Core Viewpoint - The company is rebranding to Hyperion DeFi, Inc. and will begin trading under the ticker symbol "HYPD" on Nasdaq effective July 3, 2025, reflecting its focus on a cryptocurrency treasury reserve strategy centered around the HYPE token [2][3][4]. Company Overview - Hyperion DeFi, Inc. is the first publicly listed U.S. company to build a strategic treasury of HYPE, the native token of the Hyperliquid protocol [2][6]. - The company aims to provide shareholders with simplified access to the Hyperliquid ecosystem, which is recognized as one of the fastest-growing and highest revenue-generating blockchains globally [6]. Strategic Initiatives - The name change signifies a new vision for the company, emphasizing its potential to become the largest holder of the HYPE token and a leader in cryptocurrency-based treasury assets [4]. - The company has launched the Kinetiq x Hyperion validator, which is now live, and has begun staking its HYPE holdings to generate yield [4][6]. Product Development - Hyperion DeFi is also developing the Optejet User Filled Device (UFD), designed for various topical ophthalmic liquids, which aims to improve treatment compliance and outcomes for patients with chronic eye diseases [7].

Core Insights - Eyenovia, Inc. has increased its total holdings of HYPE tokens to 1,306,452 by acquiring an additional 265,872 tokens at an average price of $34.83 each [1][2] - The company aims to leverage its HYPE holdings to participate in ecosystem growth initiatives and generate yield at the protocol level [2][5] - HYPE is the native token of the Hyperliquid platform, which is designed for high-frequency trading and includes features like on-chain perpetual futures and spot order books [3][4] Company Overview - Eyenovia is a pioneering digital ophthalmic technology company and the first publicly listed U.S. company to build a strategic treasury of HYPE [5] - The company is focused on revolutionizing topical eye treatment while providing shareholders with access to the Hyperliquid ecosystem, which is noted for its rapid growth and high revenue generation [5] - Eyenovia is also developing the Optejet User Filled Device (UFD) for various ophthalmic liquids, aimed at improving treatment compliance and outcomes for patients [6]

Core Insights - Eyenovia, Inc. has launched a co-branded Hyperliquid validator in collaboration with Kinetiq, marking a significant advancement in its onchain engagement strategy [1][2][3] - The validator initiative is part of Eyenovia's strategy to actively engage with ecosystem projects, potentially allowing investors to benefit from both asset performance and strategic participation [5] - Eyenovia has acquired 1,040,584.5 HYPE tokens to support network stability and security through validator operations [2][4] Company Overview - Eyenovia is a pioneering digital ophthalmic technology company and the first publicly listed U.S. company to build a strategic treasury of Hyperliquid's native token, HYPE [8] - The company is also developing the Optejet User Filled Device (UFD) for topical ophthalmic treatments, which aims to improve patient compliance and treatment outcomes [9] Hyperliquid Platform and HYPE Token - Hyperliquid is a layer one blockchain optimized for high-frequency trading, featuring onchain perpetual futures and spot order books with 70 millisecond block times [6] - HYPE, the native token of Hyperliquid, provides utility through reduced trading fees and has become the 12th-largest cryptocurrency by market capitalization, with over 25 million HYPE sequestered as of June 2025 [7]

Core Insights - Eyenovia, Inc. is advancing its digital asset capital strategy by building a strategic treasury of HYPE, the native token of the Hyperliquid protocol [1][7] - Avenue Capital Group has become the largest common stockholder and has amended Eyenovia's senior secured debt to support the HYPE treasury, extending the maturity date to July 1, 2028, and reducing the interest rate from 12% to 8% [2] - Max Fiege has been appointed as Strategic Advisor to enhance the HYPE Treasury strategy, focusing on stakeholder education and ecosystem advocacy [4] Financial Developments - The amendment to the debt includes interest-only payments for the first 18 months, followed by equal principal and interest payments for the next 18 months [2] - The reduced interest rate and extended maturity are expected to provide financial flexibility as the company builds its HYPE treasury [2] Strategic Appointments - Max Fiege, with a background in blockchain and digital assets, will assist in the treasury architecture and risk oversight for Eyenovia [4][5] - His expertise is anticipated to enhance the company's position in the digital finance landscape [5] HYPE Token Overview - HYPE is the native token of the Hyperliquid layer one blockchain, allowing for non-custodial trading and offering utility such as trading fee discounts [6] - As of June 2025, HYPE ranks as the 12th-largest cryptocurrency by market capitalization [6] Company Overview - Eyenovia is a pioneering digital ophthalmic technology company, focusing on both innovative eye treatment solutions and building a treasury of HYPE [7] - The company is also developing the Optejet User Filled Device, targeting multiple billion-dollar markets in ophthalmic treatments [8]

