Eyenovia(EYEN) - 2025 Q2 - Quarterly Results

Executive Summary and Recent Corporate Developments This section outlines Hyperion DeFi's strategic transformation into a DeFi-focused entity, highlighting key achievements and future investment strategies Overview and Strategic Transformation Hyperion DeFi, formerly Eyenovia, has completed a significant transformation, becoming the first publicly-listed U.S. company to implement DeFi strategies on its treasury, focusing on the HYPE token within the Hyperliquid protocol. The company aims to leverage digital currencies for shareholder value while continuing development of its Optejet UFD - Hyperion DeFi (formerly Eyenovia, Inc.) has transformed into a pioneer in leveraging decentralized finance strategies, focusing on the HYPE token and Hyperliquid ecosystem[1][3][4] - The company continues to advance the FDA registration of its Optejet User Filled Device (UFD), anticipated for September 2025[1][3] Key Achievements and Milestones Hyperion DeFi successfully closed a $50 million private placement, established a cryptocurrency treasury reserve with over 1.5 million HYPE tokens, appointed a new CIO, launched a co-branded validator with Kinetiq to earn yield, and completed a corporate rebranding - Closed a private placement financing of $50 million[4] - Established a cryptocurrency treasury reserve focused on the HYPE token, acquiring more than 1.5 million HYPE to date[4] - Appointed cryptocurrency executive Hyunsu Jung as Chief Investment Officer and Board member[4] - Announced a co-branded validator with Kinetiq, enabling the Company to earn yield on its HYPE tokens and contribute to Hyperliquid blockchain's stability and security[4] - Implemented a corporate rebranding and name change from Eyenovia, Inc. to Hyperion DeFi, Inc.[4] Investment Strategy and Future Outlook The CIO emphasizes providing investors access to value from staking, DeFi capital deployment, and Hyperliquid growth initiatives. The company plans to deploy additional revenue-generating products, expecting these strategies to benefit Hyperliquid's growth and HYPE token performance - Focus is to provide investors with opportunities in staking, capital deployment in DeFi, and other unique Hyperliquid growth initiatives[5] - Expects new revenue-generating products and strategies to create powerful tailwinds for Hyperliquid's continued growth and adoption, benefiting HYPE token performance[5] Second Quarter 2025 Financial Performance This section details Hyperion DeFi's financial results for Q2 2025, including net loss, operating expenses, and changes in cash and liquidity Summary of Financial Results For Q2 2025, Hyperion DeFi reported a net loss attributable to common stockholders of $8.8 million, or $2.50 per share, a significant improvement from a net loss of $11.1 million, or $16.65 per share, in Q2 2024 | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | Change (YoY) ($ millions) | | :----- | :------ | :------ | :----------- | | Net Loss Attributable to Common Stockholders | $(8.8) million | $(11.1) million | $(2.3) million decrease | | Net Loss Per Share - Basic and Diluted | $(2.50) | $(16.65) | $(14.15) increase | Operating Expenses Analysis Operating expenses showed mixed trends in Q2 2025, with a substantial decrease in R&D expenses offset by a significant increase in G&A expenses Research and Development Expenses R&D expenses significantly decreased in Q2 2025, primarily due to headcount reductions following the termination of the CHAPERONE study | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | Change (YoY) ($ millions) | | :----- | :------ | :------ | :----------- | | R&D Expenses | $0.7 million | $4.6 million | $(3.9) million (85%) decrease | - The decrease was primarily driven by a reduction in headcount in Q4 2024 after the termination of the CHAPERONE study[7] General and Administrative Expenses G&A expenses increased in Q2 2025, driven by a one-time stock-based compensation grant and higher professional fees - The increase was due to a one-time non-cash stock-based compensation inducement grant to a newly hired executive, and higher professional fees related to strategic options assessment and the $50 million financing[8] | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | Change (YoY) ($ millions) | | :----- | :------ | :------ | :----------- | | G&A Expenses | $7.7 million | $3.8 million | $3.9 million (104%) increase | Cash and Liquidity Unrestricted cash and cash equivalents significantly increased to $7.5 million as of June 30, 2025, up from $2.1 million at December 31, 2024 | Metric | June 30, 2025 ($ millions) | December 31, 2024 ($ millions) | Change ($ millions) | | :----- | :------------ | :---------------- | :----- | | Unrestricted Cash and Cash Equivalents | $7.5 million | $2.1 million | $5.4 million increase | Company Profile and Business Segments This section describes Hyperion DeFi's dual business model, encompassing its Hyperliquid HYPE token treasury and the development of the Optejet User Filled Device Hyperion DeFi's Core Business Model Hyperion DeFi is the first U.S. publicly listed company building a strategic treasury of Hyperliquid's native token, HYPE. It aims to provide shareholders with access to the Hyperliquid