Financial Data and Key Metrics Changes - For Q2 2025, the net loss attributable to common stockholders was $8.8 million or $2.5 per share, compared to a net loss of $11.1 million or $16.65 per share for Q2 2024, indicating an improvement in financial performance [23] - Research and development expenses decreased by $3.9 million or 85% to $700,000 in Q2 2025 from $4.6 million in Q2 2024, primarily due to the termination of the CHAPERONE study [24] - General and administrative expenses increased by $3.9 million or 104% to $7.7 million in Q2 2025 from $3.8 million in Q2 2024, driven by higher noncash stock-based compensation and professional fees [24] - Interest expense decreased to $500,000 in Q2 2025 from $700,000 in Q2 2024, reflecting a reduction in outstanding debt [25] - As of June 30, 2025, unrestricted cash and cash equivalents were $7.5 million, up from $2.1 million as of December 31, 2024, indicating improved liquidity [25] Business Line Data and Key Metrics Changes - The company has established a cryptocurrency-based treasury reserve strategy, acquiring over 1.5 million HYPE tokens, which is expected to enhance returns compared to traditional cash reserves [7][8] - The treasury strategy has provided necessary resources for advancing the Gen two Optejet user fill device, which is on track for FDA registration [9] Market Data and Key Metrics Changes - The company is positioned to benefit from the growing adoption of digital currencies and the acceleration of related innovations, as indicated by strong signals from institutional players like BlackRock and JPMorgan [12] - The establishment of a strategic treasury reserve based on the HYPE token differentiates the company from others adopting digital asset treasury strategies [8] Company Strategy and Development Direction - The company is focused on executing a pioneering cryptocurrency treasury reserve strategy that aims to create long-term value for shareholders [26] - There is an emphasis on enhancing operational focus and strategic direction by filling key leadership roles with individuals experienced in digital assets [10] - The company is exploring partnerships within the Hyperliquid ecosystem and other platforms to maximize treasury deployment [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy's potential to generate significant and enduring revenue for shareholders, citing favorable market conditions and regulatory clarity for stablecoins [12] - The company remains committed to completing the FDA registration for the Optejet device and finding a suitable commercialization partner [27] Other Important Information - The company hosted a successful webinar discussing its strategy and the unique aspects of the HYPE token and Hyperliquid platform [9] - The company is actively engaged in initiatives to enhance shareholder value through innovative treasury strategies and ecosystem engagement [26] Q&A Session Summary Question: Why purchase HYPE D shares instead of investing in HYPE directly? - The company provides regulated exposure to the HYPE ecosystem without the need for investors to manage keys or wallets, making it more accessible for public market investors [19] Question: What are the key future catalysts for the company? - Future catalysts include growth in Hyperliquid trading volumes, ecosystem partnerships, and new on-chain primitives that drive demand for hyperliquidity [21]

Exhibit 99.1 Hyperion DeFi Provides Corporate Update and Reports Second Quarter 2025 Financial Results 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, CA—Au ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER: 001-38365 HYPERION DEFI, INC. (Exact name of Registrant as Specified in Its Charter) | Delaware | | 47-1178401 | | --- | --- | ...

Summary of Eyenovia (Hyperion DeFi) Conference Call - July 29, 2025 Company Overview - The company transitioned from Eyenovia to Hyperion DeFi, focusing on decentralized finance (DeFi) and innovative financial infrastructure [2][3] - Hyperion DeFi is listed as HypeD on the Nasdaq exchange and aims to leverage its technology to create value within the Hyperliquid ecosystem [10] Strategic Transformation - The transformation was driven by the need to secure capital for the development of the Optejet device amidst challenging conditions in the biopharmaceutical market [4][5] - The company aims to combine the benefits of being a public company with decentralized finance opportunities [5] Financial Performance and Metrics - Hyperion DeFi has purchased over 1,500,000 HYPE tokens at an average price of around $36, with a recent purchase of over 100,000 tokens [10] - Daily revenue from Hyperliquid has increased from $2-3 million to $4-5 million, with 97% of this revenue used for HYPE token buybacks [14][15] - The assistance fund has purchased approximately 27,500,000 HYPE tokens, valued at around $1.2 billion [15] Hyperliquid Ecosystem - Hyperliquid is a layer one blockchain optimized for high-frequency transparent finance, built on an existing revenue-generating product [13] - The platform has generated over $400 million in fees since the beginning of the year, with significant growth in trading volume [16] - Hyperion DeFi's treasury position allows it to participate in the economics of Hyperliquid, aligning its success with the network's growth [19] Future Growth and Opportunities - The company is exploring partnerships and strategies to enhance its treasury and generate additional returns [20][30] - Hyperion DeFi plans to pilot the iHype liquid staking token, which will enable passive staking yields and liquidity [20][28] - The integration of Phantom wallet is expected to drive further user adoption and trading volume on Hyperliquid [30] Investment Proposition - HYPE tokens are not broadly listed on US regulated exchanges, making Hyperion DeFi a vehicle for public market investors to gain exposure to the ecosystem [21] - The company emphasizes a long-term vision, focusing on building relationships and generating revenue through various strategies [52][53] Risk Management - Hyperion DeFi is cautious about capital raising, prioritizing organic growth and strategic accumulation of HYPE tokens [54][73] - The management is focused on maintaining a robust strategy to mitigate risks associated with market volatility [52][70] Conclusion - Hyperion DeFi positions itself as a growth technology company in the decentralized finance space, leveraging its treasury and strategic partnerships to enhance shareholder value [37][38] - The company aims to provide a seamless investment opportunity for those interested in the evolving landscape of decentralized finance [38]

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 has acquired a significant position in HYPE tokens, making it the first Nasdaq-listed company to operate a validator on the Hyperliquid blockchain [1][2] - The company has successfully closed a $50 million private placement (PIPE) to fund the acquisition of 1,040,584.5 HYPE tokens at an average price of approximately $34 per token [2][3] - Eyenovia is on track for FDA registration of its Optejet User Filled Device (UFD) by September 2025, with ongoing discussions for potential partnerships [1][5] Company Strategy - The acquisition of HYPE tokens is part of Eyenovia's new cryptocurrency treasury reserve strategy aimed at creating long-term shareholder value through digital currency adoption [3] - The company plans to initiate its own network validator to support the Hyperliquid blockchain and access HYPE staking yield [2][3] - Eyenovia is expected to change its name and ticker to "Hyperion DeFi" and "HYPD" pending Board approval [4] Product Development - Development of the Optejet UFD is progressing as planned, with verification and validation activities set to begin next month [5] - The Optejet is designed for various topical ophthalmic liquids, enhancing treatment compliance and outcomes for patients with chronic front-of-the-eye diseases [9] Hyperliquid Platform Overview - Hyperliquid is a layer one blockchain optimized for high-frequency trading, featuring on-chain perpetual futures and spot order books [6] - HYPE, the native token of Hyperliquid, provides utility through reduced trading fees and increased referral bonuses, with over 25 million HYPE sequestered by the blockchain 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].