			(12,174,452	)			(21,975,800	)
Dividend to preferred stockholders		(97,167	)			—				(97,167	)			—
Net Loss Attributable to Common Stockholders	$	(8,788,086	)		$	(11,053,699	)		$	(12,271,619	)		$	(21,975,800	)
Net Loss Per Share - Basic and Diluted	$	(2.50	)		$	(16.65	)		$	(4.29	)		$	(35.26	)
Weighted Average Shares Outstanding - Basic and Diluted		3,518,906				664,022				2,857,596				623,303

FAQ

What is Hyperion DeFi's (HYPD) new business strategy after transforming from Eyenovia?

Hyperion DeFi has transformed into the first U.S. public company implementing DeFi strategies on Hyperliquid blockchain, focusing on HYPE token treasury management, staking, and yield generation through partnerships like the Kinetiq validator.

How much HYPE token has Hyperion DeFi (HYPD) accumulated in Q2 2025?

Hyperion DeFi has accumulated over 1.5 million HYPE tokens following their $50 million private placement financing in Q2 2025.

What were Hyperion DeFi's (HYPD) Q2 2025 financial results?

In Q2 2025, Hyperion reported a net loss of $8.8 million ($2.50 per share), R&D expenses decreased 85% to $0.7 million, while G&A expenses increased 104% to $7.7 million. Cash position was $7.5 million as of June 30, 2025.

Who is the new Chief Investment Officer of Hyperion DeFi (HYPD)?

Hyunsu Jung was appointed as Chief Investment Officer and Board member, bringing cryptocurrency expertise to lead the company's DeFi strategies and HYPE token treasury management.

What is the status of Hyperion DeFi's (HYPD) Optejet UFD FDA registration?

The FDA registration for the Optejet User Filled Device (UFD) remains on track for September 2025, with the company reporting strong interest from potential development partners.