ecosystem, benefiting from HYPE's native staking yield and on-chain utility - Hyperion DeFi is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE[10] - The company focuses on providing shareholders with simplified access to the Hyperliquid ecosystem, benefiting from HYPE's native staking yield and additional revenues from its on-chain utility[10] Optejet User Filled Device (UFD) Development The company is also developing its proprietary Optejet UFD, designed for various topical ophthalmic liquids. This device offers ease of use, enhanced safety, and potential for superior compliance, particularly for chronic front-of-the-eye diseases - Hyperion DeFi is developing its proprietary Optejet User Filled Device (UFD) designed to work with a variety of topical ophthalmic liquids[11] - The Optejet UFD offers ease of use, enhanced safety and tolerability, and potential for superior compliance, especially for chronic front-of-the-eye diseases[11] Forward-Looking Statements and Risks This section provides a cautionary note on forward-looking statements, emphasizing potential material differences in actual results due to various inherent risks Forward-Looking Statements and Risks Details This section contains forward-looking statements regarding future activities, market opportunities, cryptocurrency treasury strategy viability, clinical trials, and sales growth. It highlights that actual outcomes may differ materially due to various risks, including clinical trial risks, market acceptance, reliance on third parties, intellectual property, regulatory changes, funding needs, and specific cryptocurrency strategy risks detailed in Form 8-K. The company does not undertake to update these statements - All statements, expectations, and assumptions in the press release, except for historical information, are forward-looking statements, expressing intentions, beliefs, expectations, strategies, or predictions about future events or conditions[13] - Actual outcomes and results may differ materially due to numerous factors, including risks of clinical trials, market acceptance, reliance on third parties, intellectual property risks, changes in legal/regulatory environments, funding ability, and risks of the cryptocurrency strategy as detailed in Form 8-K[13][14] - Hyperion DeFi does not undertake any obligation to update any forward-looking statements, except as required under applicable securities laws[15] Investor Contact Information This section provides essential contact information for investor relations inquiries Investor Contact Details Provides contact details for investor inquiries, specifically Eric Ribner of LifeSci Advisors, LLC - Investor Contact: Eric Ribner, LifeSci Advisors, LLC, eric@lifesciadvisors.com, (646) 751-4363[16] Unaudited Condensed Financial Statements This section presents the company's unaudited condensed balance sheets and statements of operations for the specified periods Condensed Balance Sheets The balance sheet as of June 30, 2025, shows a significant increase in total assets to $55.7 million from $3.7 million at December 31, 2024, primarily driven by the acquisition of $45.5 million in HYPE digital tokens. Total stockholders' equity shifted from a deficiency of $(13.1) million to a positive $37.4 million | Metric | June 30, 2025 ($) | December 31, 2024 ($) | Change ($) | | :-------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $7,532,291 | $2,121,463 | +$5,410,828 | | HYPE digital tokens | $45,500,000 | — | +$45,500,000 | | Total Assets | $55,659,636 | $3,667,759 | +$51,991,877 | | Total Current Liabilities | $10,311,094 | $16,046,207 | -$5,735,113 | | Total Liabilities | $18,301,070 | $16,763,711 | +$1,537,359 | | Total Stockholders' Equity (Deficiency) | $37,358,566 | $(13,095,952) | +$50,454,518 | Condensed Statement of Operations For the three months ended June 30, 2025, the company reported no revenue, a net loss of $(8.7) million, and a net loss attributable to common stockholders of $(8.8) million, which is an improvement compared to the net loss of $(11.1) million in the prior year period. The six-month period also showed a reduced net loss | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Change (YoY) ($) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | | Revenue | $0 | $22,625 | -$22,625 | | Gross Profit (Loss) | $0 | $(467,736) | +$467,736 | | Total Operating Expenses | $8,353,282 | $11,220,608 | -$2,867,326 | | Net Loss | $(8,690,919) | $(11,053,699) | +$2,362,780 | | Net Loss Attributable to Common Stockholders | $(8,788,086) | $(11,053,699) | +$2,265,613 | | Net Loss Per Share - Basic and Diluted | $(2.50) | $(16.65) | +$14.15 | | Metric | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | Change (YoY) ($) | | :-------------------------------- | :----------------------------- | :----------------------------- | :----------- | | Revenue | $14,720 | $27,618 | -$12,898 | | Gross Profit (Loss) | $14,672 | $(665,770) | +$680,442 | | Total Operating Expenses | $11,398,647 | $21,289,398 | -$9,890,751 | | Net Loss | $(12,174,452) | $(21,975,800) | +$9,801,348 | | Net Loss Attributable to Common Stockholders | $(12,271,619) | $(21,975,800) | +$9,704,181 | | Net Loss Per Share - Basic and Diluted | $(4.29) | $(35.26) | +$30.97 |