Core Viewpoint - Eyenovia, Inc. has announced a $50 million private placement to acquire HYPE tokens, aiming to become a significant player in the Hyperliquid blockchain ecosystem and enhance shareholder value through cryptocurrency treasury strategy [3][5][13]. Group 1: Private Placement Details - The company has entered into a securities purchase agreement (SPA) for a $50 million private placement with institutional accredited investors [3]. - The SPA includes the issuance of non-voting convertible preferred stock convertible into approximately 15.4 million shares of common stock at a conversion price of $3.25 per share, along with warrants to purchase approximately 30.8 million shares at the same exercise price [4]. - If the warrants are fully exercised, the transaction could generate aggregate gross proceeds of approximately $150 million [4]. Group 2: Cryptocurrency Strategy - Eyenovia plans to build a reserve of HYPE tokens, which are native to the Hyperliquid blockchain, and aims to acquire over 1,000,000 HYPE tokens [5][12]. - The company intends to implement a HYPE staking program and has partnered with Anchorage Digital for asset security [5]. - This strategy positions Eyenovia as the first U.S.-based publicly listed company to hold HYPE in its treasury, enhancing its role in the blockchain ecosystem [2][5]. Group 3: Leadership Changes - Hyunsu Jung has been appointed as Chief Investment Officer and Board member, indicating a strategic shift towards cryptocurrency and blockchain investments [2][3]. - The CEO, Michael Rowe, emphasized the importance of this transaction for shareholder interests and long-term capital appreciation [5]. Group 4: Ongoing Business Focus - Alongside the cryptocurrency strategy, Eyenovia will continue to develop its Gen-2 Optejet User Filled Device (UFD), with FDA registration anticipated by September 2025 [6]. - The company is also engaged in commercial partnering discussions for the Optejet dispenser, indicating a dual focus on innovation in ophthalmic technology and blockchain [6][14]. Group 5: Future Developments - The closing of the offering is expected around June 20, 2025, with plans to change the company's name and ticker to "Hyperion DeFi" and "HYPD" respectively [7]. - A registration rights agreement has been established to facilitate the resale of shares underlying the preferred stock and warrants [8].

June 2025 We are the Optejet® Company An FDA-registered Class I Medical Device Forward-looking Statements Except for historical information, all the statements, expectations, and assumptions contained in this presentation 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 relating to our future activities or other future events or conditions, including esti ...

Financial Performance - Eyenovia reported a net loss of $3.5 million, or $1.59 per share, for Q1 2025, a significant improvement from a net loss of $10.9 million, or $18.75 per share, in Q1 2024[7]. - Total operating expenses for Q1 2025 were $3.0 million, representing a 70% decrease from $10.1 million in Q1 2024[8]. Expenses Management - Research and development expenses decreased by 85% to $0.7 million in Q1 2025, compared to $4.4 million in Q1 2024[7]. - General and administrative expenses were reduced by 35% to $2.4 million in Q1 2025, down from $3.6 million in Q1 2024[8]. - Eyenovia has reduced ongoing cash burn by approximately 70% compared to the previous year and has entered into a debt restructuring agreement deferring certain repayment obligations until October 2025[4][6]. Cash Position - As of March 31, 2025, Eyenovia's unrestricted cash and cash equivalents increased to $3.9 million from $2.1 million as of December 31, 2024[8]. - The total assets of Eyenovia as of March 31, 2025, were $5.98 million, compared to $3.67 million as of December 31, 2024[14]. Strategic Initiatives - The company is on track to file for U.S. regulatory approval for the Optejet user-filled device in September 2025, which could lead to multiple commercial opportunities[3][5]. - Eyenovia is negotiating a binding merger agreement with Betaliq, extending the exclusivity period until June 7, 2025, to finalize the agreement[2]. - The company aims to maximize shareholder value through the merger with Betaliq, which is expected to create a new eyecare company with immediate revenue from existing FDA-approved products[5].

