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]

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]