Hyperion DeFi (HYPD) Registration Filing summary

Company overview and business model

• Focuses on late-stage development of MicroPine for pediatric progressive myopia and commercializes Mydcombi (ophthalmic spray) and clobetasol propionate ophthalmic suspension for ocular surgery recovery.

• Develops the Optejet delivery system for both proprietary and out-licensed drug-device programs, aiming to improve medication delivery, reduce side effects, and enhance compliance through digital health features.

• Mydcombi is the only FDA-approved fixed combination of tropicamide and phenylephrine in the U.S., with commercial launch initiated in August 2023 and manufacturing expansion underway.

• Entered collaborations with Senju and Formosa for new ophthalmic products using Optejet technology, targeting dry eye disease and acute dry eye flare-ups, with clinical milestones anticipated through 2026.

• Holds exclusive U.S. rights to commercialize clobetasol propionate ophthalmic suspension, with a ten-year license agreement and milestone-based payments to Formosa.

Financial performance and metrics

• As of June 30, 2024, 55,817,921 shares of common stock were outstanding; no preferred stock was outstanding.

• Historical net tangible book deficit as of June 30, 2024 was $(8.5) million, or $(0.15) per share; pro forma net tangible book value was $5.0 million, or $0.06 per share.

• After the offering, pro forma as adjusted net tangible book value would be $29.1 million, or $0.22 per share, with immediate dilution of $0.30 per share to new investors at the offering price.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including clinical trials, R&D, working capital, capital expenditures, debt repayment, acquisitions, and collaborations.

• For the $25 million at-the-market offering, proceeds are intended to fund commercialization of Mydcombi and clobetasol propionate, complete the CHAPERONE pediatric myopia study, and for working capital; may also repay amounts under a loan agreement with Avenue Capital Management.

• Management retains broad discretion over allocation of proceeds, with no specific amounts or timing determined.