Merger Negotiations - Eyenovia is in ongoing negotiations for a binding merger agreement with Betaliq, a clinical-stage pharmaceutical company focused on glaucoma [2] - The exclusivity period for the merger discussions has been extended until June 7, 2025, to facilitate the completion of the agreement [2] Optejet Development - The development of the Optejet user-filled device (UFD) is progressing well, with plans to file for U.S. regulatory approval in September 2025 [3] - Approval of the Optejet could lead to multiple commercial opportunities, both directly with consumers and through partnerships with eye care practitioners and license partners [3] Financial Performance - For Q1 2025, Eyenovia reported a net loss of $3.5 million, or $1.59 per share, a significant improvement from a net loss of $10.9 million, or $18.75 per share, in Q1 2024 [6][16] - Research and development expenses decreased by 85% to $0.7 million in Q1 2025, compared to $4.4 million in Q1 2024 [6] - General and administrative expenses were reduced by 35% to $2.4 million in Q1 2025, down from $3.6 million in Q1 2024 [7] - Total operating expenses for Q1 2025 were $3.0 million, a decrease of 70% from $10.1 million in Q1 2024 [7] Cash Position - As of March 31, 2025, the company's unrestricted cash and cash equivalents were $3.9 million, an increase from $2.1 million at the end of 2024 [7][14] - A debt restructuring agreement was entered into earlier this year, deferring certain repayment obligations until October 2025, which has contributed to extending the company's cash runway [4][5]

Revenue and Financial Performance - Revenue for Q1 2025 totaled $14,720, a significant increase from $4,993 in Q1 2024, with cost of revenues at $48 and $203,027 respectively[83] - The company reported a net loss of $3.5 million for Q1 2025, reduced from $9.9 million in Q1 2024[77] - The company reported net losses of $3.5 million for the three months ended March 31, 2025, compared to $10.9 million for the same period in 2024[91] - Other income (expense) for Q1 2025 was approximately $0.5 million of net other expense, a decrease from $0.7 million in Q1 2024[88] - Net cash used in operating activities was approximately $4.4 million for the three months ended March 31, 2025, a decrease from $9.9 million in the same period of 2024[93] - Net cash provided by financing activities totaled approximately $6.3 million for the three months ended March 31, 2025, compared to $3.1 million in the same period of 2024[95] Expenses and Cost Management - Research and development expenses decreased by 85% to $0.7 million in Q1 2025 from $4.4 million in Q1 2024, primarily due to layoffs and the wind down of clinical trials[84] - General and administrative expenses for Q1 2025 were $2.4 million, down 35% from $3.6 million in Q1 2024, reflecting cost-cutting measures[86] Financial Position and Compliance - As of March 31, 2025, the company had an accumulated deficit of approximately $198.8 million[77] - The working capital deficit improved to $9.9 million as of March 31, 2025, from $13.3 million as of December 31, 2024[89] - The company has commitments to pay $5.1 million for accounts payable and $10.8 million for notes payable within the next twelve months[96] - The accumulated deficit as of March 31, 2025, was approximately $198.8 million[91] - The company faces substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements[92] - The company intends to submit a plan to regain compliance with Nasdaq's minimum equity requirement of $2,500,000 by June 13, 2025[76] - The company regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share after a reverse stock split on January 31, 2025[75] Strategic Initiatives - The company entered into a non-binding letter of intent for a proposed business combination with Betaliq, a clinical stage pharmaceutical company focused on glaucoma[71] - The company plans to submit its Optejet user-filled device for regulatory approval in the U.S. in the second half of 2025[70] Market and Operational Risks - The ongoing "Tariff War" could adversely affect the company's supply chain and product demand, impacting financial performance[97] - The company has no off-balance sheet arrangements that could materially affect its financial conditions[100]

Financial Position and Performance - As of December 31, 2024, the company had cash and cash equivalents of $2.1 million and an accumulated deficit of approximately $195.3 million[250]. - The company incurred net losses of approximately $49.8 million and $27.3 million for the years ended December 31, 2024 and 2023, respectively[271]. - The company owed $10.2 million in principal and accrued interest under the Loan and Security Agreement as of March 15, 2025[250]. - The company has federal net operating loss carry-forwards of approximately $133.7 million as of December 31, 2024[272]. - The company expects to continue incurring cash outflows from operations for the near future, raising substantial doubt about its ability to continue as a going concern[250]. - The company may need to raise additional capital to remain a going concern, which may not be available on acceptable terms[252]. - Eyenovia recorded net sales of $57,336 for the year ended December 31, 2024, primarily from Mydcombi and clobetasol propionate[285]. Business Strategy and Operations - The company is exploring strategic paths, including partnerships and acquisitions, to maximize stockholder value[253]. - The proposed business combination with Betaliq is anticipated to close in the second quarter of 2025, but no assurance can be given regarding the completion or terms of the agreement[276]. - Eyenovia expects to incur substantial non-recurring expenses related to the proposed business combination, including legal and financial advisory fees[283]. - Eyenovia requires significant additional funding to advance the manufacturing and commercialization of Mydcombi and develop the Gen-2 Optejet[286]. Market and Competition - The commercial success of Mydcombi and clobetasol propionate is critical for Eyenovia's profitability, and their market acceptance is uncertain[291]. - The company faces competition in a rapidly changing specialty pharma market, which may affect its ability to commercialize products[293]. - Eyenovia's ability to achieve profitability is highly dependent on the successful commercialization of its currently approved products[285]. - The company may encounter challenges in convincing the medical community and third-party payors to accept and use its products[292]. Regulatory and Compliance Risks - Regulatory compliance is critical, as failure to adapt to changes in requirements could result in loss of marketing approval and negatively affect profitability[316]. - The company has obtained FDA approval for Mydcombi in the U.S., but may face challenges in obtaining approval in other jurisdictions, limiting market potential[317]. - The company must comply with strict advertising and promotion regulations, and failure to do so could result in significant penalties and harm to its reputation[322]. - The company is subject to various healthcare laws and regulations, including the federal Anti-Kickback Statute and the False Claims Act, which may impact business practices and financial arrangements[330]. - Legislative reforms, such as the Patient Protection and Affordable Care Act (ACA) and the Inflation Reduction Act of 2022, could materially affect the company's financial condition and operational results[334][337]. Intellectual Property and Legal Risks - The company’s success heavily relies on protecting its intellectual property; inadequate protection could allow competitors to erode its competitive advantage[373]. - The patent application process is complex and costly, with no assurance that all necessary patents will be obtained or enforced effectively[382]. - The company may face challenges in maintaining patent rights due to procedural non-compliance, which could lead to loss of patent protection[389]. - The company may face high costs and resource diversion from enforcing patent rights in foreign jurisdictions, where intellectual property laws may be less favorable[400]. Human Resources and Management - The company had 14 total employees as of March 15, 2025, with 13 being full-time and one part-time, relying on third-party contractors for professional services[353]. - The company is highly dependent on its senior management team, including the Chief Executive Officer, and any loss of these key personnel could impede research, development, and commercialization objectives[350]. - The company faces intense competition for qualified personnel among biotechnology and pharmaceutical companies, which may hinder its ability to retain and motivate high-quality staff[352]. Manufacturing and Supply Chain Risks - The company does not currently have agreements with third-party suppliers for the long-term commercial supply of components for Mydcombi, which may delay commercialization activities[362]. - Manufacturing processes for Mydcombi are complicated and expensive, requiring months of advance planning, and reliance on a limited number of manufacturers increases risks[364]. - The company may encounter delays in the manufacturing of the second generation Optejet device due to reliance on third parties, potentially impairing commercialization efforts[361]. - Any disruption at third-party suppliers, such as natural hazards or vandalism, could significantly interrupt manufacturing capability, risking financial stability[367]. Financial Reporting and Governance - The company is subject to the reporting requirements of the Sarbanes-Oxley Act, which increases legal, accounting, and compliance costs[424]. - Material weaknesses have been identified in the company's internal control over financial reporting, raising concerns about the accuracy and reliability of financial statements[437]. - The company is taking steps to remediate identified material weaknesses, but there is no assurance that these measures will be sufficient to prevent future weaknesses[438]. - Provisions in the company's corporate charter may discourage or prevent favorable mergers or acquisitions, potentially depressing the market price of its common stock[431].